Mountainview Energy Ltd. provides operational update on its two-well drilling program on its 12 Gage Project
CUT BANK, MT, Jan. 14, 2014 /PRNewswire/ - 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:
| Well Name | Location | Previous Working Interest | New Working Interest | |||||||||
| Reistad 23 well | Sec. 14 & 23, T162N-R101W, Divide County, ND | 67% | 92.5% | |||||||||
| Reistad 26 well | Sec. 26 & 35, T162N-R101W, Divide County, ND | 78% | 99.2% | |||||||||
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.
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