Form 8-K for MICRON ENVIRO SYSTEMS INC
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4-Nov-2003
Other Events
ITEM 5. OTHER EVENTS
We are extremely pleased to report that our partner Habanero Resources Inc. and we have been informed by the operator that logs completed on the first well drilled on the Palo Pinto and Jack Counties, Texas, indicate a substantial pay zone of 150 feet from 4,724 feet to 4,874 feet within our primary target. This first well was drilled to a total depth of 4,898 feet. The well is now currently awaiting the frac crews to test this zone in order to attempt to determine flow rates. The frac of the first well is schedule to take place once the drilling of the second well is complete.
Drilling on the second well of the new multi-well gas program in Palo Pinto and Jack Counties, Texas has also now begun. Drilling is expected to be completed on this well within 10 days.
Bernard McDougall, our president stated, The first well is looking very interesting at this point. The logs indicated a substantial pay zone of 150 feet. We are very excited about what the flow rates could be out of this zone and look forward to the next few weeks to test both wells once the drilling on the second well is completed.
When you couple this with our recently announced 40 well project in Oklahoma and our two other multi-well prospects, it is possible that MSEV may be involved in drilling over 75 wells in the next year. There are few if any company's, that we are aware of, trading at our level that could boast that kind of extensive drill program."
We are also in the final stages of due diligence on several other potential projects which include one located in Saskatchewan, Canada, a multi-well oil target in Alberta, Canada, and an additional multi-well prospect in Texas. We are hoping to be able to have an announcement on one or more of these prospects shortly.
We are an emerging oil and gas company that has both oil and gas producing properties. Our 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. We currently have eleven independent sources of oil and/or gas revenue. Our production is from nine oil wells in Canada, of which we currently have the largest working interest of any company involved in this project that trade exclusively on the OTCBB, and two wells producing both oil and gas revenue in Texas. We are currently involved in three separate multi-well oil and gas prospects, and we continue to look for additional projects that would contribute in building market capitalization.
If you have any questions, please call our office at (604) 646-6903. If you would like to be added to our update email list, please send an email to info@micronenviro.com requesting to be added. |
