KNOXVILLE, TN -- (Marketwired) -- 09/09/13 -- Miller Energy Resources, Inc. ("Miller") (NYSE: MILL) reported its results today for the first quarter of fiscal 2014, which ended July 31, 2013. Revenues for the quarter were $13.0 million compared to $8.3 million in the first quarter of the prior fiscal year. Net loss attributable to common stockholders for the first quarter of fiscal 2014 was $9.4 million, or $0.22 per diluted share, compared to net income attributable to common stockholders of $0.2 million, or $0.00 per diluted share, in the first quarter of fiscal 2013.
"We are continuing to see major increases in production in Alaska," stated Scott Boruff, CEO of Miller Energy Resources. "In the second half of the first quarter, we brought our RU-2A well online, which has been our highest producing oil well to date, averaging 1,307 bopd during the quarter. This well alone contributed $4.1 million to our revenues for the quarter."
"We are also very excited about our most recently completed sidetrack, RU-1A, which came online in mid-August 2013. The oil well showed a 14-day average initial production rate of 754 bopd, but we have been running the well at a reduced speed while we analyze formation response. Once the analysis is complete, we will adjust the pump speed accordingly to maintain optimal formation stability."
"Our RU-5B sidetrack is underway and is ahead of schedule, under budget, and nearly complete. We expect to bring the well online in about two weeks. In addition, we are making considerable progress on both our Sword #1 oil well and our onshore gas well at Olson Creek."
"Currently, our total production from both Alaska and Tennessee is approximately 3,300 boepd. We are well on our way to reaching our goal of 4,000 boepd before the end of the calendar year, which now appears conservative," concluded Mr. Boruff.
First Quarter Highlights
•Total revenues were $13.0 million for the first quarter of fiscal 2014 compared to $8.3 million in the first quarter of fiscal 2013 due to increased production coupled with an increase in average realized prices.
•On June 20, 2013, we brought online RU-2A. The well averaged over 1,300 bopd during the first quarter of fiscal 2014 and is our highest producing oil well to date.
•Average realized oil prices rose 5% to $104.57 per barrel in the first quarter of fiscal 2014 compared with $99.59 in the first quarter of fiscal 2013.
•Net production increased by 62% to 125,080 BOE for the first quarter of fiscal 2014 compared with 77,079 BOE in the first quarter of fiscal 2013. The increase in production was primarily due to new production coming online from our RU-2A oil sidetrack and our RU-3 and RU-4 gas wells. Additionally, production increased due to operations in Tennessee, as a result of new production from reworks and increased ownership in existing wells.
•Net cash used in operating activities for the first quarter of fiscal 2014 totaled $4.4 million, down $8.0 million from the $3.6 million net cash provided by operating activities for the same period in fiscal 2013. The decrease resulted primarily from an unfavorable shift in the timing of cash receipts in the ordinary course of business.
•Invested $16.0 million in capital expenditures during the first quarter of fiscal 2014, primarily to accelerate oil development opportunities in Alaska.
•Raised a total of $22.0 million in net proceeds through sales of our Series C Preferred Stock at an average price of $20.45, net of issuance costs.
•Named Cook Inlet Energy (CIE) CEO, David Hall, Chief Operating Officer of Miller Energy.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Ad Counts Rise in 2013 for Hispanic Magazines
- Networks Vie for U.S. Hispanic TV Viewers
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Activates Customer-Tracking iBeacon
- Dell Offers Undisclosed Number of Employee Buyouts
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- A Biography of Jonathan Ive, Apple's Creative Chief
- Authorities Close to Deal with JPMorgan Chase over Madoff Response