MGM Energy Corp.
TSX : MGX
TSX : MGX.WT.B

MGM Energy Corp.

March 05, 2007 19:47 ET

MGM Energy Announced Today the Results of Its Well Drilled at Kumak I-25 in the Mackenzie Delta

CALGARY, ALBERTA--(CCNMatthews - March 5, 2007) - MGM Energy Corp. (TSX:MGX) (TSX:MGX.WT.B): Upon initial evaluation, the Kumak I-25 well does not appear to contain commercial quantities of hydrocarbons. As a result, MGM Energy has elected to case and suspend the well without further testing. Further testing or use of the well will be evaluated by year end. Once the well has been suspended, the rig will move on to MGM Energy's second location at Unipkat M-45, where MGM Energy expects to spud the Unipkat well on or about March 15, 2007.

The Kumak I-25 well was drilled pursuant to MGM Energy's farm-in with Chevron Canada Limited and BP Canada Energy Company, and was the first well of an eleven well drilling commitment.

MGM Energy is a Canadian oil and natural gas exploration company with interests in the Mackenzie Delta and the Central Mackenzie Valley in the Northwest Territories. MGM Energy's common shares and common share purchase warrants are listed on The Toronto Stock Exchange under the symbols "MGX" and "MGX.WT.B", respectively.

Contact Information

  • MGM Energy Corp.
    Henry W. Sykes
    President
    (403) 290-3600
    (403) 262-7994 (FAX)
    or
    MGM Energy Corp.
    B.K. (Bernie) Lee
    Chief Financial Officer
    (403) 290-3600
    (403) 262-7994 (FAX)
    or
    MGM Energy Corp.
    4700 Bankers Hall West
    888 3rd Street S.W.
    Calgary, AB T2P 5C5