Company description::
News Release
For Immediate Release:
May 10, 2004
Miller Petroleum, Inc. Announces the Completion of Two Major Lease Acquisitions
HUNTSVILLE, Tenn., May 10, 2004 - MILLER PETROLEUM, INC. (OTCBB: MILL) plans large gas developmental drilling program and two deep wildcats.
Acting on its extensive experience in the Appalachian Basin, Miller has secured leases to exploit the focal point of a 20,000-acre wildcat prospect whose potential has been confirmed by 4 miles of recently shot seismic. Miller has organized this prospect in a joint venture with a large Appalachian based independent oil and gas company.
"Knowledgeable geologists have described this prospect as perhaps the largest unexplored structure in the Appalachian region and believe it could be a major hydrocarbon reservoir,” says Deloy Miller, Chief Executive Officer.
In another area, the Company’s leasing acquisitions have also created a 14,000 acre contiguous block in Campbell County, Tennessee, that will accentuate an additional high grade, 19,000 acre contiguous block that Miller holds in close proximity. Together, these form a total position of almost 33,000 acres. The Company plans to drill up to 50 developmental natural gas wells on these two prospects, that can be fed into nearby gas lines for fast delivery to market and immediate cash flow.
The Company expects the new drilling program will add substantially to its total Proved/Developed/Producing, Drilled/Not Completed and Proved/Undeveloped reserves of 9.1 billion cu. ft. of natural gas and 364,587 barrels of crude oil.
About Miller Petroleum, Inc.
Miller Petroleum, Inc. is a publicly traded gas and oil exploration and production company with headquarters in Huntsville, Tennessee. The company is rapidly increasing natural gas reserves in the Appalachian Basin. Miller's gas market is readily accessible through the company's infrastructure of gas lines for immediate sales.
Forward-looking statements
This news release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ significantly from results discussed in such forward-looking statements. Factors that may cause a difference include, but are not limited to, competition within the oil and gas industry, the market demand for, and prices of, oil and natural gas, the Company's availability of capital, production and costs of operation, results of future drilling, environmental risks and other factors detailed in the Company's filing with the Securities and Exchange Commission.
Source: Miller Petroleum, Inc.
CONTACT:
Deloy Miller of Miller Petroleum, Inc., +1-423-663-9457
(MILL)
ECON Investor Relations, Inc.
Dawn Van Zant, 1.866.422.4425
dvanzant@investorideas.com
or
Trevor Ruehs
truehs@investorideas.com
For full details, click here: http://www.investorideas.com/Companies/MillerPetroleum/NewsReleases.asp
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