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Mountainview Energy Ltd. (MVW.V)

Discussion in 'Stock Market News & Analysis' started by mickymoose99, Jul 26, 2011.

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    Mountainview Announces the Acquisition of a 20% Interest in up to 67,000 Net Acres Targeting the Bakken and Three Forks Shale in the Williston Basin and the Entering into of a Joint Operating Agreement with a Large Independent Oil and Gas Company to Develop the Acreage


    Mountainview Energy Ltd.


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    Press Release Source: Mountainview Energy Ltd.
    On Tuesday July 26, 2011, 3:27 pm

    TSX-V: "MVW"

    CUT BANK, MT, July 26, 2011 /CNW/ - Mountainview Energy Ltd. (TSX-V: MVW) ("Mountainview" or the "Corporation") is pleased to announce that it has entered into a binding letter of intent (the "Letter of Intent") to acquire (the "Acquisition") a 20% interest in approximately 67,000 acres (approximately 13,400 net acres) in the Medicine Lake Prospect located in Divide County, North Dakota and Richland, Roosevelt and Sheridan County, Montana (the "Assets"). Pursuant to the Letter of Intent, the consideration for the Acquisition is payable through the issuance of up to 33,115,111 common shares of the Corporation ("Common Shares") at a deemed price of $0.65CAD per Common Share. The Acquisition along with the acreage currently held by Mountainview in Divide County, North Dakota, and Richland, Roosevelt and Sheridan County, Montana brings the Corporation's combined acreage in the Williston Basin to approximately 25,400 net acres.

    In connection with the Acquisition, Mountainview is also pleased to announce that it has entered into a joint operating agreement with a large independent U.S. oil and gas company, to jointly develop the Assets. This joint interest party will be the operator on this project.

    Certain vendors of the Assets are insiders of the Corporation by virtue of their shareholdings in the Corporation (the "Insiders"). The Insiders own, directly or indirectly, an aggregate of a 55% interest in the Assets and pursuant to the Letter of Intent such Insiders are to be issued an aggregate of up to 18,213,311 Common Shares pursuant to the Acquisition. Due to the fact that the Insiders are each a "related party" of the Corporation pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the acquisition by the Corporation of the Insiders' interests in the Assets are each a "related party transaction" pursuant to MI 61-101. The Corporation will adhere to the requirements of MI 61-101 in closing the Acquisition, including, but not limited to, obtaining the appropriate shareholder approvals.

    The completion of the Acquisition is subject to the approval of TSX Venture Exchange and all other necessary regulatory approvals. In addition, the completion of the Acquisition is subject to several conditions, including the satisfactory completion of due diligence and title reviews by the Corporation, approval of the board of directors of the Corporation of the definitive agreement and certain other conditions.

    Area Activity

    Several producing wells have recently been drilled and completed in the Bakken Shale in the vicinity of the Company's Montana Bakken acreage. There is production to the south, recently reported by Brigham Exploration on the Gobbs 17-8 #1H well located in Section 17-Township 28 North, Range 57 East, with initial production of 1,818 barrels of oil equivalent ("BOE") per day and the #1-H Swindle well, located in Section 16-Township 28 North, Range 57 East, Roosevelt County, MT, with initial production of 1,065 BOE per day. Production is reported to the north on the Taqa North USA, Inc Hellegaard #9-12H, located in Section 9-Township 37 North, Range 57 East, Sheridan County, MT, a 640 acre horizontal well with initial production of 433 BOE per day. Production is reported to the east on a 640 acre horizontal well drilled by GeoResources, Inc, being the Carlson 1-11H located in Section 11-Township 57 North, Range 103 West, Williams County, ND, with initial production of 685 BOE per day.

    Company Strategy

    The Company's strategy is to grow through acquiring more Williston Basin 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 aggressively pursuing non-operated working interests in Bakken and Three Fork wells in the Williston Basin.

    Mountainview Energy Ltd 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.

    For further information, please contact:

    "Patrick M. Montalban"

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