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Mountainview Acquired 13,000 Acres in Williston Basin

Source: www.gulfoilandgas.com 4/30/2012, Location: North America

Mountainview Energy Ltd. is pleased to announce that it has entered into a binding purchase and sale agreement to acquire 12,778 net acres of oil and gas leaseholds in Divide County, North Dakota (the “Assets”) from a private oil and gas company. Pursuant to the Purchase and Sale Agreement, Mountainview has agreed to pay $1,000.00 per net acre for a total purchase price equal to $12,678,000 (the “Purchase Price”). Future operational plans related to the Assets will be disclosed following the closing of the Acquisition.

As stated in previous news releases of the Company, a key component of Mountainview’s strategy has been and will continue to be to grow through the acquisition of Williston Basin acreage. The Acquisition brings the Company’s total acreage in the Williston Basin to approximately 36,000 net acres. The Williston Basin has recently seen a significant increase in drilling activity, with production occurring from both the Bakken and Three Forks formations. Issuers in the area of the Williston Basin where the Assets are located have also noted lower drilling and completion costs compared to other parts of the Williston Basin. The Company has recently participated in the SM Energy Wolter 13-23H which is in close proximity to the Assets. The Wolter well, which is located in sections 23 & 14, T163N, R100W has been on production for 89 days and has produced 48,982 barrels of oil and 41,584 MCF of natural gas which is a 628 boe/d average daily production over the life of the well. Another well was drilled in close proximity to the Assets by SM Energy; the Legaard 4-25H well, which is located in section 25 & 36, T163N, R101W has been on production for 115 days and the well has produced 53,647 barrels of oil and 52,375 MCF of gas which is a 542 boe/d average daily production over the life of the well.

Mountainview expects to fund the Acquisition through the issuance of debt or equity securities (or a combination of both) or through the sale of non-core assets. In the event that Mountainview is not able to secure debt or equity financing for the Purchase Price on attractive terms, three insiders of the Corporation have agreed to secure the necessary funds.

The closing of the Acquisition is expected to occur on May 30, 2012 and is subject to the approval of TSX Venture Exchange and all other necessary regulatory approvals. In addition, the completion of the Acquisition is subject to several conditions, including the satisfactory completion of due diligence and title reviews by the Corporation.

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 .

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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