Magnum Commences Drilling
November 16 2007 - 9:30AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MEN) is pleased to
announce the "spudding" of the Cardium farm-in test well. This
exploratory well is targeting a potential new oil pool anticipated
to contain sweet light crude. Target depth should be reached in
approximately 7 days, at which time, evaluation logs will be
reviewed to determine the potential of the well. Upon successful
results, operations will commence to complete the well and equip it
for production. The completion operations will require
approximately 7 days.
In other news, the Company successfully bid at a recent Crown
rights offering to complete another drilling spacing unit in the
Sedalia area. With the acquisition the Company now controls two
sections with identified well re-entry development opportunities.
The Company has a 100% working interest in Sedalia and will be the
operator of all development wells. Magnum has applied for a
drilling license to re-enter the first of several drilling targets
at Sedalia.
Magnum Energy Inc.
Magnum Energy Inc. is a junior oil and gas exploration company
operating in the Western Canadian Sedimentary Basin. The company is
headed by Ted Konyi, CEO who has had extensive experience in the
financing of oil and gas projects in Western Canada. The company
has established an initial core area in South Eastern Alberta which
it believes will produce significant cash flow for the company upon
completion of a comprehensive drilling program.
The TSX Venture Exchange has neither approved or disapproved the
contents of this press release.
Contacts: Magnum Energy Inc. Ted Konyi (604) 669-3155 Magnum
Energy Inc. Allan Thompson (604) 669-3155 Email:
athompson@magnumenergyinc.com