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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."
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October 29, 2014
08:49 EDTMILLMiller Energy affirms over 80% of current oil production hedged
Given recent movements in oil prices, Miller also reaffirmed that it has more than 80% of its current oil production hedged. It has approximately 456 MBbls hedged at $99.19 through the remainder of FY15 and approximately 787 MBbls at $95.36 during FY16. Miller believes it has sufficient liquidity if oil prices remain at current levels for the foreseeable future.
08:46 EDTMILLMiller Energy provides strategic processes update
Miller Energy announced that it has received nearly all the regulatory approvals for its acquisition of Savant Alaska and expects that transaction to close in November. Miller estimates that contractual purchase price adjustments from the May 1 effective date, as a result of ongoing production, will lower the effective acquisition price to approximately $5.8M, down from $9M. Upon closing, the company expects this acquisition will immediately add approximately 600 Bopd net production to Miller. In addition, Miller has reached agreement to sell substantially all of its Tennessee oil and gas assets and related liabilities for approximately $3.3M in cash. The company expects that the transaction will close in November. Miller expects the sale of its Tennessee assets will reduce costs and increase the company's cash flow by approximately $800,000 per year. The company has also announced that it continues its discussions with Buccaneer Energy and its principal lender to purchase substantially all Buccaneer Energy's Alaska operating assets out of bankruptcy. While negotiations continue, there is no guarantee that Miller will reach agreement with the sellers.
08:45 EDTMILLMiller Energy announced operations update
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08:44 EDTMILLMiller Energy CFO to leave company, Jeffrey McInturff named Interim CFO
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