VANCOUVER, British Columbia, March 23, 2005 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MSEV) wishes to provide the following update regarding the drilling status on the two prospects currently in operations:
The Pembina Prospect in Alberta, Canada is moving along as expected. The operator expects to have all the drilling completed by the weekend. Shortly after drilling is completed, an initial test will occur and the initial flows on the well will be realized.
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 U.S., providing 5% of U.S. 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.
Alberta accounts for just over 80% of the natural gas produced in Canada, which is the world's third-largest supplier of gas, and exports about three-quarters of its production outside the province's borders. About half of the five trillion cubic feet of gas produced each year in Alberta is exported to the United States, and about one-quarter flows to other points in Canada. Alberta has an estimated 200 trillion cubic feet of ultimately recoverable conventional natural gas. Recent estimates indicate that Viking and equivalent strata contain in the order of 5% and 8%, respectively, of the oil and gas reserves known to exist in Alberta alone.
The Martex Prospect in Texas has been slightly delayed and the frac is now scheduled for next week barring any unforeseen issues. As soon as the frac has been completed, initial flow rates from the well should be known. This prospect has yielded five successful wells out of five to this point. MSEV has already paid the cost for this well as well as the remaining two other wells that are expected to get underway as soon as this one is completed.
Bernie McDougall, president of MSEV stated, "These next few weeks are going to be very exciting for MSEV and MSEV's shareholders as results from two separate drill programs should be revealed. Currently oil and gas prices are near all time highs, therefore if MSEV were able to announce one or two new discoveries, it could be a tremendous boost to MSEV's current revenue stream."
MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEV's goal is to become a mid-range oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. MSEV currently has 16 independent sources of oil and/or gas revenue. MSEV's production is from ten oil wells in Canada, and six wells producing oil and/or gas wells in Texas. MSEV is presently involved in multiple oil and gas prospects, and continues to look for additional projects that would contribute to building MSEV's market capitalization.
If you have any questions, please call MSEV at (604) 646-6903. If you would like to be added to MSEV's update email list, please send an email to info@micronenviro.com requesting to be added.
This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled "Risk Factors" in the Company's periodic filings with the United States Securities and Exchange Commission, which can be viewed at www.SEC.gov. For all details regarding working interests in all of MSEV's oil and gas prospects or any previous news releases go to the SEC website. You should independently investigate and fully understand all risks before making investment decisions.