CUT BANK, MT,
Feb. 25, 2014 /CNW/ - Mountainview
Energy Ltd. (TSXV: MVW) ("Mountainview" or the
"Company") provides an operational update on its two-well
drilling program.
Operational Update
Mountainview has successfully completed the 32
stage fracture treatment on both the Reistad 23-14-1H (the
"Reistad 23 well") and the Reistad 26-35-1H (the "Reistad
26 well") from the Company's second multi-well pad in its 12
Gage project in Divide County,
ND. The wells were stimulated simultaneously using a
zipper frac leading to operational efficiencies and, thus,
considerable cost savings. These efficiencies were achieved in
spite of exceptionally cold temperatures in northwestern
North Dakota.
A service rig has been moved onto the well pad
and clean-out operations have begun on the Reistad 23 well.
The Company expects to complete clean-out operations and bring the
Reistad 23 well onto production before the end of February.
The service rig will then perform the same clean-out operations on
the Reistad 26 well and first production is expected to commence
during the first week of March. The wellhead production
equipment and tankage are already installed on the well pad in
preparation for first production.
12-Gage Drilling Program Overview
With six wells successfully drilled and
producing to date, the Company looks forward to adding production
from the two Reistad wells for a total of eight producing wells by
the first week of March. The development of the 12-Gage
property continues to highlight the operational evolution of the
Company, as drilling and completion costs have decreased by up to
24%. This was accomplished through the expertise of the in-house
operations staff and the core group of field consultants and
service companies who are focused on operational efficiencies and
timely execution. The following table highlights the
Company's capital cost reductions on the six operated, high working
interest 12-Gage wells:
| 2013 Winter Drilling
& Completion Program |
| Well Name |
Drilling & Completion
Costs |
Company Working
Interest |
| Wigness 5-8-1H |
$ 8,250,000 |
93.8% |
| Leininger 3-10-1H |
$ 8,400,000 |
87.5% |
| Olson 35-26-1H |
$ 8,530,000 |
61.2% |
| TOTAL COSTS |
$25,180,000 |
|
| 2013 Summer Drilling
& Completion Program |
| Well Name |
Drilling & Completion
Costs |
Company Working
Interest |
| Heckman 7-6-1H |
$ 6,740,000 |
89.8% |
| Olson 2-11S-1H |
$ 6,290,000 |
70.3% |
| Charlotte 1-12H |
$ 6,335,000 |
69.8% |
| TOTAL COSTS: |
$19,365,000 |
|
Corporate Presentation
Mountainview has updated its corporate
presentation, which can be found 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 Shale in the Williston Basin
and the South Alberta Bakken.
Forward-Looking Statements
Certain information contained in this press
release constitutes forward-looking statements, including, without
limitation, information related to Mountainview's operational plans
and the timing of operations on and production from 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.
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.