Miller Energy Resources' RU-7 Well Producing 250 Barrels of Oil Per Day
HUNTSVILLE, Tenn., July 7, 2011 /PRNewswire/ -- Miller Energy Resources, Inc. ("Miller"), (NYSE: MILL) announced today that its wholly owned subsidiary, Cook Inlet Energy, led by David Hall, has successfully completed the rework of the RU-7 crude oil well from its offshore Redoubt Shoals Field. The work-over consisted of replacing an electrical submersible pump and wellbore optimization. The RU-7 well has demonstrated an initial production of 250 barrels of oil per day (BOD), which more than doubled the projected flow rate of 120 BOD. The RU-7 is the second of a successful two oil well rework program executed by a CUDD hydraulic snubbing unit now being demobilized from the Osprey Platform. In June, Miller announced that it had successfully reworked the RU-1 well and that it had contracted for the custom construction of a rig for placement later this year on the Osprey Platform to further facilitate drilling and to effectively perform routine maintenance.
"I am pleased with the successful rework of the RU-1 and RU-7 wells and the restart of the Osprey platform and Kustatan production facility. I want to thank our team in Alaska for consistently exceeding expectations," said Scott M. Boruff, Miller CEO. "This is only scratching the surface of the enormous potential that the Redoubt Shoals Field holds. Once our new rig is in place we have aggressive drilling plans for the Osprey platform, which will significantly increase oil production for Miller in Alaska."
About Miller
Miller Energy Resources, Inc. 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 NYSE under the symbol MILL.
Statements Regarding Forward-Looking Information
Certain statements in this press release and elsewhere by Miller Energy Resources¸ Inc. 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, Inc. 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, Inc.'s 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, Inc.'s 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 Energy Resources, Inc.
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