Magnum Successfully Cases, Flow Tests 3 Wells in Sedalia Area

Magnum Energy has announced the initial test results of the Company-operated three well drilling program in the Sedalia area. As previously announced in the Company's news release dated January 05, 2009 Magnum successfully drilled and cased all 3 wells.

Upon initial evaluation of the potential productive zones, the Company decided to fracture stimulate the primary zone in one of the wells, as well as the primary and secondary zones in another of the wells to maximize production.

The initial test rate for the primary zone in Magnum's 1-23 well was approximately 775 mcf/d (thousand cubic feet per day) and for the secondary zone was approximately 575 mcf/d. The initial test rate for the primary zone in Magnum's 3-24 well was approximately 1,000 mcf/d (million cubic feet per day) and for the secondary zone was approximately 250 mcf/d. The Company has not fully completed and evaluated the third well in the program located at 1-35, however initial results indicate that the primary zone which tested gas will need to be fracture stimulated to achieve commercial production rates. The Company plans to complete operations on the 1-35 later this year.

The Company has equipped the subject wells and is preparing to tie-in the wells for production. To that end, Magnum has received approval for the pipeline license from the Energy Resources Conservation Board. In addition to the above three wells, this pipeline will enable the tie-in of the Magnum 13-35 well which was re-completed in January 2008. The initial test rate for the 13-35 well was approximately one million cubic feet a day.

The Company will initially only flow one zone per well to evaluate reserves and establish stabilized production rates. In the interim Magnum is preparing additional drilling and recompletion plans for the balance of the 2009 year with field operations to commence in the third quarter. The Company has recently acquired 2D seismic data in the area which will further refine the development plans.
 

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