CUT BANK, MT,
Dec. 4, 2013 /CNW/ - Mountainview
Energy Ltd. (TSXV: MVW.V) ("Mountainview" or the
"Company") is pleased to provide an operational update on
its 2013 drilling program in Mountainview's 12 Gage project in the
Williston Basin.
Charlotte 1-12-1H, Section 1 & 12
T162-R101W, Divide County, North
Dakota
Mountainview is pleased to announce that it has
placed the Charlotte 1-12-1H, (the "Charlotte Well") well on
production with artificial lift. The Charlotte Well, which is the
Company's third Three Forks well
of its summer three-well drilling program was completed using a
32-stage plug and perforation program. The Company's previous
5 operated wells were completed using 26-stages. According to
field estimates, the initial 7-day average production for the
Charlotte Well, which is still recovering frac load water, was 598
boe/d gross (417 boe/d net), comprised of 90% oil. The
Charlotte Well has produced for approximately 30 days averaging 550
boe/d gross (384 boe/d net), comprised of 90% oil. The
Charlotte is the third successive well to exceed initial production
expectations and is the Company's highest producing well thus
far.
Mountainview Operational / Production
Update
The Company now has six wells from its 2013
drilling program in Divide County,
ND in its 12 Gage Project on production, with a current
production rate of 1,652 boe/d gross (1,243 boe/d
net). The Company's total corporate production is
approximately 1,802 boe/d gross (1,393) boe/d net.
Management Comments
Patrick
Montalban, President & CEO of Mountainview Energy
commented on the completion of the drilling program: "In executing
the 2013 summer drilling program, the Company achieved a 25%
reduction in drilling and completion costs and increased production
levels by 30% to 40%, when compared to the previous three well
program. Work continues on reducing monthly operating
expenses by cutting workover and water disposal costs leading to
increased proved producing reserves and thus value to the
shareholder."
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 expectations with respect to production levels and the efforts
of the Company to reduce costs, increase reserves and enhance
shareholder value. 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.