VANCOUVER, British Columbia, March 18, 2005 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MSEV) is extremely pleased to announce that MSEV has signed a participation agreement for a working interest in a potential multi-well prospect located in the world-class Pembina Oil and Gas Field in Alberta, Canada. The first well on the Pembina Prospect calls for a re-work of an existing successful oil and gas well targeting the Viking Sands. The operations on this new prospect are expected to commence within the next few days, with initial results from this first well in 7-10 days.
Bernie McDougall, president of MSEV stated, "This is a tremendous opportunity for MSEV. To be able to secure a working interest in such a world-class field could be a huge step in MSEV's growth. The month of March is going to be an exciting one as MSEV could be achieving results on two separate drill programs. Considering that we have had five out of five successful wells on the Martex Prospect to date, we feel quite confident in the results the 6th well. When you factor in the all-time high prices for oil achieved this week, it could not be a better time for MSEV to find new discoveries. MSEV's goal is to become a mid-range oil and gas producer, and by the end of this month we could be closer to achieving this goal."
Alberta accounts for 55% of Canada's oil production. Alberta's crude oil and equivalent production was 1,534,000 barrels per day in 2003. One half of Alberta's oil and gas is exported to the U.S., providing 5% of U.S. oil consumption and 12% of natural gas consumption. The Oil and Gas Journal reported that Canada ranks second largest, only behind Saudi Arabia, in terms of global proven crude oil reserves at 15% of world reserves. The majority of these reserves are found in Alberta.
Alberta accounts for just over 80% of the natural gas produced in Canada, which is the world's third-largest supplier of gas, and exports about three-quarters of its production outside the province's borders. About half of the five trillion cubic feet of gas produced each year in Alberta is exported to the United States, and about one-quarter flows to other points in Canada. Alberta has an estimated 200 trillion cubic feet of ultimately recoverable conventional natural gas. Recent estimates indicate that Viking and equivalent strata contain in the order of 5% and 8%, respectively, of the oil and gas reserves known to exist in Alberta alone.
MSEV is also pleased to announce that it has been notified by the operator that the frac of the Stuart #60-8 Well on the Martex Prospect in Texas is scheduled to occur this Friday, March 18. The operator stated, "This frac will be the largest we have performed on the Big Saline wells and we hope to increase the flow rate accordingly. We will begin digging a pit to load with the water starting the first half of March. With pit construction time, lining the pit, filling with water, we plan to schedule the frac for March 18th. At this time, we should have everything ready to go to put the well on line without any shut-in time." As soon as this well is completed, the next well on this prospect is expected to commence.
MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEV's goal is to become a mid-range oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. MSEV currently has 16 independent sources of oil and/or gas revenue. MSEV's production is from ten oil wells in Canada, and six wells producing oil and/or gas wells in Texas. MSEV is presently involved in multiple oil and gas prospects, and continues to look for additional projects that would contribute to building MSEV's market capitalization.
If you have any questions, please call MSEV at (604) 646-6903. If you would like to be added to MSEV's update email list, please send an email to info@micronenviro.com requesting to be added.
This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled "Risk Factors" in the Company's periodic filings with the United States Securities and Exchange Commission, which can be viewed at www.SEC.gov. For all details regarding working interests in all of MSEV's oil and gas prospects or any previous news releases go to the SEC website. You should independently investigate and fully understand all risks before making investment decisions.