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Mountainview Energy Ltd Announces Initial Production Test of 442 Boe/d in the Williston Basin

February 6, 2013

TORONTO, Feb. 5, 2013 /PRNewswire/ – Mountainview Energy Ltd. (TSXV: MVW) (“Mountainview” or the “Company“) is pleased to provide an operational update on Mountainview’s 12 Gage
Project in the Williston basin.

Wigness 5-8-1H, Section 5 & 8 T162N-101W, Divide County, North Dakota

Upon completion of the successful fracing operations on the Wigness
5-8-1H well (the “Wigness Well“), the Company’s first horizontal Three Forks well in its three-well
winter drilling program, Mountainview conducted a 6-day production/flow
test.  During the 6 day period the well flowed on a 32/64″ choke and
the well averaged 355 barrels of oil per day, 228 mcf of gas per day
and 998 barrels of water per day. The peak production rate on the
6th day was 383 barrels of oil per day, 352 mcf of gas per day and
1,212 barrels of water per day.  The Company plans to install an
artificial lift system in the next three to five days with a view to
putting the well on production.

Through its wholly-owned subsidiary Mountain Divide, LLC (“Mountain Divide“), Mountainview holds a 93.75% working interest in the Wigness Well,
25% of which is subject to reversion to another working interest owner
following payout of 100% of the cost of their proportionate working
interest costs in the well plus a 200% penalty. Pursuant to Mountain
Divide’s credit facility (the “Facility“), all of Mountain Divide’s oil and gas properties located in Divide
County, North Dakota (including the lands on which the Wigness Well is
situated) are subject to a 39% after pay-out net profits interest held
by Mountain Divide’s lender under the Facility, which payments shall
not commence until repayment in full of the outstanding Facility and
will automatically reduce to 20% once the lender achieves a 1.65 x
return on investment.

Leininger 3-10-1H, Section 3 & 10 T162N-R101W, Divide County, North
Dakota

The completion program for Leininger 3-10-1H well (the “Leininger Well“), the second horizontal Three Forks well in Mountainview’s three-well
winter drilling program was pushed back due to cold weather and timing
issues with Sanjel. Completion operations on the the Leininger Well
commenced on February 1, 2013, with a 26-stage fracture stimulation. To
date, the Company has successfully completed the 26 stage fracture
stimulation and is currently moving Sanjel off location.  The Company
will start to flow back the Leininger well on the morning of February
6, 2013.

Olson 35-26-1H, Section 35 & 26 T163N-R101W, Divide County, North Dakota

Mountainview has completed drilling operations with reaching a total
depth of 18,416′ on the Olson 35-26-1H (the “Olson Well“) location. The Olson Well is the final well planned for the three-well
winter drilling program on Mountainview’s 12 Gage Project and is
located approximately 2-3 miles north-east of the Leininger Well.  The
Olson well was drilled in 16 days, which is the same amount of time it
took to drill the Leininger Well. The 4 ½” frac string has successfully
been ran in the hole and successfully pressure tested.  The completion
program on the Olson well is scheduled to commence at the end of
February, 2013, with a 26-stage fracture treatment and Mountainview
will provide an update when appropriate.

About Mountainview

Mountainview Energy Ltd. is a public oil and gas company listed on the
TSX Venture Exchange, with a primary focus on the exploration,
production and development of the Bakken and Three Forks Shale in the
Williston Basin and the South Alberta Bakken.

CAUTIONARY STATEMENTS

Initial Production Levels

Any references in this news release to initial, early and/or test or
production/performance rates and/or “flush” production rates are useful
in confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will continue production
and decline thereafter. Additionally, such rates may also include
recovered “load oil” fluids used in well completion stimulation. While
encouraging, readers are cautioned not to place reliance on such rates
in calculating the aggregate production for the Company. The initial
production rate may be estimated based on other third party estimates
or limited data available at this time. The initial production is
generally estimated using boes.  In all cases in this press release
initial production or test are not necessarily indicative of long-term
performance of the relevant well or fields or of ultimate recovery of
hydrocarbons.

Analogous Information

Certain information in this document may constitute “analogous
information” as defined in National Instrument 51-101 – Standards of
Disclosure for Oil and Gas Activities (“NI 51-101“), including, but not limited to, information relating to the areas in
geographical proximity to prospective exploratory lands held or to be
to be held by Mountainview or the Borrower.  Management of Mountainview
believes the information is relevant as it helps to define the
reservoir characteristics in which Mountainview may hold an interest.
Mountainview is unable to confirm that the analogous information was
prepared by a qualified reserves evaluator or auditor. Such information
is not an estimate of the reserves or resources attributable to lands
held or to be held by Mountainview and there is no certainty that the
reservoir data and economics information for the lands held or to be
held by Mountainview will be similar to the information presented
herein. The reader is cautioned that the data relied upon by
Mountainview may be in error and/or may not be analogous to such lands
to be held by Mountainview.

Forward-Looking Statements

Certain information contained in this press release constitutes
forward-looking statements, including, without limitation, information
related to the initial production rates of the Wigness Well, the
expected date of operations on other wells and other operational
plans.  By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond the
Company’s control including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency
fluctuations, environmental risks, competition from other industry
participants, the lack of availability of qualified service providers,
personnel or management, stock market volatility and ability to access
sufficient capital from internal and external sources, inability to
meet or continue to meet listing requirements, the inability to obtain
required consents, permits or approvals and the risk that actual
results will vary from the results forecasted and such variations may
be material.  Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the
time of preparation may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. The
Company’s actual results, performance or achievement could differ
materially from those expressed in or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of the
events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits the Company will derive
therefrom.

The forward-looking statements contained in this press release are made
as of the date of this press release.  Mountainview disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable securities
laws. Additionally, Mountainview undertakes no obligation to comment on
the expectations of, or statements made by, third parties in respect of
the matters discussed above.

The forward-looking statements contained in this press release are made
as of the date of this press release.  Mountainview disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable securities
laws. Additionally, Mountainview undertakes no obligation to comment on
the expectations of, or statements made by, third parties in respect of
the matters discussed above.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

SOURCE Mountainview Energy Ltd.


Source: PR Newswire