MGM Energy Corp.
TSX : MGX

MGM Energy Corp.

February 21, 2011 19:02 ET

MGM Energy Corp. Announces Results of Great Bear River Well

CALGARY, ALBERTA--(Marketwire - Feb. 21, 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. ("MGM Energy") (TSX:MGX) announced today that its well in the Great Bear River area (Windy Island J-39) in the Central Mackenzie valley did not encounter commercial quantities of hydrocarbons and, as a result, MGM Energy has elected to abandon the well. 

"We are disappointed with the result of the Windy Island J-39 well. We knew that it was a high risk wildcat exploration well, however, because it was an oil prospect close to an existing pipeline and a potentially large structure, it was important to drill the well." said Henry Sykes, President of MGM Energy. "We will continue to focus on oil exploration prospects in the Central Mackenzie Valley, close to existing infrastructure." 

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