It’s been a busy Monday for Miller Energy Resources.
The Knoxville-based oil and natural gas company announced that it intends to raise additional funds in a follow-on public stock offering.
It also announced that its wholly owned subsidiary Cook Inlet Energy has inked a new commercial gas sales agreement.
Knoxville-based oil and natural gas company Miller Energy Resources has added more than 45,000 acres to its Alaska exploration rights and is looking to add substantially more acres by the end of the year.
Miller said it its wholly owned subsidiary Cook Inlet Energy LLC recently signed a five-year oil and gas lease on 45,764 acres located south of its existing licenses in the Susitna Basin north of Anchorage.
With the new lease, Miller now holds has oil and gas exploration rights on 700,000 acres of state-owned of Alaska land.
“We hope to have 900,000 before the end of the year,” CEO Scott Boruff said.
Miller Energy Resources faces a potentially painful class action lawsuit, but the East Tennessee oil and gas company is doing the best it can to generate positive headlines.
The exploration and production company said Wednesday that it shipped 46,882 barrels of oil in August, up 44 percent from the monthly average for the quarter ended July 31.
The August shipments are a company record, said David Hall, CEO of Miller’s Alaskan subsidiary, Cook Inlet Energy.