Micron Looks to Pick Up More Oil Sands Acreage
Micron Enviro Systems, Inc. said that it has entered into negotiations to acquire additional Oil Sands leases in Alberta, Canada. These new leases, if the negotiations are completed, would add substantially to Micron's Oil Sands assets. A decision on these new leases is expected to be finalized before the end of January 2007.
Bernie McDougall, President of the Micron stated, "Micron's management is focused on growing the company primarily through the development and acquisition of Alberta Oil Sands assets. We feel that the Alberta Oil Sands will be one of the most import oil producing regions on earth in the coming years and we plan to position our company in this region with as many leases as possible. There has been a tremendous amount of consolidation in the Alberta Oil Sands as many smaller companies are being bought out by oil producing majors such as Shell and Total. We feel that as additional consolidation occurs, being one of the smallest market capitalized companies with active operations, will garner sizeable additional attention on our company as we develop our existing Oil Sands leases."
Recently, Micron received an independent report covering all of the leases that Micron holds an interest that are located in the world-class Alberta Oil Sands. The independent, third-party report was completed by the petroleum consulting firm of AJM Petroleum Consultants of Calgary, Alberta, Canada. The report was prepared by independent petroleum engineers based on public well log information and some limited seismic data. Based on their independent evaluations, they have assigned contingent resources of up to 59,500,000(high) to 23,000,000(low) barrels in ground on the Oil Sands Prospects in which Micron has an interest. At current oil prices the potential (gross) value in ground would equate to approximately $3.7 billion over all of the leases which Micron has an interest. Many of the world's largest oil companies have operations in the Alberta Oil Sands, which is one of the single largest natural resource regions on earth.
At this time additional seismic work on one of the Oil Sands leases (Leismer) is now underway with a test well scheduled to begin shortly. These operations will aid in further defining or potentially increasing this contingent resources value currently assigned to these Oil Sands leases. Both the drilling and seismic are expected to be completed shortly. All monies, relating to drilling and seismic operations has been forwarded, therefore no additional capital will be needed at this time for this specific Oil Sands Prospect. This prospect lies directly between Petrobank's Whitesands Project, which is reported to have 1.6 billion barrels of bitumen in place, and North American Oil Sands, which has stated a possible reserve of 4.09 billion barrels in ground on their property which is next to Micron's. Please refer to the map on the website (www.micronenviro.com) for more details.
Micron is an emerging oil and gas company that has exposure to four separate leases in the Athabasca Oil Sands of Alberta, Canada, which is the largest Oil Sands region in the world, and has minor production from multiple conventional oil and gas wells. Micron's goal is to become a junior oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. Micron continues to look for additional projects that would contribute to building Micron's market capitalization, including additional Oil Sands projects.
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