Operations have also just recently commenced on the Enchant Prospect in Alberta, Canada. MSEV holds a substantial 50% working interest in this prospect. The initial oil production rates for this well are expected to be known within 7-10 days. This is the first well MSEV is participating in on this prospect. One well on this prospect produced over 30,000 barrels of oil over 23 months of production.
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 is an exciting time for MSEV. We have now commenced operations on two separate drill programs and we are expecting to attain some results in the very short term. This will be the most active time for operations in MSEV's history. Considering MSEV has achieved five consecutive successful drills out of five on the Martex Prospect, we feel very confident in what the next three wells will provide. The month of January could be the turning point at which MSEV starts to achieve its goal of becoming a mid-range oil and gas company."
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.
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