Cook Inlet Energy CEO gets $250K bonus

The board of Miller Energy Resources Inc. has approved a $250,000 cash bonus for David Hall, the company’s point man in Alaska.

Hall is chief operating officer for Tennessee-based Miller, and chief executive of the company’s Alaska subsidiary, Cook Inlet Energy LLC.

On Oct. 17, the board approved the cash bonus plus a conditional grant of 35,000 shares of Miller’s common stock, the company said in an Oct. 18 filing with the U.S. Securities and Exchange Commission.

The bonus and stock grant were in recognition of Hall’s performance during fiscal 2013, which ended on April 30, the filing said.

Miller management cited “Hall’s leadership in Alaska along with operational performance during the period, including the commencement of our offshore drilling program with Rig 35 and the success of new reworks on wells brought online.”

Rig 35 was specially built for the Osprey offshore platform. Cook Inlet Energy has been concentrating on well workovers on Osprey, which was shut-in when the company acquired the platform and other westside Cook Inlet assets out of a bankruptcy sale in late 2009.

The company’s other main producing property is the West McArthur River oil field.

Miller Energy shares trade on the New York Stock Exchange. Its stock price has more than doubled since July 1, closing on Oct. 23 at $8.22.

In September, the company reported total production of 3,300 barrels of oil equivalent per day, most of it in Alaska and the rest in Tennessee.

—Wesley Loy