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, was scheduled to be fraced on January 23, 2004, but has been delayed due to crew unavailability. The operator is expecting this well to be fraced within the next few weeks barring any unforeseen issues.
Bernie McDougall, President of MSEV stated, "This is a great day for MSEV and its shareholders. The operator is planning on working on the wells in a continuous fashion, which will enable MSEV to have a steady flow of drilling news. We are also looking forward to testing the Kinder #1 Well. It is unfortunate that it was delayed, but testing is upcoming shortly and could add revenue to MSEV's top line. We are looking forward to a very aggressive drilling year in 2004 and feel that there are few, if any, junior oil and gas stocks trading near our market cap with the current drill programs that we have. We are excited about the future growth of MSEV and this prospect could add substantially to this in the short and long term."
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