This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Miller Energy Resources Reports Second Quarter Results

Stocks in this article: MILL

Miller Energy Resources (“Miller”) (NYSE: MILL) today reported its results for the second fiscal quarter ended October 31, 2012. The Company reported revenues grew 17.4% to $10.8 million in the second quarter of fiscal 2013 compared with $9.2 million in the second quarter of the prior fiscal year. Net loss for the second quarter of fiscal 2013 was $6.3 million, or $0.15 per diluted share, compared with a net loss of $4.5 million, or $0.11 per diluted share, in the second quarter of fiscal 2012.

Miller achieved several of its significant operational goals during the second quarter, bringing Rig 35 online, starting its long awaited drilling program on the Osprey platform, and completing the first planned rework of a well on that platform with RU-1’s return to service in late October. RU-1 had an initial production rate of 482 bopd, and it averaged 260 bopd during November. Rig 35 is currently reworking RU-3, a gas well on the Osprey platform with a recorded IP over 8 mmcf a day by the previous owner.

“We are making solid progress in removing artifacts from RU-3’s well casing and hope to bring it back online by the end of the year,” said Scott Boruff, CEO of Miller, “Winter weather has slowed our operations as expected, but we remain focused on our rework program as weather permits.”

“We expect revenues to increase in the third quarter due to the contributions of RU-1 and the potential of RU-3 coming online in the near future,” continued Mr. Boruff. “The addition of the gas production from RU-3 has the potential to significantly reduce our operating costs by providing natural gas for our own operations and to make Miller a net seller of natural gas in the Cook Inlet. Although RU-7 is temporarily offline as a result of the failure of its aging electric submersible pump, over the remainder of the quarter we expect the contributions from RU-1 and RU-3 to more than offset that reduction in output. We plan to remove and replace RU-7’s pump on the Osprey platform once Rig 35 becomes available, taking into consideration our current operational schedule and the efficient allocation of our resources.”

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,802.82 +24.67 0.14%
S&P 500 2,068.71 +7.48 0.36%
NASDAQ 4,757.7510 +9.3550 0.20%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs