Mammoth Energy Group is an oil and gas exploration holding company focused on the development of oil and gas prospects in Oklahoma. Its \mission is to identify and evaluate prospects, and provide the expertise and capital necessary to companies who are believed to have potential to successfully produce large quantities of oil.
Through its newly created subsidiary, United Gas OK, Inc., the company has working interests in 17 producing gas wells and a deposit placed on a 1,400 acre field. According to a report completed by Jackson Engineering, the Herrington Limestone Formation is known to produce sweet gas, with initial production rates as high as 100,000 cubic feet a day.
Yesterday after the markets closed Mommoth Energy announced that it has reorganized the sale of its prior assets, which eliminated a majority of the debt previously obtained. The company also announced that it has acquired the drilling rights to a gas field with proven production, and it believes that the shallow wells will provide consistent cash flow once they are drilled.
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