VANCOUVER, BRITISH COLUMBIA, Dec 20, 2007 (Marketwire via COMTEX) -- Magnum Energy Inc. ("The Company") (TSX VENTURE:MEN) is pleased to announce the test results of the recent fracture and flow test of the Cardium exploration well. Initial test rates in excess of 600 barrels/d of sweet light oil and approximately 200 Mcf/d of natural gas were reported by the operator.
According to EUB regulations the operator can only flare the natural gas for 72 hours. The operator has now shut the well in until it is equipped and tied in for both oil and gas production. This is expected to be completed early in 2008.
The operator has also made an application to the EUB for GPP (Good Production Practices) approval in order to produce the well to its maximum potential. Until the operator receives the approval, which usually takes about 30 days, the well will be restricted to 120 barrels of oil/d.
Magnum Energy Inc.
Magnum Energy Inc. is a junior oil and gas exploration company operating in the Western Canadian Sedimentary Basin. The company is headed by Ted Konyi, CEO who has had extensive experience in the financing of oil and gas projects in Western Canada. The company has established an initial core area in South Eastern Alberta which it believes will produce significant cash flow for the company upon completion of a comprehensive drilling program.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment