Exploration & Production | Drilling Program

3MV Tweaks Completions, Lowers Cost

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3MV Energy Corp. has reported its financial and operating results for the three months ended March 31, 2015.

Operations

• During Q1 2015 the Corporation and its JV partner completed and equipped a vertical well previously drilled in Q4 2014 and brought onto production with favorable results.
• In addition the Corporation and its JV partner re-fractured and equipped an existing shut in vertical well. Further to this, 3MV Energy participated in the re-fracturing of an existing horizontal oil well in order to increase production. The Corporation used a new completion technique that allowed it to reduce the cost of hydraulic fractures.

Land

• During Q1 2015 the Corporation, along with its JV partner acquired further prospective land locations at its Fiske play. 3MV Energy now holds over 64 gross contiguous sections of land in its Fiske core area. In addition the Corporation acquired land parcels in Southeast Saskatchewan.

Outlook

• 3MV Energy intends to focus its drilling and production efforts on its Fiske core asset for 2015 and into the future. In early 2013, the Corporation acquired a significant position of land in the area which has solidified its asset base and creates potential for further growth and expansion through the drill bit.
• In the current environment of depressed global commodity prices, the Corporation plans to be conservative moving forward; working to conserve cash flow and to select drilling locations that are economically viable. The Corporation plans to work with its joint venture partner to evaluate production results at Fiske with the goal of creating a long term exploitation strategy. 3MV Energy is also exploring potential accretive acquisitions, mergers and farm-in opportunities in Saskatchewan that are arising from the current economic state.