Magnum Energy Inc. Announces Signing of Purchase and Sale Agreement for Acquisition of Viking Oil Producing Assets

Further to its press releases of November 2, 2010 and February 3, 2011, Magnum
Energy Inc. (TSX VENTURE:MEN) (The "Company" or "Magnum")  is pleased to
announce that all of the parties have now signed a definitive legal Purchase and
Sale Agreement. Magnum, together with Nextraction Energy Corp. (TSX VENTURE:NE),
will purchase the Viking oil assets of a private company in the Provost Area of
Eastern Alberta. The acquisition is effective February 1, 2011 and is scheduled
to close on March 15, 2011.


The private company is currently producing approximately 30 barrels of sweet
light crude per day from its 100% owned and operated vertical wells situated on
3.25 sections of largely undeveloped land. The 100% owned infrastructure
includes a battery, disposal well, and pipelines. 


About Magnum Energy Inc.

Magnum is a junior oil and gas producer with operations located in the Western
Canadian Sedimentary Basin. The Company produces from operations in Alberta, and
maintains 100% ownership of a gas facility in the Sedalia area in East-Central
Alberta.