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Miller Energy Resources, Inc. Completes Public Offering of Its Series D Preferred Stock

KNOXVILLE, TN--(Marketwired - Oct 1, 2013) - Miller Energy Resources, Inc. (NYSE: MILL) (the "Company") announced today that, on September 30, 2013, it officially completed and closed its previously announced underwritten public offering of its 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share) (the "Series D Preferred Stock"). The Company issued 1,000,000 shares, raising gross proceeds of $25 million. MLV & Co. LLC and Maxim Group LLC acted as Joint Book-Running Managers for the offering and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), acted as Lead Manager. Aegis Capital Corp., Dominick & Dominick LLC, Ladenburg Thalmann & Co. Inc. and Northland Capital Markets, acted as Co-Managers.

The offering was completed pursuant to the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission ("SEC"). A final prospectus supplement relating to the offering was filed with the SEC on September 26, 2013. The Series D Preferred Stock will be traded on the New York Stock Exchange LLC, or NYSE, under the ticker symbol MILLprD.

An underwriting commission of approximately $1.75 million was due at closing with respect to this offering, and in addition, Miller is responsible for the legal fees and expenses incurred by the underwriters, up to an aggregate amount of $125,000. The Company intends to use the net proceeds from the offering for general corporate purposes, although if the Company is prohibited under its senior credit facility from using funds from any other source, some of the funds may be applied to the payment of dividends on its preferred stock (including stock issued in this offering) payable on the upcoming December 1, 2013 dividend date, as more fully described in the prospectus supplement.

Copies of the prospectus and accompanying prospectus supplement relating to these securities may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or by written request to Miller Energy Resources, Inc., 9721 Cogdill Road, Suite 302, Knoxville, TN 37932, Attention: Corporate Secretary.

This offering is now complete and this press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

About Miller Energy Resources

Miller Energy Resources, Inc. is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller's focus is in Cook Inlet, Alaska and in the heart of Tennessee's Appalachian Basin including the Mississippian Lime and Chattanooga Shale. Miller is headquartered in Knoxville, Tennessee with offices in Anchorage, Alaska and Huntsville, Tennessee. The company's common stock is listed on the NYSE under the symbol MILL.