Printer Friendly
The Free Library
19,604,530 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Drilling on Major Texas Project Has Started -- Micron Enviro Systems Inc.


Business Editors

HOUSTON--(BUSINESS WIRE)--May 10, 2002

Micron Enviro Systems Inc. (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
:MSEV) (the "Company") is extremely pleased to announce that the operator has informed the Company that the drilling has commenced on the Z1 Well.

Surface casing has been set down to 463 feet and operations will continue 24 hours a day until drilling is completed. The Z1 is the first well on the proposed 15 well program on the Green Ranch prospect located in Stephens County, Texas Stephens County is a county located in the U.S. state of Texas. In 2000, its population was 9,674. Its county seat is Breckenridge6. The county was originally named Buchanan County, after U.S. President James Buchanan, but was renamed in 1861 for Alexander H. . The operator estimates that the drilling should take approximately 10-14 days to complete the drilling and about 7 days to test the well.

The Green Ranch Prospect is a proposed 15 well program consisting of 4,131 acres of leasehold on the Green Ranch in Stephens County, Texas. This leasehold is located approximately 50 miles northeast of Abilene, Texas Abilene is a city in Taylor County, Texas, United States, in the central portion of the state. The population was 115,930 at the 2000 census. It is the principal city of the Abilene, Texas Metropolitan Statistical Area, which had a 2006 estimated population of 158,063.  and approximately 10 miles northwest of Breckenridge, Texas Breckenridge is a city in Stephens County, Texas, United States. The population was 5,868 at the 2000 census. It is the county seat of Stephens CountyGR6. The mayor is Jim McKay. , along the North Stephens-Shackelford County line. The primary target formation in this prospect is the Bend Conglomerate at a depth of approximately 4,500 feet. Secondary target formations are Caddo, Rotten Chert chert: see flint. , Mississippian and Ellenberger.

The Green Ranch Prospect lies within an oil and gas producing province identified as Texas Railroad Commission District 7B, which encompasses 24 Counties I North Central Texas. TRRC TRRC Twin Rivers Research Center
TRRC TRADOC Requirements Review Council (US Army) 
 reports indicate District 7B has produced a total of 2.225 Billion barrels of Oil during the period from 1935 through June of 2001. These reports also indicate the district has made 2.277 TCF See Trenton Computer Festival.  of unassociated gas (gas wells) from 1970 through June of 2001. It is estimated that this district accumulated approximately 2.78 TCF of casinghead gas. During the year 2000, District 7B made 14.1 Million barrels of oil, 18.6 BCF BCF Billion Cubic Feet
BCF Bioconcentration Factor
BCF British Chess Federation
BCF British Coatings Federation
BCF Breast Cancer Fund
BCF Bank Credit Facility
BCF Bulked Continuous Filament
BCF British Cycling Federation
BCF Boeing Converted Freighter
 of casinghead gas and 45.3 BCF of unassociated gas.

Through interpretation of the seismic data several "bright spots" have been identified within the Bend Conglomerate and other formations within the prospect and are being targeted for testing. In 1997, a well drilled on one of the "bright spots" in the Conglomerate, blew out around the surface casing flowing at rates of 10-15 million cubic feet per day.

The simple way to calculate gross revenue of a 100 % working interest before royalties for a gas well is the following formula. For ease sake the generic calculation will use a well flowing at 10 million cubic feet per day and a gas price of $3.00 flowing for a year:

10,000,000 cubic feet per day (flow) divided by 1000 (units gas is measured in) equals 10,000 then times this figure by $3.00 (gas price) and this equals $10,950,000.00 for a period of 365 days per well.

Management is continuing its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired.  on an additional multi-well prospect within Texas and a multi-well oil prospect in New Mexico.

There has been over $1.5 million spent on the Green Ranch Prospect to date.

Bernie McDougall, president of the Company states, "We are looking forward to this major drill program on this potentially company making prospect. This proposed 15 well program could set us toward our goal of becoming a mid range oil and gas producer. We feel the market is not giving much value to this project when you consider our market cap of less than one million dollars and take into account the potential impact of this project on our company. The next few weeks will hold a lot of excitement and anticipation for the company and our loyal shareholders."

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 safe harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  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 Company's 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. You should independently investigate and fully understand all risks before making investment decisions.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 10, 2002
Words:699
Previous Article:SIA: Trade Promotion Authority Will Further Open World Markets; Ability to Compete in Open Foreign Markets Vital to Semiconductor Industry.
Next Article:S&P Cuts Rtgs on 7 Repacks After Deutsche Downgrade.



Related Articles
Micron Enviro Systems Inc. Announces New Management Negotiating on Major Texas Project.
MSEV Forwards Cash Call For Substantial 50 Well Oil Project.
CORRECTING and REPLACING MSEV Successfully Drills the First Well on the Major 50 Well Kerrobert Oil Project.
Micron Enviro Systems, Inc. Negotiating on a New Texas Gas Project.
MSEV Enters Into A New Multi-Well Gas Project In Texas.
Drilling on Micron Enviro Systems, Inc.'s New Multi-Well Gas Prospect in Texas Nearing Commencement.
Micron Enviro Systems in Final Stages of Negotiations on Two Additional Multi-Well Prospects.
MSEV's New Multi-Well Texas Gas Prospect Is Now Drilling.
Micron Enviro Systems, Inc. in Final Negotiations on an Additional Texas Gas Prospect.
MSEV Corporate Update.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles