MGM ENERGY CORP.
Calgary, Alberta
March 23, 2009
NEWS RELEASE: MGM ENERGY CORP.
Files AIF and Provides Resource Disclosure of Ellice J-27 Well
Calgary, Alberta – MGM Energy Corp. (“MGM Energy”) announced today that it has filed its
2008 Annual Information Form (AIF) with Canadian securities administrators on their SEDAR
website. The AIF will also be posted on MGM Energy’s website at www.mgmenergy.com.
Included in the 2008 AIF is MGM Energy’s statement of reserves data as mandated by National
Instrument 51-101 of the Canadian Securities Administrators. In addition, MGM Energy has
included in the AIF an estimate of the Contingent and Prospective Resources of the recently
drilled Ellice J-27 well. The estimate has been prepared by qualified reserves evaluators and
audited by an independent qualified reserves auditor.
The following table provides the disclosure of the four zones encountered in the Ellice J-27 well.
The two zones that were production tested are considered Contingent Resources and the two
zones not tested are considered Prospective Resources (all zones were logged).
Ellice J-27
Resource Estimate of Gross Sales Gas Resources (Bcf)
Low Best High
Contingent Resources
Aklak Zone 182 283 442
Taglu Zone 14 25 48
Prospective Resources
Aklak Lower Zone 40 81 168
Mid Ellice Zone 8 21 55
The mean estimate of total Contingent Resources and total Prospective Resources is 327 Bcf
and 121 Bcf, respectively.
“We are extremely pleased with the results of the Ellice J-27 well. The size of the discovery far
exceeded our expectation for the entire drilling program this year” said Henry Sykes, President
of MGM Energy.
AI
