VANCOUVER, British Columbia, March 7, 2006 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MSEV) wishes to announce that it has been informed by the operator of the gas well in Alberta that MSEV entered into on February 7, 2006, that the well has been successfully drilled and cased. Based on information received to date a decision has been made by the operator to declare the well in "Tight-Hole Status" (no further information about the well can be disclosed until further notice).
Bernie McDougall, President of MSEV stated, "Things are really going in our favor right now. We have just announced our first acquisition in the world's largest Oil Sands region and now our first conventional operations in months appear to be positive. The fact that the operator has decided to go to Tight-Hole Status is potentially very encouraging. These are very exciting times for MSEV and MSEV's shareholders as the company seems to be clearly heading in the right direction. Management is also very excited about the recent announcement by the Whitesands Oil Sands project of the initial start-up of operations. The Whitesands project is the closest major oil sands project to our property."
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.
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. The monies needed for the listing have been forwarded and accepted for this application.
MSEV is an emerging oil and gas company that has exposure to the Athabasca Oil Sands of Alberta, Canada, which is the largest Oil Sands region in the world and has production from conventional multiple oil and gas wells. MSEV is one of, if not the smallest, market capitalized companies with exposure to the Alberta Oil Sands. 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 additional Oil Sands projects.
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.