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December 20, 2012
09:26 EDTMILLMiller Energy says Alaska RU-3 well on track to be completed under budget
Miller Energy Resources released an update on its operations in Alaska. The company reported that Miller Rig 35 completed the workover of the RU-3 gas well on December 14. Miller said, "We then commenced swabbing operations to remove wellbore fluid in order to prepare for well testing. During the workover we discovered multiple unreported fish left in the hole by a previous operator. We were able to successfully remove the obstructions, but this caused the workover to take longer than expected. The well has now been completed and the wellhead installed. The project is on track to be completed under budget. Swabbing operations have been recovering fluid at a slower rate than we had hoped, so we have decided to move forward with a nitrogen coil cleanout starting this weekend to accelerate the process. Well testing will commence as soon as sufficient liquids have been removed from the wellbore. After this occurs, we plan to move Rig-35 to the RU-4 well for a gas workover. RU-4 previously tested at a rate of 1.4 MMcf/d from the Tyonek gas sands. The move to the RU-4 well should be completed in the first week of January 2013, after which the workover will immediately commence. The workover procedure is expected to take 10 to 12 days. After completing work on RU-4, Rig-35 will immediately begin moving either to RU-2 to drill a sidetrack or to RU-7 to replace the failed electrical submersible pump in that well. The Company is balancing a short rig move followed by a longer time on the RU-2 well against a longer rig move which will have a shorter time on the RU-7 well. We plan on taking advantage of the down time during one of the rig moves to add additional perforations into our RU-D1 disposal well. The additional perforations should enhance the injectivity of that wellbore, which will support both drilling and operations by allowing us to dispose of wastes more rapidly and at a lower cost. The perforation of RU-D1 will be managed such that it will not delay our drilling schedule."
News For MILL From The Last 14 Days
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July 30, 2015
17:33 EDTMILLMiller Energy responds letter of delisting from NYSE
Miller Energy Resources announced that it has been notified by the staff of the New York Stock Exchange that, after the close of the markets today, trading in its common stock would be suspended and that proceedings to delist its stock would commence as a result of the Company's failing to maintain an average market capitalization of $15M or more over the preceding thirty trading days. Trading in Miller Energy's 10.75% Series C Cumulative Redeemable Preferred Stock and 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock would also be suspended and subject to delisting. Miller Energy had noted the possibility of this action being taken by the NYSE both in its FY15 earnings release and subsequent earnings call on July 29. The Company expects to avail itself of its right to have this decision reviewed by the Board of Directors of the NYSE and believes there are many factors which the NYSE should consider before taking final action, including the advanced status of the Miller Energy's capital repositioning efforts
July 29, 2015
05:35 EDTMILLMiller Energy sees gross production up by 1.7 MMcfd, 220 Bopd
Miller Energy provided the following guidance: "Until we complete our capital repositioning process, the Company will focus primarily on smaller work-overs. The Company has identified and begun executing on eight projects with an aggregate capital requirement of approximately $1.8M that management expects will increase gross production by approximately 1.7 MMcfd and 220 Bopd. The Company expects that each project will exceed its internal return requirements and also expects that each project will have a payback period of less than a year. Also, during FY16, the Company plans to drill the RU-7B side-track and NF 22-26 as finances permit. Management plans to continue to pursue aggressively its cost efficiency and capital discipline initiatives in a responsible and safe manner. We believe that the run-rate cash G&A, excluding one-time items, will trend towards approximately $4.5M per quarter."
05:34 EDTMILLMiller Energy reports Q4 EPS ($2.48), may not compare to consensus (27c)
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