MGM Energy Corp. ("MGM Energy" or the "Company"), announces the spudding of the East MacKay I-78 well on Exploration License 466B in the Central Mackenzie Valley of the Northwest Territories on January 27, 2013. The Company is targeting the Canol shale oil play with this well.
The East MacKay I-78 well is a vertical well to be drilled to a depth of approximately 2,050 metres and is expected to take approximately three weeks to drill, core and log. Once drilling has reached target depth, the well will be completed in the Canol and Bluefish zones and flow tested. MGM Energy is the operator of the well and anticipates that operations will be completed by the second week of March. MGM Energy will provide updates following completion of the drilling and testing phases of the well.
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