CALGARY, ALBERTA--(Marketwire - Jan. 17, 2013) - Magnum Energy Inc. (TSX VENTURE:MEN) (the "Corporation" or "Magnum") is pleased to announce that it has completed its third successful horizontal well in its Provost Viking light oil property in southeastern Alberta. The well, in which Magnum has an operated 50% working interest, was rig released in November, 2012, after the successful drilling of a 641meter horizontal leg. Completion operations commenced in early January, 2013 with a ten stage fracture stimulation. The well is currently being prepared for testing and will be equipped and placed on production in the coming weeks.
The Corporation has identified multiple offset drilling locations across its Provost land holdings and plans to focus the majority of its 2013 capital program in the Provost area, targeting lower-risk horizontal development drilling (immediately offsetting existing production), in combination with the drilling of mapped Viking oil on lands where Magnum has limited reserves assigned to date.
Richard Nemeth, President and CEO, commented, "We are encouraged by the results of this most recent well at Provost and the continued positive production performance observed to date from the two Viking horizontal oil wells drilled in mid-2012."
About Magnum Energy Inc.: Magnum is a Canadian oil and natural gas exploration, development and production company with operations based in the Province of Alberta, and an administrative office in Vancouver, British Columbia. The Company's mandate is to acquire and develop significant working interests in a variety of oil and natural gas prospects. The Company's public filings may be found at www.sedar.com. To find out more about Magnum visit the Company's website at www.magnumenergyinc.com.
This news release contains certain forward-looking statements, including management's assessment of future plans and operations and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Magnum's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations, including the adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory bodies. Actual results could differ materially from those expressed in or implied by these forward-looking statements. No assurances can be given that any of the events anticipated by any forward-looking statements will transpire or occur, or if any of them do so, what benefits Magnum will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Magnum or persons acting on behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release and the documents referred to herein, are made as at the date of this news release, and Magnum does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Magnum Energy Inc.
President and CEO
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