Mammoth Energy Group, Inc. Announces Pawnee County Production Update
08:31 a.m. 09/23/2008 Provided By Market Wire
WINSTON-SALEM, NC, Sep 23, 2008 (MARKET WIRE via COMTEX) -- Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce initial flow rate production numbers for its Pawnee county wells. Management for the project operator, Mandalay Energy Resources, states they have had enough fluid recovery to estimate initial flow rates to be 175 BOPD for the 7 wells combined. Mandalay anticipates a significantly higher total production number, but at this time, estimates on the 4 incomplete wells in this group can only be based on their initial fluid recovery rates.
The first tanker of oil was sold and picked up from the 3 completed Pawnee county wells. As the remaining 4 wells get on pump, oil pickup is expected to become a daily occurrence.
"I am excited to see the pending completion of wells 4 through 7," states CEO Joe Overcash. "Our operator expects to have all 7 wells on pump by week's end and production updates will be forthcoming as the days and weeks progress."
About Mammoth Energy Group, Inc.
Mammoth Energy Group, Inc. is focused on developing shallow gas 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. It is currently focused on developing its Noble and Kay County properties in Oklahoma that covers approximately 1,400 acres
1 comment:
market did not take it as well as i had hoped looks like people need to free up some money before throwing it back into mammoth we will see .0020's soon.
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