Mammoth's First Oklahoma Well Begins Commercial Production
Mammoth Energy Group, Inc. announced that the Company's first Oklahoma well has been fully completed and has begun commercial production. The well began pumping on August 20, 2008 with an initial production rate of 2-3 barrels per hour fluid recovery. The well is still pulling both oil and acid water out at a current ratio of 30-50 percent oil to water. As Mammoth is still recovering acid water from the acidizing process, the ratio will improve as the acid water recovery diminishes.
"The growth of the Company is beginning to take off," commented Joe Overcash, Chief Executive Officer of Mammoth Energy Group. Overcash continued, "Our first producing well is a big step for the company. We are confident that our other wells will produce at similar rates, which will significantly increase both revenues and net asset value for our shareholders."