miller petroleum press release

The following is an extract from Miller Petroleum’s press release on 9 June, who’s SP has subsequently increased around 50% on above average volumes since that date. Looks good for NWE’s SP over the next few days/weeks plus all the excitement of Magnolia yet to come.

“Miller completes drilling of the Koppers #6A, Koppers #7A, Carden #1A and Carden #2A, in Campbell County, Tennessee, on a 10,400-acre lease block. Total depths are approximately 3000 feet, to fully penetrate a thickened Devonian Shale. Production casing has been run in each of these wells as drilling continues on the Carden #3A. Well completions will be scheduled the week of June 21st.

"We are pleased with the results of drilling. Not only did we have the projected 550 feet of Devonian Shale, but we also drilled an additional thrusted section in the Koppers #7A. This extra thickness will add additional reserves of natural gas," said Deloy Miller, CEO, Miller Petroleum.

This 10,400-acre lease block, the Koppers North / Carden Prospect, forms a contiguous block of acreage directly south of the leading edge of the Pine Mountain Over Thrust. The thrusting has produced concentrated fracturing and a substantially thickened Devonian Shale, thus increasing the capability of the reservoir to flow gas.

"We fully expect a high drilling success rate, which will significantly increase the company's Proven Developed Producing and Proven Undeveloped reserves," Miller reported. "We have already established oil and gas production in this area, therefore we fully expect to drill an additional 100 wells in this joint venture as we develop these leases." Gas lines are on this acreage for immediate sales and cash flow.

Drilling and development is with a joint venture with Golden Triangle Energy (GTE), Inc., Houston, Texas and Norwest Energy NL, Perth, Australia. Miller Petroleum, Inc. will serve as operator and retain a 25% interest in all wells drilled by the joint venture.

Miller Petroleum, Inc. is a publicly traded, fully integrated, gas and oil exploration and production company with headquarters in Huntsville, Tennessee. The company is rapidly increasing natural gas reserves in the Appalachian Basin.”

Mensa.