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Mountainview Energy Ltd. (“Mountainview”) (MVW:TSX-V) has today granted, subject to regulatory approval, incentive stock options for the purchase of a total of 3,505,000 shares in its capital. The options are exercisable on or before March 7, 2016 at the price of 1.20 per share.

Further to its news release of February 24, 2011, the Corporation has amended the terms of its previously announced non-brokered private placement (the “Private Placement”) of up to 2,777,778 units (“Units”) of the Company at a price of $0.90 per Unit for aggregate gross proceeds of up to approximately $2.5 million, by reducing the term that the warrant forming part of the Unit. Each Unit shall consist of one Common Share and one-quarter of one Common Share purchase warrant (each whole such warrant a “Warrant”), with each whole Warrant entitling the holder thereof to acquire one Common Share at a price of $1.12 per Common Share for a period of six months following the closing of the Private Placement, as opposed to a period of one year following the closing of the Private Placement, as was previously indicated in the news release of the Corporation dated February 24, 2011.

Mountainview is a public oil and gas company listed on the TSX Venture Exchange, with a primary focus on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken play.
For further information, please contact:

Patrick M. Montalban
President & Chief Executive Officer

E-Mail: mvw@northerntel.net
Web Site: www.mountainview.com
Phone: (406) 873-2235 Fax: (406) 873-2835

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

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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