Magnum Sells Interest in Countess Well
May 20 2008 - 6:30PM
Marketwired Canada
Magnum Energy Inc. (the "Company") (TSX VENTURE:MEN) is pleased to report the
sale of the Company's 40% working interest in the producing well at Countess for
gross proceeds of $520,000. The Company has deemed the Countess property as a
non core asset will utilize the funds in properties with greater development
opportunities. The Company has retained its 40% working interest in the shut in
well and associated lands. The operator is evaluating the potential work over
and sale of the remaining shut in well.
The Company intends to use the proceeds for general corporate purposes,
including ongoing operations, capital expenditures and the purchase of oil and
gas assets.
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