Tag Archives: Miller Petroleum

Tennessee oil biz small, but at least it’s not BP

Tengasco Inc. told shareholders on Monday that its Albers B #1 well completed in Kansas on June 1 has increased the company’s daily oil production in Kansas by 20 percent “from about 600 barrels per day to over 700 barrels per day.”

Also, the well “expands the potential size of our Trego County Albers discovery field to the east, and adds significant additional reserves to the Company’s totals,” CEO Jeffrey Bailey said in a statement.

The announcement was made at the annual shareholders meeting in Knoxville.

Unlike global oil giant BP, Tennessee oil companies are off to a good start in the first half of 2010.

In addition to Tengasco’s Kansas success, Huntsville, Tenn.-based Miller Petroleum has seen 200 percent year-over growth and recently acquired $300 million worth of assets in Alaska’s Cook Inlet. Miller expects its new Alaska assets to produce 1,100 barrels a day by the end of the year.

Tennessee’s oil companies may be tiny players in the world market, but at least they aren’t responsible for the worst environmental disaster in the history of the universe.

Things are so bad at BP, CEO Tony Hayward might even trade places with his Tennessee counterparts, even if it would mean a $4 million paycut and no more yacht racing.

Then again, probably not. He wants his life back, after all.