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Share Name | Share Symbol | Market | Type |
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TSXV:MEN | TSX Venture | Common Stock |
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MAGNUM ENERGY INC. (TSX VENTURE:MEN) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA MAGNUM ENERGY INC. (the "Corporation") is pleased to announce that construction of the pipeline required to tie-in the 14-7 horizontal well at the Provost Viking Oil Project has been completed and the well was placed on production this past week. Management anticipates that stabilized rates from the horizontal oil and natural gas well will be established during the second quarter of 2012. The Corporation is also in the process of securing licenses for two existing vertical wellbores for re-entry operations with Viking oil potential similar to the Provost 5-7 vertical recompletion performed in the spring of 2011. The Provost 5-7 had initial production rates of over 40 barrels of oil per day, and stabilized production of approximately 20 gross barrels (10 net barrels) of oil per day. The Corporation is planning to re-enter the wells as soon as possible, subject to weather and crew and equipment availability. Successful re-entry operations will provide the Corporation with increased production, cash flow, and new reserves in the proved producing and probable categories. Magnum will also acquire technical data that will assist in the future horizontal development of two sections where no reserves have been assigned. The Corporation has acquired a drilling license for a second horizontal location and expects to have a third licensed shortly. Magnum continues to survey additional locations for future drilling operations and intends to maximize oil production from, and add reserves to, the Provost Viking oil project as quickly as is prudently possible. About Magnum Energy Inc. Magnum is a junior oil and gas producer with operations located in the Western Canadian Sedimentary Basin. The Corporation produces from Viking oil operations in Alberta, gas operations in Alberta and maintains a 100% ownership of the Sedalia gas facility in East-Central Alberta. ON BEHALF OF THE CORPORATION Richard Nemeth, President & CEO Forward looking statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Magnum's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations, including the adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory bodies. Actual results could differ materially from those expressed in or implied by these forward-looking statements. No assurances can be given that any of the events anticipated by any forward-looking statements will transpire or occur, or if any of them do so, what benefits Magnum will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Magnum or persons acting on behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release and the documents referred to herein, are made as at the date of this news release, and Magnum does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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