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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Now Shes Blonde who wrote (44766)	5/14/1999 1:49:00 PM
From: SliderOnTheBlack	Read Replies (3) \| Respond to of 95453

MEXP...no problem... low volume ,due for a rest.... I'll be there at $2 in a big way if it gets there... this is a buy & hold; the quick trading ''pop'' was gravy.... I'll trim profits/trade on any 40-60% one/two day moves; but overall - this is in the drawer and I'll check back in a year...$4 - $6 - $8 - $12+... it will happen. This company is on a 1- 3- 5 year development plan.... no shot in the dark; they have the drilling properties & prospects that will take 18-36 months to play out. The 3-5 year upside is huge; as they have substantial assets to develop over time. They went public to raise funds to purse the Mississippi Salt Domes and to do the seismic work necessary for that development and the very substantial upside with the Blackfeet Indian Reservation prospect. This is ALL about where MEXP will be in 3 years - NOT a daytrader... it's just that this stock has the potential to move to $4 overnight on just news of having refinanced the Bank of Montreal loan... This stock was $6 mere months ago - with commodity prices much, much lower --- it's just that damn simple ! Here's their story in a nutshell: Natural Gas Weighted Reserve Base Miller's proved reserves were 88% natural gas. Our estimated 1998 production stream is expected to be in excess of 80% natural gas. Additionally, Miller's property base is geographically diverse and balanced between short and long-lived reserves. The Mississippi Salt Basin, the Company's largest exploration focus, represents significant upside potential when considering the substantial number of under-developed salt domes and salt related structures. The Blackfeet Indian Project as well as the Texas and Louisiana Gulf Coast offers high potential and are predominately weighted toward natural gas. Miller's exploration oversight and participation with industry partners and the use of state of the art seismic technology give the Company an attractive position in these prolific regions. The Michigan Basin reserves are almost entirely gas with premium gas prices due to strong regional demand. The reserve base is predominately Antrim Shale which has a steady predictable cash flow and reserve life approaching 25 years. The Michigan longer reserve life balances the production of the onshore Gulf Coast and Mississippi Salt Basin which tends to be much higher volume but shorter in economic life. Miller's major exploration effort is concentrated in the Mississippi Salt Basin, which is one of the largest onshore concentrations of salt domes in North America. The salt domes in the Mississippi Salt Basin were extensively explored by numerous oil companies since the 1930's. However the seismic technology was limited and did not allow the exploration companies to accurately explore the edges of the salt dome structures. Although relatively undeveloped when compared to other major onshore oil and gas provinces, Mississippi is an attractive region for exploration. Advances in seismic acquisition and as well as the processing allow for more accurate definition of the flanks of the salt structures, and the attendant complex fault patterns. In addition to the advances in seismic technology, the drilling techniques have also advanced. The latest drilling techniques enable operators to stear an individual wellbore through more potentially productive horizons allowing for more precision drilling and greater recoveries per well. The exploration area surrounding the salt domes is extremely prolific with eight fields that have produced over 100 BCFE of gas which supports the high potential of these nearby salt domes. Mississippi has an extensive pipeline infrastructure in place and the state offers a 6% severance tax abatement for the first five years of production on discovery wells and wells developed from 3-D seismic surveys. These factors in addition to its location within Transco zone 3 and 4 enable Miller to sell its gas at or above Henry Hub prices. INTERNATIONAL SCALE PROJECTS: Blackfeet Indian Reservation Project The reserve potential on this domestic project is international in scale with reserve potential of trillions of cubic feet of gas and hundreds of million barrells of oil. The leasehold is on trend with production and is approximately three miles from the Lookout Butte Field located in Alberta, Canada with reserves of 500 billion cubic feet of gas. Also on trend and approximately 25 miles is the Waterton and Pincher Creek gas fields with reserves of 4.6 and 1.6 trillion cubic feet of gas respectively. The eastern boundry of the reservation is the Cut Bank Field which has produced approximately 175 million barrells of oil and 400 billion cubic feet of gas. Miller Exploration is a 50% partner with K2 Energy Corportation (TSO-KTO) to jointly explore on 290,000 gross (150,000 net) acres on the Blackfeet Indian Reservation, located in Glacier County, Montana. The companies anticipate beginning to shoot approximately 80 miles of 2-D seismic data in 1998 and approximately 50 square miles of 3-D in 1999. The reserve potential and large acreage blocks are impressive and the underdeveloped area offers substantial upside for the shareholders of Miller Exploration. good luck