Miller Energy Resources Provides Operational Update; Shares Inch Higher, Near 52-Week Low
Miller Energy Resources ( MILL ) 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 ( CIE ), 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 2003.
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 - $5.59.