Miller Energy Resources, Inc. Raises $15.755 Million in Public Offering of Preferred Stock
KNOXVILLE, Tenn.--(BUSINESS WIRE)--
Miller Energy Resources, Inc. (NYSE: MILL) (the "Company") today
announced it has completed and closed its previously announced public
offering of 10.75% Series C Cumulative Redeemable Preferred Stock (the
"Series C Preferred"). The Company issued 685,000 shares of the Series C
Preferred stock at a price of $23.00 per share, yielding gross proceeds
of $15.755 million. The underwriters for this offering included MLV &
Co. and Maxim Group LLC, acting as Joint Book-Running Managers, and
Williams Financial Group and National Securities Corporation, a wholly
owned subsidiary of National Holdings, Inc. (OTCBB:NHLD), as Co-Managers.
The Series C Preferred will be traded on the New York Stock Exchange
under the symbol MILLprC. The net proceeds will be used for general
corporate purposes by the Company.
The offering was made pursuant to the Company's existing effective shelf
registration statement, previously filed with the Securities and
Exchange Commission ("SEC") and a final prospectus supplement, filed
with the SEC on September 28, 2012. Copies of the prospectus and
accompanying prospectus supplement relating to these securities may be
obtained for free by visiting EDGAR on the SEC website at www.sec.gov
or by written request to Miller Energy Resources, Inc., 9721 Cogdill
Road, Suite 302, Knoxville, TN 37932. Alternatively, you may obtain
these documents by contacting the underwriters at MLV & Co. LLC, 1251
Avenue of the Americas, New York, NY 10020, Attention: Randy Billhardt,
Telephone: (212) 542-5882 or Maxim Group LLC, 405 Lexington Avenue, 2nd
FL, New York, NY 10174, Attention Paul LaRosa, Email: firstname.lastname@example.org;
Telephone: (212) 895-3695.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or other
About Miller Energy Resources, Inc.
Miller Energy Resources, Inc. is an independent exploration and
production company that utilizes seismic data and other technologies for
geophysical exploration and development of oil and gas wells in the
Appalachian region of East Tennessee and in south central Alaska. During
fiscal 2012, we continued to develop our oil and gas operations which we
acquired from Pacific Energy Resources in December 2009 through a
bankruptcy proceeding, including onshore and offshore production and
processing facilities, the offshore Osprey platform, and approximately
700,000 lease or exploration license acres of land, along with hundreds
of miles of 2-D and 3-D geologic seismic data, miscellaneous roads,
pads, pipelines and facilities. Our mission is to grow a profitable
exploration and production company for the long-term benefit of our
shareholders by focusing on the development of our reserves, continued
expansion of our oil and natural gas properties and increase in our
production and related cash flow.
This press release includes statements that may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 including with regard to the Company's
planned offering of the Series C Preferred Stock and the intended use of
proceeds. Such forward-looking statements are subject to a variety of
known and unknown risks, uncertainties, and other factors that are
difficult to predict and many of which are beyond management's control.
Factors that can affect future results are discussed in the documents
filed by Miller Energy Resources Inc. from time to time with the SEC.
Miller Energy Resources, Inc. undertakes no obligation to update or
revise any forward-looking statement to reflect new or changing
information or events, except as may be required by applicable law or
Miller Energy Resources, Inc.
Robert L. Gaylor, 865-223-6575
Source: Miller Energy Resources, Inc.
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