Company reports above-goal oil production

Posted: Wednesday, April 07, 2010

Cook Inlet Energy reported production levels exceeding 1,100 barrels of oil equivalent a day on Tuesday.

The Anchorage-based company, which operates facilities on the west side of Cook Inlet, said this level of production was hoped for in late 2010.

The company said the boost to production is the result of replacing tubing and targeting previously untapped oil-bearing sands in a well located at its holdings in the West McArthur River Unit.

CIE is a wholly owned subsidiary of Tennessee-based Miller Petroleum Inc.

In December 2009 CIE purchased assets abandoned by financially embattled Long Beach, Calif.-based Pacific Energy Resources, including the West McArthur River Unit, the West Foreland gas field, the Kustatan Production Facility, the Osprey Platform, the Redoubt Unit, a 30-percent interest in Aurora Gas's Three-Mile Creek field and more than 600,000 acres of exploration acreage in Southcentral.

-- Staff report

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