Micron Enviro Systems reports that gas was discovered in the Henderson #3 Well on the Martex Prospect in Jack County, Texas. After acidization gas started to flow at a rate of 300 mcf per day. This rate was achieved without having to frac the well, as the operator previously thought was required. Bernie McDougall, president of MSEV stated, "This is great news. To get these kinds of numbers without having to frac the well was beyond our expectations. This now gives us two wells out of the seven that have been tested and both are now producing revenue for us. This is a very exciting time for MSEV as we still have five more wells on this prospect to be drilled and/or tested and at least one well on our Goliad County prospect, over the next few months. This new well now gives us thirteen independent wells providing oil and/or gas revenue. Our goal is to become a mid range oil and gas company and this new discovery contributes to this goal. Considering our market cap of less than 2 million dollars, we feel there are few, if any, companies that trade at our level that have the drilling activity that MSEV has."
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 Mississippian Chappel Reefs at 4,500 feet in depth. Tight gas shales and limestones 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.