Magnum Energy Inc. (TSXV: MEN) has closed its non-brokered private placement of some 1.7 million common shares.

The placement returned gross proceeds of C$165,000. Proceeds will be used for the completion of a horizontal Viking Oil well and additional work in the Provost Viking Oil property.

Magnum has completed its third successful horizontal well in its Provost Viking light oil property in southeastern Alberta. The well, in which Magnum has an operated 50% working interest, was rig released in November 2012, after the successful drilling of a 641 meter horizontal ...