Micron Enviro Systems, Inc. Announces That Work Begins on MSEVís Texas Oil and Gas Prospect That Has Already Produced Five Consecutive Successful Drills
VANCOUVER, British Columbia -- 12/30/2004 -- Micron Enviro Systems, Inc. (ďMSEVĒ) (OTCBB:MSEV) is extremely pleased to report that the operations have now commenced on the Stuart 60 #8 well on the Martex Prospect in Jack County, Texas. This is the first of the remaining three wells to be worked on. The first five wells on this prospect were all successfully drilled. The cost for these three wells has already been paid. An initial result from the Stuart 60 #8 is expected within two weeks. The two other wells on this prospect are expected to commence operations as soon as the Stuart 60# 8 is completed.
Operations have also just recently commenced on the Enchant Prospect in Alberta, Canada. MSEV holds a substantial 50% working interest in this prospect. The initial oil production rates for this well are expected to be known within 7-10 days. This is the first well MSEV is participating in on this prospect. One well on this prospect produced over 30,000 barrels of oil over 23 months of production.
Alberta accounts for 55% of Canadaís oil production. Albertaís crude oil and equivalent production was 1,534,000 barrels per day in 2003. One half of Albertaís oil and gas is exported to the US, providing 5% of US oil consumption and 12% of natural gas consumption. The Oil and Gas Journal reported that Canada ranks second largest, only behind Saudi Arabia, in terms of global proven crude oil reserves at 15% of world reserves. The majority of these reserves are found in Alberta.
MSEV is making a more concerted effort to market itself to prospective shareholders. The marketing campaign has commenced and will be occurring throughout the coming months as drilling results from our Texas and Canadian prospects are announced.
Bernie McDougall, president of MSEV stated, ďThis is an exciting time for MSEV. We have now commenced operations on two separate drill programs and we are expecting to attain some results in the very short term. This will be the most active time for operations in MSEVís history. Considering MSEV has achieved five consecutive successful drills out of five on the Martex Prospect, we feel very confident in what the next three wells will provide. The month of January could be the turning point at which MSEV starts to achieve its goal of becoming a mid-range oil and gas company.Ē
Operations are expected to commence shortly on the Red Water gas prospect in Alberta. The prospect consists of one initial well, with the potential to drill multiple wells if the first well is successful. The formation of primary interest on this property is the Viking Sands, which is gas productive throughout the immediate area. Recently, the Viking zones have been tested and produced gas in a number of wells in the immediate area of the prospect. Drill stem tests have resulted in flows in excess of 12,000,000 feet of gas per day.
MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEVís goal is to become a mid-range oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. MSEV currently has 15 independent sources of oil and/or gas revenue. MSEVís production is from nine oil wells in Canada, and six wells producing oil and/or gas wells in Texas. MSEV is presently involved in four separate multi-well oil and gas prospects, and continues to look for additional projects that would contribute to building MSEVís market capitalization.
If you have any questions, please call MSEV at (604) 646-6903. If you would like to be added to MSEVís update email list, please send an email to firstname.lastname@example.org requesting to be added.
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Companyís actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product demand, market competition, and imprecision of reserve estimates, and actual ability to recover oil and gas that is present or represented to the company by the operator. For all details regarding working interests in all of MSEVís oil and gas prospects or any previous news releases go to the SEC website. You should independently investigate and fully understand all risks before making investment decisions.
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