Miller Energy Resources Raises $6 Million

January 25, 2010 (FinancialWire) — Miller Petroleum, Inc., dba Miller Energy Resources, (OTCBB: MILL) said that it has closed its $6 million dollar equity investment, which it said will be utilized to fully fund the capital expenditures of its recently acquired Alaskan oil and gas operations for the next year as well as to eliminate debt accumulated from building company operations.

In December 2009, Miller acquired some of the oil and gas operations of Pacific Energy Resources through a Chapter 11 U.S. Bankruptcy proceeding in Delaware. The acquisition encompassed total reserves of over 13.2 million barrels of oil and 15.5 BCF of natural gas, including total proved reserves of 5.6 million barrels of oil and 3.7 BCF of Natural Gas, according to Miller.

Miller said the discounted net present value of the Alaska reserves is over $325 million.

In addition, Miller acquired onshore and offshore production and processing facilities, an offshore energy platform, over 600,000 net acres of land with thousands of acres of 3-D geologic seismic data, miscellaneous roads, pads and facilities all of which originally cost almost $300 million to build and install over the last 5 years.

Tennessee-based Miller Energy Resources is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production projects in North America.

Miller’s focus is in Cook Inlet, Alaska and in the heart of Tennessee’s prolific and hydrocarbon-rich Appalachian Basin.

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