Sounds like MSEV might be worth something in the future..
Micron Enviro Systems Inc. In Negotiations To Acquire a Working Interest In Travis Gas Field
LAS VEGAS--(BUSINESS WIRE)--June 12, 2001--Micron Enviro Systems Inc. (OTCBB:MSEV) announces that it has entered in negotiations to acquire an interest in the Travis Gas Field.
The Travis Gas Field has recently garnered national recognition on NBC News for the success of the Pale Rider 3-26 Well that was the deepest cased well in Northern California history and tested up to 8.1 MMCF of gas per day. Micron management feels this well may be capable of flows up to 15 MMCF per day. The current participants in the Pale Rider 3-26 include Questar (NYSE:STR), First Goldwater Resources (CDNX:FGD), and Condor Gold Fields Inc. (OTCBB:CGFIF). The well participants have signed a gas sales contract with Calpine Corporation (NYSE:CPN). The partners in the Travis Gas Field are currently reviewing a multi-well drill plan up to 10 more wells on the Field. Evidence of at least 1 TCF of gas in place is apparent for this field.
The Travis Gas Field is less than one mile from the single largest gas field in California called the Rio Vista Field. The Rio Vista has produce over 3.6 TCF of gas to date. The Rio Vista is 100% owned by Calpine Corporation (NYSE:CPN). Micron Enviro Systems management is extremely excited about the prospect of the Travis Gas Field and thinks this is a great fit in the new mandate of the company to become a mid range oil and gas producer.
Work has just recently commenced on its California gas prospect. MSEV has a 5% working interest in 8,730 acres of leased land located in Fresno County, California. MSEV, with its partners Greka Energy Corporation (Nasdaq:GRKA), Condor Gold Fields (OTCBB:CGFIF) and First Goldwater Resources Inc. (CDNX:FGD) are drilling a well on the property that is expected to take approximately forty days to drill. The property consists of 3,480 acres that is a 75-25 joint venture with GRKA and 5,250 acres that is a 50-50 joint venture. The primary target is the Cretaceous Brown Mountain Sandstone Formation. The 3-D seismic data acquired from Chevron, identified four positive amplitude anomalies interpreted rights and interests as potential gas bearing structural-stratigraphic reservoirs. This property is situated between a 503,000,000 barrel oil field and a field that has produced 2.9 Trillion Cubic Feet of Gas and 458,000,000 barrels of oil. This field is adjacent to a blow out well that was estimated to be flowing at 300,000,000 feet of gas per day and took over three years to contain.
Independent evaluations indicate that the property may contain up to 800 Billion Cubic Feet (BCF) of gas. Given the current rate for gas in California of $10 per MCF this prospect may contain up to $8,000,000,000 worth of gas. Given the current price of gas each 1% working interest may be worth up to $80,000,000.00 thereby making the company's 5% interest potentially worth $400,000,000. The company currently only has 7.7 million shares outstanding. Management states "with our small number of shares outstanding coupled with the potential size of this gas target, we are extremely excited about the enormous upside of our company."
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 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 gas prices, product demand, market competition, and imprecision of reserve estimates.
CONTACT:
Micron Enviro Systems Inc.
Rod Hope, 604/719-3705
www.micronenviro.com
KEYWORD: NEVADA CALIFORNIA INTERNATIONAL CANADA
BW0487 JUN 12,2001
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