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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV