CUT BANK, MT, Feb. 6, 2012 /CNW/ - Mountainview Energy Ltd. (TSXV: MVW)
("Mountainview" or the "Company") is pleased to announce that the Zuma
15-22-35-58H well has spudded. This well, which is a horizontal
Bakken/Three Forks well located in section 15-T35N-R58E, Sheridan
County, Montana operated by Samson Resources Company ("Samson"). The
Company has acquired approximately a 9.75% working interest in this
well.
Mountainview is also pleased to report that the Olson 1-21-16H well has
had a 30 day production rate of approximately 300 boe/d from the Middle
Bakken Formation. Mountainview owns a 12.5% working interest in this
well. This production was comprised of 90% oil and 10% gas. The Olson 1-21-16H is a horizontal Bakken well located in Roosevelt
County, MT and is operated by G3 Operating, LLC a subsidiary of
GeoResources, Inc, a Public Company traded on the NASDAQ.
The Company's current non-operated wells in the Williston Basin are as
follows:
Operator | Well Name/Location | Well Status | MVW's Interest |
G3 Operating
|
Olson 1-21-16H |
300 boe/d
|
12.5%
|
Samson Resources
|
Zuma 15-22-35-58H
|
spudded
|
9.75%
|
SM Energy
|
Wolter 13-23H
|
Confidential List (Mar.12)
|
3.8%
|
Petro Hunt
|
Miller 157-101-12C-1-1H
|
spudded
|
.78%
|
Hess
|
Strahan 15-22H
|
TBD
|
.78%
|
Company Strategy
The Company's strategy is to grow through acquiring more Williston Basin
acreage; targeting the Bakken/Three Forks Shale and developing the
acreage in the Company's portfolio. Mountainview plans to drill and
complete horizontal wells on the Company's existing acreage, as well as
aggressively pursuing non-operated working interests in Bakken and
Three Fork wells in the Williston Basin.
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.
Cautionary Statements - Initial Production Levels
Any references in this news release to initial, early and/or test or
production/performance rates and/or "flush" production rates are useful
in confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will continue production
and decline thereafter. Additionally, such rates may also include
recovered "load oil" fluids used in well completion stimulation. While
encouraging, readers are cautioned not to place reliance on such rates
in calculating the aggregate production for the Company. The initial
production rate may be estimated based on other third party estimates
or limited data available at this time. The initial production is
generally estimated using boes.
In all cases in this press release initial production or test are not
necessarily indicative of long-term performance of the relevant well or
fields or of ultimate recovery of hydrocarbons.
Forward-Looking Statements
Certain information contained in this press release constitutes
forward-looking statements, including, without limitation, information
related to Mountainview's participation in certain wells and the timing
of spudding, fracturing and other 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 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.
Barrels of Oil Equivalent
Barrels of oil equivalent (boe) is calculated using the conversion
factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent
to one barrel of oil. Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.
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.
<p> Patrick M. Montalban<br/> President & Chief Executive Officer </p> <p> E-Mail: <a href="mailto:mvw@bresnan.net">mvw@bresnan.net</a><br/> Web Site: <a href="http://www.mountainviewenergy.com">www.mountainviewenergy.com</a><br/> Phone: (406) 873-2235 Fax: (406) 873-2835 </p>