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Mountainview IP Production Test on Its Olson Well

Source: www.gulfoilandgas.com 4/17/2013, Location: North America

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Mountainview Energy Ltd. is pleased to provide an operational update on Mountainview’s 12 Gage Project in the Williston basin:

- The Company has repaired the artificial lift system on the Wigness 5-8-1H well, the Company’s first horizontal Three Forks well in its three-well winter drilling program. This well has produced over the last 10 days without any pumping issues. During the 23 days that the Wigness well has been on production, it has averaged 836 bbls/d of fluid (at a 33% oil cut) and 236 mcf/d of natural gas for a total of 313 boe/d (294 boe/d net).
- The Company placed the Leininger 3-10-1H well, the second horizontal Three Forks well in Mountainview’s three-well winter drilling program, on production on March 14, 2013. During the 23 days that the Leininger well has been on production, it has averaged 799 bbls/d of fluid (at a 32% oil cut) and 399 mcf/d of natural gas for a total of 324 boe/d (283 boe/d net).
- Mountainview completed the clean-out operations following the 26 stage plug and perf fracture stimulation on the Olson 35-26-1H well, the final horizontal Three Forks well in its three-well winter drilling program. The Company installed an artificial lift system on the well and placed the well on production April 11, 2013. The peak production day for the initial four day test on this well was 2,057 bbls/d of fluid (at a 19% oil cut) and 1,089 mcf/d of natural gas for a total of 574 boe/d (357.43 boe/d net). During that four day test the well averaged 1,273 bbls/d of fluid (at a 21% oil cut) and 649 mcf/d of natural gas for a total of 372 boe/d (232 boe/d net). The Company plans to follow with another update on the average daily production over the next several weeks.

Through its wholly-owned subsidiary Mountain Divide, LLC (“Mountain Divide”), Mountainview holds: (a) a 93.75% working interest in the Wigness Well, 25% of which is subject to reversion to another working interest owner following payout of 100% of the cost of their proportionate working interest costs in the well plus a 200% penalty; (b) an 87.51% working interest in the Leininger Well, 3.12% of which is subject to reversion to another working interest owner following payout of 100% of the cost of their proportionate working interest costs in the well plus a 200% penalty; and (c) a 62.27% working interest in the Olson Well, 16.37% of which is subject to reversion to another working interest owner following payout of 100% of the cost of their proportionate working interest costs in the well plus a 200% penalty. Pursuant to Mountain Divide’s credit facility (the “Facility”), all of Mountain Divide’s oil and gas properties located in Divide County, North Dakota (including the lands on which the Wigness Well, the Leininger Well and the Olson Well are situated) are subject to a 39% after pay-out net profits interest held by Mountain Divide’s lender under the Facility. These payments shall not commence until repayment in full of the outstanding Facility and will automatically reduce to 20% once the Lender achieves a 1.65 x return on investment.

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