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NEWS BULLETIN

June 13, 2011 --- Vol. 17, No. 51June 2011

Osprey platform resumes with one well producing 350 barrels a day

The Osprey platform in Alaska’s Cook Inlet is producing oil again.

The parent company of operator Cook Inlet Energy LLC of Anchorage said in a news release today a well on the platform, the RU-1 well, had been successfully redeveloped by changing an electric submersible pump (ESP).

The well is “currently flowing above expected rates” at a steady level of about 350 barrels per day gross, said the press release from Tennessee-based Miller Energy Resources Inc.

“Miller is continuing redevelopment operations on the Osprey and is currently replacing the ESP on the RU-7 well, which is expected to come online in the next week,” the release said. “Following this replacement, Miller plans to redevelop and drill additional wells in the Cook Inlet, including the four wells that are expected to produce an additional 2,000 Bbls/d gross from the Osprey platform.”

Osprey is the southernmost platform in Cook Inlet. Forcenergy Inc. completed installation of the platform in 2000 over the Redoubt Shoal field.

Production from Osprey generally has been a disappointment over its history. With Miller’s backing, Cook Inlet Energy in late 2009 picked up Osprey in a package of oil and gas properties previously operated by California-based Pacific Energy Resources Ltd., which liquidated through bankruptcy.

The Osprey platform was idle when Cook Inlet Energy took it over.

“With the successful redevelopment of RU-1, which is exceeding expectations, we continue to demonstrate our operational expertise and our ability to cost effectively operate and redevelop wells in the Redoubt field and our other Alaskan assets,” said Scott Boruff, Miller’s chief executive.

See full story in June 19 issue, available online at 11 a.m., Friday, June 17 at www.PetroleumNews.com

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