Miller Energy Resources has signed a letter of intent to acquire privately-owned East Tennessee Consultants (ETC), which owns and operates more than 350 oil and gas wells in Tennessee.
"This is the second of several acquisitions we are considering," said Scott Boruff, Miller CEO. Earlier this month, Miller Energy Resources announced it had signed a letter of intent to acquire Ky-Tenn Oil, Inc. (KTO), a Tennessee-based firm with 180 wells on some 30,000 acres of leases in Fentress, Morgan and Scott counties.
"Many of the ETC wells are located on KTO leases, so it is a perfect fit for us. On a short term basis, we believe there will be a cost savings in operations. In the more important longer term, it gives us a majority interest in several oil and gas fields that have potential for water flooding, enhanced recovery or natural gas storage. ETC is an excellent production company, which in addition to operating its own wells, operates more than 100 wells for other owners. We look forward to merging their management team into our team as we continue to grow," Boruff added.
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