The deep multi-pay development well, located in the South Rowan Field in Brazoria County Texas, is an exciting prospect for our officers and shareholders, explained Deloy Miller, the Company's CEO. The projected well has potential undeveloped reserves of 5.63 Billion cubic feet of natural gas, 242,475 barrels of oil and 92,071 barrels of condensate.
Miller noted that the structural crest of the field consisting of 48 leases which is owned by Miller Petroleum, is surrounded by seven wells that have produced 71 Billion cubic feet of gas and 1.5 Million barrels of condensate and nine wells that have produced 5 Million barrels of oil.
The company has purchased and currently owns a 100% working interest in its leases in the Rowan field in Brazoria County, Texas and plans to begin drilling before the year end. Miller also added that while developing the Texas prospect, the firm plans to accelerate its exploration program and with rising prices the company grew at a record rate last year and we expect even faster growth in the coming year.
In 2003, Miller Petroleum had income from operations of $240,161 on revenues of $2,009,692 as compared to a loss of $166,003 on revenues of $1,924,194 in 2002. A record 245% increase.
Oil and gas revenues reflected this upward trend totaling $773,033 in 2003 as compared to $741,212 in 2002. Service and Drilling revenues were also up with 2003 revenue of $1,186,823 as compared to $1,099,079 in fiscal 2002. Total net income for the year was $46,160 as compared to a loss of $424,429 the previous year.
With the Company's current lease position of more than 45,000 acres, 90% of which has current Oil and Gas production; We believe we are positioned to capitalize in Tennessee, Texas and the Louisiana Gulf coast.
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