Miller Energy Resources is a high-growth oil and natural gas exploration, production and drilling company operating in multiple exploration basins in North America. Miller's focus is in the prolific Cook Inlet area in Alaska with a primary target of the Hemlock formation, and in the heart of Tennessee's hydrocarbon-rich Appalachian Basin including the Mississippi Lime and Chattanooga Shale. Miller is headquartered in Knoxville, Tennessee, with satellite offices in Huntsville, Tennessee and Anchorage, Alaska. The company’s common stock is listed on the NYSE under the symbol MILL.
Miller Energy Resources has a strong foundation in place built on strategic, low cost, high value acquisitions. In mid 2009, with the purchase of East Tennessee Consultants and the assets of KY-Tenn Oil, Miller became the largest owner/operator of oil and natural gas wells in the state of Tennessee. Miller presently operates 380 wells and has greater than 46,000 acres of lease holdings in the region. In late 2009, Miller acquired certain select assets of Pacific Energy Resources in the Cook Inlet area of Alaska.
Alaska uniquely offers cash rebates, tax incentives and premium commodity pricing, making it the most advantageous location to explore, develop and produce in the United States. Major onshore assets in the region include the West McArthur River Unit with 12,000 barrels of storage and processing capacity, the Kustatan Production Facility with 50,000 barrels of oil daily processing capacity, the Kustatan field, the West Foreland natural gas field, the Sabre field and a 30% stake in the Three Mile Creek field. Miller also owns the modern offshore Osprey platform, which targets the oil rich Redoubt Shoals field. The platform is presently designed for 21 wells producing 25,000 boed, has an additional capacity for 13 wells and transfers oil via a sub-sea pipeline to the Kustatan facility. Miller holds over 470,000 lease and exploratory acres in Alaska in addition to miles of 2-D and 3-D geologic seismic data including engineered well sites. In February of 2014, Miller acquired the North Fork Unit, it’s first acquisition on the east side of the Cook Inlet which provided key well bore diversification. The North Fork Unit is composed of 15,464 acres, includes a 100% working interest in 6 producing natural gas wells with their associated processing equipment, and has a full field development of up to 24 wells. The transaction includes Anchor Point Energy, the owner and operator of 9 miles of twin 4 inch natural gas transmission pipelines and a multi-year firm natural gas sales contract with ENSTAR, the largest natural gas utility in Alaska. The operations are self powered, almost fully automated and require only one operator resulting in extremely low cost operations.
Miller Energy Resources has maintained a 100% working interest in it’s oil and gas assets which allows it to accelerate or decelerate its development plans to optimize growth. As a result of it’s track record of prudent acquisitions, Miller Energy Resources has a significant asset base, substantial proved reserves, additional rework opportunities, and a extensive portfolio of additional drilling locations positioned around known fields which provide an avenue to low risk production growth.