MOUNTAINVIEW ENERGY LTD (the “Company”), a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announces that the State of Montana Board of Oil & Gas Conservation, who regulates the Oil & Gas Industry in the State of Montana, approved the Company’s application to increase the spacing in the Red Creek Field at their monthly hearing held in Billings, Montana on December 14, 2006. The approval of this application will allow for the drilling of 5 wells per 40 acres in the Madison/Sun River Dolomite formation and will enable the Company to continue its aggressive drilling program to fully develop the Field.
A geological study combining the 3-D Seismic and geological information from the existing wells, confirmed to Management that drilling a more aggressive well pattern, rather than one well per 40 acres, would optimally drain the Madison/Sun River Dolomite formation. The map study proved that the Red Creek Field has two totally closed structures on the top of the Mississippian by which Management can more fully develop the Field with this closer spacing of wells.
The Board of Oil & Gas Conservation voted unanimously to drill 5 wells per 40 acres in the Red Creek Field in the Madison/Sun River Dolomite and Management plans to commence a drilling program in the Spring of 2007. The Company is currently permitting and completing the regulatory requirements in order to be prepared for this program, when a drilling contractor is available to commence operations.
MOUNTAINVIEW ENERGY LTD
“Patrick M. Montalban”
Patrick M. Montalban
President & Chief Executive Officer
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