Magnum Energy Inc. Announces Closing of Acquisition of Viking Oil Producing Property

Magnum Energy Inc. (TSXV:MEN) along with its joint venture partner, Nextraction Energy Corp. (TSXV:NE) closes the acquisition of the Viking oil assets.

The press release is quoted as saying:

The Viking oil asset includes four producing wells with cumulative average production from the 100% owned and operated vertical wells of approximately 30 barrels of sweet light crude per day. Additionally, the 100% owned infrastructure includes a battery, disposal well, and pipelines situated on 3.25 sections of largely undeveloped land. Preliminary technical evaluations indicate the potential to develop an inventory of a minimum of 12 to a maximum of 40 low-risk horizontal drilling locations. Westfire Energy Ltd. has applied to the ERCB for 4 wells per quarter section down spacing in immediately adjacent lands.

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