Video Showcase

MGM Energy spuds well in the Northwest Territories

1/28/2013 9:26:47 AM | Stockhouse Editorial

894 Reads

Rate this

clarity
5

clarity : 5
Rate this:

overall quality
4 overall quality : 4
Average quality rating by the Stockhouse community.

credibility
5

credibility : 5
Rate this:

usefulness
5

usefulness : 5
Rate this:

The company is targeting the Canol shale oil play with this well.

MGM Energy Corp. (TSX: T.MGX, Stock Forum) said it spud the East MacKay I-78 well on Exploration License 466B in the Northwest Territories on Jan. 27, 2013.

The East MacKay I-78 well, located in the Central Mackenzie Valley, is a vertical well to be drilled to a depth of approximately 2,050 metres and is expected to take approximately three weeks to drill, core and log.

According to the MGM Energy press release, once drilling has reached target depth, the well will be completed in the Canol and Bluefish zones and flow tested.

MGM Energy is the operator of the well and anticipates that operations will be completed by the second week of March.

MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada.

On Monday morning, MGM Energy was trading at $0.32 a share. The company has a market cap of $124.3 million, based on 388.5 million shares outstanding. The 52-week high and low was $0.40 and $0.13 respectively.

ABOUT THE AUTHOR

Stockhouse Editorial

Stockhouse Conflict and Disclosure Policy:

Stockhouse publishing Ltd., owners and operators of Stockhouse.com, has established the following rules to ensure that there is no appearance of impropriety on the part of any Stockhouse Editorial writers ("Writers"). The content of Stockhouse Editorial articles (the "Articles") are the opinion of the Writer and any reliance on the content of these articles is at your sole risk. Our Writers are not registered investment advisors. You should not make any kind of investment decision in relation to Articles or stocks discussed in them without obtaining advice from a registered investment advisor.

Facts relied upon by our Writers are generally provided by the subject companies or gathered by our Writers from other public and/or private sources. These facts may be in error and if so, the opinions of our Writers may be materially different.

Writers may own, buy, or sell shares in public companies mentioned in their Articles, but in the Article they must prominently state their ownership position. Thus, a conflict may exist. Writers are not permitted to write Articles that attempt to benefit persons connected to the Writer, such as family or friends, except where disclosure is made in the same way as if the Writer him/herself owns stock.

Writers cannot solicit, accept, or agree to receive anything of value given or paid with the intent of influencing their Articles.

Stockhouse notifies each Writer about these rules, and we rely on the integrity of our Writers to ensure that our rules are followed.