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. |
|
||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion