Micron Enviro reports Green Ranch Prospect well flares gas.
The well has displayed good signs of pressure with strong indications of gas presence within the formation. A flare as large as 25 feet has been witnessed at the well site and the operator has notified MSEV that they expect to the have the production testing completed soon.
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 and approximately 10 miles northwest of Breckenridge, Texas, 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, Mississippian and Ellenberger. MSEV holds a 5% working interest in the Green Ranch Prospect and is the only US traded stock within the project. 80% of the project is privately held.
The Green Ranch Prospect lies within an oil and gas producing province identified as Texas Railroad Commission District 7B, which encompasses 24 counties in North Central Texas. TRRC 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 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 of casinghead gas and 45.3 BCF of unassociated gas.
Management is continuing its due diligence 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 stated, "We are quite excited about the latest developments on the Z1 Well. With the 25 foot flare that occurred recently on the site, we feel extremely confident that gas is in this formation and we hope to flow this first well next week and put in on line for sales within two weeks. This is definitely an exciting time for MSEV."
For more information, call 604/719-3705 or visit http://www.micronenviro.com.
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|Article Type:||Brief Article|
|Date:||Jul 1, 2002|
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