Tag Archives: oil

Miller Energy taps investors for $25M in preferred stock sale

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources platform in Cook Inlet, Alaska.

For the fourth time this year, Knoxville-based Miller Energy Resources has tapped investors for a fresh infusion of cash needed for general corporate purposes.
Miller announced Tuesday that it raised $25 million from the sale of 1 million shares of “Series D” preferred stock. The sale was completed Sept. 30.
The oil and natural gas company previously raised $32.6 million in stock sales in February, May and July.
Miller has struggled financially in recent months. The company reported in July a loss of $13.1 million for the fourth quarter of fiscal 2013, more than half its loss for the full 2013 fiscal year.
The net loss attributable to common stockholders was 31 cents per diluted share, up from a loss of $8.4 million, or 20 cents per share, in the 2012 fourth-quarter, the company said.
Miller is an oil and natural gas exploration and production company with operations in Alaska and East Tennessee.
Click here for Miller’s news release on its recent stock sale.
Click here for more on Miller’s latest financial report.

Miller Energy loses $9M despite higher revenue

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources platform in Cook Inlet, Alaska.

Revenues were up, but Miller Energy Resources Inc. lost more than $9 million in the quarter ended July 31, the Knoxville-based oil and natural gas company reported Monday.
Net loss attributable to common stockholders was $9.4 million, or 22 cents per diluted share, for the company’s first quarter of fiscal 2014. That compares to a profit of $200,000 in the same period a year ago.
Revenues for the recently ended quarter rose more than 56 percent to $13 million from $8.4 million in the first fiscal quarter the prior year. Revenues were up on increased production and higher oil prices. Average realized oil prices rose 5 percent to $104.57 per barrel in the first quarter compared with $99.59 in the prior year period.
The revenue increase was off set by a 44 percent increase in costs and direct expenses and  “an increase in interest expense due to higher debt balances and less interest capitalized; and a loss on commodity derivatives,” the company said.
Despite swinging to a first-quarter loss, Miller CEO Scott Boruff gave an upbeat outlook based on increased production.
“We are continuing to see major increases in production in Alaska. In the second half of the first quarter, we brought our RU-2A well online, which has been our highest producing oil well to date. … (Contributing)  $4.1 million to our revenues for the quarter,” Boruff said in a statement.
Progress also is being made on bringing other oil and gas wells into production, Boruff said.
Miller Energy is an oil and natural gas exploration, production and drilling company with operations in Alaska’s Cook Inlet and in Tennessee’s Appalachian Basin.

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.

 

 

Tough 1Q produces opposite results for Knox energy companies

Oil and gas

A pair of Knoxville based energy companies this week both reported
decreased sales in the first quarter, but one still scratched out a profit
while the other swung to a loss.

Oil company Tengasco reported a profit of $978,000, or 2
cents per share, while coal producer Xinergy said it lost $1.9 million, or 3
cents per share.

Tengasco’s earnings for the first three months of 2012 were a
slight improvement from a profit of $954,000, or 2 cents per share in the same
period a year ago.

Normal
0

false
false
false

EN-US
X-NONE
X-NONE

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:””;
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:”Times New Roman”;
mso-bidi-theme-font:minor-bidi;}

Continue reading

Miller Energy announces stock offering, gas sales contract

It’s been a busy Monday for Miller Energy Resources.
Miller_Energy02.jpg
The Knoxville-based oil and natural gas company announced that it intends to raise additional funds in a follow-on public stock offering.

It also announced that its wholly owned subsidiary Cook Inlet Energy has inked a new commercial gas sales agreement.

Continue reading

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.

Continue reading

Tengasco stock downgraded by TheStreet

Oil and natural gas company Tengasco Inc.’s stock has been downgraded by TheStreet Ratings from buy to hold.

The Knoxville-based company’s weak cash flow overshadows its revenue and profit growth, TheStreet, a digital financial media company, said today.

“The revenue growth came in higher than the industry average of 11.9%. Since the same quarter one year prior, revenues rose by 35.6%. This growth in revenue does not appear to have trickled down to the company’s bottom line, displaying stagnant earnings per share,” TheStreet reported.

Continue reading

Miller signs new Alaska oil and gas lease

Knoxville-based oil and natural gas company Miller Energy Resources has added more than 45,000 acres to its Alaska exploration rights and is looking to add substantially more acres by the end of the year.

Scott+Boruff.jpgMiller said it its wholly owned subsidiary Cook Inlet Energy LLC recently signed a five-year oil and gas lease on 45,764 acres located south of its existing licenses in the Susitna Basin north of Anchorage.

With the new lease, Miller now holds has oil and gas exploration rights on 700,000 acres of state-owned of Alaska land.

“We hope to have 900,000 before the end of the year,” CEO Scott Boruff said.

Continue reading