VANCOUVER, British Columbia, Nov. 17, 2006 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MENV) (Frankfurt:NDDA) ("Micron") is extremely pleased to announce that it has been informed that 8 new Alberta Oil Sands sections have been acquired by one of MENV's partners in the Oil Sands Partnership. These new sections are independent of but contiguous or close to some of its existing oil sands leases held in the Oil Sands Partnership that MENV is a partner of.
MENV has also just reported that operations on one of the Alberta Oil Sands prospects is about to commence. The seismic operations are scheduled to get underway shortly followed by a drill program to delineate out the potential size of the oil sand resource 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 great news for MENV as having one of our Oil Sands Partnership partners acquire additional land contiguous with the land we have an interest in. As this area is developed by our partner, the interest that MENV has in the Oil Sands partnership will benefit due to the contiguous nature of the land. With the operations about to commence on the one Oil Sand lease and now with this news affecting some of our other leases, this gives MENV the strong potential to have multiple Alberta Oil Sands prospects being worked on throughout 2007. At this time Micron is one of if not the smallest market capitalized companies with exposure to multiple Alberta Oil Sands prospects. Currently the stock is trading more than 70% below our recent highs and that was at a time when we had far less assets and had not yet started work on the Oil Sands prospects we have interest in. We are extremely excited about the future of MENV going forward as we grow and develop our current and future oil sands operations."
In 2006, Micron added three additional Alberta Oil Sands leases consisting of 4 new sections in the world-class Athabasca Oil Sands region of which two of these new sections are within 5 miles of Micron's existing Athabasca Oil Sands Prospect. These two new sections are close to the existing Oil Sands leases held by Connacher Oil and Gas's Great Divide Prospect, as well as to other major Oil Sands projects by Devon, EnCana, and ConocoPhilips. The other new Alberta Oil Sands lease acquired consists of two contiguous sections that lie just southwest of the announced Royal Dutch Shell Plc Oil Sands leases which they recently purchased for approximately $400 million.
Micron is planning to re-initiate a marketing plan to create additional awareness for the company as the oil and gas operations start up. There has been very little marketing since the company changed its symbol to MENV, therefore management feels the market may not be aware of what the company is doing. This plan will primarily be email based and will target 100 percent opt-in private and institutional investors that trade stocks in Micron's price range.
Micron is an emerging oil and gas company that has exposure to four separate leases in the Athabasca Oil Sands of Alberta, Canada, which is the largest Oil Sands region in the world, and has production from multiple conventional oil and gas wells. Micron is one of if not the smallest market capitalized companies with exposure to multiple Alberta Oil Sands. Micron'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. Micron currently has multiple independent sources of oil and/or gas revenue from production in Canada and Texas. Micron is presently involved in multiple oil and gas prospects, and continues to look for additional projects that would contribute to building Micron's market capitalization, including additional Oil Sands projects.
If you have any questions, please call Micron at (604) 646-6903. If you would like to be added to Micron'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 http://www.SEC.gov. For all details regarding working interests in all of MENV'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.