Major New Discovery for Micron Enviro Systems

Micron Enviro Systems reports that it has been informed by the operator that testing on 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 well is now being hooked up to tank batteries for oil sales and to the flow line for gas sales.

The Kinder #1 Well in Jack County, which was drilled prior to the Ima #2 Well, is scheduled to be fraced in the third week of January.

Bernie McDougall, president of MSEV stated, "This is great news for MSEV and its shareholders. This is currently the best well that MSEV has been involved in. These results bode extremely well for the testing of the next well later this month. This new field for MSEV could end up being our best source of oil and gas revenue for many years to come. When you consider that oil and gas prices are trading near year highs as well as historic highs, this is a very profitable time to be putting our best well to date on line. Oil is trading at $33.56 a barrel and gas is trading at $7.75 per mcf. This was far better than we were expecting on this well and we are extremely excited about the future of MSEV. This now gives MSEV three completely independent producing oil and gas fields consisting of twelve separate wells. We feel there are few, if any, companies trading at the same level that MSEV is at, which have similar production and the future prospects that we do. We are very excited about the next few weeks and the upcoming year. We are currently still a small company, but we are clearly on our way to achieving our long-term goal of becoming a mid-range oil and gas company."

Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours