You still got some MSEV ou?
Major New Oil Discovery For Micron Enviro Systems, Inc.
Wednesday September 10, 8:04 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 10, 2003--Micron Enviro Systems, Inc. ("MSEV")(OTCBB:MSEV - News) is extremely pleased to report that it has received the preliminary flow rates from the operator for the nine wells drilled in Saskatchewan, Canada and all nine wells have discovered oil.
Flow rates were as high as 84 barrels of oil a day. All nine wells are currently flowing oil and generating revenue for MSEV. 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. Bernie McDougall, President of MSEV stated, "This may be the best day in the history of MSEV. Having nine new oil wells all flowing and generating revenue for MSEV more than increases our sources of revenue by 450% overnight. These new wells should generate significant revenue for MSEV over many years and could be cornerstone for the development and growth of MSEV as we strive to become a mid-range oil and gas company. This now gives MSEV eleven independent oil and/or gas wells, each generating revenue for MSEV. There are few if any companies trading at MSEV's market cap that we are aware of, that can boast the sources of revenue we have or the potential in the projects we are still working on. MSEV's future looks very promising." MSEV currently has the largest working interest of any company involved in this project that trades exclusively on the OTCBB.
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.
MSEV is also in the final stages of due diligence on an additional multi-well drill program in Texas. We are expecting an announcement within the next week regarding the status of this exciting project. The first well is planned to start drilling within two weeks.
MSEV is also currently conducting due diligence on two potential projects, one located in Saskatchewan, Canada, and the other is a multi-well oil target in Alberta, Canada.
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.
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 marketplace.
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 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, 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.
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Contact:
Micron Enviro Systems, Inc.
Bernie McDougall, 604-646-6903
Fax: 604-689-1733
info@micronenviro.com
www.micronenviro.com
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Source: Micron Enviro Systems, Inc. |
