Miller Energy Resources Clinches Deal for 35,325 Shale Acres, 173 Wells
Miller has completed the acquisition of certain assets from privately owned Ky-Tenn Oil, Inc., (KTO) which includes approximately 35,325 leased acres located on the Chattanooga Shale and 173 natural gas and oil producing wells.
Miller CEO Scott M. Boruff commented that, "This is the first of many acquisitions that we anticipate closing this year. This asset acquisition more than doubles our oil production and more than triples our natural gas production and our Chattanooga Shale lease acreage holdings. It is another example of the successful execution of our ambitious business plan going forward." Earlier this year, Miller Energy Resources announced a $20 million acquisition, re-completion, drilling and development program.
Boruff added, "This gives Miller a large lease position in the middle of Tennessee's prolific Chattanooga Shale play for future drilling development. Initial analysis has indicated that the acreage could yield over 700 new well locations. Another key to this acquisition is the fact that in addition to the 173 wells that we will be operating on the KTO leases, there are over 100 additional wells that can be reworked and put back into production."
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