Magnum Energy Inc.: Shareholder Update
07 December 2007 - 4:16AM
Marketwired
VANCOUVER, BRITISH COLUMBIA . As previously reported, the
Cardium exploratory test well has now been completed and swabbed.
The operator has advised Magnum that hydrocarbons were present in
commercial quantities and they have elected to undertake a high
pressure fracture in order to maximize production. This procedure
is scheduled to be completed on or about December 10, 2007. Upon
completion of the fracture a commercial flow rate will be
determined over the ensuing four to five days and the well will be
equipped for production. Production of light sweet crude is
anticipated to begin by late December or early January dependent on
permitting, equipment availability and weather.
In addition to the Cardium well, Magnum has now received the
drilling license for the re-entry of the first of two Sedalia area
natural gas wells. These wells were abandoned in the early 1990's
due to low natural gas prices. The company anticipates fracturing
and tying the wells into existing pipeline facilities. If
successful, these re-entries will lead to infill drilling
opportunities of up to an additional 6 wells. Production is
estimated to range from 15 boe/d to 35 boe/d per well.
Magnum is currently averaging approximately 80 boe/d from
existing operations. The company is currently exploring additional
development opportunities as well as possible acquisitions.
The TSX Venture Exchange has neither approved or disapproved the
contents of this press release.
Contacts: Magnum Energy Inc. Ted Konyi (604) 669-3155 Magnum
Energy Inc. Allan Thompson (604) 669-3155 Email:
athompson@magnumenergyinc.com
(TSXV:MEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:MEN)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
More Magnum Energy Inc. News Articles