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Miller Energy Resources, Inc. Message Board

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  • foreverwhiteroses foreverwhiteroses Jul 7, 2011 4:16 PM Flag

    so some more info

    Excellent post. Exactly the info I wanted to know... If I have the later history right, (in round numbers) Miller bought these assets for $3 mill in BK after a winning bidder at $8 mil couldn't get financing? Is that right? Given the increased estimates of reserves, it seems to me that this was an amazing purchase by Miller and the value of these assets alone remained far undervalued by Mr. Market. That of course means, you get Tennessee for free as well.... not bad......... Opinions?

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    • I'm not sure about the bids for the company... I do know that miller owns it now for what appears to be a smoking deal.
      The assets they aquired had lots of seismic done and the reserves just need to be proved up on IMHO... The question I do have is did they get all the property and leases forest or not? That is the multi-million/billion dollar question...
      Either way if they can redrill and get half the production forest was doing before we should do okay... They will create cashflow to drill the leases and mabye pvk will shut his pie hole!!! oh happy day that will be...

      • 2 Replies to one_4_theditch007
      • Listen to the presentations on the company website. They got the profitable assets, but left behind the unprofitable parts. They left behind items co-operated by Chevron, because Chevron would do work and send Pacific Energy the bill, whether or not Pacific Energy wanted them to or not. David Hall was in contact with Scott Boruff and they put together exactly the right mix of assets that could be worked profitably by CIE and MILL. There were other parties who showed up at the last minute, but in the end MILL won. Marathon tried to file suit in order to get MILL kicked out, but the bankruptcy judge threw it out.
        You have to do some web searching to find the documents but they are all there.

      • ops PVX

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