Magnum Energy Inc.: Cardium Exploration Well Test Results
December 20 2007 - 2:03PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (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.
The TSX Venture Exchange has neither approved or disapproved the
contents of this press release.
Contacts: Magnum Energy Inc. Ted Konyi (604) 669-3155 Magnum
Energy Inc. Allan Thompson (604) 669-3155 Email:
athompson@magnumenergyinc.com
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