According to Deloy Miller, Chief Executive Officer, Miller Petroleum, the firm has some 44,000 acres under lease and these new wells will be drilled to a depth of about 3,200 feet to test the Big Lime and the Devonian age (Chattanooga Shale).
"We have established production in the Big Lime and the Shale under these prospects is the thickest we have seen in Tennessee," said Miller. "We have the gas gathering system and pipelines in place. And we have an excellent market for the gas."
Miller also announced the Tennessee-based oil and gas exploration firm will drill two wells in the third quarter on a deep wildcat prospect in the Eastern Overthurst of Tennessee. One well is projected for a depth of more than 6,500 feet.
"We have completed leasing and are ready to drill this prospect in a joint venture with a large Appalachian based independent oil company," Miller announced.
"Knowledgeable geologists have described this large untested prospect as perhaps the largest unexplored structure in the Appalachian region and believe it could be a major hydrocarbon reservoir.
"The structure been verified and defined by seismic evaluation and other geological tools. Interstate pipelines are in close proximity to the prospect, providing ready production and transmission capability if natural gas is discovered," Miller added.
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