Source: Mountainview Energy
Mountainview Energy Ltd. (TSXV: MVW) has acquired a 12.5% working interest in certain lands in the Williston Basin in Montana, comprised of 160 net acres of a 1,280 acre spacing unit.
The acreage was purchased from a private company owned by a related party of the Company. Pursuant to the Acquisition, Mountainview acquired the lands for aggregate consideration of $160,000, being the same price on a per acre basis that the operator of the Lands recently acquired its interest in the Lands in an arm's length transaction.
Mountainview is also participating in the drilling of the Olson 1-21-16H, a horizontal Bakken well located on the Lands in the SESE-Section 21-Township 29 North, Range 57 East, Roosevelt County, Montana. Mountainview will own a 12.5% working interest in the Well, which is being drilled by G3 Operating, a subsidiary of GeoResources. The anticipated total depth of the Well is 19,420 feet with a total horizontal leg in the Bakken Shale of 1,280 acres (approximately 10,500 feet).
Mountainview is a junior 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 Basin.