CUT BANK, MT,
May 14, 2012 /PRNewswire/ -
Mountainview Energy Ltd. ("Mountainview" or the
"Company") (MVW:TSX-V) 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.
SOURCE Mountainview Energy Ltd.