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Stock Market & Financial Investment News

News Breaks
February 20, 2014
08:25 EDTMILLMiller Energy provides operational update
Miller Energy announced that it has completed its rework of the RU-7 oil well and is in the final stages of completing the WMRU-8 oil well. RU-7 was recently brought back online after a successful rework to add approximately 56 feet of new perforations in the primary productive crude oil interval, the Hemlock. The primary objective for the RU-9 well will be the Hemlock formation, the principal producing formation in the Redoubt Shoal field. The company expects to begin drilling RU-9 within the next two weeks. The well will take approximately three months to drill and complete. WMRU-8 has been drilled to a final measured depth of approximately 15,535 feet. The primary objective is the Hemlock, with a secondary target located in the pre-tertiary Jurassic oil zone. The well is intended to provide a take point for the Hemlock reservoir previously logged, but not tested, in the WMRU-7 well. Casing has been installed and cemented over the Hemlock interval and the final casing section is currently being installed over the Jurassic interval. It is expected the well will be completed and well testing will begin over the next two weeks. The company has filed an application for a comingling permit from the State of Alaska to allow production from the G zero concurrent with the Hemlock.
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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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