CUT BANK, MT,
May 20, 2014 /PRNewswire/ -
Mountainview Energy Ltd. (TSXV: MVW) ("Mountainview" or the
"Company") provides an operational update on its two-well
drilling program.
Reistad Well Pad (Reistad 26-35S-1H &
Reistad 23-14-1H)
Mountainview is pleased to announce that it has
placed both the Reisatd 26-35S-1H, (the "Reistad 26 Well") and the
Reistad 23-14-1H, (the "Reistad 23 well") wells on production with
artificial lift. Both wells were drilled in the Three Forks (Torquay) formation with ~10,000 ft horizontal
laterals from a dual pad located in the southern portion of the 12
Gage Project. The wells were both completed using a 32-stage plug
and perforation fracture stimulation. According to field
measurements, the initial 7 day average production for the Reistad
26 Well, which was still recovering frac load water, was 401 boe/d
gross (398 boe/d net), comprised of 90% oil. The Reistad 26 Well
has produced for approximately 40 days averaging 337 boe/d gross
(334 boe/d net), comprised of 90% oil. The Company has a
99.2% working interest in the Reistad 26 well.
The 7 day average Initial Production rate for
the Reistad 23 Well, which was still recovering frac load water,
was 291 boe/d gross (269 boe/d net) comprised of 90% oil. The
Reistad 23 Well has produced for approximately 53 days averaging
241 boe/d gross (223 boe/d net) comprised of 90% oil. The
Company has a 92.54% working interest in the Reistad 23 well.
The Company is very encouraged, having de-risked
the Southern extent of its 12 Gage Project. The Reistad 26
well is the southern-most Three
Forks (Torquay) lateral
drilled and initial production rates met company expectations for
wells in the 12 Gage Project.
Company Production
Mountainview's Working Interest Production Exit
Rate for the 1st quarter of 2014 was 1,284 boe/d,
providing positive cash flow for ongoing operations. Mountainview
continues to leverage the strength of the management team to
provide production and reserve growth.
Corporate Presentation
Mountainview Energy has updated and posted its
Corporate Presentation 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 (Torquay) 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 the use of proceeds from the
Facility, the intention to complete the three-well summer drilling
program, the contents of certain documents related to the Facility,
potential drilling locations, Mountainview's operational plans and
the timing of operations on 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.
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.
