Miller Energy Resources' First Rework Oil Well Tested at 578 BOED
Mar 3, 2010 1:26:00 PM
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HUNTSVILLE, Tenn., March 3 /PRNewswire-FirstCall/ -- Miller Petroleum, Inc. dba Miller Energy Resources ("Miller"), (OTC Bulletin Board: MILL) announced today that it has completed the rework of its West McArthur River Unit-5 (WMRU-5) well, which tested at a flowing rate of 578 BOED (barrels of oil equivalent per day). The rework included replacing the tubing, milling a packer and perforating additional potential productive formations below 13,000 ft.
The WMRU-5 is one of the wells acquired by Miller when it purchased Alaskan oil and gas assets, present valued at over $368 million, from Pacific Energy Resources through a Chapter 11 U.S. Bankruptcy proceeding in Delaware in December of 2009. In addition, Miller acquired onshore and offshore production and processing facilities, an offshore energy platform, over 600,000 net lease acres of land with thousands of acres of 3-D and 2-D geologic seismic data, miscellaneous roads, pads and facilities all of which originally cost over $100 million to build and install over the last decade. On February 1, 2010, Miller announced that its Alaskan operations were producing more than 300 BOED.
"Our experienced team in Cook Inlet, Alaska continues to do great work which bodes well for our continued ramp up of production in the region. With the WMRU-5 well back in production and completion of rework of WMRU-6 oil well currently underway, we beat our goal of producing 800 BOED by the end of the first quarter of 2010," said Scott M. Boruff, Miller CEO. "We are now turning our focus to maximizing production from our other existing wells which will allow us to be producing 1,100 BOED well in advance of our original time table of the fourth quarter of 2010."
The rework of the WMRU-5 well, managed by David M. Hall, CEO for Cook Inlet Energy, a wholly owned Miller subsidiary, is the first of several major well reworks planned by the firm. Cook Inlet Energy currently employs 18 people in its Alaska operation.
About Miller
Miller Energy Resources is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller's focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin. Miller is headquartered in Huntsville, Tennessee with offices in Anchorage, Knoxville and New York City. The company is traded over the bulletin board with the symbol MILL.OB.
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