Medicine Lake Bakken/Three Forks Project

Mountainview Energy has enetered into a binding letter of intent to acquire a 20% interest in approximately 67,000 acres (approximately 13,400 net acres) in the Medicine Lake Prospect located in Divide County, North Dakota and Richland, Roosevelt and Sheridan County, Montana. This acquistion along with the company’s Stateline Project acreage brings the Corporations total Williston Basin acrege to approximately 25,400 net acres.

In connection with this acquistion, 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 acquistion 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.

Area Activity

Several producing wells have recently been drilled and completed in the Bakken Shale in the vicinity of the Company’s Montana Bakken acreage. There is production to the south, recently reported by Brigham Exploration on the Gobbs 17-8 #1H well located in Section 17-Township 28 North, Range 57 East, with initial production of 1,818 barrels of oil equivalent (“BOE”) per day and the #1-H Swindle well, located in Section 16-Township 28 North, Range 57 East, Roosevelt County, MT, with initial production of 1,065 BOE per day. Production is reported to the north on the Taqa North USA, Inc Hellegaard #9-12H, located in Section 9-Township 37 North, Range 57 East, Sheridan County, MT, a 640 acre horizontal well with initial production of 433 BOE per day. According to the State of Montana Board of Oil and Gas, TAQA has 8 producing horizontal Bakken wells in nothern Sheridan County. Production is reported to the east on a 640 acre horizontal well drilled by GeoResources, Inc, being the Carlson 1-11H located in Section 11-Township 57 North, Range 103 West, Williams County, ND, with initial production of 685 BOE per day.

Maps

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