Miller Energy Responds to Notice of Delisting of Its Securities on the New York Stock Exchange
HOUSTON, TX--(Marketwired - July 30, 2015) - Miller Energy Resources, Inc. ("Miller Energy" or the "Company") today announced that it has been notified by the staff of the New York Stock Exchange ("NYSE") that, after the close of the markets today, trading in its common stock would be suspended and that proceedings to delist its stock would commence as a result of the Company's failing to maintain an average market capitalization of $15 million or more over the preceding thirty trading days. Trading in Miller Energy's 10.75% Series C Cumulative Redeemable Preferred Stock and 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock would also be suspended and subject to delisting.
Miller Energy had noted the possibility of this action being taken by the NYSE both in its fiscal 2015 earnings release and subsequent earnings call on July 29, 2015. The Company expects to avail itself of its right to have this decision reviewed by the Board of Directors of the NYSE and believes there are many factors which the NYSE should consider before taking final action, including the advanced status of the Miller Energy's capital repositioning efforts and the progress made towards realizing the value of and growth in the Company's assets.
The Company intends to have trading in its stock resume on the OTC markets as early as tomorrow. The ticker symbols under which its securities will trade have yet to be determined.
Neither the actions undertaken by the staff of the NYSE nor the transition to the OTC markets will affect Miller Energy's business operations.
About Miller Energy
Miller Energy Resources, Inc. is an oil and natural gas production and development company focused solely on Alaska. The Company has a substantial acreage, reserves and resource position in the State as well, significant Company-owned midstream and rig infrastructure to support production and 100% working interest in and operatorship of substantially all of its assets. The Company's assets are concentrated in southcentral Alaska, including the Cook Inlet and Kenai Peninsula, as well as in the Badami area of the North Slope. Miller Energy manages its operations from Anchorage with additional administrative offices in the lower 48.
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," "continue," "strategy," "offer, " "position," "opportunity," statements regarding the "flexibility" of the Company or the negative of any 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)
(July 30, 2015 - 5:30 PM EDT)
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