CUT BANK, MT, June 15, 2011 /CNW/ - Mountainview Energy Ltd. (TSXV: MVW)
(the "Company") today announced the successful acquisition of Montana
State Lands totalling 4,566 acres in the South Alberta Bakken Play;
1,381 acres in Pondera County, 1,905 acres in Teton County and 1,280
acres in Toole County. The Company is strategically acquiring certain
leases that the Geologic Team considers to have the greatest geologic
potential for drilling horizontal Bakken and Three Forks wells.
Together with the 57,000 acres acquired from Altamont Oil & Gas,
Inc/Numbers, Inc in Pondera County, Montana, which is pending approval
from the TSX Venture Exchange; the 1,680 acres of Montana State Lands
acquired at the March 1, 2011 Land Sale, along with fee acreage
recently acquired, amounting to 2,746.50, and existing acreage, this
brings the Company's total acreage position in the South Alberta Bakken
play to approximately 75,000 net acres.
Activity in the Area
According to the BMO technical update on the Alberta Bakken there has
been approximately $245MM spent on the 59 wells that have been licensed
or drilled in the Alberta Bakken Play. The technical update estimates
over $500MM has been spent on establishing land positions in the play.
Companies like Newfield Exploration (NFX), Rosetta Resources (ROSE),
and Anschutz Exploration have been drilling on the Montana side. These
companies have stated that they have encountered hydrocarbons in
several pay zones on these wells. Anschutz Exploration is currently
drilling a well just west of Browning, Montana, south of the Canadian
Board in Glacier County, Montana. To-date, Rosetta has drilled 8
wells and is currently conducting completion operations. Newfield has
a producing horizontal oil well, being the Sheriff 1-11H, located in
the South Alberta Bakken Play, Glacier County, Montana. Rosetta
Resources has stated estimates of the total resource in place vary from
10 to 15 million barrels of oil equivalent per square mile. On the
Canadian side of the play there have been a couple of wells placed on
production including one well announced by DeeThree Exploration that
tested 291 boepd (DTX.TO). Mountainview Energy is very encouraged with
the results to date and continues to strategically add to the current
These land acquisitions align with the companies strategy to grow
through acquiring more Williston Basin and South Alberta Bakken
acreage; targeting the Bakken/Three Forks Shale and developing the
acreage in the Company's portfolio. We plan to drill and complete
horizontal wells on the Company's existing acreage, as well as to
aggressively pursue non-operated working interests in Bakken and Three
Fork wells in the Williston Basin.
The Company is a public oil and gas company listed on the TSX Venture
Exchange, with a primary focus on the exploration, production and
development of the Bakken and Three Forks Shale in the Williston Basin
and the South Alberta Bakken play.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Mountainview Energy Ltd.
For further information:
"Patrick M. Montalban"
Patrick M. Montalban
President & Chief Executive Officer
Web Site: www.mountainviewenergy.com
Phone: (406) 873-2235 Fax: (406) 873-2835