MGM Energy : Announces Financial Results for the Three Months Ended March 31, 2014 (30 KB)

Calgary, Alberta

April 22, 2014

NEWS RELEASE:MGM ENERGY CORP.

CALGARY, ALBERTA - MGM Energy Corp. ("MGM Energy" or the "Company") announced today its financial results for the three months ended March 31, 2014.

The Company reported a net loss for the three months ended March 31, 2014 of $1.5 million ($0.00 per share) as compared to a net loss of $0.6 million ($0.00 per share) for the three months ended March 31, 2013.

MGM Energy's full unaudited financial statements and accompanying Management's Discussion and Analysis will be filed shortly on the SEDAR website (www.sedar.com).

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 Toronto Stock Exchange under the symbol "MGX". For further information, please contact:

MGM Energy Corp.

H.W. (Henry) Sykes, President

Phone: (403) 781-7800

Fax: (403) 781-7801

or

R. N. (Rick) Miller, Chief Financial Officer

Phone: (403) 781-7800

Fax: (403) 781-7801

Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. 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.

($000s)

As at

December 31

2014 2013

Exploration and evaluation assets 65,059 65,059

Accounts payable and accrued liabilities $ 1,314 $ 2,479

Due to related parties 29 41

Asset retirement obligation 5,160 5,147

Environmental restoration liability 833 833

Share capital 466,187 466,159
Contributed surplus 10,416 10,281

Deficit (410,104) (408,614)

Total Shareholders' Equity 66,499 67,826

($000s)

Three Months Ended March 31

$ - $ 531

General and administrative 998 529
Share-based compensation 163 211
Exploration and evaluation 291 270
Accretion of asset retirement obligation 13 10

Depreciation - 15

1,465 1,035

Loss before net finance expenses (1,465) (504)

Finance income (23) (37)

Finance expenses 48 163

Net finance expenses 25 126

Basic $ (0.00) $ (0.00) Diluted $ (0.00) $ (0.00)

($000s)

Net loss for the period $ (1,490) $ (630) Adjustments to add (deduct) non-cash items
Share-based compensation 163 211
Accretion of asset retirement obligation 13 10
Depreciation - 15
Non-cash exploration and evaluation expenses - (51) Change in non-cash working capital (1,475) (3,133)

Change in restricted cash balance - (12,000)

Cash flows used in operating activities (2,789) (15,578)

Cash payment for options exercised - (20)

Cash flows used in financing activities - (20)

Capital expenditures - 103

Change in non-cash working capital 729 44

Cash flows provided by investing activities 729 147

Decrease in cash and cash equivalents (2,060) (15,451) Cash and cash equivalents, beginning of period 9,783 19,869

distributed by