Miller Energy Resources Adds Marceau Schlumberger to Its Board of Directors

Miller Energy Resources Adds Marceau Schlumberger to Its Board of Directors 
KNOXVILLE, TN -- (Marketwired) -- 07/29/13 --  Miller Energy
Resources ("Miller" or the "Company") (NYSE: MILL) announced today
that it has elected Marceau Schlumberger to its Board of Directors.
Mr. Schlumberger will be Miller's sixth independent director, with
the Company increasing the size of its Board by one to add his
substantial experience to its ranks. 
Mr. Schlumberger, 41, has nearly twenty years of investment banking
experience, including international and domestic mergers and
acquisitions, restructuring, strategic analysis, and financing
experience. In 2008, he founded Coral Reef Capital, a private
investment firm focused on U.S. natural resources companies, and
since then, he has been its managing member. Prior to founding Coral
Reef Capital, Mr. Schlumberger was a principal at Columbus Nova, an
associate at Triumph Capital, an investment banking analyst and
founding member of the Asia Group at Smith Barney, and a financial
analyst at Zilkha Capital Partners. He has advised both domestic and
multinational corporations and financial sponsors on mergers,
acquisitions, divestitures, joint ventures, cross-border
transactions, and capital-raising activities.  
Mr. Schlumberger currently sits on the Board of Directors for Armada
Oil, Inc. (OTCQB: AOIL), Rawhide Mining, Shawnee Exploration, and
Microline Surgical Inc. He has an M.B.A. from the Wharton School,
University of Pennsylvania, and a B.A. in East Asian Studies from
Yale University. Mr. Schlumberger is fluent in French and Spanish,
and has an advanced proficiency in Japanese, and an intermediate
proficiency in Mandarin Chinese. 
"I am happy to welcome Marceau onto the Miller Energy Board," said
Scott M. Boruff, Miller's CEO. "We look forward to benefiting from
his capital markets and industry experience. With three drilling rigs
currently running, Miller has an aggressive development program
underway. The Company has entered a period of asset and production
growth and Marceau brings valuable experience to the team as we
manage this phase of Miller's development." 
"Miller's recent successes and development milestones have positioned
the company for marked near term growth," stated Marceau
Schlumberger. "I welcome the opportunity to bring insight and new
opportunities that will result in increased shareholder value and
capital markets support." 
About Miller Energy Resources 
Miller Energy Resources, Inc. is a high growth oil and natural gas
exploration, production and drilling company operating in multiple
exploration and production basins in North America. Miller's focus is
in Cook Inlet, Alaska and in the heart of Tennessee's prolific and
hydrocarbon-rich Appalachian Basin including the Chattanooga Shale.
Miller is headquartered in Knoxville, Tennessee with offices in
Anchorage, Alaska and Huntsville, Tennessee. The company's common
stock is listed on the NYSE under the symbol MILL. 
Statements Regarding Forward-Looking Information 
Certain statements in this press release and elsewhere by Miller
Energy Resources, Inc. are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve the implied assessment that
the resources described can be profitably produced in the future,
based on certain estimates and assumptions. Forward-looking
statements are based on current expectations, estimates and
projections that involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from
those anticipated by Miller Energy Resources, Inc. and described in
the forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to, the potential for Miller to
experience additional operating losses; material weaknesses in
Miller's internal control over financial reporting and the need to
enhance Miller's management, systems, accounting, controls and
reporting performance; high debt costs under Miller's existing senior
credit facility; potential limitations imposed by debt covenants
under the senior credit facility on Miller's growth and ability to
meet our business objectives; Miller's ability to meet the financial
and production covenants contained in the Apollo Credit Facility;
whether Miller are able to complete or commence drilling projects
within the expected time frame; litigation risks; the ability to
perform under the terms of oil and gas leases, and exploration
licenses with the Alaska DNR, including meeting the funding or work
commitments of those agreements; uncertainties related to
deficiencies identified by the SEC in our Form 10-K for 2011;
Miller's ability to successfully acquire, integrate and exploit new
productive assets in the future; whether Miller can establish
production on certain leases in a timely manner before expiration;
the ability to complete the work commitments required as terms of the
Susitna Basin Exploration Licenses; the ability to recover proved
undeveloped reserves and convert probable and possible reserves to
proved reserves; Miller's experience with horizontal drilling; risks
associated with the hedging of commodity prices; the dependence on
third party transportation facilities; concentration risk in the
market for the oil we produce in Alaska; the impact of natural
disasters on our Cook Inlet Basin operations; the effect of global
market conditions on the ability to obtain reasonable financing and
on the prices of Miller's common and Series C Preferred Stock; the
imprecise nature of our reserve estimates; risks related to drilling
dry holes or wells without commercial quantities of hydrocarbons;
fluctuating oil and gas prices and the impact on Miller's results
from operations; the need to discover or acquire new reserves in the
future to avoid declines in production; differences between the
present value of cash flows from proved reserves and the market value
of those reserves; the existence within the industry of risks that
may be uninsurable; strong industry competition; constraints on
production and costs of compliance that may arise from current and
future environmental, FERC and other statutes, rules and regulations
at the state and federal level; new regulation on derivative
instruments used to manage risk against fluctuating commodity prices;
the impact that future legislation could have on access to tax
incentives currently enjoyed by Miller; that no dividends may be paid
on our common stock for some time; cashless exercise provisions of
outstanding warrants; market overhang related to restricted
securities and outstanding options, and warrants; the impact of
non-cash gains and losses from derivative accounting on future
financial results; risks to non-affiliate shareholders arising from
the substantial ownership positions of affiliates; the junior ranking
of the Series C Preferred Stock to the Series B Preferred Stock and
all indebtedness; the ability to pay dividends on the Series C
Preferred Stock; whether the Series C Preferred Stock is rated; the
ability of the Series C Preferred Stockholders to exercise conversion
rights upon a Change of Control; fluctuations in the market price of
the Series C Preferred Stock; whether additional shares of Series C
Preferred Stock or additional series of preferred stock that rank on
parity with the Series C Preferred Stock are issued; the very limited
voting rights held by Series C Preferred Stockholders; the newness of
the Series C Preferred Stock and its limited trading market; risks
related to the continued listing of the Series C Preferred Stock on
the NYSE; and the effect of the change of control conversion feature
of the Series C Preferred Stock on a potential change in control.
Additional information on these and other factors, which could affect
Miller's operations or financial results, are included in Miller
Energy Resources, Inc.'s reports on file with United States
Securities and Exchange Commission including its Annual Report on
Form 10-K, as amended, for the fiscal year ended April 30, 2013.
Miller Energy Resources, Inc.'s 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 (
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. Investors should not place undue
reliance on these forward-looking statements, which speak only as of
the date of this press release. We assume no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change unless otherwise required under
securities law. 
Derek Gradwell
MZ Group
SVP, Natural Resources
Phone: 949-259-4995
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