By any measure fiscal 2010 was year was a good one for Miller Energy Resources.
The Hunstville, Tenn.-based oil and natural gas exploration, production and drilling company recently reported FY earnings of a whopping $249.4 million, or $8.29 per share. The previous year the company recorded a profit of $8.4 million, or 56 cents per share.
The company’s soaring 2010 profit was largely due to the purchase of various oil and gas assets, including Pacific Energy’s Resources in Cook Inlet, Alaska.
With the Pacific Energy deal, Miller says it is now the “largest lessee/licensee of State of Alaska owned oil and gas property.”
Miller also bought KY-Tenn Oil and is “the largest owner/operator of oil and natural gas wells in State of Tennessee.”
Just guessing here, but being the biggest in Alaska is probably going to mean more to Miller than being the biggest in Tennessee.
Also in fiscal 2010,Miller’s stock began trading on the Nasdaq market. A year ago, shares were going for about 25 cents. This week shares are trading in the $5 range.
“We will look back on this as a watershed year in Miller’s development, having made significant progress on key initiatives and positioning us for growth in 2010 and beyond,” Miller CEO said Scott M. Boruff said in a statement.
Repeating 2010’s success in FY 2011 will be next to impossible, but for now Miller is on a roll.
Photo: submitted by Miller Energy Resources
Miller Energy Resources’ Osprey oil platform in Cook Inlet off the coast of Alaska.