Next Millennium Closes Acquisition of Petroleum and Natural Gas Rights in Utah and Colorado
20 June 2008 - 4:49AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: NM) has closed its acquisition of
a 50% working interest in and to 5,950 net acres of petroleum and
natural gas leases in eastern Utah and western Colorado following
receipt of final TSX-V approval. The purchase price was
US$1,190,160 and included all well data, log analyses and other
information respecting the play. Next Millennium has also granted
the sellers an overriding royalty on production from the properties
at a rate which is variable based on other pre-existing royalties
on the properties and which will result in Next Millennium having
an 80% interest in its 50% working interest in the properties.
These acquired leases lie within the Paradox Basin in eastern
Utah and western Colorado. Ongoing exploration in the area targets
oil and gas reserves from porous and permeable, naturally fractured
limestone and dolomite reservoirs along an established productive
fairway in south eastern Utah as well as deeper Mississippian aged
targets. The potential productive trend extends over a large
portion of the Paradox Basin in eastern Utah and western
Colorado.
Next Millennium and its partner Rover Resources, Inc. are in the
planning stages to permit the initial well on the project which is
expected to be drilled in the fall of 2008.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Next Millennium Commercial Corp. Michael Curtis
President and Chief Executive Officer (514) 793-1915 (905) 248-5353
(FAX) Email: mcurtis@cardwellcap.com
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