Mammoth Energy Group, Inc. Announces Well Production
Aug 21, 2008 12:20:00 PM
View Additional ProfilesWINSTON-SALEM, NC -- (MARKET WIRE) -- 08/21/08 -- Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce today that the company's first Oklahoma well has been fully completed and has begun commercial production. The well began pumping on August 20, 2008 with an initial production rate of 2-3 barrels per hour fluid recovery. The well is still pulling both oil and acid water out at a current ratio of 30-50 percent oil to water. As we are still recovering acid water from the acidizing process, the ratio will improve as the acid water recovery diminishes.
"The growth of the company is beginning to take off," commented Joe Overcash, Chief Executive Officer of Mammoth Energy Group. Overcash continued, "Our first producing well is a big step for the company. We are confident that our other wells will produce at similar rates, which will significantly increase both revenues and net asset value for our shareholders."
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 U.S. 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.
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