Miller Energy Resources Confirms Production From Two New Alaska Gas Wells
Miller Energy Resources said Tuesday that it has successfully drilled and completed the energy company’s first two new natural gas wells at its North Fork unit in Alaska and brought both into production.
Both wells are online and are continuing to increase in measured daily production volumes, currently at over 2,000 Mcf per day combined.
The completion of the wells to the production phase was accomplished quicker than the company expected, said David M. Hall, Miller Energy’s chief operating officer. “We were able to deliver two new wells and put them online within a few weeks’ time from our original expected date to deliver just one well. Additionally, we have been able to come in under budget for both, averaging well below the $9 million per well in expected gross cost.”
In early February, the oil and gas company announced it had received approximately $21.2 million in cash tax credit payments from the State of Alaska. Miller Energy expects an additional cash tax credit payment of $20.6 million later this month. The payments relate to the company’s operational activities performed in calendar 2014. MILL shares climbed nearly 5% in pre-market trading to $1.76.