Edge Petroleum buying Miller Exploration

Edge Petroleum Corp., Houston, plans to acquire Miller Exploration Co., Traverse City, Mich., for $12.7 million in stock, and Miller Exploration announced a separate deal in which it will sell its Alabama properties to a private party.

May 29, 2003

By OGJ editors

HOUSTON, May 29 -- Edge Petroleum Corp., Houston, plans to acquire Miller Exploration Co., Traverse City, Mich., for $12.7 million in stock, and Miller Exploration announced a separate deal in which it will sell its Alabama properties to a private party.

Aug. 1 is the anticipated closing date of the Edge and Miller transaction. After the Alabama sale, Miller expects to have no debt and working capital of more than $3 million.

Also concurrent with the Edge transaction, Miller and K2 Energy Corp., Calgary, reached a settlement that ends all claims and litigation between Miller and K2 regarding the Blackfeet Indian Reservation in Glacier County, Mont.

Based upon Edge's closing price and the number of shares of Miller and Edge stock outstanding on May 27, Miller shareholders would receive 2.5 million shares of Edge common stock. The deal remains subject to approval by both companies' shareholders.