MSEV Anticipates Having Nine Additional Oil Wells On Line This Month.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 8, 2003 Micron Enviro en·vi·ro n. pl. en·vi·ros Informal An environmentalist. Systems, Inc. ("MSEV")(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MSEV) is extremely pleased to report that MSEV and partners have been informed by the operator that all nine of the Kerrobert Project wells have been successfully drilled and cased. MSEV has now forwarded the final cash call for the completion process. All funds have now been forwarded and it is anticipated that the completion process for all nine wells should be completed within the next three weeks. It is also anticipated that MSEV could start to receive oil revenue generated from these wells this month. The first ten wells previously drilled on this prospect all achieved commercial success and the operator is anticipating similar results for this set of nine wells. The way this project is being conducted is to drill and case all nine wells first, then go back to complete and attempt to put on line for sales all nine wells, completing three wells at a time. MSEV currently has the largest working interest of any company involved in this project that trade exclusively on the OTCBB. Oil is currently trading at its year high. Saskatchewan is one of the largest oil producers in Canada, second only to Alberta. The province produces approximately 20% of total Canadian oil production. Cumulative oil production from Saskatchewan as of December 31, 2000 was 3.6 billion barrels. Remaining recoverable reserves are estimated to be 1.2 billion barrels. More than 18,000 active wells in Saskatchewan produce in excess of 400,000 barrels of oil per day. Previous drilling in the area, referred to geologically as the Viking Formation, has resulted in some 500 commercial wells. The formation is located on the Saskatchewan-Alberta border and is considered to be a highly productive, low-risk, high-reward area. The oil is comparable to West Texas No 1. The experience by other oil companies in the area suggests an approximate fifteen year life for the shallow oil wells with minimal operating and drilling costs. MSEV is also currently conducting 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 two potential projects, one located in Saskatchewan, Canada, and another multi-well oil target in Alberta, Canada. The operator on the Green Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. Prospect in Texas has informed MSEV that the test for oil in the conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. zone of the Z2 well was successful. Currently, flow rates have ranged between 30 and 77 barrels of oil per day with no water present. This now means that both the Z1 and Z2 have been successfully dual-completed and both are flowing oil and gas. A well drilled in 1975 from the conglomerate zone, (the East Green H-2) produced over .95 bcf of gas and 86,500 barrels of oil over its lifetime. MSEV is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of planning a sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz a·ble·ness n. multi-well program in an attempt to exploit the formation that was discovered while testing the Z2 well and we are hoping to commence drilling the Z3 well in the near future. If you have any questions, please call MSEV at (604) 646-6903. If you would like to be added to MSEV's update email list, please send an email to info@micronenviro.com requesting to be added. Bernie McDougall, President of MSEV stated, "It is great to have completed drilling and to have all the cash call out of the way. The next few weeks should be tremendously exciting as we discover production rates of the wells. It would be a huge step towards achieving our goal of becoming a mid range oil and gas producer, if we could have nine new oil producing wells each generating revenue for MSEV. That would give us 11 independent sources of oil and gas revenue. When you consider that MSEV currently has the largest working interest of any company involved in this project that trade exclusively on the OTCBB and that the price of oil is trading at its year high, this would be the most opportune op·por·tune adj. 1. Suited or right for a particular purpose: an opportune place to make camp. 2. Occurring at a fitting or advantageous time: an opportune arrival. time to be able to announce a significant new source of oil revenue for MSEV." MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEV's 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 North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. marketplace. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to the 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 im·pre·cise adj. Not precise. im pre·cise ly adv. of reserve estimates, and actual ability to recovery oil and gas that is present or represented to the company by the operator. You should independently investigate and fully understand all risks before making investment decisions.
|
|
||||||||||||

a·ble·ness n.
pre·cise
Printer friendly
Cite/link
Email
Feedback
Reader Opinion