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Magnum Energy Inc.: Magnum Energy Inc.: Sedalia Update

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  Published in Business and Finance on Friday, January 30th 2009 at 10:57 GMT, Last Modified on 2009-01-30 10:57:49 by Market Wire
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2009) - Magnum Energy Inc. (TSX VENTURE:MEN) is pleased to provide an update with respect to the three wells which it recently drilled and cased in the Sedalia area of Alberta. Testing of these three wells has commenced, however, due to extreme cold weather conditions, the testing has not yet been completed. Testing to date has indicated that two of the wells have hydrocarbons present in more than one geological zone. The third well will require hydraulic stimulation before an estimate of the wells potential can be completed.

Magnum is also continuing to work on re-activating an existing pipeline which will be used to tie-in these wells.

The Company also reports that Ted Konyi is resigning as President and CEO of the company effective January 31, 2009 to pursue other opportunities. Mr. Konyi will remain on the Board of Directors of the Company. The Company wishes to thank Mr. Konyi, as a founder of the Company, for all his efforts. Richard Nemeth, who joined the Company in June, 2007 to oversee corporate development, will become President and CEO effective February 1, 2009.

The TSX Venture Exchange has neither approved or disapproved the contents of this press release.