MILL?Dan
Re: MILL?Dan
Miller is expecting a large payment (~$43 million) from State of Alaska. You should listen to their webcast from NYC tomorrow. See link below.
HOUSTON, TX--(Marketwired - April 20, 2015) - Miller Energy Resources, Inc. (MILL) ("Miller Energy" or the "Company") today announced that its management will participate in the upcoming IPAA OGIS investor conference in New York.
IPAA OGIS New York
Date:
Tuesday, April 21, 2015 at 2:25 PM ET
Location:
The Sheraton Towers Time Square
New York, NY
Webcast:
http://www.investorcalendar.com/IC/CEPage.asp?ID=173873
Conference participation is by invitation only and registration is mandatory. An updated investor presentation is now available in the Investor Relations section of the Company's website.
Please view Miller Energy's website, www.millerenergyresources.com, for additional information and available webcasts.
About Miller Energy Resources
Miller Energy Resources, Inc. is an oil and natural gas production company focused on Alaska. The Company has a substantial acreage, reserve, and resource position in the State, significant midstream and rig infrastructure to support production, and 100% working interest in and operatorship of most of its assets. Miller Energy has two over-arching objectives: first, to be a long-term participant in the State's E&P industry and in responsibly developing Alaska's oil and gas resources; second, as the only public pure-play Alaska E&P, to be a straightforward vehicle for investors to participate in that development. Miller Energy manages its operations from Anchorage with additional administrative offices in the lower 48. The Company's common stock is listed on the NYSE under the symbol MILL. More information on Miller Energy can be found at www.millerenergyresources.com.
HOUSTON, TX--(Marketwired - April 20, 2015) - Miller Energy Resources, Inc. (MILL) ("Miller Energy" or the "Company") today announced that its management will participate in the upcoming IPAA OGIS investor conference in New York.
IPAA OGIS New York
Date:
Tuesday, April 21, 2015 at 2:25 PM ET
Location:
The Sheraton Towers Time Square
New York, NY
Webcast:
http://www.investorcalendar.com/IC/CEPage.asp?ID=173873
Conference participation is by invitation only and registration is mandatory. An updated investor presentation is now available in the Investor Relations section of the Company's website.
Please view Miller Energy's website, www.millerenergyresources.com, for additional information and available webcasts.
About Miller Energy Resources
Miller Energy Resources, Inc. is an oil and natural gas production company focused on Alaska. The Company has a substantial acreage, reserve, and resource position in the State, significant midstream and rig infrastructure to support production, and 100% working interest in and operatorship of most of its assets. Miller Energy has two over-arching objectives: first, to be a long-term participant in the State's E&P industry and in responsibly developing Alaska's oil and gas resources; second, as the only public pure-play Alaska E&P, to be a straightforward vehicle for investors to participate in that development. Miller Energy manages its operations from Anchorage with additional administrative offices in the lower 48. The Company's common stock is listed on the NYSE under the symbol MILL. More information on Miller Energy can be found at www.millerenergyresources.com.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL?Dan
•On February 10, 2015, the Company received proceeds from Alaska State tax credits totaling $21.2 million. The Company has received a certificate for further Alaska State tax credits totaling an additional $20.6 million and expects to receive the proceeds later this month.
•The Company's borrowing base was reduced to $45.0 million. Currently, the Company has approximately $2.2 million in cash, $39.0 million drawn against our $45.0 million borrowing base, and the cash tax credit certificate of approximately $20.6 million that we expect in mid-March. The Company filed an application for a carried forward annual-loss credit of $23.9 million ($21.5 million, net of allowance) in January 2015 and applied for an additional $9.0 million of expenditure and exploration credits in March 2015, both of which we expect to receive in early summer 2015. Upon receipt of the $20.6 million state tax credit, the borrowing base will effectively be reduced to $40.0 million. Upon receipt of the Alaska State tax credit proceeds from the $23.9 million January 2015 application and the $9.0 million March 2015 application, the availability will effectively be reduced to $30.0 million.
•The Company's borrowing base was reduced to $45.0 million. Currently, the Company has approximately $2.2 million in cash, $39.0 million drawn against our $45.0 million borrowing base, and the cash tax credit certificate of approximately $20.6 million that we expect in mid-March. The Company filed an application for a carried forward annual-loss credit of $23.9 million ($21.5 million, net of allowance) in January 2015 and applied for an additional $9.0 million of expenditure and exploration credits in March 2015, both of which we expect to receive in early summer 2015. Upon receipt of the $20.6 million state tax credit, the borrowing base will effectively be reduced to $40.0 million. Upon receipt of the Alaska State tax credit proceeds from the $23.9 million January 2015 application and the $9.0 million March 2015 application, the availability will effectively be reduced to $30.0 million.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL?Dan
"Given our need to reduce leverage and our focus on ensuring sufficient liquidity, we plan on further tightening our discipline in terms of both the amount of capital being spent and the risk-profile of the projects on which it is spent," said Carl F. Giesler, Miller Energy's Chief Executive Officer. "Additionally, given continued low oil prices, we expect to remain focused on our North Fork gas field. As we have said before, we are fortunate -- and we believe unique -- as a Company (1) to have more than 80% of our oil production hedged north of $90 per barrel through April 2016, (2) to sell gas under term contracts at more than $6.50 per Mcf and (3) to benefit from cash tax credits for 35% to 65% of our well costs."
"We believe that our lower-capex, North Fork gas-focused plan is a viable path-forward in the continued low oil price environment," added Mr. Giesler. We believe we are positioned to meet fully our obligations to our lenders, to make timely and full dividend payments to our preferred shareholders, as well as to maximize the value of our resource base."
"We believe that our lower-capex, North Fork gas-focused plan is a viable path-forward in the continued low oil price environment," added Mr. Giesler. We believe we are positioned to meet fully our obligations to our lenders, to make timely and full dividend payments to our preferred shareholders, as well as to maximize the value of our resource base."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MILL?Dan
Dan, MILL deferred dividend payments on the C and D shares. Buying opportunity?
Looks like serious new lows this morning.
Looks like serious new lows this morning.
Re: MILL?Dan
With all of our model portfolio companies releasing Q1 results now it is like trying to drink from a fire hose for me, so I do not have time to look at MILL. That said, there are so many high quality small and mid-cap E&P companies trading at HUGE discounts to my valuations, why mess around with shaky stuff like MILL?
If your goal is high yield, look at those in our High Yield Income Portfolio.
If your goal is high yield, look at those in our High Yield Income Portfolio.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group