MGM Energy wins regulatory approvals for Canol shale oil well

Comtex News Network

Sep 14, 2012 (Datamonitor via COMTEX) --MGM Energy Corp, a Canadian energy company focused on the acquisition and development of hydrocarbon resources, has received a land use permit and water license from the Sahtu Land and Water Board to drill a vertical well on EL466B in the Canol shale oil play in the winter of 2012-13.

The vertical well, East MacKay, will include logging, coring and multiple fracs to assess the potential of the bluefish and Canol formations.

As announced on June 28, 2012, MGM Energy has entered into a farmout agreement with Shell Canada Energy ('Shell') whereby Shell will fund 100% of the cost to drill and complete the well to earn a 37.5% interest in EL466B. MGM Energy will be the operator of the well.

"We're extremely pleased to have received these necessary regulatory approvals to allow us to proceed with the well for this winter" said Henry Sykes, President of MGM Energy. "We are well underway in the planning for the well and we look forward to providing operational updates as events occur."

http://www.datamonitor.comRepublication or redistribution, including by framing or similar means,is expressly prohibited without prior written consent. Datamonitor shallnot be liable for errors or delays in the content, or for any actionstaken in reliance thereon