CUT BANK, MT,
Nov. 4, 2013 /CNW/ - Mountainview
Energy Ltd. (TSXV: MVW.V) ("Mountainview" or the
"Company") provides an operational update on the 2013 summer
drilling program in Mountainview's 12 Gage project in the
Williston Basin.
Olson 2-11S-1H, Section 2 & 11 T162-101W,
Divide County, North
Dakota
The Olson 2-11S-1H, (the "Olson 2 Well"),
the second well in the three-well summer drilling program in
Mountainview's 12 Gage project in the Williston Basin, was drilled by Nabors Rig 272
to a total depth of 18,888' in 16 days. The well encountered
encouraging geologic shows while drilling the lateral of 10,168',
which was the longest lateral the Company has drilled
to-date. The fracture stimulation conducted was a 26-stage
plug and perforation program completed successfully with the well
being placed on production Oct. 16,
2013. The initial 7 day average production for the
Olson 2 Well, which is still recovering frac load water, was 506
boe/d gross (284 boe/d net) of 90% oil. The Olson 2 Well has
produced for approximately 18 days averaging 483 boe/d gross (271
boe/d net to the Company) of 90% oil. Similar to the first
well of the summer program, the Heckman 7-6-1H Well, the Olson 2
Well has exceeded Company production expectations thus far.
Charlotte 1-12-1H, Section 1 & 12
T162-R101W, Divide County, North
Dakota
The Charlotte 1-12-1H, (the "Charlotte
Well"), the Company's third Three
Forks well of its summer three-well drilling program is most
recent well that the Company has placed on production with
artificial lift. The Charlotte has only been on production
for approximately 5 days. The Company will follow up this
release with another announcement of the production results for the
Charlotte well.
Mountainview Operational / Production
Update
The Company now has five wells from the winter
and summer drilling program on production with artificial lift at a
current production rates of 1,107 boe/d net. This rate does
not include production from the Charlotte well. Average time
from the well's spud date to first production (after fracture
stimulation) was 65 days for this summer's program, a reduction of
over 30% from the previous program. The Company's total
corporate production is approximately 1,257 boe/d net.
In addition to the substantial production
increase, the Company has entered into a sales agreement for
marketing its associated gas from its wells in the 12 Gage project
and is working with a partner on a pipeline water disposal
system.
Corporate Presentation
Mountainview is also pleased to announce
that it has posted an updated corporate presentation on
its website at www.mountainviewenergy.com.
About Mountainview
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.
Forward-Looking Statements
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 certain wells, the impact of such
operations on production and other expectations with respect to
production and reserves expectations. 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.
Initial Production Levels
Any references in this news release to
initial, early and/or test or production/performance rates and/or
"flush" production rates are useful in confirming the presence of
hydrocarbons, however, such rates are not determinative of the
rates at which such wells will continue production and decline
thereafter. Additionally, such rates may also include recovered
"load oil" fluids used in well completion stimulation. While
encouraging, readers are cautioned not to place reliance on such
rates in calculating the aggregate production for the Company. The
initial production rate may be estimated based on other third party
estimates or limited data available at this time. The initial
production is generally estimated using boes. In all cases in
this press release initial production or test are not necessarily
indicative of long-term performance of the relevant well or fields
or of ultimate recovery of hydrocarbons.
Barrels of Oil Equivalent
Barrels of oil equivalent (boe) is calculated
using the conversion factor of 6 Mcf (thousand cubic feet) of
natural gas being equivalent to one barrel of oil (bbl). Boes
may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Given that the
value ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency
ratio of ^ Mcf: 1 Bbl, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.
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.