Slow but sure wins rhe race Latest news release:
Mountainview's Olson 1-21-16H produces 300 boe/d
2012-02-06 08:11 ET - News Release
Mr. Patrick Montalban reports
MOUNTAINVIEW ENERGY LTD. PROVIDES OPERATIONAL UPDATE
Mountainview Energy Ltd. has spudded the Zuma 15-22-35-58H well. This well, which is a horizontal Bakken/Three Forks well located in Section 15-T35N-R58E, Sheridan county, Montana, is operated by Samson Resources Co. The company has acquired approximately a 9.75-per-cent working interest in this well.
Mountainview is also pleased to report that the Olson 1-21-16H well has had a 30-day production rate of approximately 300 barrels of oil equivalent per day from the Middle Bakken formation. Mountainview owns a 12.5-per-cent working interest in this well. This production comprised 90 per cent oil and 10 per cent gas. The Olson 1-21-16H is a horizontal Bakken well located in Roosevelt county, Montana, and is operated by G3 Operating LLC, a subsidiary of GeoResources Inc., a public company traded on Nasdaq.
The company's current non-operated wells in the Williston basin are shown in the accompanying table.
Operator Well name/location Well status MVW's interestG3 Operating Olson 1-21-16H 300 boe/d 12.5%Samson Resources Zuma 15-22-35-58H Spudded 9.75%SM Energy Wolter 13-23H Confidential list (March 12) 3.8%Petro Hunt Miller 157-101-12C-1-1H Spudded 0.78%Hess Strahan 15-22H TBD 0.78%
Company strategy
The company's strategy is to grow through acquiring more Williston basin acrrage, targeting the Bakken/Three Forks shale and developing the acreage in the company's portfolio. Mountainview plans to drill and complete horizontal wells on the company's existing acreage, as well as aggressively pursue non-operated working interests in Bakken and Three Fork wells in the Williston basin.