Miller Petroleum, Inc. dba Miller Energy Resources announced today that Cook Inlet Energy ("CIE"), its wholly owned subsidiary, has successfully worked-over its West McArthur River Unit-2A (WMRU-2A) well for use as an enhanced oil recovery well. WMRU-2A had been shut in since December 24, 2001. The restoration of WMRU-2A will allow for a pilot water flood program which is expected to increase oil recovery rates at wells Miller presently operates in the area as well as providing backup to the current injection well.
The recent work-over, executed by the Miller team in Alaska led by David Hall, consisted of a cost saving non-rig method that entailed the use of a coil tubing unit. The final coil tubing completion string was configured so that the well could be returned to production as an oil well, but converted to a water flood well without additional work on the well. This approach is allowing Miller to recover remaining oil before implementing the water flood program. Post work-over, WMRU-2A tested at 37 BOPD and has already produced nearly 1000 barrels of oil, which helps to offset the work-over cost of approximately $500,000.
"I am pleased with the results of our latest well in Alaska. It provides backup to our current injection well, and it is key to our plans to enhance oil recovery in Alaska," said Scott M. Boruff, Miller CEO. "We are now well positioned to implement our water flood program which we expect will boost production at our current operations."
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.
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