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Miller Energy Resources Enters Into Two Special Warrant Exercise Agreements

Stocks in this article: MILL

Miller Energy Resources (“Miller”) (NYSE: MILL) announced today that on September 21, 2012, the company reached an agreement with certain investors for the early exercise of warrants issued in connection with a private offering closed on March 26, 2010. A similar arrangement was reached with a consultant to the Company under a warrant issued on May 20, 2011. Miller will receive $3,544,004 in gross proceeds from the transactions.

In exchange for receiving registered common stock from Miller, the participating investors agreed to exercise their warrants immediately in cash and to waive the right to exercise on a cashless basis. In addition, the Company agreed to issue additional shares of registered common stock as a settlement for liquidated damages and interest owed to holders in connection with the late registration of the shares issued in the March 2010 private placement. Investors in the March 2010 transaction who chose not to exercise their warrants immediately agreed to waive existing ratchet and anti-dilution rights contained in those warrants in exchange for a one-year extension on the terms of their warrants.

Taken all together, the Company registered and issued 1,064,801 shares of common stock in connection with these transactions.

“We are very happy to have reached these agreements,” stated Scott M. Boruff, Miller Energy Resources CEO. “This eliminates anti-dilution and ratchet provisions that have, in the past, limited our freedom to structure financings involving offers of our securities at market prices. In addition, we have settled up on penalties and interest that would otherwise have accumulated over time, and we did so while receiving cash that we can immediately redeploy into new and ongoing projects.”

About Miller Energy Resources

Miller Energy Resources, Inc. is a high growth 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 including the Chattanooga Shale. Miller is headquartered in Knoxville, Tennessee with offices in Anchorage, Alaska and Huntsville, Tennessee. The company’s common stock is listed on the NYSE under the symbol MILL.

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