CUT BANK, MT, Dec. 4, 2013 /PRNewswire/ - Mountainview Energy Ltd. (TSXV:
MVW.V) ("Mountainview" or the "Company") is pleased to provide an operational update on its 2013 drilling
program in Mountainview's 12 Gage project in the Williston Basin.
Charlotte 1-12-1H, Section 1 & 12 T162-R101W, Divide County, North
Dakota
Mountainview is pleased to announce that it has placed the Charlotte
1-12-1H, (the "Charlotte Well") well on production with artificial lift. The Charlotte Well, which is
the Company's third Three Forks well of its summer three-well drilling
program was completed using a 32-stage plug and perforation program.
The Company's previous 5 operated wells were completed using
26-stages. According to field estimates, the initial 7-day average
production for the Charlotte Well, which is still recovering frac load
water, was 598 boe/d gross (417 boe/d net), comprised of 90% oil. The
Charlotte Well has produced for approximately 30 days averaging 550
boe/d gross (384 boe/d net), comprised of 90% oil. The Charlotte is
the third successive well to exceed initial production expectations and
is the Company's highest producing well thus far.
Mountainview Operational / Production Update
The Company now has six wells from its 2013 drilling program in Divide
County, ND in its 12 Gage Project on production, with a current
production rate of 1,652boe/d gross (1,243 boe/d net). The Company's total corporate production
is approximately 1,802 boe/d gross (1,393) boe/d net.
Management Comments
Patrick Montalban, President & CEO of Mountainview Energy commented on
the completion of the drilling program: "In executing the 2013 summer
drilling program, the Company achieved a 25% reduction in drilling and
completion costs and increased production levels by 30% to 40%, when
compared to the previous three well program. Work continues on
reducing monthly operating expenses by cutting workover and water
disposal costs leading to increased proved producing reserves and thus
value to the shareholder."
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 Mountainview's operational plans and expectations with
respect to production levels and the efforts of the Company to reduce
costs, increase reserves and enhance shareholder value. 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.
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.
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 (bbl). 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.
Given that the value ratio based on the current price of crude oil as
compared to natural gas is significantly different from the energy
equivalency ratio of ^ Mcf: 1 Bbl, utilizing a conversion on a 6:1
basis may be misleading as an indication of value.
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.