Mountainview Energy chairman and chief executive officer Patrick Montalban said, "The Company has reached a strategic goal of acquiring over 30,000 net acres in the Williston Basin."
The company has identified 20 initial drilling locations on the leaseholds located in Divide County, North Dakota, targeting the Three Forks Formation.
It has plans to drill first two locations that are offsetting two producing wells of Energy Company in the Three Forks.
The first location is an offset south of Wolter 1-28H producing well located in Sec. 28, T163-R100W and produces about 550 bopd, 367 MCF/d, and 447 bwpd and has produced 133,560 barrels of oil equivalent in almost 11 months of production.
The second location is an offset Southwest of a producing well Legaard 4-25H, located in Sec. 25 , T163N-R101W with an initial production rate of approximately 543 bopd, 350 MCF/d, and 771 bwpd and produced 78,210 barrels of oil equivalent in approximately 5 months of production.
Mountainview’s acreage position will be approximately 36,000 net acres in the Williston Basin once the transaction is closed.
The company also intends to acquire the remaining 2,556 net acres of the asset package on 30 June 2012 for cash consideration of $2,678,000 following the completion of the Company’s title due diligence.
