Miller Petroleum Partners with Atlas America for Gas Exploration and Drilling
20 6월 2008 - 4:57AM
PR Newswire (US)
Settles Claims with Wind City HUNTSVILLE, Tenn., June 19
/PRNewswire-FirstCall/ -- Miller Petroleum, Inc. (Pink Sheets:
MILL.PK) today announced that it had entered into a transaction
with a subsidiary of Atlas Energy Resources, LLC (NYSE:ATN) whereby
Miller has assigned to Atlas (i) a 100% working interest and 80%
net revenue interest in its oil and gas leases comprising 27,620
acres in Koppers North and Koppers South in Campbell County,
Tennessee; (ii) a 100% working interest in eight existing wells on
the Koppers acreage; and (iii) a 100% working interest and 82.5%
net revenue interest in oil and gas leases comprising of 1,952
acres adjacent to the Koppers acreage. Deloy Miller, Chairman and
Chief Executive Officer of Miller, said, "This is a momentous deal
for Miller shareholders and a tremendous time to be in the oil and
gas exploration and drilling business. We're very excited about the
opportunity to partner with Atlas, which is one of the leading oil
and gas exploration and drilling companies in the United States."
The agreement with Atlas also provides for Miller, at its option,
to participate in up to ten wells to be drilled on the assigned
acreage at up to a 25% working interest. In addition, Miller and
Atlas entered into a two-year drilling contract, with Miller
acquiring two rigs to drill wells for Atlas in Tennessee. Miller
and Atlas also entered into a natural gas transportation agreement;
and a natural gas processing agreement pursuant to which Atlas
will, for a fee, provide transportation and natural gas processing
services to Miller and deliver back to Miller natural gas with a
heating value of 1,100 BTUs per cubic foot. Settlement with Wind
City Miller settled all claims in Tennessee and New York with Wind
City Oil & Gas LLC and affiliates in exchange for a payment to
Wind City of $10.6 million, Wind City and/or its affiliates
returned to Miller all leases previously assigned by Miller as well
as the 2,900,000 shares of Miller common stock previously issued to
Wind City. About Miller Petroleum Miller is an oil and gas
exploration and production company actively engaged in the
exploration, development, production and acquisition of crude oil
and natural gas primarily in eastern Tennessee. About Atlas Atlas
Energy Resources, LLC develops and produces domestic natural gas
and to a lesser extent, oil. Atlas Energy is one of the largest
independent energy producers in the Appalachian Basin and northern
Michigan. Atlas Energy sponsors and manages tax-advantaged
investment partnerships, in which it co- invests, to finance the
exploration and development of its acreage in the Appalachian
Basin. Atlas Energy is active principally in Pennsylvania, Michigan
and Tennessee. For more information, visit Atlas Energy's website
at http://www.atlasenergyresources.com/ or contact Investor
Relations at . DATASOURCE: Miller Petroleum, Inc. CONTACT: Deloy
Miller of Miller Petroleum, Inc., +1-423-663-9457; or Investor
Relations, Atlas Energy Resources, Web site:
http://www.millerpetroleum.com/
http://www.atlasenergyresources.com/
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