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Press release from Marketwire

MGM Energy Corp. Announces Spudding of Canol Shale Oil Well

Monday, January 28, 2013

MGM Energy Corp. Announces Spudding of Canol Shale Oil Well08:00 EST Monday, January 28, 2013CALGARY, ALBERTA--(Marketwire - Jan. 28, 2013) - MGM Energy Corp. ("MGM Energy" or the "Company") (TSX:MGX), announces the spudding of the East MacKay I-78 well on Exploration License 466B in the Central Mackenzie Valley of the Northwest Territories on January 27, 2013. The Company is targeting the Canol shale oil play with this well. The East MacKay I-78 well is a vertical well to be drilled to a depth of approximately 2,050 metres and is expected to take approximately three weeks to drill, core and log. Once drilling has reached target depth, the well will be completed in the Canol and Bluefish zones and flow tested. MGM Energy is the operator of the well and anticipates that operations will be completed by the second week of March. MGM Energy will provide updates following completion of the drilling and testing phases of the well. MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada. MGM Energy's common shares are listed on the TSX under the symbol "MGX". Further information relating to MGM Energy may be found on www.sedar.com as well as on MGM Energy's website at www.mgmenergy.com or by contacting Henry Sykes or Rick Miller.Forward-Looking Information Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. Forward-looking information in this news release includes, but is not limited to, the anticipated depth of the well, the time to drill, core, log and complete the well, the completion and flow testing of the Canol and Bluefish zones and the anticipated date of completion of operations. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: MGM Energy Corp.Henry SykesPresident(403) 781-7800(403) 781-7801 (FAX)MGM Energy Corp.Rick MillerChief Financial Officer(403) 781-7800(403) 781-7801 (FAX)www.mgmenergy.com