Bernie McDougall, President of MSEV stated, "This may be the best day in the history of MSEV. Having nine new oil wells all flowing and generating revenue for MSEV more than increases our sources of revenue by 450% overnight. These new wells should generate significant revenue for MSEV over many years and could be cornerstone for the development and growth of MSEV as we strive to become a mid-range oil and gas company. This now gives MSEV eleven independent oil and/or gas wells, each generating revenue for MSEV. There are few if any companies trading at MSEV's market cap that we are aware of, that can boast the sources of revenue we have or the potential in the projects we are still working on. MSEV's future looks very promising." MSEV currently has the largest working interest of any company involved in this project that trades exclusively on the OTCBB.
Saskatchewan is one of the largest oil producers in Canada, second only to Alberta. The province produces approximately 20% of total Canadian oil production. Cumulative oil production from Saskatchewan as of December 31, 2000 was 3.6 billion barrels. Remaining recoverable reserves are estimated to be 1.2 billion barrels. More than 18,000 active wells in Saskatchewan produce in excess of 400,000 barrels of oil per day. Previous drilling in the area, referred to geologically as the Viking Formation, has resulted in some 500 commercial wells. The formation is located on the Saskatchewan-Alberta border and is considered to be a highly productive, low-risk, high-reward area.
MSEV is also in the final stages of due diligence on an additional multi-well drill program in Texas. We are expecting an announcement within the next week regarding the status of this exciting project. The first well is planned to start drilling within two weeks. MSEV is also currently conducting due diligence on two potential projects, one located in Saskatchewan, Canada, and the other is a multi-well oil target in Alberta, Canada.
Most Popular Articles