Miller Energy successfully drilled, completed, and brought online the Company’s first two new gas wells at the North Fork Unit near Anchor Point.
Now the wells are in the clean-up process and continue to increase the measured daily production volumes, currently at over 2,000 MCFD(thousand cubic feet per day).
David M. Hall, Miller Energy’s Chief Operating Officer said, “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.”
The Company also announced receipt in early February of 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. Both payments relate to the Company’s operational activities performed in calendar 2014.
