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March 10, 2015 in News

Enrema Acquires Tennessee Assets of Miller Energy

Enrema Acquires Tennessee Assets of Miller Energy

By Carly Harrington

Enrema LLC, a Cookeville, Tenn.-based oil company, has acquired the Tennessee assets of Miller Energy Resources for $3.25 million.
The acquisition, which increased the number Enrema’s wells from around 100 to 848, has catapulted the privately-held, independently-owned company into a much larger role in the oil and gas production landscape.

Enrema is now the largest oil and gas company in Tennessee, in terms of wells owned, Kurlan Barbosa, Enrema’s asset engineer, said Thursday. It also is among the top oil and gas producers behind Consol Energy and Atlas Oil.
“It’s a huge deal because we were kind of under the radar. We were doing our own thing, and now, we’ve expanded into a more socially responsible position,” Barbosa said. “We have more wells than any other company in the state.”
Before the acquisition, which was completed in October, the company’s wells were located primarily in Fentress and Morgan counties. It also has a 15-mile pipeline that provides gas to Byrdstown, Tenn., and Albany, Ky.
Miller’s assets were spread across a number of Tennessee counties, including Morgan, Fentress, Scott, Campbell and Pickett, Barbosa said. Enrema has also hired additional employees, all of whom came from Miller, bringing its total workforce to 26.
Knoxville-based Miller announced last summer that it planned to sell its Tennessee oil and natural gas wells as part of a strategic restructuring and cost cutting plan. It hired PLS Inc., a Houston-based marketing and advisory firm, to assist in finding a buyer.
Miller, which has been beset by a number of challenges since 2011, is focused on the company’s drilling and production operations in Alaska.
Enrema’s focus is in Tennessee, but its long-term plan is to eventually expand, possibly into Kentucky.
Enrema was founded in 2011 with operations primarily on the Cumberland Plateau in Fentress and Morgan counties. It also has offices in Miami.

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