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.
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