Magnum Energy Announces Completion of Third Successful Horizontal Well at Provost
CALGARY, ALBERTA--(Marketwire - Jan. 17, 2013) - Magnum Energy Inc. (TSX VENTURE:MEN) (the "Corporation" or "Magnum") is pleased to announce that it has completed its third successful horizontal well in its Provost Viking light oil property in southeastern Alberta. The well, in which Magnum has an operated 50% working interest, was rig released in November, 2012, after the successful drilling of a 641meter horizontal leg. Completion operations commenced in early January, 2013 with a ten stage fracture stimulation. The well is currently being prepared for testing and will be equipped and placed on production in the coming weeks.
The Corporation has identified multiple offset drilling locations across its Provost land holdings and plans to focus the majority of its 2013 capital program in the Provost area, targeting lower-risk horizontal development drilling (immediately offsetting existing production), in combination with the drilling of mapped Viking oil on lands where Magnum has limited reserves assigned to date.
Richard Nemeth, President and CEO, commented, "We are encouraged by the results of this most recent well at Provost and the continued positive production performance observed to date from the two Viking horizontal oil wells drilled in mid-2012."