|By PR Newswire||
|February 25, 2014 07:56 PM EST||
CUT BANK, MT, Feb. 25, 2014 /PRNewswire/ - Mountainview Energy Ltd. (TSXV: MVW) ("Mountainview" or the "Company") provides an operational update on its two-well drilling program.
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%|
|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%|
Mountainview has updated its corporate presentation, which can be found on its website: www.mountainviewenergy.com.
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.
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.
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