Mammoth Energy Group, Inc. Announces Pawnee County Production Update
Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce initial flow rate production numbers for its Pawnee county wells. Management for the project operator, Mandalay Energy Resources, states they have had enough fluid recovery to estimate initial flow rates to be 175 BOPD for the 7 wells combined. Mandalay anticipates a significantly higher total production number, but at this time, estimates on the 4 incomplete wells in this group can only be based on their initial fluid recovery rates.
The first tanker of oil was sold and picked up from the 3 completed Pawnee county wells. As the remaining 4 wells get on pump, oil pickup is expected to become a daily occurrence.
“I am excited to see the pending completion of wells 4 through 7,” states CEO Joe Overcash. “Our operator expects to have all 7 wells on pump by week’s end and production updates will be forthcoming as the days and weeks progress.”
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.