MMTE came under significant accumulation on Friday closing at $.0023 which was the high of the day. MMTE should continue where it left off this holiday shortened week. Keep a close eye on it.
Today's news release is below.
Mammoth Energy Group Announces Start Date for Drilling Contract on Wells in OklahomaMarket Wire "US Press Releases "
WINSTON-SALEM, NC -- (MARKET WIRE) -- 05/27/08 -- Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that it has received confirmation from American Continental Energy of the start of the first three wells to be drilled on the Noble County, Oklahoma property that will commence on or before June 10, 2008.
Management anticipates that these three wells should be on-line by the third quarter of this year and should bring the natural gas production to an average of just over 100 thousand cubic feet per day (MCFD).
"At the depth of the program for drilling, we expect to find both oil and natural gas and are quite optimistic about this property potential," stated Joe Overcash, President. "While there are certainly no guarantees in this business, the field has all of the characteristics that we were searching for in a new project."
About Mammoth Energy Group, Inc.
We are focused on developing shallow gas and/or oil 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. We have continuing revenue from our Rogers County, OK project and with the Noble property hopes to develop its strategy with wells that can be drilled quickly and be positioned to grow consistently each month as new wells are brought on-line.
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. Contacts
North America
Mammoth Energy Group, Inc.
Investor Relations Contact:
Dominic Martinez
866-508-2092
Email: dominic@mandminvestorrelations.com
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