Miller Energy Resources (
) shares are hovering near the stock's 52-week low after the
company provided the following operational update:
MILL's wholly owned Alaskan subsidiary, Cook Inlet Energy (
), successfully completed a work-over on RU-3 natural gas well on
its Osprey platform February 11, 2013. This is the second
successful gas well CIE has brought online in the last two weeks.
RU-3 is currently flowing and being unloaded in preparation for
four-point flow test, test results forthcoming. Gas production from
RU-3 is expected to be exported to help meet gas demand in the Cook
Inlet. CIE successfully re-established gas production from the
Tyonek G-0 sand, which had been unable to produce gas since it was
unsuccessfully reworked by a previous operator in December
MILL estimates a minimum of 1.2 BCF of remaining reserves should
be available from the zone. In its Tennessee operations, the
comapny completed its second successful horizontal oil well in the
Fort Payne formation, the Maynard H-1, February 4, 2013.The Maynard
H-1 showed the same traits as the CPP-H-1 well with shows of oil
and gas throughout the horizontal section of the well and is
presently flowing back oil and treatment fluid.
MILL is up 0.3% at $4, near the low in a 52-week range of $3.34
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