(MENAFN- ProactiveInvestors - N.America) Magnum Energy Inc. (CVE:MEN) said Friday a well in which it holds a 50 per cent working interest flow-tested at 230 barrels of oil per day.
The Calgary, Alberta-based oil and gas explorer's stock gained 5.5 cents, or 45.83 per cent to reach 17.5 cents apiece on the TSX Venture Exchange.
Magnum's well, which is found in the Provost Viking light oil property in eastern Alberta, said the horizontal well was drilled to 665 metres.
Its well flow tested at 230 barrels over 5.4 days and was performed using a 7.94 millimetre choke and flow tube pressures of around 2,000 and 3,000 kPa.
The well is now shut in for two days to perform pressure build up tests, but will be equipped and placed on production, the company said.
Magnum Energy said it is in the process of licensing a fourth horizontal location in the same section, and expects to start drilling soon.
The corporation has identified seven offset drilling locations in this section and plans to continue to focus on the Viking oil lands where no reserves have been assigned to date.
Magnum Energy is an emerging oil and gas company focused on the production, development, and exploitation of its two producing core properties in Southeast Central Alberta.
Its main focus of development is the producing Viking light oil lands in Provost, Alberta that is part of the Viking trend stretching from Southwest Saskatchewan to Northwest Alberta.
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