Magnum Energy Inc. Announces Signing of Purchase and Sale Agreement for Acquisition of Viking Oil Producing Assets
11 March 2011 - 1:30AM
Marketwired
Further to its press releases of November 2, 2010 and February 3,
2011, Magnum Energy Inc. (TSX VENTURE: MEN) (The "Company" or
"Magnum") is pleased to announce that all of the parties have now
signed a definitive legal Purchase and Sale Agreement. Magnum,
together with Nextraction Energy Corp. (TSX VENTURE: NE), will
purchase the Viking oil assets of a private company in the Provost
Area of Eastern Alberta. The acquisition is effective February 1,
2011 and is scheduled to close on March 15, 2011.
The private company is currently producing approximately 30
barrels of sweet light crude per day from its 100% owned and
operated vertical wells situated on 3.25 sections of largely
undeveloped land. The 100% owned infrastructure includes a battery,
disposal well, and pipelines.
About Magnum Energy Inc.
Magnum is a junior oil and gas producer with operations located
in the Western Canadian Sedimentary Basin. The Company produces
from operations in Alberta, and maintains 100% ownership of a gas
facility in the Sedalia area in East-Central Alberta.
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.
Contacts: Magnum Energy Inc. Richard Nemeth President and CEO
604 669 3155 rnemeth@magnumenergyinc.com
www.magnumenergyinc.com
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