Miller Energy raises $15.75M in stock sale

Oil and gas company Miller Energy Resources has completed a public preferred stock sale that raised $15.75 million.Miller_Energy02.jpg

The Knoxville-based company sold 685,000 shares at a price of $23 per share.

The 10.75 percent Series C Cumulative Redeemable Preferred Stock will trade on the New York Stock Exchange under the symbol MILLprC, Miller announced.

Proceeds from the stock sale will be used for general purposes.

Underwriters for the offering were MLV & Co. and Maxim Group LLC, acting as Joint Book-Running Managers, and Williams Financial Group and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc., as Co-Managers.

Shares of the oil and natural gas exploration and production company were about 4 percent lower in early afternoon trading at $4.31.