Miller Energy Resources, Inc.(fka MILLQ)

[Timothy Smith]

Miller Energy Resources Reports Fourth Quarter and Year End Results

Jul 16, 2012 5:31:00 PM
Copyright Business Wire 2012

Fiscal 2012 Revenues Increase 55% to $35.4 Million

KNOXVILLE, Tenn.--(BUSINESS WIRE)-- Miller Energy Resources, Inc. (“Miller” or the “Company”) (NYSE: MILL) today reported its results for the fourth quarter and fiscal year ended April 30, 2012. Revenues for fiscal 2012 rose 55% to $35.4 million compared to $22.8 million in fiscal 2011. Miller reported a net loss attributable to common stockholders of $19.5 million, or $0.48 per diluted share, in fiscal 2012 compared to a loss of $3.9 million, or $0.11 per diluted share, in fiscal 2011.

Fourth quarter revenues rose 38% to $8.9 million in fiscal 2012 compared to $6.4 million in the fourth quarter of fiscal 2011. Net loss attributable to common stockholders for the fourth quarter of fiscal 2012 was $8.4 million, or $0.20 per diluted share, compared to a loss of $1.4 million, or $0.05 per diluted share, in the fourth quarter of fiscal 2011. The 2011 results included a $6.9 million gain on acquisitions.

“Miller’s growth benefited from the success of new wells that we recompleted in Alaska during the past year,” stated Scott Boruff, CEO of Miller Energy Resources. “Our oil revenues increased 57% from the prior year and our Alaskan operations accounted for almost 96% of the total. We expect to accelerate our drilling activity in Alaska during fiscal 2013 with the addition of Rig 35 on the Osprey platform. The new rig is substantially complete and we expect to receive final certification in the near future. Rig 35 will be tasked initially with repairing, recompleting and redeveloping key wells on the Osprey platform.

“We believe our strategy to restore existing wells to production and further develop our Alaskan properties will be the key factor that drives Miller’s future revenues and profit growth. With the recent signing of a new $100 million credit facility, we are very positive about having the resources to pursue our capital development activities in fiscal 2013.”

Full release: http://www.alphatrade.com/news/stories/AM/2012-07-16/BIZ/201207161831BIZWIRE_USPR_____BW6483.html