Magnum Continues Successful Taber Drilling

Magnum Energy Inc. said Monday that it has completed drilling a two-well farm-in program in the Taber area of Alberta. Both wells will be cased. These wells are in addition to the previously announced development program.

Further testing will determine whether these wells will be completed and tied-in and whether additional development wells, required to fully exploit the prospective new discoveries. Initial indications are positive in three gas bearing zones.

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.