Miller Energy Resources Returns Kustatan Natural Gas Field to Production
HUNTSVILLE, Tenn., July 22 /PRNewswire-FirstCall/ -- Miller Petroleum, Inc. dba Miller Energy Resources ("Miller") (NASDAQ:MILL) a high growth oil and natural gas exploration, production and drilling company announced today that it has successfully restored natural gas production at the Kustatan Natural Gas Field located at its operations in Cook Inlet, Alaska. Production was restored through the KF-1 natural gas well and tested at 70 thousand cubic feet per day (MCFD) of initial production. The KF-1 well, which had been shut-in for almost a year, is located along the south plunging West McArthur River Unit (WMRU) anticline and is completed as a single selective gas producer in the upper Tyonek sand at 5204-5260' MD (straddle zone) and 5353-5365' and 5370-5380' MD (lower zone).
This is the fourth successful Alaskan well brought back into production by the team led by David M. Hall at Cook Inlet Energy, a wholly owned Miller subsidiary. Earlier in 2010, Miller announced the successful recompletion of the WMRU-5 and WMRU-6 and the WMRU-1A wells bringing production in Alaska to over 1,000 barrels of oil equivalent per day (BOED) well in advance of original timetables.
"We are very pleased with the successful re-start of the Kustatan Field. There is always some concern whether or not a well will come back online after being shut-in for an extended period of time," said Scott M. Boruff, Miller CEO. "This is another example of our continued success in Alaska, as the KF-1 well was brought back into production without a hitch and at twice its historic production rate. I want to thank the experienced Miller team in Cook Inlet for their great work and dedication as they restored the KF-1 well in excess of projected production and on budget."
Miller Energy Resources is a high growth 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 including the Chattanooga Shale. Miller is headquartered in Huntsville, Tennessee with offices in Anchorage, Alaska and Knoxville, Tennessee. The company's common stock is listed on the NASDAQ Stock Market under the symbol MILL.
Statements Regarding Forward-Looking Information
Certain statements in this press release and elsewhere by Miller Energy Resources are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by Miller Energy Resources and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, fluctuations in the US dollar and other currencies, 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 businesses well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect Miller's operations or financial results, are included in Miller Energy Resources' reports on file with United States Securities and Exchange Commission. 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. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.
Source: Miller Petroleum, Inc.
Posted: July 22, 2010
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