Magellan Energy, Ltd. (MGLG)

[BillTaker]

I went and did some extra DD after reading your comments with regard to revenues and PPS here are what I found:


According to MGLG, TMD Energy is the operator of their leased wells, which is now KTO, I do not know why they don't refer TMD Energy as KTO in the PRs. Shouldn't they be?? or are there reasons we do not know why they don't.

KTO sold their 177 leased wells to Miller Energy why are they selling when the HIGH BTU issue have been resolved? sold a bunch just to work on 24 wells of MGLG>> I'm missing something here.



Below are my sources - opinions welcome.




Jun 15, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- MILL | Quote | Chart | News | PowerRating -- Miller Petroleum, Inc. (doing business as Miller Energy Resources) has acquired certain assets from Ky-Tenn Oil, Inc., which includes approximately 35,325 leased acres located on the Chattanooga shale and 173 natural gas and oil producing wells.

Both Miller Petroleum and Ky-Tenn Oil are based in the US and are engaged in the oil and gas exploration and production activities.

Announcement (April 14, 2009):

Miller Energy has signed a letter of intent to acquire Ky-Tenn Oil in a cash and stock transaction













William D. "Bill" Goodwin

William D. "Bill" Goodwin
Bill Goodwin and Chuck Murchison, have been partners for more than nine years and active in the oil business for seven of those year.

They formed Target Market Development, a marketing strategy and sales consulting firm, in 1996. In 1999 the two partners formed TMD Energy, Inc., an oil and gas exploration, development and production firm. TMD Energy owns and operates some 41 wells. It also operates an additional 80 wells for others. In 2004, it joined with Zaveri Oil Corp., LTD to acquire Kingston Oil Corp, which owned 40,000 acres of producing leases, 53 oil wells and 92 gas wells and was renamed Ky-Tenn Oil, Inc. (KTO) --http://www.kytennoil.com/management.htm






The operators, TMD Energy Inc., will work with Magellan Energy to ensure that the wells continue to produce natural gas and additional revenues for both parties. Magellan has an option on this lease to frac two shale wells in the future, which would increase the gas production per well on a daily basis. These two wells will be relatively easy to frac as they are located on the thin exposed part of the Chattanooga Shale in Eastern Tennessee.

With gas production from a total number of twenty-four producing wells, The Company will continue to execute its business strategy of acquiring additional gas and oil leases. Magellan Energy is embarking on a new era devoted to achieving a profitable future for the Company.