HotOtc.com - MASP may rally as oil prices head higher
More on MASP
There are several reasons why we need to start looking at oil companies like
MASP.
1. Off shore drilling is very risky.
Millions of gallons of oil have spilled into the Gulf because of BP's Deepwater
Horizon rig exploding. The Florida Gov. Charlie Crist even wants offshore
drilling ban on ballot.
2. Oil prices are coming back and currently trade around $79 a barrel
Last December Reuters reported that U.S. investment bank Goldman Sachs expects
oil prices to rise to an average $90 a barrel in 2010, before increasing to $110
in 2011!
CNBC's CME Group floor reporter Rick Santelli commented, "You know, we’ve been
to $150 before and I don't see why it couldn’t happen again."
3. The United States is depending far too much on oil from the Middle East.
Most of the world's oil reserves are concentrated in the Middle East, and about
two-thirds are controlled by OPEC members.
Oil price shocks and price manipulation by OPEC have cost our economy dearly.
We need to look towards oil drilling here in America.
MASP has targets in the Mid West of the United States and Canada.
MASP is currently in the process of acquiring several producing oil and gas
assets in Western Canada.
The target acquisitions offer a stable production base with low risk drilling
opportunities. This provides steady cash flow for continued exploration and
development in various prospect areas within the Western Canadian Sedimentary
Basin.
Canada's proven oil reserves are well developed and holds more than 175 billion
barrels of oil!
The area is politically stable and has been a major oil producer of many
decades.
MASP has acquired a 2.34% interest in three wells in Kingfisher County,
Oklahoma.
You can read more about them here:
http://www.masspetroleum.com/projects/kingfisher_ok/
MASP is also currently in the process of acquiring several leases in the Walnut,
Southeast field in Crawford County Kansas.
On July 22, 2010, MASP entered into a non-binding Letter of Intent with JKA
Ventures Corp. (“JKA”) whereby the Company will purchase JKA’s working interest
in the Walnut, Southeast Field in Crawford County, Kansas.
The preliminary terms are that MASP will acquire 100% of JKA’s working interest
for a total price of US $800k with a 10% deposit payable at the completion of
the Company’s due diligence.
The transaction is scheduled to close by September 1, 20010 but is subject to
the Company’s due diligence investigation and also the negotiation of a final,
formal contract.
MASP has determined that the Kansas areas provide low-risk, multi-well oil and
gas investments via direct participation programs through a direct ownership
position in the wells or joint venture opportunities.
The target leases consist of six separate leases within the Walnut Southeast
field area.
The leases are: Engle, Mein, Bammann, Westhoff, Steffens and Bradshaw.
Each lease is developed with a number of producing wells and in some cases water
injection as well.
Production is primarily taken from the Bartlesville and Cattleman formations of
Pennsylvanian age. Average well depth is approximately 380 feet. There are
approximately 130 total wells on the property; leases are 100% working interest
(“WI”), with net revenue interest (“NRI”) at approximately 80%. Total acreage on
all leases is 1,300 acres.
There are over 2100 oil and gas producers operating in Kansas. 70% of the wells
produce oil and the other 30% produce natural gas!
Here are some other key facts about Kansas oil production:
* The first oil well in Kansas was drilled in 1860.
* Currently Kansas produces oil and gas in 89 of the 105 counties.
* Over 4000 permits to drill have been issued in Kansas to date.
* The average well depth is about 3,500 feet.
* Over 59,000 wells are actively producing oil and natural gas in Kansas.
MASP intends to build their business through the acquisition of producing and
exploration stage oil and natural gas wells, interests and leases.
MASP's strategy is to combine the secure and reliable revenue source of operated
and non-operated interests from producing oil wells with the higher risk
development of oil and gas exploration projects.
MASP is looking for properties and interests that have the following qualities:
-- At least developmental drilling in proven producing areas;
-- Significant additional production capacity through developmental drilling,
recompletions
and workovers;
-- Further developmental potential
-- In some cases, ability to assume operatorship or appointment of a known
operator with
relevant experience in the area.
For more information on MASP, visit their website at:
www.masspetroleum.com Always do
your own research and consult with your own financial professional.
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