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December 20, 2012
09:26 EDTMILLMiller Energy says Alaska RU-3 well on track to be completed under budget
Miller Energy Resources released an update on its operations in Alaska. The company reported that Miller Rig 35 completed the workover of the RU-3 gas well on December 14. Miller said, "We then commenced swabbing operations to remove wellbore fluid in order to prepare for well testing. During the workover we discovered multiple unreported fish left in the hole by a previous operator. We were able to successfully remove the obstructions, but this caused the workover to take longer than expected. The well has now been completed and the wellhead installed. The project is on track to be completed under budget. Swabbing operations have been recovering fluid at a slower rate than we had hoped, so we have decided to move forward with a nitrogen coil cleanout starting this weekend to accelerate the process. Well testing will commence as soon as sufficient liquids have been removed from the wellbore. After this occurs, we plan to move Rig-35 to the RU-4 well for a gas workover. RU-4 previously tested at a rate of 1.4 MMcf/d from the Tyonek gas sands. The move to the RU-4 well should be completed in the first week of January 2013, after which the workover will immediately commence. The workover procedure is expected to take 10 to 12 days. After completing work on RU-4, Rig-35 will immediately begin moving either to RU-2 to drill a sidetrack or to RU-7 to replace the failed electrical submersible pump in that well. The Company is balancing a short rig move followed by a longer time on the RU-2 well against a longer rig move which will have a shorter time on the RU-7 well. We plan on taking advantage of the down time during one of the rig moves to add additional perforations into our RU-D1 disposal well. The additional perforations should enhance the injectivity of that wellbore, which will support both drilling and operations by allowing us to dispose of wastes more rapidly and at a lower cost. The perforation of RU-D1 will be managed such that it will not delay our drilling schedule."
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October 29, 2014
08:49 EDTMILLMiller Energy affirms over 80% of current oil production hedged
Given recent movements in oil prices, Miller also reaffirmed that it has more than 80% of its current oil production hedged. It has approximately 456 MBbls hedged at $99.19 through the remainder of FY15 and approximately 787 MBbls at $95.36 during FY16. Miller believes it has sufficient liquidity if oil prices remain at current levels for the foreseeable future.
08:46 EDTMILLMiller Energy provides strategic processes update
Miller Energy announced that it has received nearly all the regulatory approvals for its acquisition of Savant Alaska and expects that transaction to close in November. Miller estimates that contractual purchase price adjustments from the May 1 effective date, as a result of ongoing production, will lower the effective acquisition price to approximately $5.8M, down from $9M. Upon closing, the company expects this acquisition will immediately add approximately 600 Bopd net production to Miller. In addition, Miller has reached agreement to sell substantially all of its Tennessee oil and gas assets and related liabilities for approximately $3.3M in cash. The company expects that the transaction will close in November. Miller expects the sale of its Tennessee assets will reduce costs and increase the company's cash flow by approximately $800,000 per year. The company has also announced that it continues its discussions with Buccaneer Energy and its principal lender to purchase substantially all Buccaneer Energy's Alaska operating assets out of bankruptcy. While negotiations continue, there is no guarantee that Miller will reach agreement with the sellers.
08:45 EDTMILLMiller Energy announced operations update
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08:44 EDTMILLMiller Energy CFO to leave company, Jeffrey McInturff named Interim CFO
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