3MV Energy Corp. (TSXV: TMV) report its financial and operating results for the three and six month periods ended June 30, 2012. 3MV's unaudited financial statements and related management's discussion and analysis for the three and six month periods ended June 30, 2012 have been filed.
3MV produced over 187.5 boe/d during the quarter, an increase of 14% from the three month period ended July 31, 2011.
Revenues decreased by 10% to $1.08 million when compared to the three month period ended July 31, 2011.
3MV intends to focus its drilling and production efforts on its highly productive Fiske light oil discovery for the remainder of 2012 and into 2013. With over 34 net sections of land subject to a farm out agreement (of which the Corporation has earned and participated in 2.65 net sections) and another section (crown lease) owned by 3MV Energy, and a recent 19.9 km² 3D seismic program, 3MV Energy has identified and licensed 17 future drilling locations, eight of which the Corporation considers to be infill locations.
The Corporation's recent success in the play, with three wells producing over 100 boe/d during the first 30 days of production, has led to significant reserves additions in the area and 3MV Energy intends to build off that momentum as quickly as is practicable with additional capital raised in the upcoming periods.
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