This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Miller Energy Resources Acquires Tennessee Assets Of PDC Energy

Miller Energy Resources (“Miller”) (NYSE: MILL) announced today that it has acquired the Tennessee assets of PDC Energy, Inc. With this acquisition, Miller has completed a three year project of targeted acquisitions in the Appalachian Basin of East Tennessee which began in June 2009 with the acquisition of the assets of Ky-Tenn Oil, Inc., and two companies, East Tennessee Consultants, Inc., and East Tennessee Consultants II, LLC.

When Miller began its Tennessee acquisitions in 2009, it had interests in 20 producing oil wells and 32 producing gas wells. Today, Miller boasts interests in over 180 producing oil wells and 180 producing gas wells. Miller sought to acquire these assets and companies in order to exploit the vast potential of the oil bearing Mississippian Lime and the prolific Chattanooga Shale, and the latest acquisition primarily increases the working interest held by Miller in many of their existing wells.

In the coming months, Miller’s Tennessee operations team led by EVP David Wright plans to begin an aggressive rework program on many of these oil wells. Through the strategic drilling of new wells, re-works of old wells, new acquisitions, and consolidation of existing properties, Miller hopes to increase its Tennessee production significantly. The latest acquisition included producing wells that increased Miller’s daily production in Tennessee by approximately ten percent.

“This is another strong, strategic acquisition for Miller,” stated Scott M. Boruff, Chief Executive Officer of Miller Energy Resources. “Adding PDC’s working interests in these wells to our own will grow our production in Tennessee and pave the way for increased returns as they are reworked. We reap benefits both in terms of increased ownership on many currently producing wells and in new drilling opportunities we will have going forward,” Mr. Boruff concluded.

About Miller Energy Resources

Miller Energy Resources, Inc. is a high growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller’s focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin including the Chattanooga Shale. Miller is headquartered in Knoxville, Tennessee with offices in Anchorage, Alaska and Huntsville, Tennessee. The company’s common stock is listed on the NYSE under the symbol MILL.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,699.28 +15.70 0.09%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs