The seven tracts cover an estimated 27,000 acres and were secured at a cost of approximately $900,000 to CIE, with $180,000 due as a bid deposit. The remaining amount will not be due until the Alaska Department of Natural Resources completes its title review of the leases.
A total of 36 tracts were available for lease, but Miller and CIE selectively targeted tracts that completed acreage positions covering prospects acquired in Miller’s purchase of certain assets from Pacific Energy Resources late last year.
Scott Boruff, CEO of Miller, said: “This additional acreage better positions us to accomplish our planned development activities which have been accelerated as a result of successfully completing the first phase of our development plans in Alaska eight months ahead of schedule.”
