Tag Archives: Cook Inlet

Miller Energy posts $13.1M 4Q loss

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources reported today a fourth-quarter loss of $13.1 million, more than half its loss for the full 2013 fiscal year.

The net loss attributable to common stockholders equaled 31 cents diluted share, up from a loss of $8.4 million, or 20 cents per share, in the 2012 fourth-quarter, the Knoxville-based oil and natural gas company said.

Revenues for the quarter ended April 30 tumbled 13 percent to $7.7 million, compared to $8.9 million in the same period the prior year.

The company attributed the 4Q loss to a pump failure knocking one of its wells offline, fluctuating shipping schedules and other reasons.

For fiscal 2013, revenues dropped 2 percent to $34.8 million and the net loss was $25.5 million, or 60 cents per share.

Despite rising loses, CEO Scott Boruff put a positive spin on the Knoxville company’s outlook for the coming months.

“While our revenues remained relatively constant in fiscal 2013 as compared to the prior year, we achieved several operational milestones late in the fiscal year and subsequent to year end,” Boruff said in a news release.” In fiscal 2014, we expect to see a substantial increase in revenues with significant contributions from our newest oil well, RU-2A, and our newest gas wells, RU-3 and RU-4. … Based on current production levels we expect that RU-2A will increase revenue by more than $10 million per quarter and add $8 million per quarter to free cash flow.”

As revenues have declined in recent months, the company has tapped investors for increased funding. Miller has raised more than $32 million in three preferred stock sales this calendar year alone.

Miller has exploration and production operations in Alaska and East Tennessee.

 

Miller Energy Resources raises $7.2M from preferred stock sale

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources platform in Cook Inlet, Alaska.

For the third time this year, Knoxville oil and and gas company Miller Energy Resources has issued preferred stock to raise money for general corporate purposes.

Miller said Wednesday it raised $7.2 million from the sale of preferred stock that was completed Tuesday. Proceeds will be used for general corporate purposes.

MLV & Co. LLC acted as sole book-running manager for the offering. Aegis Capital Corp., Maxim Group LLC, National Securities Corp., a wholly owned subsidiary of National Holdings Inc. and Northland Capital Markets acted as co-managers.

Miller raised $11.1 million in May and $14.3 million in February with follow on sales of preferred stock.

Miller has exploration and production operations in Alaska’s Cook Inlet and East Tennessee.

 

 

Miller Energy signs $100M debt deal

Miller Energy Resources shares are down more than 5 percent in trading today, following the
Miller_Energy02.jpgKnoxville company’s announcement late last week of a new $100 million credit deal with Apollo Investment Corp.

The five-year agreement is secured “by substantially all of the company’s and its subsidiaries’ assets,” Miller said in a news release.

The deal includes an initial $55 million borrowing base. Miller said it will use the loan to pay off existing debt, its Series A Preferred Stock and pay for drilling new wells and reworking existing wells both onshore and offshore in Alaska.

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