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Stock Market & Financial Investment News

News Breaks
May 14, 2014
08:20 EDTMILLMiller Energy to acquire Savant Alaska for $9M in cash
Miller Energy announced that the Company has signed a binding agreement to acquire Savant Alaska subject to due diligence and regulatory approval, for $9M in cash. Savant would become a wholly-owned subsidiary of Miller. Through Savant, Miller would own a 67.5% working interest in the Badami Unit, with ASRC Exploration remaining as a 32.5% working interest partner. Miller would also obtain a 100% working interest in nearby exploration leases. These assets would bring approximately 1,100 BOPD gross and 600 BOPD net of current production and ownership of midstream assets located in the Alaska North Slope with a design capacity of 38,500 BOPD and 25 miles of pipeline. We estimate the acquisition will add approximately $6M of PDP PV-10 with significant additional drilling opportunities. In addition to the assets, Miller is pleased to welcome the Savant team, which will be supported by the company's Anchorage office.
News For MILL From The Last 14 Days
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July 15, 2014
07:30 EDTMILLMiller Energy posted solid Q4 results, says Brean Capital
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05:20 EDTMILLMiller Energy reports Q4 EPS (38c), consensus (14c)
Reports Q4 revenue $22.1M, consensus $22.13M. During FY14 and Q4, Miller reported an increase in net loss. This was primarily associated with non-cash charges including the loss on debt extinguishment from refinancing the company's previous Apollo facility with a new, more cost effective facility, and non-cash changes in the fair value of our derivatives resulting from an increase in commodity prices.
July 11, 2014
09:21 EDTMILLMiller Energy management to meet with SunTrust
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