MGM Energy Corp.
TSX : MGX

MGM Energy Corp.

March 09, 2011 18:53 ET

MGM Energy Corp. Announces Closing of the Sale of 20% of Umiak SDL 131 to KOGAS Canada Ltd.

CALGARY, ALBERTA--(Marketwire - March 9, 2011) -

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 closed the previously announced sale of 20% of Umiak SDL 131 to KOGAS Canada Ltd. for $30 million. The cash portion of the purchase price due on closing of $20 million has been received; the balance of $10 million is due upon a decision being made to construct the Mackenzie Valley Pipeline or any other project that would commercialize production from Umiak SDL 131. 

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 exploration and drilling plans and the timing thereof, and future plans and operations. 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 press release 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
    or
    MGM Energy Corp.
    Rick Miller
    Chief Financial Officer
    (403) 781-7800