MEN

Magnum Energy Inc. (TSX VENTURE:MEN) (the "Corporation" or "Magnum") is pleased
to announce that it has completed its third successful horizontal well in its
Provost Viking light oil property in southeastern Alberta. The well, in which
Magnum has an operated 50% working interest, was rig released in November, 2012,
after the successful drilling of a 641meter horizontal leg. Completion
operations commenced in early January, 2013 with a ten stage fracture
stimulation. The well is currently being prepared for testing and will be
equipped and placed on production in the coming weeks.


The Corporation has identified multiple offset drilling locations across its
Provost land holdings and plans to focus the majority of its 2013 capital
program in the Provost area, targeting lower-risk horizontal development
drilling (immediately offsetting existing production), in combination with the
drilling of mapped Viking oil on lands where Magnum has limited reserves
assigned to date.


Richard Nemeth, President and CEO, commented, "We are encouraged by the results
of this most recent well at Provost and the continued positive production
performance observed to date from the two Viking horizontal oil wells drilled in
mid-2012."


About Magnum Energy Inc.: Magnum is a Canadian oil and natural gas exploration,
development and production company with operations based in the Province of
Alberta, and an administrative office in Vancouver, British Columbia. The
Company's mandate is to acquire and develop significant working interests in a
variety of oil and natural gas prospects. The Company's public filings may be
found at www.sedar.com. To find out more about Magnum visit the Company's
website at www.magnumenergyinc.com.


Forward-looking statements:

This news release contains certain forward-looking statements, including
management's assessment of future plans and operations and capital expenditures
and the timing thereof, that involve substantial known and unknown risks and
uncertainties, certain of which are beyond Magnum's control. Such risks and
uncertainties include, without limitation, risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserves estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations, including
the adoption of new environmental laws and regulations, and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory bodies. Actual results could differ materially
from those expressed in or implied by these forward-looking statements. No
assurances can be given that any of the events anticipated by any
forward-looking statements will transpire or occur, or if any of them do so,
what benefits Magnum will derive therefrom. Readers are cautioned that the
foregoing list of factors is not exhaustive. All subsequent forward-looking
statements, whether written or oral, attributable to Magnum or persons acting on
behalf are expressly qualified in their entirety by these cautionary statements.
The forward-looking statements contained in this news release and the documents
referred to herein, are made as at the date of this news release, and Magnum
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Magnum Energy Inc.
Richard Nemeth
President and CEO
604-948-2688
rnemeth@magnumenergyinc.com
www.magnumenergyinc.com

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