|By Marketwired .||
|May 26, 2014 09:30 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/26/14 -- MAGNUM ENERGY INC. ("Magnum" or the "Corporation") (TSX VENTURE:MEN) Magnum announces that the company has entered into a Purchase and Sale Agreement with a private, Calgary-based company to purchase an operated, 100% working interest in the Jenner, Alberta area.
The property currently produces 350 mcfd gas sales (58 boepd) from the shallow Medicine Hat and Milk River formations, covers 9.75 gross (9.75 net) sections of land, and includes associated pipeline infrastructure and compression facilities. Production can be increased at least 3-fold with down spacing and infill drilling.
This transaction is subject to all customary industry and exchange approvals.
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.
Magnum Energy Inc.
President & CEO