Mountainview announces closing of strategic acquisitions and continuance into Alberta
May 14 2012 - 1:32AM
PR Newswire (Canada)
CUT BANK, MT, May 14, 2012 /CNW/ - Mountainview Energy Ltd.
("Mountainview" or the "Company") is pleased to announce that
further to its previously announced proposed: -- acquisition of
certain oil and gas assets located in the Williams and Lake Frances
areas of Pondera County, Montana, which consist of: (i) 15,520
gross (15,520 net) acres of developed land producing approximately
66 gross (42 net) boe/d of natural gas; and (ii) 40,583 gross
(31,593 net) acres of undeveloped land (the "Pondera Assets"); --
acquisition of a certain compressor plant, related ancillary
equipment and field wellhead equipment and pipelines related to the
Pondera Assets (the "Pondera Equipment"); -- acquisition of certain
non-producing oil and natural gas assets located in the Medicine
Lake prospect in Divide County, North Dakota and Sheridan County,
Montana, consisting of approximately 44,181 gross (8,836 net) acres
of undeveloped land (the "Medicine Lake Assets" and collectively
with the Pondera Assets and the Pondera Equipment, the "Assets");
-- continuance of the Company into the Province of Alberta (the
"Continuance"), The holders of common shares of Mountainview
("Mountainview Shareholders") have approved the acquisition of the
Assets and the Continuance and such transactions have closed.
Mountainview Shareholders overwhelmingly supported the acquisition
of the Assets and the Continuance, with 100% of Mountainview
Shareholders that voted in person or by proxy at the special
meeting of Mountainview Shareholders voting in favour of the
transaction. Following the completion of the acquisition of the
Assets, Mountainview's oil and gas production is now 192 boe/d and
Mountainview's undeveloped land position is an aggregate of 92,000
gross (23,550 net) acres in the Williston Basin and an aggregate of
78,382 gross (70,000 net) acres in the South Alberta Bakken play.
Information about the Company Mountainview Energy Ltd. is a public
oil and gas company listed on the 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
play. Cautionary Statements This press release contains forward
looking statements. These statements relate to future events or our
future performance. All statements other than statements of
historical fact may be forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "would" and similar expressions. These statements
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control, and may be based
on assumptions that could cause actual results to differ materially
from those expressed in, or implied by, such forward-looking
statements. Although Mountainview believes that the expectations
reflected in these forward looking statements are reasonable, undue
reliance should not be placed on them because Mountainview can give
no assurance that they will prove to be correct. Since forward
looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. The
forward looking statements contained in this press release are made
as of the date hereof and Mountainview undertakes no obligations to
update publicly or revise any forward looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws. All
calculations converting natural gas to barrels of oil equivalent
("boe") have been made using a conversion ratio of six thousand
cubic feet (six "Mcf") of natural gas to one barrel of oil, unless
otherwise stated. The use of boe may be misleading, particularly if
used in isolation, as the conversion ratio of six Mcf of natural
gas to one barrel of oil 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 of 6:1, 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. Mountainview Energy Ltd.
CONTACT: Patrick M. MontalbanPresident & Chief Executive
OfficerMOUNTAINVIEW ENERGY LTD.PO Box 200Cut Bank, MT 59427E-Mail:
mvw@bresnan.netWeb Site: www.mountainviewenergy.comPhone: (406)
873-2235 Fax: (406) 873-2835
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