article entitled " Miller's Cook Inlet asset value grows"
basically rehash of recent press release on reserves growing from the Ryder Scott report. Proved developed/undeveloped reserves at 11.7 million bbls -- up from 10.5 million barrels. Reserve value of 447.6 million, up from 360.9 million.
reserves stated in PV10 which is the present value of future oil and gas revenues, net of estimated direct expenses, discounted at an annual rate of 10%. The energy industry uses PV10 to estimate reserves.
"as we prove up additional fault blocks at Redoubt and begin drilling our promising Sabre prospect, we expect further meaningful additions to our reserves as well as increases in production" Boruff said.
the article went on to mention the 31.2 million tax credits from Alaska, and the estimated 18.375 million expected from its Series D offering, giving it 70 million in short term liquidity.
"we are excited about our drilling program and have the infrastructure, reserves and liquidity to convert those opportunities into production and cash flow" said John Brawley.
another S.S. article not likely to have much impact if Yahoo won't publish it anymore. who will? Yahoo probably got sued more than once for publishing that rag on their websites. Who will really know or care if they do write an article anymore (besides verado or the new name that he has chosen -- siestafiesta)
Now that the Series D has been filled, those Miller longs that sold stock to buy the Series D will stop selling their shares (I'm making an assumption that some of those D buyers also owned Mill stock) -- and we should start to climb upward -- especially considering the reserve value increase. Mill stock should be considered way undervalued at this point (particularly when Ru9 finally starts pumping).
A second CIE article can be found on page 9 -- entitled CIE goes for Susitna gas. They talk about the Kroto Creek and Moose Creek wells they plan to drill as well as one at Kahitna -- where a well was actually drilled to 7500+ feet, and then plugged in 1964.
reserve report would probably NOT include Ru9 as they only updated thru 7/31/14 -- and Ru9 not running yet -- necessary to include in reserve report.
This article settles the largest potential lawsuit against Miller (and does so for an amount within insurance coverage) for 2.95 Million -- or about 6.8 cents per share, or about $6800 for each 100K shares. I guess that I'll make a little even though the free fall of Miller shares allowed me to sell on the way down, and then obtain 2x the amount of shares when it hit the low 2's.
a side note, on page 22 of that article, it states that "In recent filings with the SEC, Miller reported average production in excess of 3,000 barrels of oil per day". Anyone have access to that filing?
People should stop even giving Verado a thumbs down. He should be known and recognized as nothing more than a fraud and shunned like the plague. He intentionally lies, misrepresents and misleads everyone that will read or respond to his posts. I put him on ignore and now only see his name in posts from other people.
Ru9 results from initial production should be posted by management before their conference next week if they follow past behavior. Seems that all conferences have been preceded by good news of some sort -- and Ru9 news is not only ripe, but overdue. We might finally see why Suntrust Robinson gives us an $11 price target. I hope, but won't be shocked, if the initial production of the well exceeds 1000 bbls/day.
Ru9 is probably working. DV wouldn't resign until the company was in reasonably good shape so that he can look good to his next potential employer.
DV resigning (500K salary) will also add about 1 cent to the earnings per year...... does anyone know about the options he acquired? I don't think that he has to be affiliated with the company to receive them, but that could be contractual as I am pretty sure that he has NOT exercised all that he received.
Well, at least your heart has always been in the right place. I kind of liked it when Bobby Gaylor was there, because he could be coaxed into a leak or two, never intentionally, but his emotions sometimes got the better of him. Now, I've got no one to talk to -- MZ people won't give me the time of day. Oh well. I'm sure that on a day like today the creeps like Verado and his legion of idiots are posting 2-3x normal hoping to discourage someone from purchasing even a couple of shares, but the tide of change is coming. The Ru9 well should be a real winner.
Your information has not always been accurate. There were two bidders according to the Petroleum News article -- and the unsuccessful bidder's name was withheld. How do you know that the unnamed bidder was not Hilcorp? They might have just thought they would be the only bidder, and therefore did not bid very high. They tend to acquire things dirt cheap, or not at all.
seems that Miller once again front page news -- it acquired, by sealed bid, the rights to drilling in the Chinitna Bay and Iniskin Bay --which are located in the area across Cook Inlet from Homer (Homer is a small city on the bottom of the Kenai Peninsula). They got another 168581 acres under lease with their bid. The will have four years, and must spend 1.5 million developing in that time period to retain their leasehold interest.
Hilcorp did some 2D seismic in that area last year --
MZ sent an email with the particulars, and it is in Petroleum news as well on the front page.
It is probably sector related today. The entire oil patch is up -- maybe due to air strikes in Iraq (we need lots of oil to fly those jets), and the Kurdish pipeline to Turkey is also at risk here. Most oil stocks are up.
The article said they would be completed August 8/9 and with wells that shallow, it shouldn't take too long to get them restarted, so we should know relatively quickly.
Your August calls might be in danger. That conference in Denver is not scheduled until August 20th, and while Miller almost always seems to have some good news out just prior to its conferences -- unfortunately the third Friday in August is the 15th -- so unless they release earlier than usual........oops.
On a bright note, the conference speakers are a step up from prior Miller conferences, so maybe they are getting some extra recognition, or maybe all the companies just want to try out the marijuana bars and see if the era of "free love" is returning. Kind of makes me want to go. I haven't smoked a joint since the early 70's when I was still in undergrad.
It almost sounds like these guys are roto rooter guys..... and that usually does work. At least we will know in a day or two.
CBS marketwatch - yesterday
Propell Technologies, the exclusive US licensee of a plasma pulse well treatment for enhanced oil recovery confirmed that it will be treating the first two wells with its new plasma pulse tools made in the US for Miller Energy.
The wells are in the prolific(?) Appalachian Basin in Tennessee. Miller has some 200 producing oil wells and 184 gas wells in the Basin. the wells to be treated are the Hannah Heirs #4 that was driller in 1980 in Morgan County to a depth of 1400 feet and the Henry Bowling #1 located in Scott County at a depth of 1800 feet. Both wells are a 4 1/2 inch cased hole with open hole completions. The treatments are scheduled to be completed Aug 8/9th. Propell's next generation tools are 3.5 inches in diameter allowing the company to treat 4 1/2 inch wells for the first time and operate on a single wire line configuration. This provides Propell with the ability to work with the bulk of the US wire line truck fleet and allows for immediate deployment of the tool due to the vastly greater availability of compatible wells and wire line trucks.
gassy just invented himself today, so I guess he wasn't even born a year ago when he claims to have -- whatever it is he claims. It was so stupid, only a short could even conjure up nonsense like that. Guess he needed backup (macrollo) who also just invented himself today also. These guys (Verado clones) just don't like the truth.
could also be that the entire oil sector was down -- with greater than average volume -- all that along with the price of oil being down as well -- Miller was only a little further down percentagewise than most in the oil sector. No doubt about it, flow of oil from Ru9 will control price of stock the next couple of months.