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Miller Energy Resources, Inc. Message Board

  • jclampit38 jclampit38 Nov 30, 2011 3:31 PM Flag

    MILL Oil Production & 2Q EBITDA

    On 9/15, Mill reported TOTAL (AK & TN) oil shipped in August of 46,882 barrels (1,512 BOED). On 11/17, Wilcox for C.I.E. speaking at conf. in Anchorage said they were currently producing approx. 1,200 BOED. He did NOT speak to oil & gas production 4,000 miles away in TN. MILL cont. to produce few hundred BOED from about a hundred small wells in TN. There hasn't been MATERIAL change in O & G output...YET !!! However, there’s been MATERIAL incr. in PRICE of WTI.

    When MILL combines these 2 factors in 2012 we're going to have BBQ shorts !! This investor expects a BIG jump in MILL 2Q EBITDA from global oil markets that cont. to RALLY.

    Meanwhile from Iran…UK & Norway closed their embassies today & lots of other nations are evacuating staff from their embassies… while the world waits for Israel to take out Iran’s nukes. Tomorrow, Iran takes over presidency of OPEC for December and is pushing for big production cuts.

    Price of Oil is headed in one direction…same as MILL share price !

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    • from the last 10-Q dated 9/9/2011 page 25

      Oil sales represent revenues generated from the sale of oil produced from the wells in which we have an ownership interest. Oil sales are recognized as revenue as production is extracted and sold. We reported a 114% increase in oil sales for the three months ended July 31, 2011 as compared to the three months ended July 31, 2010. The increase was primarily due to the increased production from our Alaska operations and increased oil prices. For the three months ended July 31, 2011, we sold 97,473 barrels of oil at an average price of $101.63 per barrel in Alaska, which resulted in net oil sales of $7,553,646 (after deductions for royalties, taxes and transportation costs) , compared to 69,800 barrels at a price of $78.03, which resulted in net oil sales of $3,379,356 (after deductions for royalties, taxes and transportation costs) for the three months ended July 31, 2010. During the three months ended July 31, 2011, we also produced 59,087 Mcf of natural gas in Alaska, which was not sold, but instead was converted to electricity and used internally. In Tennessee, during the three months ended July 31, 2011, we produced and sold 83,964 Mcf of natural gas at an average of $3.11 per Mcf, which resulted in net natural gas sales of $128,321 (after deductions for royalties), compared to 66,488 Mcf at an average price of $2.79, which resulted in net natural gas sales of $91,525 (after deductions for royalties) for the three months ended July 31, 2010. Additionally, in Tennessee, the Company produced 8,103 barrels of oil, which resulted in net oil sales of $637,396 (after deductions for royalties, taxes and transportation costs) for the three months ended July 31, 2011, compared to production of 7,103 barrels, which resulted in net oil sales of $440,254 (after deductions for royalties, taxes and transportation costs) for the three months ended July 31, 2010. The average sales price per barrel of oil in Tennessee for the three months ended July 31, 2011 and 2010 was $88.67 and $66.55, respectively

      -Mr. Wilcox stated BOE, which includes natural gas. Using a factor of 6 Mcf per barrel of oil, figure about 100 barrel/day.
      -Oil produced in TN was less than 100 barrel/day unless there have been many new wells.
      -Checking the TOGA newsletter, do not see drilling permits being issued for Miller.

 
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