CUT BANK, MT, March 19, 2012 – Mountainview Energy Ltd. (TSXV: MVW.V – News) (“Mountainview” or the “Company”) is pleased to provide an operational update on the completion of the Wolter 13-23H horizontal Bakken well in the Section 23-T163N-R100W, Divide County, North Dakota by SM Energy Company (“SM Energy”), a public company traded on the New York Stock Exchange. Drilling and fracturing operations on the Wolter 13-23H well are complete and the well is currently producing. The Wolter 13-23H has recently been taken off of the confidential list. The initial production rate was 1,157 barrels of oil equivalent (“boe”) per day.* This initial production was made up of 996 barrels of oil, 964 Mcf of natural gas and 550 barrels of water. The well has produced for approximately 60 days and has produced 34,836 barrels of oil and 33,602 Mcf of gas. The 60-day average production rate for the Wolter 13-23H well is approximately 674 boe/d with 581 bbl/d oil and 560 Mcf/d of gas. Mountainview owns approximately a 3.25% working interest in the Wolter 13-23H well.
Mountainview is also pleased to announce that the Olson 1-21-16H well has had a 60-day average production rate of approximately 272 boe/d with 241 bbl/d of oil and 187 Mcf/d of gas. Mountainview owns a 12.5% working interest in this well. The Olson 1-21-16H is a horizontal Bakken well located in Roosevelt County, MT and is operated by G3 Operating, a subsidiary of GeoResources, Inc, a public company traded on the NASDAQ.
The Company has acquired approximately a 9.75% working interest in the Samson Resources (“Samson”) Zuma 15-22-35-58H well located in section 15-T35N-58E, Sheridan County, Montana. Drilling operations on the Zuma well are complete and the well is currently waiting to be completed.
The Company’s current non-operated wells in the Williston Basin are as follows:
|Operator||Well Name/Location||Initial Rate*||MVW’S Interest|
|G3 Operating||Olson 1-21-16H||272 boe/d||12.5%|
|Samson Resources||Zuma 15-22-35-58H||Waiting for Frac||9.75%|
|SM Energy||Wolter 13.23H||674 boe/d||3.25%|
|Petro Hunt||Mill 157-101-12C-1-1H||Waiting on Frac||.78%|
Information about the Company
Mountainview Energy Ltd. is a public oil and gas company listed on the 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
MOUNTAINVIEW ENERGY LTD.
PO Box 200
Cut Bank, MT 59427
Web Site: www.mountainviewenergy.com
Phone: (406) 873-2235 Fax: (406) 873-2835
Forward Looking Statements, BOE Equivalents and Cautionary Statements
This press release contains forward looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. More particularly, this press release contains statements concerning the acquisition of the Assets, the anticipated timing of the Transaction, the anticipated timing of the Meeting and the mailing of the Information Circular, the contents of the Information Circular, the benefits of the Transaction, the conduct of the Shareholder vote to approve the Transaction and certain related matters. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and may be based on assumptions that could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Although Mountainview believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Mountainview can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Mountainview may not be able to obtain the necessary shareholder, regulatory and stock exchange approvals on the timelines it has planned or at all. The Transaction and the Continuance will not be completed at all if these approvals are not obtained. Accordingly, there is a risk that the Transaction and the Continuance will not be completed within the anticipated time or at all.
The forward looking statements contained in this press release are made as of the date hereof and Mountainview undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
All calculations converting natural gas to barrels of oil equivalent (“boe”) have been made using a conversion ratio of six thousand cubic feet (six “Mcf”) of natural gas to one barrel of oil, unless otherwise stated. The use of boe may be misleading, particularly if used in isolation, as the conversion ratio of six Mcf of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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.Back to top