Mountainview Energy Ltd. (“Mountainview” or the “Company”) is pleased to provide an operational update on the current drilling program in the Williston Basin.
Heckman 7-6-1H, Section 7 & 6 T162N-101W, Divide County, North Dakota
Mountainview completed drilling operations on the Heckman 7-6-1H well (the “Heckman Well”), the first Three Forks well of Mountainview’s planned three-well summer drilling program on its 12 Gage Project. The Heckman Well successfully reached a Total Depth of 18,165’ in 19 days. The site is currently being prepared for the 26 stage Plug and Perf Fracture Stimulation, which is planned for the week of August 19th. Good geologic oil and gas shows were encountered while drilling the lateral and the well was drilled under budget by Nabors Rig No 272.
Olson 2-11S-1H, Section 2 & 11 T162-101W, Divide County, North Dakota
The Company’s second Three Forks well of its summer drilling program is the Olson 2-11S-1H well (the “Olson 2 Well”). The well was spudded at 11pm on August 7th and the Company successfully ran 1,435’ of 7” surface casing. The Olson well is being drilled on a dual pad with the Olson 35-26-1H well, which will provide significant cost savings due to the use of the same location and road.
Charlotte 1-12-1H, Section 1 & 12 T162-R101W, Divide County, North Dakota
The third well planned for the summer drilling program is the Charlotte 1-12-1H (the “Charlotte Well”). The Charlotte well is permitted and we are currently constructing the location. This well is a direct eastern offset to the Olson 2-11S-1H well.
Management’s Comments
Patrick Montalban, President & CEO of Mountainview Energy commented on the current drilling program: “The Company is extremely excited about its 2013 summer drilling program. Mountainview expects to significantly reduce drilling and completion costs during its Summer program in comparison to its Winter program, as we are not dealing with subzero temperatures. In addition, with the hiring of Justin Balkenbush, VP of Engineering, we will be reducing our consulting costs, as all operations conducted by our VP of Engineering out of our Billings office. The company has more than quadrupled its operated production from a daily average of 130 boe/d in May 2012 to 787 boe/d in May 2013, and will continue to increase its daily production after completing the current summer program. The Company is growing at a significant pace due to the large Working Interest (Company ownership) position held on the wells being drilled.”
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