Cook Inlet Energy Scoops Up Tracts in Alaska


Cook Inlet, Alaska
(Click to Enlarge)

Miller Petroleum announced that its wholly owned subsidiary, Cook Inlet Energy was the successful high bidder on all seven tracts that it pursued at the recent State of Alaska's Cook Inlet Area-Wide 2010 Oil & Gas Lease Sale. The seven tracts cover an estimated 27,000 acres and were secured at a cost of approximately $900,000 to CIE, with $180,000 due as a bid deposit. The remaining amount will not be due until the Alaska Department of Natural Resources completes its title review of the leases. A total of 36 tracts were available for lease, but Miller and CIE selectively targeted tracts that completed acreage positions covering prospects acquired in Miller's purchase of certain assets from Pacific Energy Resources late last year.

"I'm very pleased with the results of the lease sale which strategically adds to our industry leading acreage position in Alaska," said Scott M. Boruff, Miller CEO. "This additional acreage better positions us to accomplish our planned development activities which have been accelerated as a result of successfully completing the first phase of our development plans in Alaska eight months ahead of schedule. Our experienced team in Alaska continues to do great work by effectively executing our ambitious business plan, while adding value for our shareholders."

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
 
Survey Project Manager
Expertise: Landman|Project Management|Surveying
Location: Corpus Christi, TX
 
Foreman Fleet Operations
Expertise: Logistics Management|Operations Management
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours