CUT BANK, MT, May 20, 2014 /CNW/ – Mountainview Energy Ltd. (TSXV: MVW) (“Mountainview” or the “Company“) provides an operational update on its two-well drilling program.
Reistad Well Pad (Reistad 26-35S-1H & Reistad 23-14-1H)
Mountainview is pleased to announce that it has placed both the Reisatd 26-35S-1H, (the “Reistad 26 Well”) and the Reistad 23-14-1H, (the “Reistad 23 well”) wells on production with artificial lift. Both wells were drilled in the Three Forks (Torquay) formation with ~10,000 ft horizontal laterals from a dual pad located in the southern portion of the 12 Gage Project. The wells were both completed using a 32-stage plug and perforation fracture stimulation. According to field measurements, the initial 7 day average production for the Reistad 26 Well, which was still recovering frac load water, was 401 boe/d gross (398 boe/d net), comprised of 90% oil. The Reistad 26 Well has produced for approximately 40 days averaging 337 boe/d gross (334 boe/d net), comprised of 90% oil. The Company has a 99.2% working interest in the Reistad 26 well.
The 7 day average Initial Production rate for the Reistad 23 Well, which was still recovering frac load water, was 291 boe/d gross (269 boe/d net) comprised of 90% oil. The Reistad 23 Well has produced for approximately 53 days averaging 241 boe/d gross (223 boe/d net) comprised of 90% oil. The Company has a 92.54% working interest in the Reistad 23 well.
The Company is very encouraged, having de-risked the Southern extent of its 12 Gage Project. The Reistad 26 well is the southern-most Three Forks (Torquay) lateral drilled and initial production rates met company expectations for wells in the 12 Gage Project.
Company Production
Mountainview’s Working Interest Production Exit Rate for the 1st quarter of 2014 was 1,284 boe/d, providing positive cash flow for ongoing operations. Mountainview continues to leverage the strength of the management team to provide production and reserve growth.
Corporate Presentation
Mountainview Energy has updated and posted its Corporate Presentation on its website: www.mountainviewenergy.com.
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 (Torquay) Shale in the Williston Basin and the South Alberta Bakken.
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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.
Patrick M. Montalban, President & Chief Executive Officer
Address: PO Box 200, Cut Bank, MT 59427
E-Mail: mvw@bresnan.net
Fax: (406) 873-2835
Or
Brent Osmond, Vice President, Finance & Chief Financial Office
E-Mail: brento@mountainviewenergy.com
Web Site: www.mountainviewenergy.com[/expand]