MMTE hits oil on first well in OK, off to drilling second!!
Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce today that drilling on its first Oklahoma well has been successful. The well encountered a good show of oil and gas at 440 feet and a second zone at 510 feet. The well was logged and appears to have a 25-foot thick formation with the potential presence of hydrocarbons from approximately 430 feet to 445 feet. The log also suggests that the second zone has hydrocarbons from approximately 515 feet to 520 feet. The company has immediately elected to move on to completion of the well and will begin the process of putting the well into commercial production.
The Drilling rig is currently being moved to the company's second well location on this lease and is anticipating a 'spud' date of Friday August 1, 2008. "We seem to be off to a very good start on our Oklahoma venture and are looking forward to continuing our operations there," stated Joe Overcash, President of Mammoth. "Once we know the commercial production from the wells, we can begin to forecast on ongoing results."
Posted by sailingzocean on :
Train is leaving the station...up .0004
Posted by a surfer on :
Pull back to .0016 and the next round begins.
Posted by CashCowMoo on :
This is good news, but dont let it get to your head. They have a good zone to produce, the question is how much daily production are they going to suck out of it. Wells that are this shallow are cheap to complete, but they are not going to bring in money to push the PPS up high like everyone wishes when they buy it.