First well in production, drill second well
Mammoth Energy Group, Inc. Announces Update on Well Completion
2008-08-14 06:30 MT - News Release
WINSTON-SALEM, NC -- (MARKET WIRE) -- 08/14/08
Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) announces today update on its first Oklahoma well completion. Upon drilling completion indications of oil and gas at 440 feet and a second zone at 510 feet were encountered. Casing of this well has been completed and cemented as of August 1, 2008. Perforations of this well were completed on August 8, 2008 at depths of 506' to 510', 441' to 448' and 425' to 435'. Upon completion of the last perforation oil began running out of the pipe into the pit with gas. Well has been shut-in and zones broke in at 975 lbs of pressure. Rods and tubing are currently being run on the well, and pump will be turned on once all remaining acid and water are recovered.
"We are extremely excited to get our first well up and online," said Joe Overcash, President of Mammoth Energy Group Inc. "In addition, drilling is continuing on its second well, and we anticipate the same positive results as our first well in the near future."
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
dominic@mandminvestorrelations.com
frankie@mandminvestorrelations.com