Medicine Lake Bakken/Three Forks Project

Mountainview Energy has entered into a binding letter of intent to acquire a 20% interest in approximately 50,000 acres (approximately 10,000 net acres) in the Medicine Lake Prospect located in Divide County, North Dakota and Roosevelt and Sheridan County, Montana. This acquisition along with the company’s Stateline Project acreage brings the Corporations total Williston Basin acreage to approximately 22,000 net acres.

In connection with this acquisition, Mountainview Energy has also entered into a Joint Operating Agreement with a large independent U.S. oil and gas company, to jointly develop the Assets. This joint interest party will be the operator of the Medicine Lake Project. This acquisition follows the the company’s strategy to grow through acquiring more Williston Basin acreage; targeting the Bakken/Three Forks shale and also pursuing non-operated working interest in Bakken and Three Forks wells in the Williston Basin.

Mountainview Energy is currently participating in the Olson 1-21-16H being operated by G3 operating a subsidiary of GeoResources, Inc., a U.S. Public Company traded on the NASDAQ. Drilling and fracturing operations on the Olson 1-21-16H well are complete and the well is currently producing. The initial production rate was 607 barrels of oil equivalent (“boe”) per day. Mountainview is also pleased to report that the Olson 1-21-16H well has had a 30 day production rate of approximately 300 boe/d from the Middle Bakken Formation. This production was comprised of 90% oil and 10% gas. 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.

The Company acquired approximately a 3.25% working interest in the SM Energy Company (“SM Energy”) Wolter 13-23H well located in Section 14-T163N-R100W, Divide County, North Dakota. The initial production rate for the Wolter 13-23H 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.

The Company recently purchased approximately a 1% working interest in the Petro-Hunt LLC/ Miller 157-101-12C-1-1H located in Section 1 & 12-T157N-R101W Williams County, ND. This well is waiting to be completed. The Company also recently purchased approximately a 1% working interest in the Hess/Strahan 15-22H which is currently producing.
The Company is pleased to announce that the Zuma 15-22-35-58H well has been drilled and is currently waiting on completion. This well, which is a horizontal Bakken/Three Forks well located in section 15-T35N-R58E, Sheridan County, Montana operated by Samson Resources Company (“Samson”). The Company has acquired approximately a 9.75% working interest in this well.

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 Miller 157-101-12C-1-1H Waiting on Frac .78%
Hess Strahan 15-22H Producing .78%

Maps

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