WINSTON SALEM, NC, Jun 05, 2008 (MARKET WIRE via COMTEX) -- Mammoth Energy
Group Inc. (PINKSHEETS: MMTE) announced today that it has received a definite
date to commence drilling the first well which will be June 16.
President Joe V. Overcash again stated, "The drilling company apparently had
some problems at their current jobsite and are slightly delayed in getting
started but we are confident that we will have the rig moving to the site by the
date indicated. Rigs are in very high demand and we are very lucky to have one
available to us with such short notice. We anticipate the drilling and
completion of the first well in less than 30 days and production will commence
immediately thereafter. It takes about 60 days to receive revenue checks from
the operator as they reconcile the gas flow with the buyer and then segregate
the funds for the participants. Based on projections done by the former operator
of the property, we estimate that the three wells combined could generate over
$525,000 within 36 months based on gas production alone. We would hope to double
or triple that number if we find oil along with the gas."
Mammoth Energy Group, Inc.
We are focused on developing shallow gas and/or oil projects in northeastern
Oklahoma due to the low risk, blanket characteristics in the area that make it
possible to drill and produce a well nearly every time. We have continuing
revenue from our Rogers County, OK project and with the Noble property hopes to
develop its strategy with wells that can be drilled quickly and be positioned to
grow consistently each month as new wells are brought on-line.
More information is available at the company's website at
www.mammothenergygroup.net
