Magnum Energy Inc.: Sedalia Flow Test Results
April 01 2009 - 12:20PM
Marketwired
Magnum Energy Inc. ("Magnum" or the "Company") (TSX VENTURE: MEN)
is pleased to announce the initial test results of the
Company-operated three well drilling program in the Sedalia area.
As previously announced in the Company's news release dated January
05, 2009 Magnum successfully drilled and cased all 3 wells.
Upon initial evaluation of the potential productive zones, the
Company decided to fracture stimulate the primary zone in one of
the wells, as well as the primary and secondary zones in another of
the wells to maximize production.
The initial test rate for the primary zone in Magnum's 1-23 well
was approximately 775 mcf/d (thousand cubic feet per day) and for
the secondary zone was approximately 575 mcf/d. The initial test
rate for the primary zone in Magnum's 3-24 well was approximately
1,000 mcf/d (million cubic feet per day) and for the secondary zone
was approximately 250 mcf/d. The Company has not fully completed
and evaluated the third well in the program located at 1-35,
however initial results indicate that the primary zone which tested
gas will need to be fracture stimulated to achieve commercial
production rates. The Company plans to complete operations on the
1-35 later this year.
The Company has equipped the subject wells and is preparing to
tie-in the wells for production. To that end, Magnum has received
approval for the pipeline license from the Energy Resources
Conservation Board. In addition to the above three wells, this
pipeline will enable the tie-in of the Magnum 13-35 well which was
re-completed in January 2008. The initial test rate for the 13-35
well was approximately one million cubic feet a day.
The Company will initially only flow one zone per well to
evaluate reserves and establish stabilized production rates. In the
interim Magnum is preparing additional drilling and recompletion
plans for the balance of the 2009 year with field operations to
commence in the third quarter. The Company has recently acquired 2D
seismic data in the area which will further refine the development
plans.
The TSX Venture Exchange has neither approved or disapproved the
contents of this press release.
Contacts: Magnum Energy Inc. Richard Nemeth President & CEO
(604) 669-3155 (604) 669-3177 (FAX) Email:
rnemeth@magnumenergyinc.com Website: www.magnumenergyinc.com