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CUT BANK, MONTANA, October 6, 2014 – Mountainview Energy Ltd. (“Mountainview” or the “Corporation”) is pleased to announce that its board of directors has approved a private placement through an agent (the “Agent”), pursuant to which the Agent will offer for sale up to units of the Corporation (“Units”) for aggregate gross proceeds of up to $25 million, or such greater amount as may be determined by Mountainview (the “Offering”). Each Unit will consist of one common share of Mountainview at a price to be determined in the context of the market (each, a “Common Share”) and one-half of one Common Share purchase warrant (each full such warrant, a “Warrant”), which shall entitle the holder thereof to purchase one Common Share at a price to be determined in the context of the market for a period of 24 months following the closing date of the Private Placement.

The Offering is expected to close on or about November 1, 2014. The net proceeds from the Offering will be used by the Company for further development of the Company’s drilling program on its 12 Gage project in the Williston Basin, for general corporate and working capital purposes and to repay indebtedness.

Pursuant to applicable Canadian securities laws, unless permitted under securities legislation, the holders of the securities offered must not trade the securities before the date that is 4 months and a day after the closing date of the Offering.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereof. This news release does not constitute an offer to sell or the solicitation of an offer to purchase any securities in the United States.

READER ADVISORIES

This news release contains forward-looking statements. More particularly, this news release contains statements concerning the Offering, including the expected timing thereof and use of proceeds therefrom. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Mountainview, including: (i) with respect to capital expenditures, the availability of adequate and secure sources of funding; (ii) with respect to operational plans, the availability of drilling rigs, expectations and assumptions concerning the success of future drilling and development activities and prevailing commodity prices; (iii) with respect to the performance of personnel, the availability of capital and prevailing commodity prices; (iv) with respect to anticipated production, the ability to drill and operate wells on an economic basis, the performance of new and existing wells and accounting risks typically associated with oil and gas exploration and production; (v) oil and gas prices; (vi) currency exchange rates; (vii) royalty rates; (viii) operating costs; (ix) transportation costs; (x) the availability of opportunities to deploy capital effectively; and (xi) the satisfaction or waiver of all applicable conditions to closing of the transactions contemplated herein, including the receipt of all necessary approvals of regulatory authorities, if any; and (xii) with respect to the timing of the completion of the Offering.

Although Mountainview believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals; risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures). Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.

The forward-looking statements contained in this document are made as of the date hereof and Mountainview undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

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

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