This first well was drilled to a total depth of 4,898 feet. The well is now currently awaiting the frac crews to test this zone and attempt to determine flow rates. The frac of the first well is scheduled to take place once the drilling of the second well is complete.
Drilling on the second well of the new multi-well gas program in Palo Pinto and Jack Counties, Texas has also now begun. Drilling is expected to be completed on this well within 10 days.
Bernie McDougall, President of MSEV stated, "The first well is looking very interesting at this point. The logs indicated a substantial pay zone of 150 feet. We are very excited about what the flow rates could be out of this zone and look forward to the next few weeks to test both wells once the drilling on the second well is completed. When you couple this with our recently announced 40 well project in Oklahoma and our two other multi-well prospects, it is possible that MSEV may be involved in drilling over 75 wells in the next year. There are few if any companies that we are aware of trading at our level that could boast that kind of extensive drill program."
MSEV is also in the final stages of due diligence on several other potential projects which include one located in Saskatchewan, Canada, a multi-well oil target in Alberta, Canada, and an additional multi-well prospect in Texas.
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