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TSXV:MEN | TSX Venture | Common Stock |
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Starting in September, the well will be allowed to produce at its maximum rate. The Cardium well initially flow tested in excess of 600 barrels per day of sweet light crude. The ERCB has also granted royalty free status for the first year of production. Magnum has a 31.5% net working interest in the well.
Magnum Energy will announce the stabilised rate of production once the operator has time to make all the necessary adjustments to the pump and compressor. This adjustment period usually takes about 60 days. In the interim, the operator is preparing an all season road to ensure year around deliveries of the oil.
The TSX Venture Exchange has neither approved or disapproved the contents of this press release.
Contacts: Magnum Energy Inc. Richard Nemeth Vice President of Corporate Development (604) 669-3155 (604) 669-3177 (FAX) Email: rnemeth@magnumenergyinc.com Website: www.magnumenergyinc.com
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