9 Sept 2014quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $25.4 million and a net loss of $11.9 million for the period ended 2014-07-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2014substantial holder notice● Neutral
David J. Voyticky disclosed a new substantial MILLER ENERGY RESOURCES, INC. shareholding (5.20% of votes).
29 Aug 2014substantial holder notice● Neutral
David J. Voyticky reported a MILLER ENERGY RESOURCES, INC. shareholding of 3,174,956 shares (6.50% of votes) in a periodic institutional filing.
22 Aug 2014material agreement● NeutralMajor
Sold 750,000 more Series D preferred shares at $24.50 for about $18.4 million, and announced a $31.2 million Alaska tax credit certificate. Management put near-term liquidity above $70 million -- roughly half of it money from the State of Alaska rather than from the business.
21 Aug 2014securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
21 Aug 2014securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a free-writing prospectus - marketing material for an offering in progress.
20 Aug 2014director officer appointment▲ GoodMajor
Amended both the KeyBank and Apollo facilities and published an updated Ryder Scott reserve report putting proved PV-10 at $447.6 million as at July 2014, up from $360.9 million three months earlier -- almost all of the increase in undeveloped reserves that had yet to be drilled.
20 Aug 2014securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
12 Aug 2014director officer appointment▼ BadMajor
President David Voyticky resigned effective August 12, 2014, about two months after his contract was extended. His package was $460,000 in cash, 79,655 shares and continued vesting of prior grants, with acceleration only to be recommended to the Committee. Both KeyBank and Apollo loan agreements were amended to remove the default triggered by his departure.
1 Aug 2014dividend declaration● Neutral
Another round of dividends on all three preferred series.
8 July 2014material agreement● Neutral
Bought the Glacier Drilling Rig No. 1 from Singapore-based Teras Oilfield Support -- a second rig within two months, as Miller geared up to drill its way into the reserves it had been valuing since 2009.
30 June 2014debt financing▲ Good
Drew a further $10 million from KeyBank, taking borrowings to $30 million, and collected about $21.8 million of Alaska state tax credits -- the subsidy stream that was doing much of the work of keeping the company funded.
6 June 2014director officer appointment▲ GoodMajor
Reached the cheapest money it would ever get: a $250 million reserve-based revolver led by KeyBank at roughly 3-4% over LIBOR, with a $60 million base, $20 million drawn. President David Voyticky's contract was extended at the same time on a raised $500,000 salary.
14 May 2014debt financing▼ Bad
Sold the rig it had just bought straight back out again: a sale-and-leaseback with First National Capital for up to $5 million, at $159,915 a month for three years and a $1 buyback at the end. Miller was raising cash against an asset it had owned for four days.
6 May 2014material agreement● Neutral
Exercised the option and bought the rig -- "Rig-36" -- for a total of $3.25 million.
30 Apr 2014dividend declaration● Neutral
Another quarterly round of dividends across the Series B, C and D preferred.
2 Apr 2014material agreement● Neutral
Paid $1.5 million for a five-week option over a National 1320 drilling rig from Baker Process, exercisable for another $1.75 million.
31 Mar 2014material agreement● NeutralMajor
Bought off an activist: Bristol Investment Fund and Paul Kessler withdrew their slate of board nominees and agreed to a three-year standstill in return for Miller adding former New Mexico governor Bill Richardson to the board. The same Bristol had been a lender in the 2011 Guggenheim facility.
12 Mar 2014quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $16.6 million and a net loss of $3.1 million for the period ended 2014-01-31.
12 Feb 2014substantial holder notice● Neutral
River Road Asset Management, LLC reported a MILLER ENERGY RESOURCES, INC. shareholding of 4,090,141 shares (9.20% of votes) in a periodic institutional filing.
12 Feb 2014material agreement▲ GoodMajor
Cook Inlet Energy signed the Trans-Foreland Pipeline Development Agreement with Tesoro and its pipeline company. The pipeline would link the Kustatan facility to the Kenai Pipe Line tank farm across Cook Inlet, and if Tesoro did not approve and finance it by the end of 2015, CIE could buy the project interests for $817,490 plus the cost of any tangible property transferred.
6 Feb 2014asset acquisition disposition● NeutralMajor
On February 3-4, 2014, Miller closed the North Fork acquisition for $56.6 million in cash plus $5 million of preferred stock, funded by a new $175 million Apollo term loan at LIBOR plus 9.75% (2% floor). It refinanced the old Apollo facility, and the $9.2 million prepayment fee is payable in four instalments from June 2014.
31 Jan 2014dividend declaration● Neutral
Dividends declared across all three preferred series for the first time -- Series B, C and D together.
31 Jan 2014material agreement● Neutral
Apollo gave Miller an extra month, to 28 February 2014, to repay its second-tranche loans without the prepayment penalty -- a short extension while the refinancing that closed days later was being assembled.
30 Jan 2014material agreement● Neutral
Paid CNX Gas $1.25 million to settle its claim over a 2008 letter of intent covering the Campbell County leases that were later sold to Atlas -- closing the last piece of litigation from Miller's Tennessee period, six years on.
15 Jan 2014substantial holder notice● Neutral
Seaside, William J. Ritger, Denis M. O'Donnell disclosed a new substantial MILLER ENERGY RESOURCES, INC. shareholding (5.10% of votes).
15 Jan 2014substantial holder notice● Neutral
Robert L. Trentham disclosed a new substantial MILLER ENERGY RESOURCES, INC. shareholding (6.27% of votes).
16 Dec 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed the final prospectus for a registered offering.
11 Dec 2013quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $18.8 million and a net loss of $5.0 million for the period ended 2013-10-31.
10 Dec 2013quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $18.8 million and a net loss of $5.0 million for the period ended 2013-10-31.