SOURCE: Miller Petroleum, Inc.

March 24, 2010 08:50 ET

Miller Energy Resources Reports $271 Million in Record Profits for the Third Quarter

HUNTSVILLE, TN--(Marketwire - March 24, 2010) - Miller Petroleum, Inc. dba Miller Energy Resources ("Miller") (OTCBB: MILL) announced today that it had net income of $271.9 million for the third quarter ending January 31, 2010. This represents earnings for the quarter of $12.44 per outstanding share and earnings of $9.51 per fully diluted share. The net income for the quarter is a direct result of the acquisition in December 2009 of oil and gas assets from Pacific Energy Resources through a Chapter 11 U.S. Bankruptcy proceeding in which Miller acquired onshore and offshore production and processing facilities, an offshore energy platform, over 600,000 net lease acres of land with hundreds of miles of 2-D and 3-D geologic seismic data, miscellaneous roads, pads and facilities. On March 3, 2010, Miller announced that its Alaskan operations were producing more than 800 BOED and on March 15, 2010, Miller announced that it has a total proforma asset value of over $492 million, including oil and natural gas reserves valued at $372 million.

"This is a historic time at Miller Energy Resources," said Scott M. Boruff, Miller CEO. "The record results for the third quarter reflect the hard work of the team that has been assembled at Miller and bodes well for our ambitious business plan moving forward. The addition of the Alaskan operations has positively impacted all facets of our company and is a true milestone for Miller as we continue to maximize value for our shareholders."

About Miller
Miller Energy Resources is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins 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 headquartered in Huntsville, Tennessee with offices in Anchorage, Knoxville and New York City. The company is quoted on the OTC Bulletin Board under the symbol MILL.

Statements Regarding Forward-Looking Information

This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by Miller Energy Resources and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, fluctuations in the US dollar and other currencies, the availability of sufficient capital to fund its anticipated growth, fluctuations in the prices of oil and gas, the competitive nature of its business environment, its dependence on a limited number of customers, its ability to comply with environmental regulations, changes in government regulations which could adversely impact its businesses well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect Miller's operations or financial results, are included in Miller's reports on file with United States securities regulatory authorities. Miller Energy Resources' actual results could differ materially from those anticipated in these forward- looking statements as a result of a variety of factors, including those discussed in its periodic reports that are filed with the Securities and Exchange Commission and available on its Web site (www.sec.gov). All forward-looking statements attributable to Miller Energy Resources or to persons acting on its behalf are expressly qualified in their entirety by these factors. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.

Contact Information

  • For more information, please contact the following:

    CONTACT:
    Robert L. Gaylor
    SVP Investor Relations
    Miller Energy Resources
    3651 Baker Highway
    P.O. Box 130
    Huntsville, Tennessee 37756
    Phone: 423-663-9457
    Fax: 423-663-9461
    Web Site: http://www.millerenergyresources.com