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MGold Resources Inc.: Oil and Gas Project Participation
Published : November 15, 2012
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CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) - John E. Squarek, President and CEO, advises that MGold (News - Market indicators) has signed a participation agreement to pay $1,000,000 to re-enter and place on production an existing Devonian D-3 oil well in early 2013. Under the terms of the agreement, MGold will receive 85% of the revenue before payout of the well, and 55% after payout. MGold will also receive a 55% working interest in 1 producing gas well, and 3 shut-in gas wells. The property also has other shallower potential.

MGold expects the well to produce 120 barrels per day net to MGold for the first year. At this rate, the well should payout in less than 1 year. Cash flow from the well will enable MGold to drill a second well in late 2013. Expected reserves to MGold's interest are estimated at 445,500 barrels on primary production, with the possibility of an additional 370,000 barrels under secondary recovery. MGold will be pursuing a variety of financing opportunities to fund this project.

Mr. Squarek advises that MGold is continuing its review of other prospects and hopes to be able to report further progress in this regard within the next 3 months.

Forward Looking and Cautionary Statements

This news release contains certain forward‐looking statements (forecasts) under applicable securities laws relating to future events or future performance. Forward‐looking statements are necessarily based upon assumptions and judgments with respect to the future. In some cases, forward‐looking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of MGold. Undue reliance should not be placed on these forward‐looking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward‐looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. These statements speak only as of the date specified in the statements.

The Company's actual results could differ materially from those anticipated in the forward looking statements contained throughout this news release as a result of the material risk factors set forth below:

  • volatility in market prices for oil and natural gas;
  • liabilities inherent in oil and natural gas operations;
  • uncertainties associated with estimating oil and natural gas reserves;
  • geological, technical, drilling and processing problems; and
  • general business and market conditions.

These factors should not be construed as exhaustive. Unless required by law, the Company does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

MGold Resources Inc.
John Squarek
President and Chief Executive Officer
403-388-0969
john.squarek@mgold.ca
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MGold Resources Inc

EXPLORATION STAGE
CODE : MNI.V
ISIN : CA8753521068
CUSIP : 56880Q
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Annual reports of MGold Resources Inc
Annual Report 2007
Financings of MGold Resources Inc
4/15/2013.: Closing of Debenture Issue
1/31/2013Announces Proposed Debenture Offering
12/3/2012Announces Closing of Financing
10/31/2012Announces Extension Of Financing
12/23/2010Announces Private Placement Offering
6/19/2007Closes $1,500,000 Private Placement Financing
Nominations of MGold Resources Inc
10/12/2012Announces Appointment of Chief Financial Officer and Corpora...
4/1/2011Appoints New Chief Financial Officer
Project news of MGold Resources Inc
6/16/2011Announces an Agreement with Silver Reserve Corp. On the Silv...
9/30/2007(Burchell Lake)Exploration Update on Mengold's Shebandowan Programs. Diamon...
Corporate news of MGold Resources Inc
9/20/2013. Changes Its Name to Tanager Energy Inc.
7/15/2013.: Corporate Update
6/21/2013Announces Delay of Annual General Meeting
4/9/2013Announces Termination of Oil and Gas Project Participation
3/18/2013. Appoints Vice President of Production and Corporate Secret...
2/27/2013Announces Shares for Debt Transaction
2/21/2013Announces Property Evaluation Results
1/21/2013Announces Shares for Debt Transaction
1/4/2013Announces Oil and Gas Project Letter of Intent
11/15/2012.: Oil and Gas Project Participation
3/24/2011Completes $599,970 Private Placement
2/25/2011Completes Private Placement Offering
4/16/2007Extensive Gold Encountered in I-Zone Surface Program at Meng...
3/5/2007Promising Geophysics at Mengold's Goldcreek Property
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TSX-V (MNI.V)
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