Miller Energy reported that its production in Cook Inlet, Alaska now exceeds 1,100 barrels of oil equivalent per day (BOED). This increase in production is the result of the successful rework of its West McArthur River Unit-6 well which tested at a flowing rate of 584 BOED. The rework included replacing tubing and adding new perforations targeting previously untapped oil-bearing sands. This is the second successful rework of an Alaskan well completed by the team led by David M. Hall at Cook Inlet Energy, a wholly owned Miller subsidiary. On March 3, 2010 Miller announced the successful rework of the West McArthur River Unit-5 well.
"We have now fulfilled the initial plan set forth by the Miller Board of Directors to exceed 1,100 BOED in Alaska. The fact that we reached this production level well in advance of the original goal of the fourth quarter of 2010 is a testament to the hard work of the entire team at Miller. I want to congratulate everyone at Miller for meeting this goal in such an expedited fashion," said Scott M. Boruff, Miller CEO. "This success is just one more example of the good news that keeps coming at Miller as we continue to demonstrate our corporate promise of delivering value to our shareholders."
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. On March 24, 2010 Miller announced net income of $271.9 million for the third quarter ending January 31, 2010 as a result of a one time $276 mill purchase gain.
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