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 six weeks after having his contract extended on a $500,000 salary, leaving with $460,000 in cash, 79,655 shares and accelerated vesting -- and both lenders had to amend their loan agreements to accommodate 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
Signed up to Tesoro's proposed Trans-Foreland pipeline, which would carry Cook Inlet Energy's crude 23 miles directly to Tesoro's Nikiski refinery instead of by tanker across the inlet -- and gave Miller the right to buy the project outright for about $817,000 if Tesoro abandoned it. A second structural cut to transport costs after the 2010 tariff settlement.
6 Feb 2014asset acquisition disposition● NeutralMajor
A single day that reshaped the balance sheet: Miller closed the $56.6 million North Fork acquisition, replaced the 18% Apollo facility with a $175 million term loan at about 10%, and agreed to pay Apollo a $9.2 million prepayment fee in four instalments for the privilege. Cheaper debt, three times as much of it, and the whole company staked on Alaskan production growth.
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.