CUT BANK, MT, Feb. 25, 2014 /CNW/ – Mountainview Energy Ltd. (TSXV: MVW)
(“Mountainview” or the “Company“) provides an operational update on its two-well drilling program.
Mountainview has successfully completed the 32 stage fracture treatment
on both the Reistad 23-14-1H (the “Reistad 23 well“) and the Reistad 26-35-1H (the “Reistad 26 well“) from the Company’s second multi-well pad in its 12 Gage project in
Divide County, ND. The wells were stimulated simultaneously using a
zipper frac leading to operational efficiencies and, thus, considerable
cost savings. These efficiencies were achieved in spite of
exceptionally cold temperatures in northwestern North Dakota.
A service rig has been moved onto the well pad and clean-out operations
have begun on the Reistad 23 well. The Company expects to complete
clean-out operations and bring the Reistad 23 well onto production
before the end of February. The service rig will then perform the same
clean-out operations on the Reistad 26 well and first production is
expected to commence during the first week of March. The wellhead
production equipment and tankage are already installed on the well pad
in preparation for first production.
12-Gage Drilling Program Overview
With six wells successfully drilled and producing to date, the Company
looks forward to adding production from the two Reistad wells for a
total of eight producing wells by the first week of March. The
development of the 12-Gage property continues to highlight the
operational evolution of the Company, as drilling and completion costs
have decreased by up to 24%. This was accomplished through the
expertise of the in-house operations staff and the core group of field
consultants and service companies who are focused on operational
efficiencies and timely execution. The following table highlights the
Company’s capital cost reductions on the six operated, high working
interest 12-Gage wells:
Mountainview has updated its corporate presentation, which can be found
on its website: www.mountainviewenergy.com.
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.
Certain information contained in this press release constitutes
forward-looking statements, including, without limitation, information
related to Mountainview’s operational plans and the timing of
operations on and production from 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.
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.
Article source: http://www.otcmarkets.com/stock/MNVWF/news?id=76317