VANCOUVER, British Columbia, Feb. 27, 2006 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MSEV) is extremely pleased to announce it has now entered into the Canadian Oilsands Limited Partnership (COLP). This newly created partnership will pursue the acquisition, exploration and development of land or other property interests in the Alberta Oil Sands. Final negotiations are progressing and it is anticipated that the first Alberta Oil Sands project will be finalized in the next 1-6 weeks.
The Oil Sands of Canada hold recoverable reserves of 175 billion barrels with a proven reserve life of 480 years and another 130 billion barrels of potential reserves, which is second only to Saudi Arabia's 262 billion barrels. As a comparison, the United States has only 29 billion barrels of recoverable reserves and has decreasing domestic production while their demand is increasing by 1-2% every year. Canada is in an optimal position to supply oil to the U.S. with its favorable political climate, close proximity and because Canada with its Oil Sands is one of the few non-OPEC countries which can grow its oil production.
Bernie McDougall, President of Micron stated, "This is easily the most important project that MSEV has ever been associated with. For a company of our tiny market cap to have an association with one of, if not the largest single natural resources in the world, the Alberta Oil Sands, this is clearly the biggest step forward the company could make in terms of securing its future. If you consider other junior oil and gas companies and the explosive growth their stocks have achieved by having exposure to the Alberta Oil Sands, it is quite obvious that MSEV's management is extremely excited about what the future will hold for the company's growth going forward."
MSEV has also initiated the process of listing its shares on the Frankfurt Stock Exchange. The process is expected to be completed within 2-6 six weeks. There are a large amount of junior resources companies that have listed on the Frankfurt Exchange which have received positive substantial exposure from the listing.
Also, the drilling on the Boyne Prospect is now underway. The seismic program on this prospect was comprised of three seismic lines for a total of 5.3 miles. The lines tie in the neighbor's successfully tested well (3.4 million cubic feet of gas per day absolute open flow) three quarters of a mile northwest of the property and in addition also incorporate parts of two neighboring sections along with the Boyne Prospects owned section. This prospect is approximately 45 miles away from Athabasca, Alberta.
MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEV's goal is to become a junior oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. MSEV currently has multiple independent sources of oil and/or gas revenue from production in Canada and 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 including the oil sands of Canada.
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.