MOUNTAINVIEW ENERGY LTD (the “Company”), a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announced that the drilling operations for the Red Creek No. 37 have been completed with great success. A complete geological and engineering evaluation was conducted through geologic sample analysis and open hole logs, which determined that this was a successful oil and gas well.
The Upper Cut Bank Sandstone pay zone is from 2,620′ – 2,640′ for a total of 20 feet of pay. This zone had a very strong petroliferous odor, excellent show in samples and an average porosity between 18 and 20 percent. Management was pleased to make a discovery in this secondary objective.
The prime objective of the well was the Lower Cut Bank Sandstone. Management was successful in discovering oil and gas in this zone from 2,644′ to 2,660 for a total of 16 feet of pay. This discovery had a strong petroliferous odor, excellent shows in samples and an average of 18 to 19 percent porosity. Management is extremely pleased with the discovery in this zone, as it is the more prolific of the two Cut Bank reservoirs.
The final discovery of the well was in the Madison/Sun River Dolomite, which was a primary objective by Management prior to drilling the well. Oil and gas was discovered in the Madison/Sun River Dolomite at a depth of 2,748′ to 2,755′. There is seven feet of pay zone with a strong petroliferous odor and strong shows in samples. A log evaluation determined an oil and gas discovery with no water.
The drilling of the MVW/Red Creek No. 37 was concluded by running 4-1/2″ casing to a Total Depth of 2,748′ in order to complete the well as an open-hole completion in the Madison/Sun River Dolomite. The well was cemented by Liquid Gold of Cut Bank, Montana.
Management has contracted General Well Service of Cut Bank, Montana to complete the well. We will be commencing completion operations on July 31, 2007.
Gasco Drilling Rig No. 5 moved to the MVW/Red Creek No. 36 and spudded the well on July 27, 2007. Management expects the drilling operations for the second well of this two-well drilling program to be completed by August 2, 2007.
MOUNTAINVIEW ENERGY LTD
“Patrick M. Montalban”
Patrick M. Montalban
President & Chief Executive Officer
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