DALLAS, Aug. 30, 2011 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces a stock report featuring Miller Energy Resource Inc. (NYSE:MILL). The report briefly notes the company's most recent developments and news, and outlines its financial position, market performance, and comparison against industry peers.
The full report is available at: www.microstockprofit.com/lp/MILL
Miller Energy Resource Inc. (NYSE: MILL) is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Its focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin including the Chattanooga Shale. During the year ended April 30, 2011, MILL began completion work on three Alaska wells that were previously shut in, and it has completed work on two of these wells. The Company capitalized approximately $8.6 million of costs associated with those efforts. In addition, it plans to recomplete eight previously shut in wells in the following three to six months. In addition to raising capital, MILL continues to focus its short-term efforts on two distinct areas: increasing its overall oil and gas production through maintenance and repairs of nonperforming or underperforming oil and gas wells, and organically growing production through drilling for its own benefit on existing leases and under license rights.
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In the report, the analyst notes:
"Early this month, MILL CEO Scott Boruff issued an open letter to shareholders to address the latest report on the Company's Form 8-K, as well as an article posted on TheStreetSweeper.com, which raised concerns about MILL's valuation of its Alaskan oil and gas assets."
"Revenues increased $16.97 million between the years while costs and expenses increased $20.74 million. Other income dropped significantly from $446.93 million in fiscal 2010 to $4.92 million in fiscal 2011 as fiscal 2010 had large one-time acquisition gains driving this total as compared to fiscal 2011."
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