Alberta accounts for 55% of Canada's oil production. Alberta's crude oil and equivalent production was 1,534,000 barrels per day in 2003. One half of Alberta's oil and gas is exported to the US, providing 5% of US oil consumption and 12% of natural gas consumption. The Oil and Gas Journal reported that Canada ranks second largest, only behind Saudi Arabia, in terms of global proven crude oil reserves at 15% of world reserves. The majority of these reserves are found in Alberta.
MSEV is making a more concerted effort to market itself to prospective shareholders. The marketing campaign has commenced and will be occurring throughout the coming months as drilling results from our Texas and Canadian prospects are announced.
Bernie McDougall, president of MSEV stated, "This prospect could have the biggest single impact on the company's growth to date. Having such a significant working interest in this prospect could translate into MSEV's revenue more than doubling over night if this first well is successful. When you factor in that our drilling in Texas is scheduled to commence later this week and our drilling on the Redwater Prospect is expected to commence within days, the month of January will the busiest in the history of MSEV. The last time MSEV was able to announce drilling results for a Canadian prospect the shares traded from 2.7 cents to a high of 8.7 cents within two days, and traded over 24,500,000 shares on each of those two days. This occurred when the company had only four wells in production compared to 15 wells now; no marketing campaign versus an active marketing campaign; and when oil and gas prices were at much lower levels than today. Our goal is to become a mid-range oil and gas company and we are making every effort to realize this goal."
Operations are expected to commence shortly on the Red Water gas prospect in Alberta. The prospect consists of one initial well, with the potential to drill multiple wells if the first well is successful. The formation of primary interest on this property is the Viking Sands, which is gas productive throughout the immediate area. Recently, the Viking zones have been tested and produced gas in a number of wells in the immediate area of the prospect. Drill stem tests have resulted in flows in excess of 12,000,000 feet of gas per day.
The operator has informed MSEV that they expect drilling on the Stuart wells in Texas to commence on or about December 28, 2004. MSEV has already paid for drilling costs on the next three wells. The first five wells drilled on this prospect were successfully put into commercial production.
MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEV's goal is to become a mid-range oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. MSEV currently has 15 independent sources of oil and/or gas revenue. MSEV's production is from nine oil wells in Canada, and six wells producing oil and/or gas wells in Texas. MSEV is presently involved in four separate multi-well oil and gas prospects, and continues to look for additional projects that would contribute to building MSEV's market capitalization.
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