CUT BANK, MT, May 20, 2014 /CNW/ - Mountainview Energy Ltd. (TSXV: MVW)
("Mountainview" or the "Company") provides an operational update on its two-well drilling program.
Reistad Well Pad (Reistad 26-35S-1H & Reistad 23-14-1H)
Mountainview is pleased to announce that it has placed both the Reisatd
26-35S-1H, (the "Reistad 26 Well") and the Reistad 23-14-1H, (the
"Reistad 23 well") wells on production with artificial lift. Both
wells were drilled in the Three Forks (Torquay) formation with ~10,000
ft horizontal laterals from a dual pad located in the southern portion
of the 12 Gage Project. The wells were both completed using a 32-stage
plug and perforation fracture stimulation. According to field
measurements, the initial 7 day average production for the Reistad 26
Well, which was still recovering frac load water, was 401 boe/d gross
(398 boe/d net), comprised of 90% oil. The Reistad 26 Well has produced
for approximately 40 days averaging 337 boe/d gross (334 boe/d net),
comprised of 90% oil. The Company has a 99.2% working interest in the
Reistad 26 well.
The 7 day average Initial Production rate for the Reistad 23 Well, which
was still recovering frac load water, was 291 boe/d gross (269 boe/d
net) comprised of 90% oil. The Reistad 23 Well has produced for
approximately 53 days averaging 241 boe/d gross (223 boe/d net)
comprised of 90% oil. The Company has a 92.54% working interest in the
Reistad 23 well.
The Company is very encouraged, having de-risked the Southern extent of
its 12 Gage Project. The Reistad 26 well is the southern-most Three
Forks (Torquay) lateral drilled and initial production rates met
company expectations for wells in the 12 Gage Project.
Company Production
Mountainview's Working Interest Production Exit Rate for the 1st quarter of 2014 was 1,284 boe/d, providing positive cash flow for
ongoing operations. Mountainview continues to leverage the strength of
the management team to provide production and reserve growth.
Corporate Presentation
Mountainview Energy has updated and posted its Corporate Presentation on
its website: www.mountainviewenergy.com.
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 (Torquay)
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, information
related to the use of proceeds from the Facility, the intention to
complete the three-well summer drilling program, the contents of
certain documents related to the Facility, potential drilling
locations, 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.
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.
