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busted1964 25 posts  |  Last Activity: Jun 28, 2015 5:22 PM Member since: Mar 18, 2009
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  • busted1964 busted1964 Jun 28, 2015 5:22 PM Flag

    Special Optional Redemption. Upon the occurrence of a Change of Control, provided no Limiting Document may prohibit it, we may, at our option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series D Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. If, prior to the Change of Control Conversion Date, we have provided notice of our election to redeem some or all of the shares of Series D Preferred Stock (whether pursuant to our optional redemption right described above under “— Optional Redemption” or this special optional redemption right), the holders of Series D Preferred Stock will not have the Change of Control Conversion Right (as defined below) described below under “— Change of Control Conversion Rights” with respect to the shares called for redemption. If we elect to redeem any shares of the Series D Preferred Stock as described in this paragraph, we may use any available cash to pay the redemption price, and we will not be required to pay the redemption price only out of the proceeds from the issuance of other equity securities or any other specific source.

    A “Change of Control” is deemed to occur when, after the original issuance of the Series D Preferred Stock, the following have occurred and are continuing:
    • the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of our stock entitling that person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in the election of our directors (except that such person will be deem

  • busted1964 busted1964 Jun 28, 2015 9:12 AM Flag

  • Miller Energy Resources, Inc. is offering to the public shares of our 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series D Preferred Stock. This is an original issuance of the Series D Preferred Stock. Our common stock is currently traded on the New York Stock Exchange LLC, or NYSE, under the symbol “MILL.” We will bear all costs associated with the offering.

    We will pay quarterly cumulative dividends on the Series D Preferred Stock on the 1st day of each December, March, June and September (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) when, as and if declared by our board of directors. Dividends will accrue from, and including, the date of original issuance to, but not including, December 1, 2018, at an initial annual rate of 10.5% per annum, based on the $25.00 per share liquidation preference (equivalent to $2.625 per annum per share during that period). Dividends accruing on and after December 1, 2018 will accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined herein) as calculated on each applicable date of determination and (b) %, based on the $25.00 per share liquidation preference per annum. The first dividend payable on December 1, 2013 in the amount of $ per share will be paid to the persons who are the holders of record of the Series D Preferred Stock at the close of business on November 15, 2013.

    The Series D Preferred Stock will not be redeemable before the fifth anniversary of the date we initially issue the Series D Preferred Stock, except as described below upon the occurrence of a Change of Control. On or after the fifth anniversary of the date we initially issue the Series D Preferred Stock we may, at our option, redeem any or all of the shares of the Series D Pref

  • busted1964 busted1964 Jun 27, 2015 6:36 PM Flag

    This should work

  • busted1964 busted1964 Jun 26, 2015 5:44 PM Flag

    Execpt you VERADO This time you might really have a coronary.

  • Look at the Petroleum News article Vol. 20, No. 23 Week of June 07, 2015.
    Ambitious exploration company operating at all four corners of Cook Inlet as well as on the North Slope
    Eric Lidji
    For Petroleum News
    very interesting.

  • Great Seeking Alpha Article out.
    Miller Energy Resources: In The Midst Of Chaos, There Is Also Opportunity
    Everyone should read it except Verado he might have a Coronary.

  • Reply to

    Miller Progress

    by richard_mantz Jun 22, 2015 9:05 PM
    busted1964 busted1964 Jun 22, 2015 9:26 PM Flag

    Totally Agree. To bad others do not understand what Miller is doing.

  • busted1964 by busted1964 Jun 14, 2015 2:34 PM Flag

    Would this be an accurate statement?
    Taken form The Daily Rover June 10th 2015
    "The Company has production and reserves onshore and offshore in the Cook Inlet area, as well as the North Slope. It has approximately 100 million barrels per day of storage and processing infrastructure, the Osprey offshore production platform, oil and gas pipelines and four owned drilling rigs. The Cook Inlet Basin underlying this region contains oil and gas deposits, including several offshore fields. The Cook Inlet Basin has produced approximately 1.3 billion barrels of oil and 7.8 trillion cubic feet of natural gas. The Company through its subsidiary, Savant Alaska, LLC, has an additional production capacity of approximately 600 barrels of oil per day."

  • Reply to

    April 2015 Production

    by samtn12 Jun 1, 2015 3:58 PM
    busted1964 busted1964 Jun 3, 2015 9:32 PM Flag

    I looked at the site and was unable to find the current numbers that you saw.
    Were you looking at the Production Summary By Pools 2015-05-30?
    Production (AOGCC Monthly) - Alaska

  • Reply to

    April 2015 Production

    by samtn12 Jun 1, 2015 3:58 PM
    busted1964 busted1964 Jun 2, 2015 5:41 AM Flag

    Sam where did you get the April data on production from that you posted?

  • Did I hit a cord with Verado? It sounds like it.
    I am guessing he is tired of justifying his posts.
    It is easy to post all day long but It is hard to justify
    the posts when someone questions them.

  • Point Thomson field on schedule for 2016 startup, cost pegged at $4B
    Published: 2014.01.16 11:35 AM
    Alaska Journal of Commerce
    Look up the article.

  • Verado
    I can't believe the company has no value?
    Are saying the company is lying when it comes to the presentation?
    North Fork Unit
    Redoubt Unit
    West McArthur River Unit
    North Slope -Badami/ Yukon Gold

  • Proved, producing field ~6 mi. north of Redoubt Unit
    −Like Redoubt, on trend with adjacent McArthur River Field (produced over ~640 MMBO)
    ~13.3 MMBO recovered from WMRU to date
    −OOIP estimated at ~45+ MMBO (excluding Sword and Sabre)
    −Implies 20% recovery
    −Initial well production range ~650-2,000 Boepd
    100% WI, ~83% NRI
    Go-forward opportunities
    −Additional infield targets at WMRU & Sword
    i.Good Quality 3D seismic
    −Large adjacent Sabre prospect
    i.Estimated to hold over 40 MMBO OOIP with significant gas potential
    ii.Prime JV candidate
    WMRU Facility. ~12MB storage and ~5MBpd processing capacity; 2.7MW power generation; ~85 bed man camp; built by Stewart in 1990s

    You are saying these Assets are worthless and will produce no revenue?

  • busted1964 by busted1964 May 29, 2015 9:18 PM Flag

    Proved, producing field with large four-way structure on the western side of the Cook Inlet
    −On trend with adjacent McArthur River Field (produced over ~640 MMBO)
    Recent 3rdparty OOIP report shows ~150 MMBO
    −Only produced ~3 MMBO to date
    −Average initial well production ~1,000 Boepd
    Go-forward opportunities
    −Numerous identified work-over / new well targets
    i.13 vacant well slots on the Osprey platform
    ii.Good quality 3D seismic
    −Frac: Believe fracing will significantly increase recovery of OOIP
    −Move up-structure: Currently producing from only the two southern-most of the six fault blocks
    Osprey Platform. Most modern in the Cook Inlet; 21-well design; zero-discharge with three pipelines to KustatanFacility
    KustatanFacility. ~25Mbpd capacity (with tankage for 50MBoepd); 12MW power generation capability; 340 acres; built in 2000s by Forest; easily connected by pipeline with West Mac Facility

    You are saying these Assets are worthless and will produce no revenue?

  • busted1964 by busted1964 May 29, 2015 9:17 PM Flag

    Capex focus given high contracted gas prices
    Proved, producing field with ~11K acres
    −Lower risk, on-shore drilling
    ~24 Bcf+ in Proved reserves
    −Good quality 3D seismic
    6incumbent wells
    −Currently producing ~8.3 MMcfd
    −Average Initial Production: 3.5MMcfd
    −Additional infield targets, multiple PUD locations
    2 initial grass-roots wells producing and improving
    100% WI, ~80% NRI
    Gas sold under term contracts at $6.50+/Mcf
    −LOE of ~$0.25/Mcf
    Company-owned Rig 37
    Twin common-carrier pipelines. 7.4 mi., 4” Fiberspar; 22 MMcfdcapacity; 10MMcfd compression; $1.95 / Mcfstate-regulated tariff; multiple end-point optionality; ideally situated for all Kenai Peninsula gas development
    27-acre drill pad with power generation and gas hydration
    You are saying these Assets are worthless and will produce no revenue?

  • Proved, producing field (Badami) east of Prudhoe Bay on North Slope with ~18.5K acres
    −Most easterly-located active production facility with capacity
    Exploring value accretive JV / sale of WI and implementing LOE reduction initiatives
    Currently producing ~1,000 Bopd gross (~600 net)
    67.5% WI, ~57% NRI
    −Partner with ASRC, one of AK’s largest employers
    Many additional infield targets identified
    −Two work-overs with ~300 –400 Bpd rate each
    −Two wells with ~1Mbpd rate
    −Good quality 3D seismic
    100% WI in Yukon Gold exploration prospect estimated to hold ~100 MMBO just south of Pt. Thompson
    Badamiplant. 38.5Bpd processing capacity; built by BP in 1990s for ~$300MM; dock; gravel storage; 500Mg diesel tank; FAA-rated 1 mi. air strip
    Oil Sales Pipeline. 25 mi., 12”, 70Mbpd capacity
    Gas Utility Sales Pipeline. 25 mi., 6” diameter
    ExxonMobil 3 yr. Ice Road / Infrastructure Agreement

    You are saying these Assets are worthless and will produce no revenue?

  • Reply to

    Thoughts on MILL recap:

    by verado May 29, 2015 11:07 AM
    busted1964 busted1964 May 29, 2015 6:18 PM Flag

    WOW Verado you are making Miller so dire.
    I really do not see your predictions coming true.
    You may be ahead right now but in the end I think you will give it all back.
    But you are entitled to your opinion.

  • busted1964 by busted1964 May 25, 2015 9:57 PM Flag

    The Badami oil field is an oil field in the Alaska North Slope. The field is about 35 miles (56 km) east of Prudhoe Bay and about 30 miles (48 km) west of the western border of the Arctic National Wildlife Refuge 1002 Area. Badami was discovered by Conoco in 1990 at the Badami Number 1 well. The Badami pipeline was constructed to connect the field with the Trans- Alaska Pipeline System, more than 30 miles (48 km) away. The oil field is described as a complex and discontinuous reservoir containing heavy weight oil gravity ranging from 21 to 30 degrees API. Initial cost of development was approximately $300 million. BPXA began production in 1998, but production was suspended in August 2003. BP cited the field's poor performance producing only 1,350 bbl/d (215 m3/d) saying it was not sufficient to offset costs. Production resumed in September 2005 on 6 month production and 6 month recharge cycles using technique's BP developed specifically for Badami. In January 2012, Savant Alaska became the operator of Badami Unit and continues with year-round operations. Savant plans ongoing exploration and side tracks of the Brookian Reservoir to keep production around 1500 barrels per day.