ANCHORAGE, AK--(Marketwired - Aug 20, 2014) - Miller Energy Resources, Inc. (the "Company" or "Miller") (NYSE: MILL) announced a substantial increase in the estimated value of its reserves located in the Cook Inlet area of Alaska as determined by Ryder Scott Company (RSC), an independent petroleum reserves engineering consulting firm, in a recently issued reserve report commissioned by the Company. This is very good news.
https://finance.yahoo.com/news/miller-e ... 00195.html
I was impressed by Miller's presentation at EnerCom. - Dan
MILL - Increase in Proven Reserves
MILL - Increase in Proven Reserves
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL - Increase in Proven Reserves
ANCHORAGE, AK--(Marketwired - Aug 21, 2014) - Miller Energy Resources, Inc. (the "Company" or "Miller") (NYSE: MILL) today announced that it has received a certificate for approximately $31.2 million of tax credits. The tax credits are submitted for reimbursement and are anticipated to be received in cash over the next few weeks.
"We continue to benefit greatly from State of Alaska tax credits," explained John Brawley, Chief Financial Officer of Miller. "With $31.2 million of tax credits, the $18.4 million in gross proceeds we expect to raise from the public offering of our Series D Preferred Stock, launched yesterday, and $24.0 million available under our revolver, we now have over $70 million in near-term liquidity, in addition to our operating revenue. We are excited about our drilling program and have the infrastructure, reserves and liquidity in place to convert those opportunities into significant production and cash flow."
The public offering of the Company's Series D Preferred Stock (the "offering") referred to above is being made pursuant to the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission ("SEC"). A final prospectus supplement relating to the offering will be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
"We continue to benefit greatly from State of Alaska tax credits," explained John Brawley, Chief Financial Officer of Miller. "With $31.2 million of tax credits, the $18.4 million in gross proceeds we expect to raise from the public offering of our Series D Preferred Stock, launched yesterday, and $24.0 million available under our revolver, we now have over $70 million in near-term liquidity, in addition to our operating revenue. We are excited about our drilling program and have the infrastructure, reserves and liquidity in place to convert those opportunities into significant production and cash flow."
The public offering of the Company's Series D Preferred Stock (the "offering") referred to above is being made pursuant to the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission ("SEC"). A final prospectus supplement relating to the offering will be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL - Increase in Proven Reserves
KNOXVILLE, TN--(Marketwired - Aug 21, 2014) - Miller Energy Resources, Inc. (NYSE: MILL) (the "Company") announced today that it has priced an underwritten public offering of its 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share) (the "Series D Preferred Stock") at a public offering price of $24.50 per share. The Series D Preferred Stock is currently traded on the New York Stock Exchange, LLC, or NYSE, under the ticker symbol MILLprD.
Gross proceeds to the Company are expected to be approximately $18.375 million. Closing of the offering is scheduled for August 25, 2014, subject to customary closing conditions. The Company intends to use the net proceeds, if any, from the offering for general corporate purposes. The Company is filing a supplemental listing application to list these shares of Series D Preferred Stock on the NYSE. MLV & Co. LLC and Maxim Group LLC are acting as Joint Book-Running Managers for the offering. Aegis Capital Corp., I-Bankers Securities, Inc., Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), and Northland Capital Markets are acting as Co-Managers.
Gross proceeds to the Company are expected to be approximately $18.375 million. Closing of the offering is scheduled for August 25, 2014, subject to customary closing conditions. The Company intends to use the net proceeds, if any, from the offering for general corporate purposes. The Company is filing a supplemental listing application to list these shares of Series D Preferred Stock on the NYSE. MLV & Co. LLC and Maxim Group LLC are acting as Joint Book-Running Managers for the offering. Aegis Capital Corp., I-Bankers Securities, Inc., Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), and Northland Capital Markets are acting as Co-Managers.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL - Increase in Proven Reserves
Is Mill now a buy? After the secondary?
Re: MILL - Increase in Proven Reserves
I like the pfd and I do think MILL is BUY under $5.00. I was impressed by the CFO's presentation at EnerCom.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL - Increase in Proven Reserves
I know you like CPE and GST preferreds better, but do you still like the MILL preferreds. You did 2 months ago, I don't think the company itself has changed much over that time except for getting a more qualified CEO.
Re: MILL - Increase in Proven Reserves
I do not follow MILL carefully, so I need to see Q3 actuals before I can comment on the pfd.
MILL does have a lot more drilling risk as they count on much fewer wells than CPE or GST. I just think GST and CPE pfd stocks are safer.
MILL does have a lot more drilling risk as they count on much fewer wells than CPE or GST. I just think GST and CPE pfd stocks are safer.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group