Miller Energy reports record oil shipments; legal troubles continue

Miller Energy Resources faces a potentially painful class action lawsuit, but the East Tennessee oil and gas company is doing the best it can to generate positive headlines.Miller_Energy02.jpg

The exploration and production company said Wednesday that it shipped 46,882 barrels of oil in August, up 44 percent from the monthly average for the quarter ended July 31.

The August shipments are a company record, said David Hall, CEO of Miller’s Alaskan subsidiary, Cook Inlet Energy.

Also this week, the company announced another company milestone — Drilling Rig-35 was on its way to Alaska. Miller said it recently made the final payment of $5.77 million on the $19.5 million rig by drawing on a line of credit.

“The installation of a rig on our Osprey platform marks a new chapter for Miller in Alaska,” Miller CEO Scott Boruff said in a news release. “We will now be able to target previously producing wells, drill new wells and perform routine and incidental maintenance on the wells that are already producing.”

Meanwhile, law firms pushing a securities fraud class action lawsuit against Miller have issued a slew of news releases in recent days reminding potential clients of the approaching deadline for seeking lead plaintiff status. 

Miller Energy Resources files amended 10-K

Miller Energy faces growing list of class action lawsuits

The StreetSweeper: Miller: Meltdown continues for this once hot oil stock

Miller news release: Miller Energy Resources mobilizes drilling rig to its Osprey platform in Alaska

Law firm lead plaintiff news release

Photo: Miller Enery Osprey platform.