Magnum Energy Viking Oil Development Update TSX VENTURE : MEN
July 04, 2012 08:30 ET
Magnum Energy Viking Oil Development Update
CALGARY, ALBERTA--(Marketwire - July 4, 2012) - Magnum Energy Inc. (the "Corporation" or "Magnum") (TSX VENTURE:MEN) is pleased to announce the results of the second horizontal well drilled at the Provost Oil Project. The 50% owned well targeted the Viking formation at a depth of 800 meters with a 600 meter horizontal leg. Upon completion of a 10 stage fracture stimulation, the well flowed back on cleanup for 50 hours producing a total of 431 barrels of new oil and 543 barrels of frac water, recovering fifty percent of the frac fluids. Over the final 24 hours of the flow test, the well flowed at a rate of 210 barrels of oil per day with a 65% oil cut.
The well has been temporarily shut-in to allow its tie-in to the Corporation's Provost 4-7 oil battery. Production is expected to commence within the next week and will be operated by Magnum.
The Corporation has two additional horizontal well locations that will be drilled with its joint venture partner in the near future once funding is procured pursuant to an additional closing of its prospectus offering as announced in a press release dated June 20, 2012.
About Magnum Energy Inc.: Magnum is a Canadian oil and natural gas exploration, development and production company with operations based in the Province of Alberta, and an administrative office in Vancouver, British Columbia. The Company's mandate is to acquire and develop significant working interests in a variety of oil and natural gas prospects. The Company's public filings may be found at www.sedar.com. To find out more about Magnum visit our website at www.magnumenergy.com.