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."
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