September 12, 2008
Mammoth Energy Group, Inc. Announces Well Acquisitions and Interest Restructure
Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce news regarding its well acquisitions and working interest restructure. On August 27, 2008, the company announced the acquisition of a 5% working interest in a well in Pawnee County Oklahoma. Today the company has negotiated with the majority leaseholder and has acquired a working interest in seven wells. The company now has a working interest of 3.75% in seven separate wells in Pawnee County. While this restructure of working interest has slightly decreased in several wells, it provides an overall improved position by giving Mammoth Energy working interest in the higher producing wells. The company is also in negotiations for the acquisition of a working interest in four additional wells, bringing its total to eleven in Pawnee County, further improving its overall position. Mammoth is currently awaiting production numbers from the operating contractor and will release these as soon as they are available.
"The first load of oil from the producing wells was sold on September 10," stated Joe Overcash, President of Mammoth. "We expect to start receiving proceeds from this first sale around the middle of October."About Mammoth Energy Group, Inc.
Mammoth Energy Group, Inc. is focused on developing shallow gas projects in northeastern 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 US 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.