Tag Archives: oil

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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What the GOP presidential candidates won’t tell you

 

Oil and gasHere’s something you aren’t likely to hear from Republican presidential candidates – American energy independence is truly within reach. Good news doesn’t fit the campaign storyline so you can’t blame them for not touting achievements such as:

— U.S. oil production is the highest its been since 2003.

— Natural gas production is growing so fast the government may approve an export terminal.

— The U.S. could pass Russia as the world’s largest energy producer by 2020.

 

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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.

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Miller Energy reports record oil shipments; legal troubles continue

Miller Energy Resources faces a potentially painful class action lawsuit, but the East Tennessee oil and gas company is doing the best it can to generate positive headlines.Miller_Energy02.jpg

The exploration and production company said Wednesday that it shipped 46,882 barrels of oil in August, up 44 percent from the monthly average for the quarter ended July 31.

The August shipments are a company record, said David Hall, CEO of Miller’s Alaskan subsidiary, Cook Inlet Energy.

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Miller Energy blasted again by StreetSweeper

East Tennessee oil and gas company Miller Energy Resources was blasted again today by the investigative website TheStreetSweeper.

Miller_Energy02.jpgStreetSweeper provides details about Miller’s “tardy annual report” and “premature”audit opinion from KPMG.

The website quotes law professor and New York Times blogger Peter J. Hennnig, who suggests that the Securities and Exchange Commission may take a close look at the company.

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Exxon and the art of whining (or how to make $11B with taxpayer help)

Economy.jpgIt takes an incredibly warped sense of corporate entitlement for a company to believe it
 deserves taxpayer subsidies when it reports a quarterly profit of nearly $11 billion.

But that’s what we saw on Thursday when Exxon Mobil Corp. released its first quarter report. The giant oil company said it earned $10.7 billion, its largest quarterly profit since the 2008 third quarter when gasoline prices were even higher than they are now.

Along with the financial report, Ken Cohen, Exxon’s vice president for public affairs, published a lengthy statement on the company’s Perspectives blog defending Exxon’s soaring profits and blasting politicians for daring to protect taxpayers’ interests.

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FedEx CEO calls on Congress to pass electric vehicle bill

FedEx CEO Fred Smith has an interesting opinion piece in Fortune today calling on
Approved%20Navistar%20Image.jpgCongress to quit stalling and pass a bill promoting electric vehicles.

“I am not someone who tends to advocate increased government involvement in the private sector. But there is no free market for oil. This is not a market issue — it is a national security issue,” Smith writes.

With oil pushing $100 a barrel and gasoline prices up substantially from a year ago, now would be a good time for Congress to take this issue seriously.

There’s always hope, but I won’t hold my breath. Congress isn’t exactly known for being reasonable.

Read Smith’s commentary: FedEx CEO: Let’s end our need for oil

Photo: FedEx all-electric delivery truck. (FedEx)

Holiday surprise — rising fuel prices

gas03_SY.jpgIf I was a believer in conspiracy theories — and maybe I am —  oil and gasoline prices spiking just in time for the holiday travel season would make me wonder.

Oil is higher than it’s been in more than two years and the national average for gasoline has jumped over $3 a gallon.

Makes me wonder.

CNNMoney Video: Pain the gas

Headlines:

Gas prices top $3 a gallon

Travel picking up this holiday

Photo: Vehicles stop for fuel at the Raceway on Western Ave. on Tuesday, December 21, 2010. (Knoxville News Sentinel/ Saul Young).