SOURCE:
Mammoth Energy Group, Inc.
2008-08-21 11:21:00
WINSTON-SALEM, NC–(EMWNews – August 21, 2008) – Mammoth Energy Group, Inc. (
has been fully completed and has begun commercial production. The well
began pumping on August 20, 2008 with an initial production rate of 2-3
barrels per hour fluid recovery. The well is still pulling both oil and
acid water out at a current ratio of 30-50 percent oil to water. As we are
still recovering acid water from the acidizing process, the ratio will
improve as the acid water recovery diminishes.
“The growth of the company is beginning to take off,” commented Joe
Overcash, Chief Executive Officer of Mammoth Energy Group. Overcash
continued, “Our first producing well is a big step for the company. We are
confident that our other wells will produce at similar rates, which will
significantly increase both revenues and net asset value for our
shareholders.”
About Mammoth Energy Group, Inc.
Mammoth Energy Group, Inc. is focused on developing shallow gas projects in
north-eastern Oklahoma due to the low risk, blanket characteristics in the
area that make it possible to drill and produce a well nearly every time.
It is currently focused on developing its Noble and Kay County properties
in Oklahoma that covers approximately 1,400 acres.
More information is available at the company’s website at
Cautionary note This report contains forward-looking statements,
particularly those regarding cash flow, capital expenditures and investment
plans. Resource estimates, unless specifically noted, are considered
speculative. By their nature, forward-looking statements involve risk and
uncertainties because they relate to events and depend on factors that will
or may occur in the future. Actual results may vary depending upon
exploration activities, industry production, commodity demand and pricing,
currency exchange rates, and, but not limited to, general economic factors.
Cautionary Note to U.S. investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
“reserves” unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally producible
under existing economic and operating conditions.
| Contact:
M & M Investor Relations |
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