Miller Energy Resources Inc., Knoxville, has acquired the Tennessee assets of PDC Energy Inc., primarily increasing the company’s working interest in many of its existing wells.
Miller plans to begin working over many of the oil wells. The acquisition boosted the company’s oil production 10%, and further increases are sought by reworking, drilling new wells, other acquisitions, and consolidating existing properties, the company said.
With the PDC acquisition, Miller completed a 3-year project of targeted acquisitions in the Appalachian basin in eastern East Tennessee that began in June 2009 when it acquired the assets of Ky-Tenn Oil Inc., East Tennessee Consultants Inc., and East Tennessee Consultants II LLC. Miller acquired the assets and companies in order to exploit the vast potential of the oil-bearing Mississippi lime and Chattanooga shale.
Miller now has interests in more than 180 producing oil wells and 180 producing gas wells.