MGM Energy Corp.: Financial Results for the Three and Nine Months Ended September 30, 2013

CALGARY, ALBERTA–(Marketwired – Oct. 29, 2013) – MGM Energy Corp. (TSX:MGX) (“MGM Energy” or the “Company”) announced today its financial results for the three month and nine month periods ended September 30, 2013.

The Company reported a net loss for the three month period ended September 30, 2013 of $3.0 million ($0.01 per share) as compared to a net loss of $2.1 million ($0.01 per share) for the three month period ended September 30, 2012. MGM Energy had working capital of $11.0 million as at September 30, 2013, which is expected to be sufficient to fund operations based on current level of expenditures until mid-2015. MGM Energy’s full unaudited financial statements and accompanying Management’s Discussion and Analysis will be filed shortly on the SEDAR website (www.sedar.com).

MGM Energy continues to analyze the results of the East Mackay I-78 well drilled in the Canol shale oil play in the winter of 2012/13 and anticipates that it will provide an update of its original oil in place estimate during the fourth quarter of 2013. The Company will also begin a formal search for a partner on its Canol shale oil play lands in the fourth quarter.

MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada. MGM Energy’s common shares are listed on the Toronto Stock Exchange under the symbol “MGX”.

Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Forward-looking information in this news release includes, but is not limited to, MGM Energy’s expectations regarding sufficiency of working capital to fund future costs to mid-2015 and the Company’s intention to begin a formal search for a partner on its Canol shale oil lands. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.