Magnum Energy Inc.
TSX VENTURE : MEN

Magnum Energy Inc.

August 14, 2012 09:10 ET

Magnum Energy Viking Oil Development Update

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2012) - Magnum Energy Inc. (the "Corporation" or "Magnum") (TSX VENTURE:MEN) is pleased to announce that drilling operations for a third horizontal well have commenced on its Provost Viking light oil property in eastern Alberta. The well is being drilled on the Corporation's 50% working interest lands targeting the Viking formation at a depth of 800 meters, and will include a 600 meter horizontal leg. This is the first well targeting the southern section of the pool held by Magnum.

The Corporation has a fourth horizontal Viking oil well location that will be drilled in the Provost area after the completion and testing of this third well.

About Magnum Energy Inc.: Magnum is a Canadian oil and natural gas exploration, development and production company with operations based in the Province of Alberta, and an administrative office in Vancouver, British Columbia. The Corporation's mandate is to acquire and develop significant working interests in a variety of oil and natural gas prospects. The Corporation's public filings may be found at www.sedar.com. To find out more about Magnum visit its website at www.magnumenergyinc.com.

Forward looking statements:

The information and statements in this news release contain certain forward-looking information relating to subsequent closings under the Prospectus. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include market acceptance of the terms of the Offering. The outcome and timing of subsequent closings under the Offering could differ materially from those expressed in, or implied by, such forward looking information, and accordingly, no assurances can be given that any subsequent closings or events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits the Corporation will derive from them. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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