Miller Petroleum recorded net income of $271.9 million for the third quarter ending January 31, 2010. This represents earnings for the quarter of $12.44 per outstanding share and earnings of $9.51 per fully diluted share. The net income for the quarter is a direct result of the acquisition in December 2009 of oil and gas assets from Pacific Energy Resources through a Chapter 11 U.S. Bankruptcy proceeding in which Miller acquired onshore and offshore production and processing facilities, an offshore energy platform, over 600,000 net lease acres of land with hundreds of miles of 2-D and 3-D geologic seismic data, miscellaneous roads, pads and facilities. On March 3, 2010, Miller announced that its Alaskan operations were producing more than 800 BOED and on March 15, 2010, Miller announced that it has a total proforma asset value of over $492 million, including oil and natural gas reserves valued at $372 million.
"This is a historic time at Miller Energy Resources," said Scott M. Boruff, Miller CEO. "The record results for the third quarter reflect the hard work of the team that has been assembled at Miller and bodes well for our ambitious business plan moving forward. The addition of the Alaskan operations has positively impacted all facets of our company and is a true milestone for Miller as we continue to maximize value for our shareholders."
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