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mountainview energy ltd (MVW) Snapshot

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03/26/14 - C$0.64
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mountainview energy ltd (MVW) Details

Mountainview Energy Ltd. is engaged in the acquisition, exploration, development, and production of petroleum and natural gas reserves in Montana and North Dakota, the United States. It primarily focuses on the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken. The company was incorporated in 2000 and is headquartered in Cut Bank, Montana.

Founded in 2000

mountainview energy ltd (MVW) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$154.5K
Chief Financial Officer and Vice President of...
Total Annual Compensation: --
Secretary, Treasurer, Independent Director an...
Total Annual Compensation: C$95.7K
Compensation as of Fiscal Year 2013.

mountainview energy ltd (MVW) Key Developments

Mountainview Energy Ltd. Provides Operational Update

Mountainview Energy Ltd. provided operational update on its recent three-well drilling program. The company has successfully drilled the BJNJ 30-30-1H well (the "BJNJ 30 well") and the BJNJ 19-18-1H (the "BJNJ 19 well") on its BJNJ well pad on the western side of the company's 12 Gage core area in Divide County, N.D. The BJNJ 30 well was drilled to a total depth of 17,927 feet, including a horizontal lateral of 9,453 feet within the Three Forks (Torquay) formation. The second well on the pad, the BJNJ 19 well was drilled to a depth of 18,800 feet including a 10,100 foot horizontal lateral within the Three Forks (Torquay) formation. Each of these wells were drilled (spud to rig release) in less than 18 days with Nabors USA Drilling Rig #165. The BJNJ 30 well was completed with a 36 stage fracture treatment using 3.7 million pounds of proppant and an updated fracture stimulation design. The BJNJ 30 well averaged 552 barrels of oil equivalent per day ("boe/d") (348 boe/d net to the Company before royalties), 89% oil, in its first 30 days of production. Within this 30 day period, a peak 1-day rate of 700 boe/d (441 boe/d net to the Company before royalties) and a 7 day consecutive production rate of 623 boe/d (392 boe/d net to the Company before royalties) were recorded. This 7 day peak rate is a 17% increase and the 30 day rate is a 29% increase over the corresponding production rates in the direct (south) offset well in the 12 Gage Projects (Heckman 7-6-1H). The current estimated cost to drill, complete, and install surface facilities for the BJNJ 30 well is $5.8 million which is 11% below the original $6.5 million cost estimate for this well. The BJNJ 19 well is currently awaiting completions operations and is on target to meet the original $6.5 million cost estimate for the well.

Mountainview Energy Ltd., Annual General Meeting, Nov 20, 2014

Mountainview Energy Ltd., Annual General Meeting, Nov 20, 2014., at 10:00 US Mountain Standard Time. Location: at the offices of Burnet. Agenda: To receive and consider the financial statements of the Corporation for the fiscal year ended December 31, 2013; to fix the number of directors of the Corporation to be elected at the Meeting at four directors; to elect four directors of the Corporation for the ensuing year; to appoint auditors of the Corporation for the ensuing year and to authorize the directors to fix the auditors' remuneration; to consider and, if deemed advisable, to pass an ordinary resolution approving the Corporation's stock option plan; and to transact such other business as may properly be brought before the Meeting or any adjournment or adjournments thereof.

Mountainview Energy Ltd. Announces Earnings and Production Results for the Second Quarter Ended June 30, 2014

Mountainview Energy Ltd. announced earnings and production results for the second quarter ended June 30, 2014. For the quarter, the company reported negative funds flow from operations of $28,000 against funds flow from operations of $766,000 a year ago. Net loss was $6,267,000 or $0.07 per basic and diluted share against $1,065,000 or $0.02 per basic and diluted share a year ago. Capital expenditures were $6,333,000 against $1,682,000 a year ago. Net debt as at June 30, 2014 was $71.3 million. For the quarter, the company reported average production of 915 boe/d against 703 boe/d a year ago.


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