MMTE - Successful oil drill, production nextGotta love this play, multiple low risks shallow drills with high percent chance of success. Next drill soon, and these take a week tops which is nice.
Mammoth Energy Group, Inc. Announces Drilling Success in Oklahoma
2008-07-31 06:30 MT - News Release
WINSTON-SALEM, NC -- (MARKET WIRE) -- 07/31/08
Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce today that drilling on its first Oklahoma well has been successful. The well encountered a good show of oil and gas at 440 feet and a second zone at 510 feet. The well was logged and appears to have a 25-foot thick formation with the potential presence of hydrocarbons from approximately 430 feet to 445 feet. The log also suggests that the second zone has hydrocarbons from approximately 515 feet to 520 feet. The company has immediately elected to move on to completion of the well and will begin the process of putting the well into commercial production.
The Drilling rig is currently being moved to the company's second well location on this lease and is anticipating a 'spud' date of Friday August 1, 2008. "We seem to be off to a very good start on our Oklahoma venture and are looking forward to continuing our operations there," stated Joe Overcash, President of Mammoth. "Once we know the commercial production from the wells, we can begin to forecast on ongoing results."
About Mammoth Energy Group, Inc.
Mammoth Energy Group, Inc. is focused on developing shallow gas projects in north-eastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time. It is currently focused on developing its Noble and Kay County properties in Oklahoma that covers approximately 1,400 acres.
More information is available at the company's website at www.mammothenergygroup.net
Cautionary note: This report contains forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Contact:
M & M Investor Relations
Dominic Martinez
866-508-2092
https://www.mandminvestorrelations.com
Mail to: dominic@mandminvestorrelations.com
Mail to: frankie@mandminvestorrelations.com