Miller Energy Resources Reports 145% Increase in Revenues
October 05 2009 - 2:52PM
PR Newswire (US)
HUNTSVILLE, Tenn., Oct. 5 /PRNewswire-FirstCall/ -- Miller
Petroleum, Inc., dba Miller Energy Resources, (OTC:MILL) (BULLETIN
BOARD: MILL) announced today that total revenue for the quarter
ended July 31, 2009 of $527,620 as compared to $215,265, during the
same quarter in 2008, a 145% increase. "We credit this increase in
revenue and this profitable quarter as a result of the first phase
of our aggressive acquisition program that added ETC and KTO here
in Tennessee," said Scott Boruff CEO, of Miller Energy Resources.
"The combined cost to the company for the two firms was 2,000,000
million shares of Miller stock, valued at $570,000. The combined
assets of the two firms is now valued at over $2.3 million. With
major acquisitions on the horizon our expansion plans are ahead of
schedule. We have solidified our institutional investment
relationships and now have the ability to expand at an aggressive
pace. As Tennessee's largest owner operator of oil and natural gas
wells we can now shift our attention to nationwide energy
opportunities." About Miller Energy Resources Miller Energy
Resources is an oil and natural gas exploration, production and
drilling company primarily in the heart of Tennessee's prolific and
hydrocarbon-rich Appalachian Basin. Company chairman Deloy Miller
has a successful track record spanning more than forty years in
this Basin's oil and gas industry. Since 1967, Miller has drilled
or serviced over 5200 wells. This experience has positioned Miller
as one of Tennessee's premier energy companies. Forward Looking
Statements Certain matters discussed within this press release are
forward-looking statements. Although Miller Energy Resources
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Factors that
could cause actual results to differ materially from expectations
include, but are not limited to, the availability of sufficient
capital to fund its anticipated growth, fluctuations in the prices
of oil and gas, the competitive nature of its business environment,
its dependence on a limited number of customers, its ability to
comply with environmental regulations, changes in government
regulations which could adversely impact its business and other
factors. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Miller Energy Resources' actual results could differ
materially from those anticipated in these forward- looking
statements as a result of a variety of factors, including those
discussed in its periodic reports that are filed with the
Securities and Exchange Commission and available on its Web site
(http://www.sec.gov/). All forward-looking statements attributable
to Miller Energy Resources or to persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, Miller Energy Resources does
not assume a duty to update these forward-looking statements. Web
Site: http://www.millerenergyresources.com/ DATASOURCE: Miller
Petroleum, Inc. CONTACT: Scott M. Boruff of Miller Energy
Resources, +1-423-663-9457, or Fax: +1-423-663-9461 Web Site:
http://www.millerenergyresources.com/
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