Some DD on The Robert Anderson, the Thomas Martin, and the Thomas Davidson Wells in Morgan County, Tennessee The Thomas D. Martin Well in Morgan County, Tennessee continues to produce oil at a rate of 3BOD. The oil from this lease is being sold to "Barrett Oil Purchasing," a trucking company that hauls the oil to "Ashland Oil Refinery," operated by "Marathon" on the Kentucky-West Virginia border.http://finance.yahoo.com/news/Magellan-Energy-Addresses-BTU-iw-13892402.html?x=1
Magellan Energy Ltd. will be working with TMD Energy Inc. on the Robert Anderson Lease. This participation agreement includes five existing wells known as R.Anderson#2-permit#5534, R.Anderson#3-permit#6002, R.Anderson#3-permit#6241, R.Anderson#4-permit#6003, and R.Anderson#3-permit#6453. Magellan Energy Ltd. announces that it will be connecting the Thomas L. Martin wells to a new 15 mile long pipeline in early April 2008 to an interstate market. This new pipeline will enhance our natural gas output which is currently being sold at a rate of $5-6 per MCF to an increased rate of $9 per MCF. Magellan Energy's President, Mr. Akrivos, said, "We are pleased with the progress and anticipate this project to be successful when completed. We are incorporating several wells into this project, Martin wells #s 7, 4, 11, 12, 14 and 15. Our estimates of recoverable oil are in excess of 60,000 barrels. With the gas lines shut in, Magellan is currently collecting revenue from the producing oil of 3 BOPD. Once the gas lines are re- connected and the Waterflood project completed, this arrangement will provide a steady distribution channel and income for the company." The company looks forward to continued relationships with these and other partners in a number of future projects.http://www.reuters.com/article/pressRelease/idUS156831+16-Apr-2008+MW20080416
Magellan's focus is on achieving the ability to sell the gas first hand, which will be complemented by production numbers. In addition to the gas sales, the Company anticipates an increase in oil production due to the added gas production coming from this well. http://www.tradingmarkets.com/.site/news/Stock%20News/2325650/ Citizens Gas has placed a large compressor where its Burrville gathering system ties into a 350 lb. pressure line. Citizens Gas receives its gas supply from the east Tennessee gas pipeline and from various local gas producing wells in Scott, Morgan, Fentress and Anderson counties, and will be "blending" the gas from all other wells in these counties to lower the BTU levels. All operators in the area have agreed to pay for the compressor lease. The line carries nearly 10 million cubic feet a day.http://www.tradingmarkets.com/.site/news/Stock%20News/2325650/ This is a significant development for Magellan Energy. After much time, effort and hard work, the Company is now in a position to rapidly increase its daily natural gas production rate and make additions to its reserves. http://newsblaze.com/story/2009060106012200017.mwir/topstory.html
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