VANCOUVER, British Columbia, May 30, 2006 (PRIMEZONE) -- Micron Enviro Systems, Inc. (OTCBB:MSEV) (Frankfurt:NDD) ("Micron") is extremely pleased to announce that it has entered into an agreement to acquire drilling and production rights to other depths on the Boyne Lake Prospect in Alberta, Canada. Based on data collected throughout the drilling stage it was decided to purchase the rights for the land at other depths. At this time the operator has maintained that the well is still on tight hole status, therefore information regarding the testing results will not be released due to the confidentiality of the well at this time.
Micron also recently announced plans to forward split its stock on a 3 for 1 basis for shareholders of record on June 12, 2006. What this means is that for each one share you own on that day, you will hold three shares of Micron stock after the split. For example, if you own 10,000 shares as of record date (June 12, 2006) you will hold 30,000 of the new shares with a new CUSIP number, giving you ownership of a total of 30,000 shares of Micron. Management feels a forward split would reward the existing and new shareholders of record and assist in curbing the possible naked shorting of the stock.
Micron is currently undertaking a new marketing initiative to create additional awareness for the company. 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. This new marketing initiative will be on-going over the coming months.
Bernie McDougall, President of Micron stated, "This is great news to be acquiring additional rights throughout this Alberta oil and gas prospect. Clearly we would like to evaluate more of the lands as we feel that additional zones may be productive based on the information gathered to date. It is also apparent that the shareholders have reacted quite positively to the decision to forward split the stock on June 12, 2006. When you take into account the current near all time highs on oil prices and that the shares are trading close to 50% below the high recently set, we feel that the Micron shares may not be reflecting the current value of the company especially since the company's current liabilities have decreased by over 75% and the current assets have increased by 10 times during the past quarter. At this time, Micron is one of if not the smallest market capitalized companies with exposure to multiple Alberta Oil Sands prospects.''
Micron has just recently retained independent petroleum consultants to initiate the operations on the Athabasca Oil Sands Prospect. An evaluation of the potential reserves, estimated development and operation costs, estimated future capital expenditures, and other pertinent information regarding the potential development of this Oil Sands prospect is expected to follow.
Micron has also just recently added three new Alberta Oil Sands leases consisting of 4 new sections in the world-class Athabasca Oil Sands region. Two of these new sections are within 5 miles of Micron's existing Athabasca Oil Sand 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 also currently looking into expanding its exposure to the Alberta Oil Sands. These new ventures include new oil sands partnerships and/or new oil sands leases.
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 US with its favorable political climate, close proximity and being one of the few non-OPEC countries which can grow its oil production.
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 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.