Next Millennium Commercial Corp.

June 19, 2008 14:49 ET

Next Millennium Closes Acquisition of Petroleum and Natural Gas Rights in Utah and Colorado

TORONTO, ONTARIO--(Marketwire - June 19, 2008) - Next Millennium Commercial Corp. ("Next Millennium") (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.

Contact Information

  • Next Millennium Commercial Corp.
    Michael Curtis
    President and Chief Executive Officer
    (514) 793-1915
    (905) 248-5353 (FAX)