CUT BANK, MT, Jan. 14, 2014 /CNW/ - Mountainview Energy Ltd. (TSXV: MVW)
("Mountainview" or the "Company") is pleased to provide an update on its continuing development of the
12 Gage Project in Divide County, ND.
The Company has increased its working interests in the Reistad 23-14-1H
and Reistad 26-35s-1H wells through lease purchases. The following
table illustrates the updated working interests in the two-well
program:
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Well Name
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Location
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Previous Working Interest
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New Working Interest
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Reistad 23 well
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Sec. 14 & 23, T162N-R101W, Divide County, ND
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67%
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92.5%
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Reistad 26 well
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Sec. 26 & 35, T162N-R101W, Divide County, ND
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78%
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99.2%
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The Company moved Ensign Rig #118 onto the Reistad pad located in Sec.
23 T162-101W and spudded the Reistad 23-14-1H (the "Reistad 23 well"). This is the Company's first drilling project with a "skidable" rig
on a multi-well drilling pad. To date, the Company successfully
reached a total depth of 18,760 feet on the Reistad 23 well and
experienced quality gas and oil shows while drilling the horizontal
lateral, which were very similar to the Company's previous wells in the
project. The Company took 19 days to drill the Reistad 23 well and
costs are currently under budget.
After finishing the Reistad 23 well, the Company skidded the Ensign Rig
#118 and started drilling the lateral for the Reistad 26-35S-1H (the "Reistad 26 well"). The Company has successfully reached a total depth of 19,030 feet
on the Reistad 26 well and again experienced quality gas and oil shows
while drilling the horizontal lateral.
Mountainview will now prepare both wells for completion. The Company
plans to perform a 32 stage plug and perforation fracture treatment on
both wells simultaneously. Completion operations are scheduled to
begin in late January, 2014.
Patrick M. Montalban, President & Chief Executive Officer, commented:
"We are pleased that both wells were successfully drilled safely,
efficiently and under budget, indicating that our operational
experience gained from the first wells in the program has led to cost
efficiencies on current wells. The ability to increase our working
interest in this prospective acreage is a positive transaction for the
Company and we look forward to the upcoming fracture stimulation
operations."
About Mountainview
Mountainview Energy Ltd. is a public oil and gas company listed on the
TSX Venture Exchange, with a primary focus on the exploration,
production and development of the Bakken and Three Forks Shale in the
Williston Basin and the South Alberta Bakken.
Forward-Looking Statements
Certain information contained in this press release constitutes
forward-looking statements, including, without limitation,
Mountainview's operational plans and the timing of operations on
certain wells. By their nature, forward-looking statements are subject
to numerous risks and uncertainties, some of which are beyond the
Company's control including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency
fluctuations, environmental risks, competition from other industry
participants, the lack of availability of qualified service providers,
personnel or management, stock market volatility and ability to access
sufficient capital from internal and external sources, inability to
meet or continue to meet listing requirements, the inability to obtain
required consents, permits or approvals and the risk that actual
results will vary from the results forecasted and such variations may
be material. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the
time of preparation may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. The
Company's actual results, performance or achievement could differ
materially from those expressed in or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of the
events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits the Company will derive
therefrom.
The forward-looking statements contained in this press release are made
as of the date of this press release. Mountainview disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable securities
laws. Additionally, Mountainview undertakes no obligation to comment on
the expectations of, or statements made by, third parties in respect of
the matters discussed above.
The forward-looking statements contained in this press release are made
as of the date of this press release. Mountainview disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable securities
laws. Additionally, Mountainview undertakes no obligation to comment on
the expectations of, or statements made by, third parties in respect of
the matters discussed above.
Analogous Information
Certain information in this document may constitute "analogous
information" as defined in National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities ("NI 51-101"), including, but not limited to, information relating to well
characteristics observed by Mountainview that were compared to previous
experiences on the Company's lands. Management of Mountainview
believes the information is relevant as it helps to define the
reservoir characteristics in which Mountainview may hold an interest.
Such information is not an estimate of the reserves or resources
attributable to lands held or to be held by Mountainview and there is
no certainty that the reservoir data and economics information for the
lands held or to be held by Mountainview will be similar to the
information presented herein. The reader is cautioned that the data
relied upon by Mountainview may be in error and/or may not be
analogous.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Mountainview Energy Ltd.