Miller Energy Resources Completes Preparations on Rig and Equipment for Mobilization to Alaska
HUNTSVILLE, Tenn., Nov. 3, 2010
HUNTSVILLE, Tenn., Nov. 3, 2010./PRNewswire/ -- Miller Petroleum, Inc. dba Miller Energy Resources ("Miller") (Nasdaq Global Market: MILL) a high growth oil and natural gas exploration, production and drilling company announced today that it had completed preparations to mobilize Miller Rig 34 and associated support equipment to Cook Inlet, Alaska. The Atlas Copco RD20 rig, which has the capability to drill up to 6000 feet deep, will be used to support the development of gas prospects owned by Miller subsidiary, Cook Inlet Energy. Preparations for the mobilization were recently completed at Miller's facilities in Huntsville, Tennessee. The rig and related equipment will travel by land to Tacoma Washington where it will be shipped by cargo vessel to Port Nikiski on the Cook Inlet. It is anticipated to take 3 to 4 weeks to complete the move. Rig 34 will undergo modifications in Nikiski to improve its operability during the Alaskan winter before being deployed to the company's properties on the West side of the Cook Inlet. There will be significant cost saving with the use of a company owned rig that will use a mix of company personnel and local contractors, according to company officials.
"At Miller we have a history of successful drilling that goes back over forty years. I look forward to putting our expertise to work in Alaska while realizing substantial drilling cost savings," said Scott M. Boruff, Miller CEO. "Utilizing our own drilling equipment allows us more flexibility and affords us more control over costs. Our aggressive drilling schedule has required us to increase our capabilities in Alaska. It is a win-win solution to meet this need with our own resources."
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 including its Annual Report on Form 10-K for the fiscal year ended April 30, 2010. 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: November 3, 2010