MMTE on close watch this week

MMTE has been issuing a steady diet of press and consequently has received interest from the investment community. A recent company letter indicates that MMTE is reducing its authroized shares from a bloated 5.5 billion to a more manageable 1.5 billion shares.

This is a start in the right direction. The outstanding share figure is in the 1.2 billion share range so the room for additional dilution is capped short term.

MMTE looks like a stock that will gain momentum as the week progresses. Keep your eyes on it. Here is a copy of todays press release.

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Mammoth Energy Group, Inc. Working Towards PS StatusMarket Wire "US Press Releases "
WINSTON-SALEM, NC -- (MARKET WIRE) -- 06/02/08 -- Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) has started working diligently to obtain a PS Status on Pink Sheets. President and CEO, Joe Overcash, is working very closely with M and M Investor Relations to obtain all the necessary information to achieve the PS Status. Joe Overcash has started working on the financials of Mammoth to get them up to date. He is collecting all current information about Mammoth for the disclosure statement and both he and M and M Investor Relations are working with an attorney to have the legal opinion letter prepared.
"We at Mammoth Energy are working very hard to obtain the PS Status and become fully reporting," stated President and CEO Joe Overcash.
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:
Investor Relations
Dominic Martinez
866-508-2092
Email: dominic@mandminvestorrelations.com