NEWS
Magnum Energy Inc
Symbol MEN
Shares Issued 25,143,572
Close 2009-10-20 C$ 0.295
Recent Sedar Documents
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Magnum acquires 13 sections of Sedalia land in Alberta
2009-10-21 11:51 ET - News Release
Mr. Richard Nemeth reports
MAGNUM ENERGY ANNOUNCES ACQUISITION OF PRODUCING PROPERTY IN SEDALIA AREA
Magnum Energy Inc. has closed an acquisition of 13 gross (9.24 net) sections of land in the Sedalia area of Alberta, with existing natural gas production of 415,000 cubic feet per day -- 70 barrels of oil equivalent per day (see Stockwatch Sept. 30, 2009). The acquisition also includes a 30-per-cent working interest in a gas processing plant and a 100-per-cent interest in a compressor facility which will be operated by the company.
The company is also pleased to report that it has obtained a $5-million operating loan facility from the Alberta treasury branch. This loan facility has been used in part to repay indebtedness to the company's previous lender and to finance the acquisition. The balance of the loan available of $1-million in addition to cash flow will be used to upgrade the current facilities and to bring more production on in the Sedalia area and for general corporate purposes.
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