The Explorers 2009: Alaska might have new player
With or without the bankruptcy court’s approval, Alaska might have a new oil and gas player.
Tennessee-based Miller Petroleum, doing business as Miller Energy Resources, said Oct. 26 that it had completed an agreement to purchase the assets of Cook Inlet Energy LLC for $875,000. According to a recent SEC filing by Miller, the deal was contingent “upon the successful purchase by Cook Inlet Energy LLC of certain Alaska oil and gas assets from the Bankruptcy Estate of Pacific Energy Resources Ltd.”
The deal was scheduled to close Nov. 4, a day after the U.S. Bankruptcy Court in Delaware was expected to rule on an Oct. 14 motion by Pacific Energy to sell its assets to Cook Inlet Energy, also for $875,000, plus other considerations that would be helpful to Pacific Energy.
Since the final pages of The Explorers 2009 go to press Oct. 28, there is no way of knowing if the deal will go through (watch for updates in Petroleum News).
But in its press release, Miller Petroleum CEO Scott Boruff said Miller’s institutional partners had given the company “the green light for further acquisitions,” and that the Cook Inlet deal was “one of many substantial opportunities that we anticipate closing in the coming months.”
Perhaps one or more of those opportunities will be in Alaska.
Visit Miller’s website at www.millerenergyresources.com.
—Kay Cashman
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