CUT BANK, MT, May 31, 2011 /PRNewswire/ - Mountainview Energy Ltd. (TSXV: MVW) (the "Company") today announced that Marathon Oil Company received approval, from the Montana Board of Oil & Gas Conservation at the April 2011 Hearing, for a Temporary Spacing Unit under all of Section 1 and Section 12, Township 31 North, Range 58 East, Sheridan County, Montana. The Company owns the NW/4NW/4 (160 acres) of Section 1, as acquired through the Stateline Project. This will allow the Company to participate in a horizontal Bakken/Three Forks well proposed for drilling by Marathon Oil Company. Mountainview Energy Ltd will hold a Working Interest position of approximately 12.5%.
Several producing wells have recently been drilled and completed in the Bakken to the North, East and South in the vicinity of the Company's Montana Bakken acreage. Production is reported to the north on the Taqa North USA, Inc Hellegaard #9-12H, located in Section 9-Township 37 North, Range 57 East, Sheridan County, MT, a 640 acre horizontal well with initial production of 433 barrels of oil per day. Production is reported to the east on a 640 acre horizontal well drilled by GeoResources, Inc, being the Carlson 1-11H located in Section 11-Township 57 North, Range 103 West, Williams County, ND, with initial production of 685 barrels of oil per day. There is production to the south, recently reported by Brigham Oil & Gas on the #1-H Swindle, located in Section 16-Township 28 North, Range 57 East, Roosevelt County, MT, with initial production of 1,065 barrels of oil equivalent per day.
The Company's strategy is to grow through acquiring more Williston Basin and South Alberta Bakken acreage; targeting the Bakken/Three Forks Shale and developing the acreage in the Company's portfolio. We plan to drill and complete horizontal wells on the Company's existing acreage, as well as aggressively pursuing non-operated working interests in Bakken and Three Fork wells in the Williston Basin.
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 play.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
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.
Certain information provided in this press release, including the information relating to initial rates of production from wells on lands in close proximity to the land in which the Company has an interest, is considered analogous information under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Such information is based on publicly available information from other producers and has been provided to give an indication of industry activity in the area. The Company has not independently confirmed the accuracy of this information. The initial rates of production identified do not represent estimates of future production or reserves associated with the Company's drilling opportunities or lands in which it has an interest.
SOURCE Mountainview Energy Ltd.