Sat, Feb 28, 2015, 7:54 AM EST - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Miller Energy Resources, Inc. Message Board

  • mikemint1 mikemint1 Nov 15, 2012 10:21 AM Flag

    CIE: Drilling shows promising production

    By Staff Report
    Peninsula Clarion

    With the help of a newly-installed drilling rig, Cook Inlet Energy has increased oil production from one of its wells connected to the company’s Osprey platform.

    In a recent press release, officials announced they had successfully used the Rig 35, a piece of oil infrastructure designed to drill as deep as 24,000 feet both offshore and onshore, to work over its RU-1 well.

    The company removed several restrictive flow devices and two failed electronic submersible pumps, one of which was replaced with a new pump, according to the release. With the workover, oil production from the well increased to 482 barrels per day from 125 barrels per day under the former operator’s oversight from September 2007 to July 2009.

    The workover was the first project taken on by Rig 35, which the state approved Cook Inlet Energy to operate in August. Company officials hope to target three more wells connected to the Osprey platform and through what the company described as “advanced drill techniques and wellbore optimization” the company hopes production rates will exceed historical flow rates.

    Cook Inlet Energy also announced in mid-September that it signed two agreements allowing them to acquire Hilcorp’s working interest in a two west side prospects.

    The two farmout agreements allowed the company to acquire Hilcorp’s 30 percent interest in the Sword and Sabre prospects, which will add 504 net acres to the company’s holdings in the area, according to a press release. Cook Inlet Energy, who previously held a 70 percent working interest in the acreage, said it hopes to drill the prospects it now fully owns in the next three years.

    “Sword and Sabre prospects show great potential with internal company estimates up to 20 million barrels of oil and 14.3 bcf of gas possible,” said Cook Inlet Energy CEO David Hall in the release.

    The two prospects are adjacent to the West McArthur River Unit, which has produced more than 13 million barrels of oil a day to date, officials said.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
 
MILL
1.69-0.02(-1.17%)Feb 27 4:02 PMEST

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.