3MV operates within west central Saskatchewan, with production concentrated in the Dodsland and Fiske communities. 3MV focuses on light oil production in the Viking formation and has had success in both oil exploration and discovery.
3MV Energy intends to focus its drilling and production efforts on its highly productive Fiske light oil discovery for 2014-15. In early 2013, the Corporation acquired 53 sections of land in the area which has solidified its asset base and creates potential for further growth and expansion through the drill bit. During 2014, the Corporation completed an asset disposition in the Kerrobert, Dodsland and Forgan areas. Following the divesture the Corporation announced that it entered into a joint venture (“JV”) with an arm’s length party to develop 3MV Energy’s Fiske properties. According to the terms of the joint venture agreement, the JV partner agreed to invest funds directly into the property in order to earn a 50% working interest in the Fiske lands and related assets held by 3MV Energy. Following the earning period, both corporations jointly began operations develop the prospect. By the end of fiscal 2014 3Mv Energy targets to have 16 gross (8 net) wells drilled at Fiske under the joint venture partnership.
Member