Tag Archives: production

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 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.



Xinergy completes coal prep facility

Stockpiled coal

Stockpiled coal

Knoxville-based coal producer Xinergy Ltd has reached a milestone with the completion of a coal preparation and rail loading facility at its South Fork mine in Greenbrier County, West Virginia.
The new facility is expected to help boost production substantially in the coming months.
The South Fork operation is expected to produce at “an average rate of 50,000 tons per month during the second half of 2013, representing approximately half of the complex’s anticipated productive capacity,” according to a news release.
The company previously said it expected to invest $20 million in the coal preparation and rail loading facility.
“Notwithstanding the challenging market conditions, we are extremely excited to report that we have completed construction of our South Fork infrastructure project on time, and within budget. We will continue to focus on driving shareholder value by executing upon our strategic vision of building out our premium quality mid-vol coking coal footprint in West Virginia,” Xinergy President Bernie Mason said in a news release.
In its most recent financial report, Xinergy said it had a net loss of $1.9 million, or 3 cents per diluted share, for the quarter ended March 31, 2013, compared to net income of $1.7 million in the same period the year prior.
Xinergy operates coal mines in West Virginia and Virginia. It sells thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies.

Miller Energy announces stock offering, gas sales contract

It’s been a busy Monday for Miller Energy Resources.
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.

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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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Rising oil prices good for Tengasco

Rising oil prices during the first half of the year have been very good to Knoxville-based Tengasco Inc.

The oil and gas exploration and production company reported late Friday it swung to a second quarter profit of $700,000, or 1 cent per share, up from a loss of $100,000 in the same period a year ago.

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