Mountainview Energy Ltd. is pleased to provide an update on its continuing development of the 12 Gage Project in Divide County, ND.
The Company has increased its working interests in the Reistad 23-14-1H and Reistad 26-35s-1H wells through lease purchases. The Company moved Ensign Rig #118 onto the Reistad pad located in Sec. 23 T162-101W and spudded the Reistad 23-14-1H (the “Reistad 23 well”). This is the Company’s first drilling project with a “skidable” rig on a multi-well drilling pad. To date, the Company successfully reached a total depth of 18,760 feet on the Reistad 23 well and experienced quality gas and oil shows while drilling the horizontal lateral, which were very similar to the Company’s previous wells in the project. The Company took 19 days to drill the Reistad 23 well and costs are currently under budget.
After finishing the Reistad 23 well, the Company skidded the Ensign Rig #118 and started drilling the lateral for the Reistad 26-35S-1H (the “Reistad 26 well”). The Company has successfully reached a total depth of 19,030 feet on the Reistad 26 well and again experienced quality gas and oil shows while drilling the horizontal lateral.
Mountainview will now prepare both wells for completion. The Company plans to perform a 32 stage plug and perforation fracture treatment on both wells simultaneously. Completion operations are scheduled to begin in late January, 2014.
Patrick M. Montalban, President & Chief Executive Officer, commented:
“We are pleased that both wells were successfully drilled safely, efficiently and under budget, indicating that our operational experience gained from the first wells in the program has led to cost efficiencies on current wells. The ability to increase our working interest in this prospective acreage is a positive transaction for the Company and we look forward to the upcoming fracture stimulation operations.”
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