Alberta accounts for just over 80 percent of the natural gas produced in Canada, which is the world's third-largest supplier of gas, and exports about three-quarters of its production outside the province's borders. About half of the five trillion cubic feet of gas produced each year in Alberta is exported to the United States, and about one-quarter flows to other points in Canada. Alberta has an estimated 200 trillion cubic feet of ultimately recoverable conventional natural gas. Recent estimates indicate that Viking and equivalent strata contain in the order of 5 and 8 percent, respectively, of the oil and gas reserves known to exist in Alberta alone.
MSEV is planning on making a more concerted effort to market itself to prospective shareholders. The marketing campaign will occur throughout the coming months as drilling results from our Texas and Canadian prospects are announced.
Bernie McDougall, president of MSEV stated, "We are very optimistic about the future growth of MSEV. We are scheduled to commence operations on our next three wells on the Martex Prospect in Texas next week. Drilling costs on the Martex Prospect have already been paid and to date we have drilled five successful wells out of five. We have also just announced a new prospect in Alberta, Canada, which is scheduled to commence operation within the next two weeks. When you couple these factors with the potential of these new prospects, and our ongoing marketing campaign, it is a very exciting time for MSEV and its shareholders."
Due to rain, the drilling on the Stuart wells has been delayed. MSEV has already paid for the drilling costs on the next three wells. The first five wells on this prospect were drilled successfully. Drilling crews and the rig are on standby, with drilling to commence as soon as the rig can be moved on to the site. The rig cannot be moved onto the drill site until the ground dries.
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