Bernie McDougall, President of MSEV, stated, "It is great to start drilling on this new prospect. This now gives us four separate prospects in the state of Texas alone. Recently oil traded near $50 per barrel, and is still near historically high prices. Our management continues to try to build MSEV through drilling and new discoveries. MSEV still has a minimum of three more wells to test in the near future. If we can continue to maintain the rate of success on these prospects, it would be positive news for all of MSEV's shareholders. MSEV now has 16 sources of oil and/or gas revenue and is striving to achieve our goal of becoming a mid-range oil and gas company."
The operator of the Martex Prospect has recently notified MSEV that the Wimberley #7, on the Martex Prospect in Jack County and Palo Pinto County, Texas, has now been successfully put on line for sales. This is the fifth producing well out of five on this prospect with one well remaining to be drilled and one to be tested.
The testing of the Manahuilla Creek Prospect in Goliad County, Texas, is ongoing. Results, barring any unforeseen issues, are expected in September.
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