Magnum Energy Inc.

Magnum Energy Inc.

November 16, 2007 09:30 ET

Magnum Commences Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) - Magnum Energy Inc. (the "Company") (TSX VENTURE:MEN) is pleased to announce the "spudding" of the Cardium farm-in test well. This exploratory well is targeting a potential new oil pool anticipated to contain sweet light crude. Target depth should be reached in approximately 7 days, at which time, evaluation logs will be reviewed to determine the potential of the well. Upon successful results, operations will commence to complete the well and equip it for production. The completion operations will require approximately 7 days.

In other news, the Company successfully bid at a recent Crown rights offering to complete another drilling spacing unit in the Sedalia area. With the acquisition the Company now controls two sections with identified well re-entry development opportunities. The Company has a 100% working interest in Sedalia and will be the operator of all development wells. Magnum has applied for a drilling license to re-enter the first of several drilling targets at Sedalia.

Magnum Energy Inc.

Magnum Energy Inc. is a junior oil and gas exploration company operating in the Western Canadian Sedimentary Basin. The company is headed by Ted Konyi, CEO who has had extensive experience in the financing of oil and gas projects in Western Canada. The company has established an initial core area in South Eastern Alberta which it believes will produce significant cash flow for the company upon completion of a comprehensive drilling program.

The TSX Venture Exchange has neither approved or disapproved the contents of this press release.

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