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 Releases Operational Update

Miller Energy Resources (“Miller”) (NYSE: MILL) released an update today on its operations both in Alaska and in Tennessee.

Alaska Rework Update

We are pleased to report that Miller Rig 35 completed the workover of the RU-3 gas well on December 14, 2012. 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 (ESP) 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.

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 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs