CALGARY, Dec. 8, 2014 /CNW/ – 3MV Energy Corp. (“3MV” or the “Company“) (TSXV: TMV) is pleased to announce that the Phase I drilling program in its core area of Fiske, Saskatchewan has been completed resulting in 100% success of six new producing oil wells. The Fiske prospect is an area defined by 3MV and is approximately 12 miles south west of Rosetown, Saskatchewan. 3MV continues to maintain a fifty per cent working interest in excess of 50 contiguous sections.
Phase II Fiske drilling is currently underway with 7 of the 10 planned wells drilled and in various stages of completion and equipping. The Company anticipates exiting the year with approximately eight hundred barrels of oil per day (400 b/d net) from the Fiske property with fifteen new oil wells (7.5 net) brought on stream during Q4 2014. During the current period of lower commodity pricing, these wells will sustain profitability due to the reservoir being shallow with high oil content and negligible gas or water, low lifting costs, and low royalties.
The Phase III Fiske exploitive drilling program is scheduled for Q2 2015 and will include twenty (10 net) additional oil wells. This program is in varying stages of planning, licensing, surveying and site preparation.
3MV is an oil and gas exploration and development company with assets throughout west central Saskatchewan’s Viking oil play.
Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by 3MV. Although 3MV believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because 3MV can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general, commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 3MV’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements contained in this document are made as of the date hereof and 3MV 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE 3MV Energy Inc.
For further information: Dallas Duce, Interim CEO, (403) 234-8998; OR Billy Abbey, CFO, VP Finance, (403) 234-8998