The prospect targets large-scale oil accumulations trapped within the Mississippian Devonian-aged Bakken and Three Forks sandstone reservoirs.

The Mabee K #1H well had an initial 24-hour peak natural flow rate of 1,572 barrels oil equivalent per day with 77% oil content.

MCW Energy Group has accepted the resignation of Warren Dillard as the CFO of MCW and thanks him for his contributions to MCW during its formative years in transforming into a vertically integrated energy company.

Current production net to PetroShale from seven wells is 60 barrels of oil equivalent per day.

Net proceeds will be used for general partnership purposes, including potential future acquisitions.

Net proceeds will be used to repay all borrowings outstanding under its revolving credit facility.

The initial well at Liberty Ridge has reached a depth of 3,415 feet and has encountered no significant mechanical difficulties.

Petro One will receive C $105,000 in cash and a 7.5% gross over-riding royalties on all future oil production, surface to basement, for its working interest in the property.