Miller Petroleum, Inc., dba Miller Energy Resources, has completed an agreement to purchase the assets of Cook Inlet Energy, LLC including $115 million in oil and natural gas reserves, 600,000 lease acres with potential additional reserves based upon $8.5 million in completed 3D seismic geology, and numerous production facilities valued at almost $200 million for $875,000. The deal is scheduled to close on November 4, 2009.
Miller CEO Scott M. Boruff commented that, "This is the third and largest major acquisition of my short tenure at Miller. It increases our reserves by 30 fold and significantly strengthens our balance sheet for less than one million dollars. We hit it out of the park on this one." Earlier this year, Miller Energy Resources acquired ETC and KTO making Miller the largest owner operator of oil and natural gas wells in Tennessee.
Boruff added, "Our institutional partners have given us the green light for further acquisitions. This is one of many substantial opportunities that we anticipate closing in the coming months. One of my key initiatives at Miller was to put in place a foundation and structure to identify, evaluate, fund, acquire and efficiently operate oil and natural gas assets and operations. With this announcement we are now seeing a return on that significant investment. With deal flow at an all time high and additional financial partners joining us daily, it is an exciting time at Miller Energy Resources. By the end of the year we anticipate being one of the fastest growing energy companies in the country. Even more exciting are our plans in 2010 to turn our focus on many of the international opportunities under evaluation."
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