More Fuel for Errol
MOUNTAINVIEW ENERGY LTD ANNOUNCES CLOSING ON ACQUISITION OF 12,579 NET ACRES IN THE BAKKEN AND THREE FORKS PLAY IN THE WILLISTON BASIN
Mountainview Energy Ltd., further to its news release of April 30, 2012, has closed the acquisition of 12,579 net acres of oil and gas leaseholds in Divide county, North Dakota, from a private oil and gas company for $12,579,000.
Mountainview has identified an initial 20 drilling locations on this project targeting the Three Forks formation. The first location is an offset south of SM Energy Company's Wolter 1-28H well, located in Section 28, T163-R100W. The Wolter 1-28H well had initial production of approximately 550 barrels of oil per day, 367,000 cubic feet of natural gas per day and 447 barrels of water per day, and has produced 149,611 barrels of oil equivalent in approximately one year of production, or approximately 410 boe per day, with an 89.93 per cent oil weighting. The second location is an offset southwest of SM Energy's Legaard 4-25H well, located in Section 25, T163N-R101W. The Legaard 4-25H well had initial production of approximately 543 barrels of oil per day, 350,000 cubic feet of natural gas per day and 771 barrels of water per day, and has produced 99,039 boe in approximately seven months of production, or approximately 472 boe per day, with an 86.89 per cent oil weighting.