Mountainview announces closing of strategic acquisitions and continuance into Alberta

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.