Magnum Energy Inc. (TSX VENTURE:MEN) announce the results of the second horizontal well drilled at the Provost Oil Project. The 50% owned well targeted the Viking formation at a depth of 800 meters with a 600 meter horizontal leg. Upon completion of a 10 stage fracture stimulation, the well flowed back on cleanup for 50 hours producing a total of 431 barrels of new oil and 543 barrels of frac water, recovering fifty percent of the frac fluids. Over the final 24 hours of the flow test, the well flowed at a rate of 210 barrels of oil per day with a 65% oil cut.
The well has been temporarily shut-in to allow its tie-in to the Corporation's Provost 4-7 oil battery. Production is expected to commence within the next week and will be operated by Magnum.
The Corporation has two additional horizontal well locations that will be drilled with its joint venture partner in the near future once funding is procured pursuant to an additional closing of its prospectus offering as announced in a press release dated June 20, 2012.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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Source: http://www.oilvoice.com/n/Magnum_Energy_Viking_Oil_development_update/8bed2e9f98a0.aspx
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