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Miller Energy Resources Receives $2 Million Tax Credit Payment from Alaska

HUNTSVILLE, TN -- Miller Petroleum, Inc. dba Miller Energy Resources ("Miller"), a high growth oil and natural gas exploration, production and drilling company has received a tax credit payment of over $2 million from the State of Alaska. The passage and codification of Alaska Senate Bill 309 and House Bill 280 last year allows Miller to recover up to 40% of drilling and exploration costs for Alaska energy projects through certain tax credits. This is the first tax credit payment Miller has received with respect to the several million dollars spent last year bringing its Alaska operations back online.

"This reimbursement validates Alaska as one of the most favorable development environments for energy today," said Scott M. Boruff, Miller CEO. "It represents the combination of two submissions that covered the time period from December 2009 through July 2010 and is the first of several anticipated reimbursements under these new laws, as we are currently preparing our next applications for submission. Amounts we plan to spend under our CapX budget in the next 12 months should also yield several million dollars in additional refund payments."

Miller Energy Resources is a high growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller's focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin including the Chattanooga Shale. Miller is headquartered in Huntsville, Tennessee with offices in Anchorage, Alaska and Knoxville, Tennessee.

Published February 14, 2011

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