VANCOUVER, British Columbia, March 2, 2006 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MSEV) is extremely pleased to announce it has now entered into its first Alberta Oil Sands Project through the recently formed Oil Sands partnership. This first project is located in the Athabasca Oil Sands, which is the single largest oil sands formation in the world. This new Oil Sands Project is located just south of Fort McMurray, Alberta and is in close proximity to major oil sands projects by Devon, Encana, and Cononco Philips. At a recent presentation, Encana's COO stated that Encana's Christina Lake Prospect, which is within 15 miles of MSEV's new prospect, could grow to produce 250,000 barrels per day. The closest Oil Sands Project adjacent to MSEV's new project has stated they have reserves of 1.3 billion barrels of oil in place.
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 being one of the few non-OPEC countries which can grow its oil production.
Bernie McDougall, President of Micron stated, "This is the biggest project that MSEV has ever been involved in. When you look at the absolute magnitude of the Alberta Oil Sands as the single largest natural resource in the world, and the fact that a company of MSEV's tiny market capitalization has exposure to it, this is the most exciting project that MSEV could be associated with at this time. There are other small companies that have recently experienced tremendous increases in shareholder value through exposure to the oil sands, and we anticipate that MSEV may achieve similar success. This is the first Oil Sands Project we have been involved in and we hope to be acquiring additional oil sands assets in the future. This is just the start for MSEV's oil sands endeavors, and we feel that shareholders should share management's enthusiasm in what this new Oil Sands Project may mean for the future growth of their company."
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.
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.