Miller Energy Declares Cash Dividends on Its Series B, Series C and Series D Preferred Stock
KNOXVILLE, TN--(Marketwired - Jan 30, 2015) - Miller Energy Resources ("Miller") (NYSE: MILL) announced today that its Board of Directors has declared a semi-annual cash dividend on Company's Series B Redeemable Preferred Stock ("Series B Preferred Stock") and a quarterly cash dividend payment on the Company's 10.75% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") and its 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock ("Series D Preferred Stock"). The dividend on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock is expected to be paid on Monday, March 2, 2015, to holders of record at the close of business on Friday, February 13, 2015.
The semi-annual payment on Series B Preferred Stock will be approximately $5.95 per share, which is equivalent to an annualized 12% per share, based on the $100.00 per share stated value, accruing from September 1, 2014, through February 28, 2015.
The quarterly payment on the Series C Preferred Stock will be $0.671875 per share, which is equivalent to an annualized 10.75% per share, based on the $25.00 per share stated liquidation preference, accruing from December 1, 2014, through February 28, 2015. The Series C Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprC." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-C" and on Yahoo Finance under the symbol "MILL-PC."
The quarterly payment on the Series D Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.5% per share, based on the $25.00 per share stated liquidation preference, accruing from December 1, 2014, through February 28, 2015. The Series D Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprD." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-D" and on Yahoo Finance under the symbol "MILL-PD."
About Miller Energy Resources
Miller Energy Resources, Inc. is a domestic oil and natural gas exploration and production focused on Alaska. The Company's enterprises encompass production and reserves onshore and offshore in the Cook Inlet area as well as the North Slope, approximately 100MBPD of storage and processing infrastructure, the Osprey offshore production platform, oil and gas pipelines and four owned drilling rigs. Miller manages its operations from Anchorage with additional administrative offices in the lower 48. The Company's common stock is listed on the NYSE under the symbol MILL.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," believes," "continue," "strategy," "position" or the negative of those terms or other variations of them or by comparable terminology. A discussion of these risk factors is included in the Company's periodic reports filed with the SEC.
Source: Marketwired (Canada)
(January 30, 2015 - 8:00 AM EST)
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