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May 15, 2014
05:34 EDTMILLMiller Energy assumed with a Buy from Hold at Brean Capital
Brean Capital upgraded Miller Energy to Buy with an $8 price target after assuming coverage of the stock. The firm sees opportunity in the company's large Alaska acreage base.
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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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