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PRW: Miller Energy Resources Finalizes Contract to Purchase $115 Million in Oil
and Natural Gas Reserves Plus Additional Alaskan Assets



HUNTSVILLE, Tenn., Oct. 20 /PRNewswire-FirstCall/ -- Miller Petroleum, Inc.,
dba Miller Energy Resources, (OTC Bulletin Board: MILL) announced today that
it has completed an agreement to purchase the assets of Cook Inlet Energy,
LLC including $115 million in oil and natural gas reserves, 600,000 lease
acres with potential additional reserves based upon $8.5 million in
completed 3D seismic geology, and numerous production facilities valued at
almost $200 million for $875,000. The deal is scheduled to close on
November 4, 2009.

Miller CEO Scott M. Boruff commented that, "This is the third and largest
major acquisition of my short tenure at Miller. It increases our reserves by
30 fold and significantly strengthens our balance sheet for less than one
million dollars. We hit it out of the park on this one." Earlier this year,
Miller Energy Resources acquired ETC and KTO making Miller the largest owner
operator of oil and natural gas wells in Tennessee.

Boruff added, "Our institutional partners have given us the green light for
further acquisitions. This is one of many substantial opportunities that we
anticipate closing in the coming months. One of my key initiatives at Miller
was to put in place a foundation and structure to identify, evaluate, fund,
acquire and efficiently operate oil and natural gas assets and operations.
With this announcement we are now seeing a return on that significant
investment. With deal flow at an all time high and additional financial
partners joining us daily, it is an exciting time at Miller Energy
Resources. By the end of the year we anticipate being one of the fastest
growing energy companies in the country. Even more exciting are our plans in
2010 to turn our focus on many of the international opportunities under
evaluation."

About Miller Energy Resources

Miller Energy Resources is an oil and natural gas exploration, production
and drilling company operating primarily in the heart of Tennessee's
prolific and hydrocarbon-rich Appalachian Basin. Company chairman Deloy
Miller has a successful track record spanning more than forty years in this
Basin's oil and gas industry. Since 1967, Miller has drilled or serviced
over 5200 wells. This experience has positioned Miller as one of Tennessee's
premier energy companies.

Forward Looking Statements

Certain matters discussed within this press release are forward-looking
statements. Although Miller Energy Resources believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially from
expectations include, but are not limited to, the availability of sufficient
capital to fund its anticipated growth, fluctuations in the prices of oil
and gas, the competitive nature of its business environment, its dependence
on a limited number of customers, its ability to comply with environmental
regulations, changes in government regulations which could adversely impact
its business and other factors. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date of this
press release. Miller Energy Resources' actual results could differ
materially from those anticipated in these forward- looking statements as a
result of a variety of factors, including those discussed in its periodic
reports that are filed with the Securities and Exchange Commission and
available on its Web site (www.sec.gov). All forward- looking statements
attributable to Miller Energy Resources or to persons acting on its behalf
are expressly qualified in their entirety by these factors. Other than as
required under the securities laws, Miller Energy Resources does not assume
a duty to update these forward-looking statements.

Web Site: http://www.millerenergyresources.com

SOURCE Miller Petroleum, Inc.
/CONTACT: Scott M. Boruff, Miller Energy Resources, Inc., [phone],
Fax: [phone]
/Web site: http://www.millerpetroleum.com