The well was cased as commercial hydrocarbons were indicated in the primary target zone in early March 2006 however adverse ground conditions prevented the operator from moving on to the land in order to tie the well into the gas distribution network.
Production information pertaining to the joint well will be limited at this time for partner confidentiality reasons.
Magnum is also initiating the drilling of four wells in the Taber area of South Eastern Alberta. These wells will complete the six well drilling program that was reported in the news release dated March 2, 2006. The initial two wells have been drilled and will be evaluated as soon as ground conditions permit.
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.
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