Tag Archives: East Tennessee

Miller Energy says new well better than expected

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Miller Energy Resources has had its share of troubles, but on Monday the Knoxville oil and natural gas company announced that a new sidetrack well is producing better than expected.
The WMRU-2 sidetrack well in Alaska began producing on June 7 and it’s initial seven day average production is approximately 630 barrels of oil equivalent, the company said in a news release.
The well is expected “to continue to exceed our original assessment as it stabilizes,” said David Hall, Miller’s chief operating officer.
CEO Scott Buruff said the well should be “a substantial revenue generator for Miller.”
The company’s share price was up 37 cents, or more than 7 percent, to $5.62 in early afternoon trading.
Miller is an oil and natural gas exploration and production company with operations in Alaska and East Tennessee.
The new well’s performance offers a bit of good news following recent shareholder complaints.
Early this year the company settled a lawsuit brought by a group of dissident shareholders who complained about “excessive compensation and unacceptable self-dealing” at Miller.
Click here for more on the shareholders complaint.

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 receives drilling approval

Miller Energy Resources today reported progress toward doubling its Alaskan oil production.Miller_Energy02.jpg

The Knoxville-based company said its Rig-35 had been approved for drilling by the Alaska Oil and Gas Conservation Commission.

The rig is in position over an existing oil well on the Osprey platform and work is underway to bring the well back into production. When production is restored to the first well, Miller plans to use Rig-35 to restore production at a second well on the Osprey platform.

“(B)ringing these two wells online will double its Alaska production,” the company said in a news release.

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Miller Energy Resources raising capital

Miller Energy Resources has raised millions in fresh cash and apparently wants more.Miller_Energy02.jpg

The Knoxville-based oil and gas exploration and production company said Thursday it has raised $10 million through a preferred stock offering to existing shareholders.

The company also announced that veteran corporate finance manager Don Raper has joined the company as senior vice president of finance – capital markets.

The money raised from the stock offering will be used to fund immediate expenses and “help us improve the terms and speed at which we can refinance our existing credit facility,” CEO Scott Boruff said in a prepared statement.

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Strong VW sales good news for East Tennessee economy

 

a302d2ef6a6f5800030f6a706700d741.jpgVolkswagen of America Inc. today reported that 2011 sales were the best in nine years, helped by an strong increase in sales of the Chattanooga-built Passat.

Total VW sales in the Unites States last year were 324,402 units, a 26.3 percent increase from 2010 and the best since 2002, the company announced.

Passat sales soared in 2011 with 22,779 units sold, a 124 percent increase from 2010.

 

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Fed report: Regional economy improving, credit still tight

The Federal Reserve’s first Beige Book of 2011 paints a generally optimistic picture of the
PAULSON+MONEY.jpgnational economy.

The economic survey released on Wednesday shows positive trends developed in the final months of 2010 for manufacturing, hiring and consumer spending. The housing market remains troublesome.

That’s the national picture. But let’s take a look at the regional outlook. It’s a little less rosy, but not horrible.

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National Coal shareholders approve sale to Jim Justice

100110coal3.jpg.jpgIt’s official — National Coal Corp. shareholders on Thursday approved the sale of the Knoxville-based company to West Virgina businessman and coal baron Jim Justice.

Justice, who attended the University of Tennessee and graduated from Marshall University, will pay $1 per share, a 54 percent premium over National Coal’s closing price on Sept. 27, the day the sale was announced.

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Free workshops on Energy Efficiency Loan Program

East Tennessee businesses having a hard time getting loans for energy efficiency projects should attend one of Pathway Lending’s free “lunch and learn” workshops on Tennessee’s new $50 million Energy Efficiency Loan Program.

A workshop is scheduled Sept. 29 in Knoxville at Buddy’s BBQ Bearden Banquet Hall, 5806 Kingston Pike. On Sept. 30, Pathway Lending will be in theTri Cities area for a workshop at Pratt’s Real Pit Bar-B-Que, 1225 E. Stone Drive, Kingsport, Tenn.

Low-interest loans of $20,000 to $1 million are available.

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Help for East Tennessee jobs market

East Tennessee’s job market got a dose of good news this week when Whirlpool Corp. said it would invest $120 million to expand its Cleveland, Tenn. operation.

The company plans to build a 1 million-square-foot manufacturing plant where it will make built-in, premium cooking products. The expansion will add 130 jobs to an existing work force of 1,500 employees.

090210a+whirlpool08.jpgWhirlpool’s announcement is welcome news to unemployed Tennesseans. We still have a long way to go before all of the jobs lost in the recession are replaced, but progress is being made.

For more on the jobs market and why it’s not as bad as the screamers on cable TV would have us believe, check out my column on Sunday in Knoxvillebiz and the News Sentinel.

Photo: Chattanooga Times Free Press/ Mike Pare

Melissa Haynes, a Whirlpool Corp. employee, works on an oven at the company’s plant in Cleveland, Tenn.

Knoxville drug wholesaler No. 15 on Inc. 5000

Twenty-five East Tennessee companies are on the 2010 Inc. 5000 list released this week.

Tops among the ET companies is Physicians’ Pharmaceutical at No. 15 with 2009 revenue of $8.7 million and an astounding 9,307 percent revenue growth from 2006 to 2009, according to the magazine.

Physicians’ Pharmaceutical, founded in 2005, is a “wholesale distributor of pharmaceutical medications to physicians,” according to Inc.

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