MOUNTAINVIEW ENERGY LTD. - REVERSE TAKEOVER UPDATE

CUT BANK, MT, Jan. 28 /PRNewswire/ - Further to its news release dated December 31, 2010, Mountainview Energy Ltd. (TSXV: MVW) (the "Company") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "Exchange") for the completion of its previously announced reverse takeover transaction and concurrent financing. Trading in the Company's common shares remains halted pending final Exchange acceptance of the reverse takeover transaction.

Mountainview Energy Ltd is a public Oil and Gas Company listed on the Exchange, whose primary focus is on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken Play.

ON BEHALF OF THE BOARD OF MOUNTAINVIEW ENERGY LTD.

"Patrick M. Montalban"

President & CEO

"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.

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