Magnum Energy Viking Oil Development Update

Magnum Energy Inc. (the "Corporation" or "Magnum") (TSX VENTURE:MEN) is pleased
to announce that drilling operations for a third horizontal well have commenced
on its Provost Viking light oil property in eastern Alberta. The well is being
drilled on the Corporation's 50% working interest lands targeting the Viking
formation at a depth of 800 meters, and will include a 600 meter horizontal leg.
This is the first well targeting the southern section of the pool held by
Magnum. 


The Corporation has a fourth horizontal Viking oil well location that will be
drilled in the Provost area after the completion and testing of this third well.


About Magnum Energy Inc.: Magnum is a Canadian oil and natural gas exploration,
development and production company with operations based in the Province of
Alberta, and an administrative office in Vancouver, British Columbia. The
Corporation's mandate is to acquire and develop significant working interests in
a variety of oil and natural gas prospects. The Corporation's public filings may
be found at www.sedar.com. To find out more about Magnum visit its website at
www.magnumenergyinc.com. 


Forward looking statements: 

The information and statements in this news release contain certain
forward-looking information relating to subsequent closings under the
Prospectus. All statements other than statements of historical fact may be
forward-looking information. This forward-looking information is subject to
certain risks and uncertainties and may be based on assumptions that could cause
actual results to differ materially from those anticipated or implied in the
forward-looking information. These assumptions include market acceptance of the
terms of the Offering. The outcome and timing of subsequent closings under the
Offering could differ materially from those expressed in, or implied by, such
forward looking information, and accordingly, no assurances can be given that
any subsequent closings or events anticipated by the forward-looking information
will transpire or occur or, if any of them do, what benefits the Corporation
will derive from them. The Corporation's forward-looking information is
expressly qualified in its entirety by this cautionary statement. Except as
required by law, the Corporation undertakes no obligation to publicly update or
revise any forward looking information.