MGM Energy Corp. (TSX: T.MGX, Stock Forum) said that the East MacKay I-78 well has been drilled, cored and logged and is anticipated to be rig released on Feb.25, 2013.
The vertical well reached a total depth of 2,000 metres.
According to the MGM Energy press release, the vertical well has now entered the testing phase, during which the company will frac and flow test both the Canol and Bluefish zones.
Operations will be completed by the second week of March.
MGM is a Canadian oil and natural gas exploration and development company active in Northern Canada.
On Monday, MGM was up 9.09% and was trading at $0.36 a share. The company had a market cap of $139.9 million, based on 388.5 million shares outstanding. The 52-week high and low was $0.40 and $0.13 respectively.