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News Breaks
December 20, 2012
09:30 EDTMILLMiller Energy updates on Tennessee operations
Miller Energy Resources released an update on its operations in Tennessee. The company said, "We reached total depth on the first horizontal well drilled in the Mississippian Lime in Tennessee on December 19, 2012. The well, CPP H-1, Permit #12404, was drilled into the Fort Payne Formation at a true vertical depth of approximately 1,600 feet on the Company’s Cumberland Plateau Partners LLC lease in Scott County, Tennessee, and it exposed a pay section of approximately 2,300 feet in the horizontal section of the well. Strong indications of producible levels of oil and gas were encountered throughout the drilling of the horizontal section. A multiple packer system is to be installed in the 2,300 feet horizontal section to allow stimulation of the total oil and gas bearing zone. This well is the first phase of drilling the undeveloped portion of existing vertical well Fort Payne oil fields in Tennessee in which Miller has controlling interest, and these initial results show that this strategy has significant potential. Miller has the next three horizontal well locations designated, and they are in the process of getting permitted. Miller expects to begin drilling its second location in January 2013. The Company has approximately 40,000 acres under lease or held by production in Tennessee."
News For MILL From The Last 14 Days
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December 15, 2014
08:48 EDTMILLMiller Energy downgraded to Neutral from Buy at SunTrust
SunTrust downgraded Miller Energy due to lower oil price forecasts and execution issues.
December 10, 2014
15:01 EDTMILLMiller Energy downgraded to Neutral from Buy at Sidoti
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13:34 EDTMILLMiller Energy price target lowered to $3 from $6 at Brean Capital
Brean Capital cut its price target on Miller after the company reported weaker than expected results. The firm says that the company lacked productive drilling outcomes in fiscal Q2. Brean added that the company's liquidity position remains "tenuous" but it expects the company's capital position to improve next year, Brean keeps a buy rating on the stock.
08:56 EDTMILLMiller Energy reports Q2 EPS ($3.71), may not compare to consensus (21c)
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