Miller Energy Resources, Inc. Raises $15.755 Million in Public Offering of Preferred Stock

KNOXVILLE, Tenn.--()--Miller Energy Resources, Inc. (NYSE: MILL) (the “Company”) today announced it has completed and closed its previously announced public offering of 10.75% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred”). The Company issued 685,000 shares of the Series C Preferred stock at a price of $23.00 per share, yielding gross proceeds of $15.755 million. The underwriters for this offering included MLV & Co. and Maxim Group LLC, acting as Joint Book-Running Managers, and Williams Financial Group and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB:NHLD), as Co-Managers.

The Series C Preferred will be traded on the New York Stock Exchange under the symbol MILLprC. The net proceeds will be used for general corporate purposes by the Company.

The offering was made pursuant to the Company’s existing effective shelf registration statement, previously filed with the Securities and Exchange Commission (“SEC”) and a final prospectus supplement, filed with the SEC on September 28, 2012. 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. Alternatively, you may obtain these documents by contacting the underwriters at MLV & Co. LLC, 1251 Avenue of the Americas, New York, NY 10020, Attention: Randy Billhardt, Email: rbillhardt@mlvco.com; Telephone: (212) 542-5882 or Maxim Group LLC, 405 Lexington Avenue, 2nd FL, New York, NY 10174, Attention Paul LaRosa, Email: plarosa@maximgrp.com; Telephone: (212) 895-3695.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Miller Energy Resources, Inc.

Miller Energy Resources, Inc. is an independent exploration and production company that utilizes seismic data and other technologies for geophysical exploration and development of oil and gas wells in the Appalachian region of East Tennessee and in south central Alaska. During fiscal 2012, we continued to develop our oil and gas operations which we acquired from Pacific Energy Resources in December 2009 through a bankruptcy proceeding, including onshore and offshore production and processing facilities, the offshore Osprey platform, and approximately 700,000 lease or exploration license acres of land, along with hundreds of miles of 2-D and 3-D geologic seismic data, miscellaneous roads, pads, pipelines and facilities. Our mission is to grow a profitable exploration and production company for the long-term benefit of our shareholders by focusing on the development of our reserves, continued expansion of our oil and natural gas properties and increase in our production and related cash flow.

This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including with regard to the Company’s planned offering of the Series C Preferred Stock and the intended use of proceeds. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the documents filed by Miller Energy Resources Inc. from time to time with the SEC. Miller Energy Resources, Inc. undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events, except as may be required by applicable law or regulation.

Contacts

Miller Energy Resources, Inc.
Robert L. Gaylor, 865-223-6575
SVP Investor Relations
bobby@millerenergyresources.com

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Contacts

Miller Energy Resources, Inc.
Robert L. Gaylor, 865-223-6575
SVP Investor Relations
bobby@millerenergyresources.com