Mammoth Energy Group, Inc. Announces Well Acquisitions and Interest Restructure
08:30 a.m. 09/12/2008 Provided By Market Wire
WINSTON-SALEM, NC, Sep 12, 2008 (MARKET WIRE via COMTEX) -- Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce news regarding its well acquisitions and working interest restructure. On August 27, 2008, the company announced the acquisition of a 5% working interest in a well in Pawnee County Oklahoma. Today the company has negotiated with the majority leaseholder and has acquired a working interest in seven wells. The company now has a working interest of 3.75% in seven separate wells in Pawnee County. While this restructure of working interest has slightly decreased in several wells, it provides an overall improved position by giving Mammoth Energy working interest in the higher producing wells. The company is also in negotiations for the acquisition of a working interest in four additional wells, bringing its total to eleven in Pawnee County, further improving its overall position. Mammoth is currently awaiting production numbers from the operating contractor and will release these as soon as they are available.
"The first load of oil from the producing wells was sold on September 10," stated Joe Overcash, President of Mammoth. "We expect to start receiving proceeds from this first sale around the middle of October."
4 comments:
MMTE seems to have good PR's coming out these days. i'm not invested in it, but i do watch it (a little). what do you think the reasoning is for its sluggish behavior?
The amount of interest. There are maybe 5 of us on the I-Hub board compared to the huge number of people on the QMNM and other boards. Plus we're still waiting on numbers from the first 2 wells that they OWN 100% and should be producing.
The last 2 P/R's are in regards to working interests they bought.
It'll have it's day and make a penny as they all do.
if i can flip any QMNM next week i might buy into MMTE a little. they seem to have a pretty solid foundation. not a barrel of monkeys like QMNM.
All these pennies are a crapshoot and basically momentum plays based on P/R's and POTENTIAL revenues.
It's a long haul out of pennyland.
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