Miller Energy Resources Announces Susitna Basin Exploration License Extension
Miller Petroleum, Inc. dba Miller Energy Resources (Nasdaq: MILL) announced today that its wholly owned subsidiary Cook Inlet Energy, LLC has obtained approval for a three year extension of the Susitna Basin Exploration License No. 2, ADL 390078 which encompasses 471,474 acres.
The license makes up the majority of Miller's and Cook Inlet Energy's net undeveloped acres, and covers primarily natural gas prospects. The licensed acreage is located approximately 55 miles north east of Anchorage.
To comply with extension terms, Cook Inlet Energy committed to a total additional work commitment of $750,000 over the term of the extension, with a minimum of $250,000 being required by the end of the first year and an additional $250,000 by the end of the second year.
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