Mountainview Energy Ltd. (“Mountainview” or the “Company”) is pleased to provide an operational update on its 2013 drilling program in Mountainview’s 12 Gage project in the Williston Basin.
Charlotte 1-12-1H, Section 1 & 12 T162-R101W, Divide County, North Dakota
Mountainview is pleased to announce that it has placed the Charlotte 1-12-1H, (the “Charlotte Well”) well on production with artificial lift. The Charlotte Well, which is the Company’s third Three Forks well of its summer three-well drilling program was completed using a 32-stage plug and perforation program. The Company’s previous 5 operated wells were completed using 26-stages. According to field estimates, the initial 7-day average production for the Charlotte Well, which is still recovering frac load water, was 598 boe/d gross (417 boe/d net), comprised of 90% oil. The Charlotte Well has produced for approximately 30 days averaging 550 boe/d gross (384 boe/d net), comprised of 90% oil. The Charlotte is the third successive well to exceed initial production expectations and is the Company’s highest producing well thus far.
Mountainview Operational / Production Update
The Company now has six wells from its 2013 drilling program in Divide County, ND in its 12 Gage Project on production, with a current production rate of 1,652 boe/d gross (1,243 boe/d net). The Company’s total corporate production is approximately 1,802 boe/d gross (1,393) boe/d net.
Patrick Montalban, President & CEO of Mountainview Energy commented on the completion of the drilling program: “In executing the 2013 summer drilling program, the Company achieved a 25% reduction in drilling and completion costs and increased production levels by 30% to 40%, when compared to the previous three well program. Work continues on reducing monthly operating expenses by cutting workover and water disposal costs leading to increased proved producing reserves and thus value to the shareholder.”
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