CUT BANK, MT, July 9, 2013 /CNW/ - Mountainview Energy Ltd. (TSXV:
MVW.V) ("Mountainview" or the "Company") is pleased to provide an operational update on the current drilling
program in the Williston Basin and the current production rates for
those wells completed during the winter drilling program.
Heckman 7-6-1H, Section 7 & 6 T162N-101W, Divide County, North Dakota
Mountainview moved in Nabors 272 and commenced drilling operations on
the Heckman 7-6-1H well (the "Heckman Well"), the first Three Forks well of Mountainview's planned three well
summer drilling program on its 12 Gage Project. The Company spudded and
drilled to 1345' and successfully cemented 9 5/8" surface casing on the
well. Sanjel Corp. was the service Company who completed the cementing
operations. The Company is currently drilling at 3600' on the well,
which has a planned total depth of 18,270'. The Company plans to use a
26-stage, plug and perforate frack stimulation, as performed on its
previous 3-well program.
Olson 2-11S-1H, Section 2 & 11 T162-101W, Divide County, North Dakota
The Company's second Three Forks well of its summer drilling program is
the Olson 2-11S-1H well (the "Olson 2 Well"). The well has been permitted and the Company plans to use the same
location and road as the Olson 34-26-1H well, which will provide
significant cost savings in the drilling and completion stages of this
well. The Company plans to drill the Olson 2-11S-1H well to a total
depth of 18,450'.
Charolette 1-12-1H, Section 1 & 12 T162-R101W, Divide County, North
Dakota
The third well planned for the summer drilling program is the Charolette
1-12-1H (the "Charolette Well"). The Charolette well is in the process of being permitted. This
well is a direct eastern offset to the Olson 2-11S-1H well.
The following list details the Company's operated wells in the 12 Gage
Project:
|
|
| Well Name |
|
| Working Interest |
|
| Current Status |
|
|
|
Wigness 5-8-1H
|
|
|
93.75%
|
|
|
June Average Production - 186 boe/d
|
|
|
|
Leininger 3-10-1H
|
|
|
87.51%
|
|
|
June Average Production - 227 boe/d
|
|
|
|
Olson 35-26-1H
|
|
|
62.27%
|
|
|
June Average Production - 213 boe/d
|
|
|
|
Heckman 7-6-1H
|
|
|
90.26%
|
|
|
Drilling at 3600'
|
|
|
|
Olson 2-11S-1H
|
|
|
70.26%
|
|
|
Permitted & Location built
|
|
|
|
Charolette 1-12-1H
|
|
|
30.23%
|
|
|
Permitting
|
|
|
|
|
|
|
|
|
|
|
Management's Comments
Patrick Montalban, President & CEO of Mountainview Energy commented on
the current drilling program: "The Company is extremely excited about
its 2013 summer drilling program. Mountainview expects to
significantly reduce drilling and completion costs during its Summer
program in comparison to its Winter program, as we are not dealing
with subzero temperatures. In addition, with the hiring of Justin
Balkenbush, VP of Engineering, we will be reducing our consulting
costs, as all operations conducted by our VP of Engineering out of our
Billings office. The company has more than quadrupled its operated
production from a daily average of 130 boe/d in May 2012 to 787 boe/d
in May 2013, and will continue to increase its daily production after
completing the current summer program. The Company is growing at a
significant pace due to the large Working Interest (Company ownership)
position held on the wells being drilled."
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, 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.
<p> Patrick M. Montalban, President & Chief Executive Officer<br/> Address: PO Box 200, Cut Bank, MT 59427<br/> 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/> Fax: (406) 873-2835 </p>