....NEWS>>>$Constructing Gas Sales Pipeline Constructing Gas Sales Pipeline for Z1 Well
HOUSTON, Jun 5, 2002 (BUSINESS WIRE) -- Micron Enviro Systems Inc. (OTCBB:MSEV)
is extremely pleased to report that the operator has notified MSEV that the data
gathering they are engaged in is ongoing and nearing completion, However, at
this time they have gathered enough positive information to go ahead and start
construction on a gas pipeline for the Z1 Well. The operator is currently
negotiating with several gas purchasers for the future sale of the gas from this
well.
The Green Ranch Prospect is a proposed 15 well program consisting of 4,131 acres
of leasehold on the Green Ranch in Stephens County, Texas. This leasehold is
located approximately 50 miles northeast of Abilene, Texas and approximately 10
miles northwest of Breckenridge, Texas, along the North Stephens-Shackelford
County line. The primary target formation in this prospect is the Bend
Conglomerate at a depth of approximately 4,500 feet. Secondary target formations
are Caddo, Rotten Chert, Mississippian and Ellenberger. MSEV holds a 5% working
interest in the Green Ranch Prospect and is the only US traded stock within the
project. 80% of the project is privately held.
The Green Ranch Prospect lies within an oil and gas producing province
identified as Texas Railroad Commission District 7B, which encompasses 24
counties in North Central Texas. TRRC reports indicate District 7B has produced
a total of 2.225 Billion barrels of Oil during the period from 1935 through June
of 2001. These reports also indicate the district has made 2.277 TCF of
unassociated gas (gas wells) from 1970 through June of 2001. It is estimated
that this district accumulated approximately 2.78 TCF of casinghead gas. During
the year 2000, District 7B made 14.1 Million barrels of oil, 18.6 BCF of
casinghead gas and 45.3 BCF of unassociated gas.
There has been over $1.5 million spent on the Green Ranch Prospect to date.
Bernie McDougall, President of the Company states, "This is an exciting time for
the company right now. For the operator to go out and start construction on the
gas sales pipeline before we have flow rates shows how confident they are in the
prospects of this first well and entire field. When you consider that 80% is
private, for them to spend their own personal money to build the pipeline is a
very encouraging sign. We look forward to the impact this well and field will
have on our company's future."
This press release contains forward-looking statements that involve risks and
uncertainties. The statements in this Release are forward-looking statements
that are made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Actual results, events and performance could vary
materially from those contemplated by these forward-looking statements. These
statements involve known and unknown risks and uncertainties, which may cause
the Company's actual results in future periods to differ materially from results
expressed or implied by forward-looking statements. These risks and
uncertainties include, among other things, volatility of oil and gas prices,
product demand, market competition, and imprecision of reserve estimates. You
should independently investigate and fully understand all risks before making
investment decisions.
CONTACT: Micron Enviro Systems Inc.
Bernie McDougall, 604/719-3705
info@micronenviro.com
www.micronenviro.com
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