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News Breaks | | | | September 24, 2012 | | 11:51 EDT |  | MILL | Miller Energy announces dismissal of shareholder derivative lawsuits
Miller Energy Resources) announced the dismissal of two consolidated shareholder derivative lawsuits against the Company and certain of the company's current and former officers and directors. Filed on August 25, 2011, and August 31, 2011, in the United States District Court for the Eastern District of Tennessee, the lawsuits alleged, among other things, the dissemination of misleading information, mismanagement and waste of corporate assets. On September 21, 2012, the trial court granted the company's motion to dismiss these suits. The Court found, among other things, that the plaintiff failed to make a demand on the company's Board of Directors to investigate and, if necessary, remediate the plaintiff's allegations prior to filing the lawsuit. The opinion further held that the plaintiff had failed to show why the requirement that such a demand be made should be excused in these cases. | |
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| May 20, 2013 | | 08:43 EDT | | MILL | Miller Energy to begin drilling Sword #1 well
Miller Energy announced that its wholly owned subsidiary, Cook Inlet Energy has entered a contract for the Patterson owned, Rig-191 to drill the Sword #1 well. The company will mobilize the rig from the nearby Tyonek Village area at the end of May and transport it to an existing pad near its West Mcarthur River production facility. The 1500 HP rig is constructed with a 750,000 lb. rated mast and is capable of drilling a maximum depth of 24,000 feet. | |
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