Bernie McDougall, president of MSEV stated, "It is great to be resuming drilling on this prospect. It has been nearly a year since we drilled on the Green Ranch prospect and it is very exciting to be testing into the coal bed zone within the prospect. This is a well that could open up an entirely new region to exploit on the Green Ranch, as there have been no coal bed tests within this region. MSEV currently has two wells on the Green Ranch producing oil and gas for sales. Based on our philosophy to limit our risk, we have elected to go non-consent on the C-1 Well. This enables MSEV to have no cost to drill the well and yet still be able to recover the revenue if the well is successful over time. When you take into account that MSEV could now have three separate, independent work programs simultaneously drilling and/or testing in the next two weeks, this could be one of the most significant growth periods in MSEV's history. With oil being at a 12 year high, MSEV is positioned well to take advantage of this lucrative time for oil and gas production."
The Green Ranch Prospect is a proposed 15 well program consisting of 4,131 acres of leasehold on the Green Ranch in Stephens County, Texas. This leasehold is located approximately 50 miles northeast of Abilene, Texas and approximately 10 miles northwest of Breckenridge, Texas, along the North Stephens-Shackelford County line. The Green Ranch Prospect lies within an oil and gas producing province identified as Texas Railroad Commission District 7B, which encompasses 24 counties in North Central Texas. TRRC reports indicate District 7B has produced a total of 2.225 billion barrels of oil from 1935 through to June 2001. These reports also indicate the district has made 2.277 TCF of unassociated gas (gas wells) from 1970 through to June 2001. It is estimated that this district accumulated approximately 2.78 TCF of casinghead gas. During the year 2000, District 7B made 14.1 million barrels of oil, 18.6 BCF of casinghead gas and 45.3 BCF of unassociated gas. There has been over $2.1 million spent on the Green Ranch Prospect to date.
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