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Thu, April 23, 2009Mon, February 2, 2009Fri, January 30, 2009Magellan Energy Ltd.: Magellan Energy Announces Acquisition of Lankford Lease in Morgan County, Tennessee
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Published in Stocks and Investing on Thursday, June 18th 2009 at 10:12 GMT, Last Modified on 2009-06-18 10:12:57 by Market Wire🞛 This publication is a summary or evaluation of another publication
TORONTO--(Marketwire - June 18, 2009) - Magellan Energy Ltd. (
We are extremely excited to begin another project with TMD Energy Inc., who will be the operators of this lease. The acquisition of this lease has occurred at an opportune time, as operators in this area are now able to get their gas to market via the new compressor set in by Citizens Gas. The compressor blends the gas from all area producers thereby resolving the high BTU issue that previously prevented producers from selling their gas. The eleven wells on the property produce gas from the Monteagle formation and are currently tied into a collection system, which is tied into Citizens Gas Utility District.
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.
About Magellan Energy: Magellan Energy is a publicly traded independent oil and gas company (
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
Category: Stocks and Investing
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Category: Stocks and Investing
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Category: Stocks and Investing
Category: Stocks and Investing
Category: Stocks and Investing
Category: Stocks and Investing
Category: Stocks and Investing
Category: Stocks and Investing
Category: Stocks and Investing