Magnum Energy Cardium Well Flow Test Results Hit 600 bbl/d, 200Mmcf/d

Magnum Energy's test results of the recent fracture and flow test of the Cardium exploration well exhibits initial test rates in excess of 600 barrels/d of sweet light oil and approximately 200 Mcf/d of natural gas were reported by the operator.

According to EUB regulations the operator can only flare the natural gas for 72 hours. The operator has now shut the well in until it is equipped and tied in for both oil and gas production. This is expected to be completed early in 2008.

The operator has also made an application to the EUB for GPP (Good Production Practices) approval in order to produce the well to its maximum potential. Until the operator receives the approval, which usually takes about 30 days, the well will be restricted to 120 barrels of oil/d.

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Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
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