Recent

% | $
Quotes you view appear here for quick access.

Miller Energy Resources, Inc. Message Board

piroost 10 posts  |  Last Activity: Mar 19, 2015 5:18 PM Member since: Sep 4, 2012
SortNewest  |  Oldest  |  Highest Rated Expand all messages
  • Reply to

    Update

    by jbcguy Mar 12, 2015 10:03 AM
    piroost@bellsouth.net piroost Mar 19, 2015 5:18 PM Flag

    There are going to be a lot of good buys up for sale before this is over,but with Etkef being essentially a bolt on acquisition they are probably looking pretty tempting.

  • piroost@bellsouth.net by piroost Mar 17, 2015 8:57 AM Flag

    Increased Ownership. Dividend to Continue.
    Nordic American Offshore Ltd
    1 hour ago
    GlobeNewswire
    
    Hamilton, Bermuda, March 17, 2015

    Dear Shareholder,

    I would like to share my thoughts with you as we approach Nordic American Offshore`s first anniversary of listing on the New York Stock Exchange (NYSE) in June 2014. At that time, we entered the market for Platform Supply Vessels (PSVs) against a background of high, stable oil prices and record investment levels in the offshore segment.

    I believe it is justified to keep an optimistic outlook for the future. Nine months existence for a start-up company is a short period in the life of a company that owns a young fleet.
    A company owned and controlled by my son Alexander and I bought 50,000 NAO shares yesterday at about USD 7.83 per share, in addition to the stock ownership we have direct and indirect in NAO.

    Currently the market for our vessels is turbulent - the decline in oil price has led to reductions in exploration activity in the North Sea, in turn lowering the number of working oil rigs and the demand for PSVs.

    Five vessels in our eight vessel fleet are currently employed on contracts, up from three last quarter. Three of our vessels are operating in the spot market. At the time of this letter to you, we enter a period of greater visibility on earnings and security in the current challenging environment. We have achieved in excess of 80% utilization which is a sound performance in the current market conditions. Rates for the spot ships have been reduced this year as a consequence of the low oil prices.

    For NAO as a start-up company, employing three vessels in the spot market serves an important purpose in terms of marketing our modern, fuel efficient and homogeneous vessels to the many customers operating in the North Sea and elsewhere. Demonstrating the performance of our vessels and operations for shorter jobs is important as we seek to be the first choice provider of PSVs as our fleet grows. We recently contracted two vessels to Statoil to assist on the prestigious Polarled project, securing employment for those vessels for several months going forward.

    When observing PSV rates, we must consider two important factors. First, utilization and rates in our market are always affected by the winter season when non-essential work tends to be postponed until weather conditions are more favorable.

    Second, our vessels operate in local currency, Norwegian Kroner in the Norwegian sector and British Pounds in the British sector. This also applies to our expenses. The weaker reported rates are impacted by the appreciation of the US dollar. Conversely, our two vessels delivered from the Norwegian yard of Ulstein earlier this year were ordered from the yard in Norwegian Kroner. The realized currency gain on these two vessels was about USD 8 mill per vessels, actually reducing the USD price from about USD 44 mill to about USD 36 mill. It is indeed comforting to see that an economic advantage of about USD 32 mill may be achieved - spread across four vessels delivered in 2015.

    The two additional vessels will be delivered to us later this year. We expect to capture similar reductions in cost on those vessels, given the Norwegian Kroner/ USD relationship to be at the same level as now. Our positioning by ordering the vessels in NOK and reaping the benefits of a stronger dollar, has indeed given our shareholders an extra economic benefit.

    The low oil price continues to put pressure on our industry. The fundamentals in the oil market suggest an improved balance between supply and demand for crude oil in the second half of this year. When Brent crude prices return to the $60 - $80 range per barrel we expect to see renewed activity in our market, and improved demand for our vessels.

    The geopolitical situation involving Russia has also affected our market. Vessels owned by other companies that were due to work in the Arctic regions had their charters cancelled. Those vessels were drawn from the North Sea and their return to this market has contributed to an oversupply of vessels. Should the political situation change and sanctions against Russia be removed, this should affect our market positively.

    In our 2014 start-up year we declared total dividends of $1.80 per share. Going forward we will review the dividend on a quarterly basis in the same way as Nordic American Tankers (NAT) has done in the past. NAO basically employs the same strategy as NAT. A strong balance sheet and low cost breakeven are the key elements of our robust long-term performance. We expect to continue to pay a dividend going forward - although, for the time being, at a lower level than for the previous quarters when the dividend was 0.45 USD per share.

    Our strategy is designed to remain robust in strong and weak markets. With that said we are positive about the oil price in coming years. We expect to reap the benefits of an improved oil price which will be a stimulus to the activities of the PSV market.

    With a low cash break even and an improved market, we expect that a higher oil price should form the basis for improved commercial results for Nordic American Offshore.

    With my best personal regards,

    Herbjørn Hansson Executive Chairman Nordic American Offshore Ltd.

  • Reply to

    Now you know where your money went...

    by new_to_the_game_00 Mar 8, 2015 7:11 PM
    piroost@bellsouth.net piroost Mar 9, 2015 9:55 AM Flag

    I just find it fascinating that you are so pathetic in your pursuit of these individuals and their association with PVCT. You must be deeply troubled or paid to keep your diatribe going.

  • Reply to

    Now you know where your money went...

    by new_to_the_game_00 Mar 8, 2015 7:11 PM
    piroost@bellsouth.net piroost Mar 9, 2015 8:54 AM Flag

    You know Goober a new Shelby cost about what a BMW or Mercedes cost. I like fine wines myself but only a couple times a year who knows when his accomplishments in horsemanship occurred and what business is it of yours anyway he can spent his money how he sees fit just like you can.

  • piroost@bellsouth.net by piroost Feb 26, 2015 10:46 PM Flag

    Oil Tanker Segment
    The Tanker segment generated $45 million in revenues, up 36.8% year over year. Time charter equivalent revenues came in at $23.9 million, up by a whopping 120% from the prior-year quarter. TCE rate was $26,003, up a significant 100% year over year. Total voyage days for fleet grossed 920, flat year over year.

    Don,t know if this will translate to NAT but looks encouraging.

  • Reply to

    More good news

    by jbcguy Feb 23, 2015 12:59 PM
    piroost@bellsouth.net piroost Feb 23, 2015 9:29 PM Flag

    JBC was that well a vertical or a horizontal?

  • piroost@bellsouth.net by piroost Feb 23, 2015 4:27 AM Flag

    Battle Mountain AMI
    Entek is pleased to announce that approvals have been granted by the Wyoming Oil and Gas Conservation
    Commission (WOGCC) for two of the three upcoming wells in which Entek is free carried by GRMR (Operator).
    Approval for the third well is expected in March 2015.
    One of these three wells will be the first horizontal well ever drilled on any part of Entek’s substantial Niobrara lease
    position. Another of the wells will be a vertical well to test a clearly defined structural closure with multiple
    conventional reservoir targets as well as the Niobrara.
    Operations will commence as soon as possible with location building followed by drilling to take place as soon as
    weather, routine regulatory approvals and environmental stipulations allow. Location building is expected to start this
    quarter with drilling to start late next quarter due to imposed environmental stipulations.
    Access to the Focus Ranch Unit 12-1 Well

    The Company would also like to take the opportunity to provide an update on its efforts to regain access to the Focus
    Ranch Unit (FRU) 12-1 well (which has previously flowed oil at a cumulative rate of 240 BOPD).
    As anticipated by the Company, the opposing landholder (Stull) in Stull Ranches, LLC v. Entek GRB, LLC has recently
    filed a Petition for a Writ of Certiorari with the US Supreme Court. This is in effect a request that the Supreme Court
    review and reconsider the August, 2014 unanimous decision by the Court of Appeals Tenth Circuit (as discussed in
    detail in the Company Announcement dated 18th August 2014) upholding Entek’s right of access.
    The clarity of the August decision, confirmed by the subsequent denial for rehearing and the lack of contradictory
    decisions by other federal appellate courts, suggests that success of this petition to the Supreme Court is unlikely.
    None the less, Entek is fully prepared to vigorously defend its rights should that need arise.
    Unrelated and unaffected by the Stull’s submission to the Supreme Court the Company continues to work on a number
    of environmental and administrative requirements and logistics plans with the relevant regulatory authorities for
    access.
    Upon completion of these prerequisites the Company’s first priority is to get back to the FRU 12-1 well (which has been
    shut in since 2009) in order to safely return that well to production. This location is key to understanding how best to
    develop and add considerable value to the Focus Ranch Unit in the short term.
    The Focus Ranch Unit remains a key long term strategic asset for Entek given its unique geological setting and its
    proximity to the adjoining Battle Mountain AMI with GRMR. As reported in our recent December 2014 Quarterly
    Report, Entek now has close to a 100% working interest in the FRU leases which will allow us to more readily introduce
    a new strategic partner at an appropriate future time.

  • piroost@bellsouth.net by piroost Feb 11, 2015 4:00 PM Flag

    Will we get a little bump or do you think it will be closer to results before there is any movement??

  • piroost@bellsouth.net piroost Feb 10, 2015 7:58 AM Flag

    You keep referring to indolent melanoma as if it is no big deal the very term indolent means progressing, if you have a melanoma that is progressing I for one would not want to let it hang around and become life threatening.

  • Reply to

    Enough Already

    by stan4nerd Jan 29, 2015 5:39 PM
    piroost@bellsouth.net piroost Jan 30, 2015 9:55 AM Flag

    When your dealing in Billions you make sure the step you take is 100%.

MILL
0.8616-0.1196(-12.19%)Apr 27 4:04 PMEDT