Magnum Energy Inc.: Cardium Well Receives GPP Approval
August 19 2008 - 11:36AM
Marketwired
Magnum Energy Inc. (TSX VENTURE: MEN) is pleased to report that the
operator of the Cardium well has been granted GPP (Good Production
Practices) effective August 1, 2008. The operator also reported
that the ERCB will require the operator to retire a small amount of
over production (306.6m3) during the NOWPP (new oil well pool
period), the over production will be retired by the end of August.
Starting in September, the well will be allowed to produce at
its maximum rate. The Cardium well initially flow tested in excess
of 600 barrels per day of sweet light crude. The ERCB has also
granted royalty free status for the first year of production.
Magnum has a 31.5% net working interest in the well.
Magnum Energy will announce the stabilised rate of production
once the operator has time to make all the necessary adjustments to
the pump and compressor. This adjustment period usually takes about
60 days. In the interim, the operator is preparing an all season
road to ensure year around deliveries of the oil.
The TSX Venture Exchange has neither approved or disapproved the
contents of this press release.
Contacts: Magnum Energy Inc. Richard Nemeth Vice President of
Corporate Development (604) 669-3155 (604) 669-3177 (FAX) Email:
rnemeth@magnumenergyinc.com Website: www.magnumenergyinc.com
(TSXV:MEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:MEN)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
More Magnum Energy Inc. News Articles