With increased activity in the Cook Inlet, Cook Inlet Energy’s parent company is selling off its Tennessee assets to focus on Alaska.]
Miller Energy Resources announced yesterday evening that they’re restructuring, reducing annual expenditures by $3 million to $5 million.
Miller’s CEO Scott M. Boruff said they “still believe Tennessee has significant growth potential, [but] capital is clearly better allocated to Alaskan operations and the investment opportunities that exist there.”
Cook Inlet Energy’s CEO David Hall described the company as aggressive…
Hall: “We employ about 150 people in the Cook Inlet alone directly or indirectly. As we continue to grow and roll out our development plan in the Cook Inlet, we see that number will grow dramatically.”
CIE is also behind the new Trans-Foreland Pipeline Project, an 8″ oil pipeline going in along the Kenai Spur Highway in North Kenai. The line would reduce the need for barge traffic from Drift River to Tesoro. CIE applied to lease close to 5 acres from the Borough for the entry point in North Kenai.
In another new project, CIE is is hoping to market LNG directly to commercial users for heating. They started the process, with O’Malley Sports Complex in Anchorage as their first client, but is facing some resistance from Enstar Natural Gas Co.