Surprise! Positive Web reports on Miller Energy

Miller Energy Resources has received its share of online criticism in recent months – that’s whatMiller_Energy02.jpg happens when you have to refile corrected financial reports and a class-action lawsuit hangs over your head.

But in a somewhat surprising turn, the Knoxville oil company has been the subject of positive online commentary in recent days.

A report posted today on the website Seeking Alpha by an anonymous contributor called Rougemont includes Miller among a group of undervalued oil stocks.

“Miller is expected to post a loss for 2011 and 2012, so the shares are more speculative. However, the stock looks undervalued based on the growth prospects and book value which is $7.29 per share,” Rougemont wrote.

On Monday, the Wall Street Transcript posted a Q&A interview with Miller CEO Scott Boruff, allowing the exec to speak directly to investors.

Boruff told TWST the Miller’s revenues should be about $40 million by the end of its fiscal year on April 30 and should grow to $100 million next year.

Another recent Seeking Alpha report was full of praise for Miller. Arvind Mallik and Jonathon Fite, managing partners of KMF Investments, wrote that Miller “provides a powerful combination of the characteristics that deep value investors prize,” citing Miller’s relatively cheap trading price, management, financing and other factors.

Photo: Miller’s Osprey platform in Alaska’s Cook Inlet.