Miller Energy Resources, Inc. (NYSE:MILL) announced updates regarding operations and acquisitions of Alaskan assets
Miller Energy Resources, Inc. (NYSE:MILL) announced updates regarding operations and acquisitions of Alaskan assets.
As quoted in the press release:
CIE has reached an agreement with Mental Health Land Office, increasing asset acreage over the Olson Creek prospect by 1,660 acres bringing the total to 13,421 acres. In addition, CIE has increased its Alaska oil & gas leaseholds by 40,478 acres. The new leases are located on both the West and East sides of the Cook Inlet. The leases were issued as a result of CIE’s success at the State of Alaska’s Cook Inlet Areawide Lease Sale in May of 2012 where CIE was the high bidder on approximately 54,084 acres. Issuance of the remaining acreage is still pending.
CIE’s CEO, David Hall, said:
We expect this additional acreage to substantially increase the possible gas reserves for CIE in the Olsen Creek prospect. The company’s success in increasing the size of our leaseholds here is also a welcomed addition to our core asset area.