Mammoth Energy Group, Inc. Announces Acquisition of Working Interest in a Third Well
Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce today that it has obtained a working interest in a new oil well, bringing the current total of working wells to three. Due to a slippage in schedule of approximately 3 weeks for continued drilling on its current well projects, the company has negotiated an interest in an additional oil well that has been completed. The well is located in Pawnee County, Oklahoma. Depth of the new well will be deeper then those currently drilled by the company and should realize higher production rates. Those rates will be released soon. We have re-entered previously drilled oil fields that have plenty of historical data where prior oil and gas companies did not test and pursue known formations.
“This is a great opportunity for the company to realize additional revenue, and expand its production quickly,” stated Joe Overcash, President of Mammoth. “Management is continuously seeking out new well interests and additional drilling leases.”
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 www.mammothenergygroup.net
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.
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SOURCE: Mammoth Energy Group, Inc.