Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
GDMN
Why are you selling here? I see nothing but more upside over time.
GDMN
Up $3. Doesn't seem to be any sellers anymore. Small buyers and it moves up. Maybe they want to do the offering at $20. Im not complaining.
LTUS quietly making new highs.
AMLJ breaking out to new 52 week high.
GDMN
Sorry cl001 no painting allowed.
Big move. New highs. Argggghhhh Mate take the woman below.
Im not buyin it Gene.
MILL
I expected it to be down with alot of people waiting till today to take profits to book them in the new year. You are probably smart picking it up today.
GDMN
cl001 whats your thinking on GDMN $20-$40 in 2010?
GDMN/AUM.to
cl001 you have found an incredible winner here. Its about as sure of a sure thing as exists in the stock market and its still way below the radar. Thank you for your continuing DD.
GDMN
I get bid and ask on Mytrack but not level II on GDMN.
GDMN
There has been a big offer at 10.75 for days which looks like it has now moved to 11.25. I think this really jumps in the new year.
Sun River Energy, Inc. Announces Definitive Agreement to Acquire Raven Wing Resources, Inc.
prnewswire
Press Release Source: Sun River Energy, Inc. On Monday December 28, 2009, 3:45 pm EST
WHEAT RIDGE, Colo., Dec. 28 /PRNewswire-FirstCall/ -- Sun River Energy, Inc. (OTC Bulletin Board: SNRV) announces that it has entered into a Definitive Agreement to acquire all of the issued and outstanding shares of Raven Wing Resources, Inc. ("Raven Wing"), a private company, from Skana Capital Corp.(TSXV: SKN), for $3.5 million in cash and the assumption of $360 thousand in outstanding liabilities. Raven Wing will operate as a wholly owned subsidiary of Sun River Energy, Inc. ("Sun River").
The transaction will require an audit of Raven Wing in accordance with SEC Rules and is subject to receipt of such audit.
With this acquisition, Sun River is gaining intellectual property and associated oil and gas leases in four Project opportunities in the Sweet Grass Arch, Montana; Powder River Basin, Wyoming; and Wasatch Plateau, Utah. Sun River President, Jay Leaver states, "The Raven Wing acquisition offers a selection of projects including both oil and gas, at shallow to medium depths, with balanced risk profiles. Several of the drillable opportunities in the Raven Wing portfolio are step-outs and infill from existing production. We should be able to commence drilling on several locations within 6 months of closing this transaction."
The first project Sun River intends to develop will be in an underdeveloped shallow oil opportunity on the Sweet Grass Arch in Montana.
Net Acres: ~4,200
Maximum Well Depth: 2,500 ft. (Vertical)
Completed Well Cost: $300,000
Possible Net Wells: 210 (if fully developed on 20 acre spacing)
A second Raven Wing project Sun River can develop in tandem is an intermediate depth oil opportunity in the Powder River Basin, Wyoming.
Net Acres: ~1,900
Maximum Well Depth: 8,500 ft. (Vertical)
Completed Well Cost: $1,000,000
Possible Net Wells: 24 (if fully developed on 80 acre spacing)
The third Raven Wing opportunity is located on the Wasatch Plateau, Utah, and will target several layered potential gas reservoirs.
Net Acres: ~36,000
Maximum Well Depth: 6,000 ft. (Vertical)
Completed Well Cost: $500,000 – $1.5 million (depth and completion dependent)
Possible Net Wells: up to 300
The fourth Raven Wing opportunity involves only intellectual property to a field infill and extension concept in the Powder River Basin, Wyoming. Raven Wing does not currently hold a land position in this opportunity and Sun River will need to establish one to proceed with this project.
The transaction is subject to Sun River Energy, Inc. arranging acceptable project financing, which it expects to do through its investment banker, Europa Securities, although no financing has been committed. Sun River management believes this transaction is a significant value acquisition because it provides the positive features of: 1) very low dilution to existing shareholders, 2) ready to drill, low risk, fully evaluated projects in the Rockies, and 3) the potential to develop oil production quickly.
"Sun River has assembled a very experienced team of oil executives, geologists and an acquisition group that have laid the groundwork to build a mid-size E&P oil and gas company in the Rocky Mountains and the continental U.S. in 2010," Mr. Leaver observes. "With the Raven Wing acquisition and our Colfax County, New Mexico Project, we are positioned favorably for rapid growth."
You know i really couldnt care less about the day to day price of the stock. If it goes to 10 cents Monday and than back to 5 cents Tuesday doesnt matter to me. Bought this thing looking a few years out and 20-100 times my money.
LTUS
Quietly making new highs.
MILL
Could be the swoon before the assault on new highs before the close. No telling.
MILL
Trying to breakout above yearly highs ($1.50)
AGT
Bought some today. Owned a bunch which I sold about a month ago. Going to rebuild a position.
GDMN
Picked up another 3000 shares today. Thank you very much for the information.
MILL
OK 10 bagger saw your other post where you still have 12,000+ shares.
MILL
I like this
"The Alaska assets that Miller acquired from Pacific Energy were originally acquired from Forest Oil Corp. in 2007 for $464 million."
Looks like they bought these assets out of Banktrupsy for about $5,000,000.
Not sure why you sold 10 bagger. This could be long term big winner.
MILL
Just picked up 7,500 at $1. I have copied and reposted a post here from researcher59. Hope he doesn't mind.
Posted by: researcher59 Date: Thursday, December 17, 2009 11:52:12 AM
In reply to: None Post # of 121916 [Send a link via email] [Share on Facebook] [Tweet this post]
MILL (0.95) looks interesting. Nice find by KIK back in October at just $0.60. I started a position at $1 this morning. This latest acquisition sounds almost too good to be true .... on the other hand there are bargains to be found in bankruptcy court and surely they did acquire some very cheap oil and gas properties up in Alaska. Production may be slow to ramp up, but the reserves are huge for a company with a market cap of merely ~$20M.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=42698600&txt2find=mill
Miller Petroleum, Inc. dba Miller Energy Resources ("Miller"), (OTC Bulletin Board: MILL.OB) announced today that it has acquired certain former Alaskan assets of Pacific Energy Resources ("Pacific Energy") through a Chapter 11 U.S. Bankruptcy proceeding in Delaware.
Miller has acquired total reserves of over 13.2 million barrels of oil and 15.5 BCF of natural gas, including total proved reserves of 5.6 million barrels of oil and 3.7 BCF of Natural Gas. The discounted net present value of the Alaska reserves that Miller has acquired is over $325 million dollars, including $119 million dollars of proven reserves, $185 million of probable reserves and $23 million in possible reserves.
In addition, Miller has acquired onshore and offshore production and processing facilities, an offshore energy platform, over 600,000 net acres of land with thousands of acres of 3-D geologic seismic data, miscellaneous roads, pads and facilities all of which originally cost almost $300 million to build and install over the last 5 years.
Miller will operate the facilities through its 100% owned subsidiary, Cook Inlet Energy LLC ("Cook") , which has been approved by the State of Alaska as the long-term operator for the Alaskan oil and gas wells. Miller has hired through Cook, the operating team who had overseen the operations of these assets from early 2000 until the present.
Acquisition Details
Miller Energy Resources paid a total of $2.25 million dollars for the Alaskan oil and gas assets, and an additional $2.22 million dollars for contract cure payments, bonds and other local, federal and State of Alaska requirements to operate the facilities. Miller's acquisition multiples of the Purchase/Reserves is $0.35 per Proved MBOE and $0.06 per Proved MCFE. Including Proved, Probable and Possible Reserves makes the acquisition multiples of this purchase only $0.14 per BOE and $0.023 per MCFE.
The Alaska assets and reserves provide Miller with target reserves and production in the Cook Inlet region of Alaska located approximately 65 miles southwest of Anchorage, Alaska. These assets include, but are not limited to West McArthur River Unit, the Redoubt Unit, the Kustatan Field, the Kustatan Production Facility, the West Foreland Field, the Three Mile Creek Field, the Sabre Field, the Valkyrie Field, and certain other leases and rights-of-way, platforms, wells, equipment and other property in the Cook Inlet region
The acquisition increases Miller's total reserves 32 times, from 0.504 MMBOEs to 16.330 MMBOEs, and increases the Net Present Value (discounted at 10%) of Revenue of Miller's Oil and Gas Reserves from $4.99 million dollars (before the acquisition) to $331.13 million dollars at closing, an increase of 66 times. Miller has increased its acreage from 54,506 net acres (pre-acquisition) to 656,506 net acres at closing. Similarly, the acquisition improves Miller's Balance Sheet - For more information about the impact of the acquisition, please go to www.millerenergyresources.com
The Alaska assets that Miller acquired from Pacific Energy were originally acquired from Forest Oil Corp. in 2007 for $464 million. In 2009, Pacific Energy declared bankruptcy and later abandoned its assets in Alaska in September 2009. In October 2009, Miller entered into an agreement to acquire the majority of Pacific Energy's Alaskan assets. In November 2009, the U.S. Bankruptcy Court approved the sale and the acquisition closed on December 11, 2009. Also on December 10, 2009, Miller Petroleum, Inc. acquired 100% of the membership interests in Cook Inlet Energy, LLC, an Alaska limited liability company from its members. As consideration, Miller issued the sellers, who were unrelated third parties, stock warrants to purchase three million five hundred thousand (3,500,000) shares of Miller common stock, plus $250,000 and certain expense related to the acquisition.
Also, in a related transaction, Miller issued a 6% Convertible Secured Promissory Note program ("Note") raising approximately $3 million dollars. The offering was oversubscribed. Miller utilized the proceeds from this offering to provide acquisition and working capital. The Note contains a convertible feature has the right to convert into shares of Miller's Common Stock at a 10% discount on the date of issuance.
Vulcan Capital Corporation served as advisor on this transaction for Miller. Sullivan, Hazeltine, Allinson LLC served as Bankruptcy Counsel for Miller.
Miller's Reaction to the Acquisition
This acquisition marks the third and largest acquisition by Miller since Scott M. Boruff assumed the Chief Executive position of Miller in August 2008. "The good news just keeps coming at Miller," noted Scott Boruff, "in the past year our shareholders have seen an increase of over 140% on their stock in the past year. This new acquisition should continue the strong improvement in Miller's value for our shareholders. Miller is very pleased to have been able to acquire these high-value Alaska energy assets at an extremely attractive value."
"The results of these acquisitions increases our reserves by 32 fold and significantly strengthens our balance sheet," commented Boruff, "Initial production is estimated to be 280 barrels of oil a day. Our three month target is over 800 barrels a day with a goal of pushing production over 1,100 barrels daily by the fourth quarter of 2010 which would generate more than $30 million dollars annually in gross revenue for Miller."
Miller's Goals
Boruff, noted the Company's immediate goals, "Our immediate focus will now be to operate these assets with an experienced team already on the ground in Alaska. Management believes that the Company has, through its investment partners, the necessary capital to build out its assets without incurring significant risk. We also believe that based on our capital raise - just concluded, that we have additional financial capital available to us should we need it to expand out our operations. Beyond Alaska, Miller continues to see great value in our Tennessee operations in the emerging Chattanooga Shale and we expect to continue to develop this reserve and production basin. Miller now has its feet firmly planted in two very productive oil and gas basins in the U.S. and we expect to grow within these regions as we exploit the resources we now have acquired.
Boruff acknowledged that the value of the acquisition was attractive, "The average oil company acquisition in the U.S. this year has been purchased for approximately $19.17 per Proved BOE making our acquisition of $0.36 per Proved BOE look positive. Similarly, Exxon's recent announced purchase of XTO Energy for approximately $7.00 per MCF of total reserves (proved, probable and possible as noted by Morgan Stanley) makes our purchase of total reserves at $0.024 per MCFE look favorable. Further, XTO is a neighbor of Miller's in Alaska."
"Beyond our development of our Alaska and Tennessee assets, we will also continue to be opportunistic about additional energy opportunities as they present themselves.", Boruff commented on Miller's strategy, "Miller's veteran management team has consistently been among early identifiers of premium energy assets, and has a record of repeatedly developing these assets to realize their value to shareholders' best advantage. Deal flow continues at an all time high and additional financial partners join us daily, setting the groundwork for a very exciting 2010 for Miller."
About Miller
Miller Energy Resources is a high-growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production projects in North America
. Miller's focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin. Miller is a Tennessee registered company that has been in existence for over 40 years and been publicly traded for 12 years. It is the largest owner/operator of oil and gas wells in Tennessee with over 602 wells, over 54,500 net acres of lease holdings in Tennessee and 602,000 net acres in Alaska. Company chairman, Deloy Miller has a successful oil and gas track record spanning more than forty years in the Tennessee Basin. Since 1967, Miller has drilled and/or serviced over 5,200 wells.
Miller is one of the United States premier energy companies and is using its strategy of opportunistic growth combined with prudent development and management of exiting assets to maximize value for its shareholders.
Miller is headquarters in Huntsville, Tennessee with offices
in Knoxville and New York City. The company is traded over the bulletin board with the symbol MILL.OB, MILL:US
Public Reply | Private Reply | Keep | Last Read Next 10 | Previous | Next
Add Value Microcaps Motherboard To Favorites Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Advanced Search Browse By Category
© 2009 InvestorsHub.Com, Inc.
About Us | User Agreement | Contact Us | Handbook | FAQ | Advertising | Investor Education | New Stuff Blog
You are gold80302 on WEB4
GDMN
cl001 what is your guess on where the price may go over the next 30-60 days?
IACAF
I bought because if it was good enough for cl001 and Bobwins than it was good enough for me.
IACAF flying
Eik I bought another 10,000 MEAOF today.
GFRE looking to breakout again
AXU starting to move again.
Bought another 10,000 Metanor MTO.T (MEAOF) this morning.
Is there a pink symbol for AAA?
GFRE flying dont know why? I guess more buyers than sellers.
LTUS Bought 7500 shares today because its CHEAP.
IACAF
Picked up another 10,000 this morning.
bwana12 what are we missing?
SKRRF
Bought 50,000 shares a couple weeks ago on a whim. Announced 92 cents in earnings after the close for the quarter. It closed at 20 cents today.
Its winding down but rumor has it they are going to start writing again.
cl001 I bought MTO on the 13th and own a slug of the GDMN but maybe Ill buy some more of both and pick up some AXU. Thank you for the information.
cl001 sold all my AGT today and had a lot. What other Precious Metal company would you be buying now.
Im really surprised there haven't been more takeovers and mergers here in the miners.
IAE (IACAF) Just picked up 10,000. If its good enough for cl001 and Bobwins its for sure good enough for me.
GDMN Cheap shares available today.