Early this week Miller announced their acquisition of certain former Alaskan assets of Pacific Energy Resources ("Pacific Energy") through a Chapter 11 U.S. Bankruptcy proceeding in Delaware. A total reserves of over 13.2 million barrels of oil and 15.5 BCF of natural gas, including total proved reserves of 5.6 million barrels of oil and 3.7 BCF of Natural Gas has been attained through this acquisition.
"Beyond our development of our Alaska and Tennessee assets, we will also continue to be opportunistic about additional energy opportunities as they present themselves.", Boruff commented on Miller's strategy, "Miller's veteran management team has consistently been among early identifiers of premium energy assets, and has a record of repeatedly developing these assets to realize their value to shareholders' best advantage. Deal flow continues at an all time high and additional financial partners join us daily, setting the groundwork for a very exciting 2010 for Miller."
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About Miller
Miller Energy Resources is a high-growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production projects 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 a Tennessee registered company that has been in existence for over 40 years and been publicly traded for 12 years. It is the largest owner/operator of oil and gas wells in Tennessee with over 602 wells, over 54,500 net acres of lease holdings in Tennessee and 602,000 net acres in Alaska. Company chairman, Deloy Miller has a successful oil and gas track record spanning more than forty years in the Tennessee Basin. Since 1967, Miller has drilled and/or serviced over 5,200 wells.
Miller is one of the United States premier energy companies and is using its strategy of opportunistic growth combined with prudent development and management of exiting assets to maximize value for its shareholders.
Miller is headquarters in Huntsville, Tennessee with offices in Knoxville and New York City. The company is traded over the bulletin board with the symbol MILL.OB, MILL:US
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