MSEV.035.News.B: Micron Enviro Systems, Inc. to Start Next Five Wells in Texas
B: Micron Enviro Systems, Inc. to Start Next Five Wells in Texas
VANCOUVER, British Columbia, Feb 17, 2004 (BUSINESS WIRE) -- Micron Enviro
Systems, Inc. (OTCBB:MSEV) ("MSEV") is extremely pleased to announce that it has
been informed by the operator that crews are being mobilized to start the work
on the next five wells in Texas. The first well of the remaining five of the
Martex Prospect, the Wimberley #5, is estimated to be drilled to a target depth
of 5,600 feet. The phase currently calls for five wells. MSEV now has interests
in seven wells located in Jack and Palo Pinto Counties, Texas.
Bernie McDougall, President of MSEV stated, "It is nice to get this next phase
of the prospect underway so quickly. This prospect should add to our goal of
becoming a mid-range oil and gas company as commodity prices remain at
historically high levels."
The Martex Prospect is located in a multi-play area with production being
obtained from multiple zones. These zones are the shallow strawn sands from
1,800 feet, to the Big Saline Conglomerates at approximately 4,000 feet, and the
Missippian Chappel Reefs at 4,500 feet in depth. Tight gas shales and lime
stones are located below this depth, which are classified as continuous type
natural gas plays (accumulations that are pervasive throughout large geographic
areas and offer long-lived reservoirs with attractive finding costs). Increased
drilling in the Barnett Shale and Marble Falls Lime has been spurred by a
reduction in completion costs as a result of using light sand water fracs,
higher gas prices, and refracing of productive zones. The objective for this
project is to test the previously overlooked zones of interest in these wells.
Recently, the Ima #2 Well in Palo Pinto County, Texas has been successfully
completed. The well is successfully producing oil and gas. The well flowed as
high as 701 mcf of gas per day and 252 barrels of oil per day.
The Kinder #1 Well in Jack County, which was drilled prior to the Ima #2 Well,
is scheduled to be fraced on or around February 23, 2004, barring any unforeseen
issues.
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. MSEV currently has twelve independent sources of oil
and/or gas revenue. MSEV's production is from nine oil wells in Canada, of which
MSEV currently has the largest working interest of any company involved in this
project that trade exclusively on the OTCBB, and three wells producing both oil
and gas revenue in Texas. MSEV is currently involved in four 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 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.
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.
SOURCE: Micron Enviro Systems, Inc.
CONTACT: Micron Enviro Systems, Inc.
Bernie McDougall, 604-646-6903
info@micronenviro.com
Fax: 604-689-1733
www.micronenviro.com
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KEYWORD: TEXAS INTERNATIONAL CANADA
INDUSTRY KEYWORD: ENERGY
OIL/GAS
PRODUCT
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