Mountainview Energy Ltd. announced that its board of directors has approved a two-well winter program which drilling will be comprised of two additional Three Forks wells in the company's 12 Gage Project located in Divide County, North Dakota. Mountainview has contracted with Ensign Rig #118 for the drilling program and projects well costs, including drilling, completion and tie-in to be approximately $6.5 million to $7.0 million (gross) per well. The company plans to drill these two wells from one pad which will result in significant cost savings.

The company plans to move the drilling rig to the reistad location within the next week. Upon completion of the winter drilling program, the company will hold approximately 46% of its acreage in its 12 Gage Project based on production. To fund this increased capital program, which also includes the payment of certain additional fees and expenses and the acquisition of additional acreage in the 12 Gage Project, Mountainview's wholly-owned subsidiary Mountain Divide, LLC, which holds Mountainview's interest in the 12 Gage project, will draw an additional $14.75 million on its $75 million senior secured credit facility.

Including this draw, the total amount drawn to date under the Facility will be $48.5 million.