Magnum Energy Inc.: Sedalia Update
January 30 2009 - 1:44PM
Marketwired
Magnum Energy Inc. (TSX VENTURE: MEN) is pleased to provide an
update with respect to the three wells which it recently drilled
and cased in the Sedalia area of Alberta. Testing of these three
wells has commenced, however, due to extreme cold weather
conditions, the testing has not yet been completed. Testing to date
has indicated that two of the wells have hydrocarbons present in
more than one geological zone. The third well will require
hydraulic stimulation before an estimate of the wells potential can
be completed.
Magnum is also continuing to work on re-activating an existing
pipeline which will be used to tie-in these wells.
The Company also reports that Ted Konyi is resigning as
President and CEO of the company effective January 31, 2009 to
pursue other opportunities. Mr. Konyi will remain on the Board of
Directors of the Company. The Company wishes to thank Mr. Konyi, as
a founder of the Company, for all his efforts. Richard Nemeth, who
joined the Company in June, 2007 to oversee corporate development,
will become President and CEO effective February 1, 2009.
The TSX Venture Exchange has neither approved or disapproved the
contents of this press release.
Contacts: Magnum Energy Inc. Richard Nemeth Vice President of
Corporate Development (604) 669-3155 Email:
rnemeth@magnumenergyinc.com Magnum Energy Inc. - Head Office 1280 -
333 Seymour Street Vancouver, BC, V6B 5A6 (604) 669-3155 (604)
669-3177 (FAX) Magnum Energy Inc. - Operations Suite 550, 1010 1st
Street S.W. Calgary, AB, T2R 1K4 (403) 264-5980 (403) 261-8060
(FAX) Website: www.magnumenergyinc.com