Miller Energy (MILL) Gets New Oil, Gas Exploration License in Alaska
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Miller Energy Resources (NYSE: MILL) has expanded its development potential in the Susitna Basin of Alaska with the addition of an oil and gas exploration license for 45,764 acres. The new acreage is located south of the Company’s existing Licenses No. 2 and No. 4 in the Susitna Basin of Alaska. With the addition of License No. 5, Miller Energy controls nearly 700,000 acres of State of Alaska oil and gas lands, the largest number of acres under lease and license by any company for oil and gas exploration on state lands.
Cook Inlet Energy, LLC, a wholly owned subsidiary of Miller, was issued the license for the new acreage in the Susitna Basin. The initial term of the license is five years. The license’s work commitment requires Cook Inlet Energy to perform exploration work with qualifying direct expenditures totaling a minimum of $250,000 over the five-year term. Upon timely completion of the work commitment, Cook Inlet Energy will have the option to convert any or all of the remaining license acreage to oil & gas leases with a five-year term and a royalty rate of 12.5% and a $3.00/acre annual rental rate.
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Cook Inlet Energy, LLC, a wholly owned subsidiary of Miller, was issued the license for the new acreage in the Susitna Basin. The initial term of the license is five years. The license’s work commitment requires Cook Inlet Energy to perform exploration work with qualifying direct expenditures totaling a minimum of $250,000 over the five-year term. Upon timely completion of the work commitment, Cook Inlet Energy will have the option to convert any or all of the remaining license acreage to oil & gas leases with a five-year term and a royalty rate of 12.5% and a $3.00/acre annual rental rate.
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