Miller Energy Resources Continues its Success at its Cook Inlet, Alaska Operations
HUNTSVILLE, Tenn., May 25 /PRNewswire-FirstCall/ -- Miller Petroleum, Inc. dba Miller Energy Resources ("Miller") (NASDAQ:MILL) announced today that it has completed the rework of its West McArthur River Unit (WMRU) 1A well which initially tested at 33 BOED and is now in full production. This marks the third straight successful well recompletion on three attempts for Miller in Alaska this year. Earlier in 2010, Miller announced the successful recompletion of the WMRU-5 and WMRU-6 wells from the same field.
Recompletion on the WMRU-1A well entailed setting a plug to isolate watered out zones and perforating in certain crude oil bearing Hemlock formations. These same zones were recently perforated in the WMRU-5 and WMRU-6 wells to great success. The WMRU-1A well had been shut in due to high water cut since early 2000.
Miller's next focus in Alaska is the WMRU-7A well, where workover efforts are already under way. The rework of this well is intended to establish oil production from the currently producing Hemlock formation and natural gas production from the Tyoneck gas sand formation. A gross sand interval of approximately 60 feet has been identified in the well and is considered the largest zone that has been observed field-wide.
"I'm very pleased with the success of the rework of the WMRU-1A well in light of the technical challenges we knew we would have to overcome to be successful. This very same project was attempted by a previous operator without success," said Scott M. Boruff, Miller CEO, "I want to thank the experienced Miller team in Cook Inlet, Alaska for their continued great work as they again recompleted the well ahead of projected timetables, in excess of projected production and on budget. This is another example of excellence at Miller as we continue to effectively execute our ambitious business plan, while adding value for our shareholders."
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, Knoxville and New York City. 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.
Web site: http://www.millerenergyresources.com/
Source: Miller Petroleum, Inc.