Further to its news release dated October 28, 2010, Mountainview Energy Ltd. (TSXV: MVW) (the “Company”) is pleased to announce that progress has been made on its proposed Reverse Takeover. An Appraisal Report and a Geological Report on the State Line Project have been prepared by Citadel Engineering Ltd. The Company’s stock on the TSX Venture Exchange (the “Exchange”) remains halted pending further review of the proposed transaction.

With respect to the proposed part and parcel non-brokered private placement of up to 21,000,000 units at a price of $0.225 per unit for gross proceeds of up to $4,725,000, the Company has entered into Finder’s Fee Agreements with Canaccord Genuity Corp., Jordan Capital Markets Inc., Nicole Tonn and Arnold J. Shell. The private placement has been fully subscribed.


The Company is pleased to announce that it has entered into definitive Purchase and Sale Agreements with Altamont Oil & Gas, Inc. (“Altamont”), Numbers, Inc. (“Numbers”) and DBD Investments, Inc. (“DBD”) each dated November 1, 2010 for the acquisition of their undivided interests in approximately 57,000 acres of producing and non-producing oil and gas leaseholds in the Williams and Lake Frances areas of Pondera County, Montana. In consideration, the Company will issue 7,317,021 common shares to Altamont, 3,736,932 common shares to Numbers, and 615,750 common shares to DBD, all at a deemed price of $0.28 per share.

In connection with the foregoing, the Company has entered into a definitive Purchase and Sale Agreement with Genesis Energy, Inc. (“Genesis”) for the acquisition of a compressor plant, ancillary equipment, field wellhead equipment and pipelines owned by Genesis in the Williams and Lake Frances gas fields in Pondera County, Montana. In consideration, the Company will pay $283,000 in cash and issue a convertible debenture in the amount of $1,100,000. The debenture will have a one-year repayment period, repayable in full with accrued interest at prime + 1% per annum on maturity, and may be converted all or part into common shares of the Company at a conversion price of $2.50 per share.


The Company is a Tier 2 oil and gas issuer listed on the Exchange. It is engaged in the business of exploration, production and development of oil and gas properties in the Bakken and Three Forks Reservoirs in North Central Montana in the South Alberta Bakken Play and also in Eastern Montana and Northwestern North Dakota in the Williston Basin Bakken and Three Forks Play. The Company’s current oil and gas interests generate approximately $250,000 per month. As reported in the Company’s most recently filed unaudited financial statements for the quarterly period ending June 30, 2010, gross revenues were $724,492 with net revenue before income tax of $161,604. The Company expects to continue to see steady revenues, as a result of the current price being received per barrel of oil. Upon completion of the proposed aforementioned transactions, the Company expects to maintain its classification as a Tier 2 oil and gas issuer under the policies of the Exchange.

Further to the Company’s news release dated September 24, 2010, the Company has rescinded the 200,000 previously granted stock options exercisable at $0.24 for a period of five years.


Patrick M. Montalban
President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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