MGM Energy Corp.
TSX : MGX

MGM Energy Corp.

January 23, 2008 08:00 ET

MGM Energy Corp. Provides Update of Atik P-19 Well

CALGARY, ALBERTA--(Marketwire - Jan. 23, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWSWIRE SERVICES OR OTHERWISE FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS.

MGM Energy Corp. (TSX:MGX) ("MGM Energy") announced today that it has reached target depth on its Atik P-19 well, the first well of a three well winter drilling program.

The well encountered a number of zones of interest and, as a result, MGM Energy has elected to case the well. Testing of the Atik P-19 well to confirm the presence of gas in commercial quantities will be coordinated with the testing of the Aput D-42 well, and is therefore currently expected to occur by late February, 2008. MGM Energy will provide additional information regarding the Atik P-19 well following the completion of the interpretation of the test results, likely by mid- March.

The Company will now proceed to move the rig, Akita-Equtak 64, to its second location, Aput D-42 (formerly called Shavelig D-42). The Aput D-42 well is currently expected to spud on or before February 4, 2008.

MGM Energy is a Calgary-based Canadian oil and gas exploration and development company with operations in Northern Canada. MGM Energy's common shares are listed on Toronto Stock Exchange under the symbol "MGX".

Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. Forward-looking statements or information in this press release include but are not limited to business strategy and objectives, exploration and drilling plans and the timing thereof, as well as the anticipated timing for seeking regulatory approvals. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • MGM Energy Corp.
    H. W. (Henry) Sykes
    President
    (403) 781-7800
    (403) 781-7801 (FAX)
    or
    MGM Energy Corp.
    Rick Miller
    Chief Financial Officer
    (403) 781-7800
    (403) 781-7801 (FAX)