Mountainview Energy Ltd. (“Mountainview” or the “Company”) provides an operational update on the 2013 summer drilling program in Mountainview’s 12 Gage project in the Williston Basin.
Olson 2-11S-1H, Section 2 & 11 T162-101W, Divide County, North Dakota
The Olson 2-11S-1H, (the “Olson 2 Well”), the second well in the three-well summer drilling program in Mountainview’s 12 Gage project in the Williston Basin, was drilled by Nabors Rig 272 to a total depth of 18,888? in 16 days. The well encountered encouraging geologic shows while drilling the lateral of 10,168?, which was the longest lateral the Company has drilled to-date. The fracture stimulation conducted was a 26-stage plug and perforation program completed successfully with the well being placed on production Oct. 16, 2013. The initial 7 day average production for the Olson 2 Well, which is still recovering frac load water, was 506 boe/d gross (284 boe/d net) of 90% oil. The Olson 2 Well has produced for approximately 18 days averaging 483 boe/d gross (271 boe/d net to the Company) of 90% oil. Similar to the first well of the summer program, the Heckman 7-6-1H Well, the Olson 2 Well has exceeded Company production expectations thus far.
Charlotte 1-12-1H, Section 1 & 12 T162-R101W, Divide County, North Dakota
The Charlotte 1-12-1H, (the “Charlotte Well”), the Company’s third Three Forks well of its summer three-well drilling program is most recent well that the Company has placed on production with artificial lift. The Charlotte has only been on production for approximately 5 days. The Company will follow up this release with another announcement of the production results for the Charlotte well.
Mountainview Operational / Production Update
The Company now has five wells from the winter and summer drilling program on production with artificial lift at a current production rates of 1,107 boe/d net. This rate does not include production from the Charlotte well. Average time from the well’s spud date to first production (after fracture stimulation) was 65 days for this summer’s program, a reduction of over 30% from the previous program. The Company’s total corporate production is approximately 1,257 boe/d net. In addition to the substantial production increase, the Company has entered into a sales agreement for marketing its associated gas from its wells in the 12 Gage project and is working with a partner on a pipeline water disposal system.
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