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Last $0.13 USD
Change Today +0.005 / 4.17%
Volume 46.3K
As of 8:10 PM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

miller energy resources inc (MILL) Snapshot

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09/15/14 - $5.13
52 Week Low
08/6/15 - $0.10
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miller energy resources inc (MILL) Details

Miller Energy Resources, Inc., an independent exploration and production company, explores for, develops, and operates oil and gas wells in south-central Alaska. As of April 30, 2014, the company owned approximately 315,913 net acres of leasehold interests, exploration license rights to an additional 108,673 net acres, and interests in 12 crude oil and 11 natural gas wells in Alaska. The company is headquartered in Knoxville, Tennessee.

miller energy resources inc (MILL) Top Compensated Officers

Executive Chairman
Total Annual Compensation: $742.2K
Senior Vice President and General Counsel
Total Annual Compensation: $276.9K
Compensation as of Fiscal Year 2014.

miller energy resources inc (MILL) Key Developments

Miller Energy Resources Inc. to Settle SEC Charges

Miller Energy Resources Inc. and a division of the U.S. Securities and Exchange Commission have reached an agreement in principle to settle charges alleging accounting fraud. If the SEC approves the deal, the company would pay $5 million over approximately three years. Earlier August 2015, the SEC charged Miller Energy, along with former CFO Paul Boyd and former COO David Hall, with allegedly overvaluing Alaskan oil and gas properties the company acquired in late 2009, which allegedly caused certain financial reports to be misstated. Miller Energy and the Enforcement Division of the SEC reached an agreement in principle on August 14, 2015. The deal only applies to the company and not to any individual included in the charges. As part of the deal, Miller Energy would neither admit nor deny the allegations but would agree to cease and desist from committing or causing any violations or future violations of specified provisions of the Securities Act of 1933 and the Exchange Act of 1934. If the deal is approved, Miller Energy will review and, where appropriate, restate its financial statements that include information related to or derived from the valuation of the 2009 acquisition. The $5 million to be paid by Miller breaks down as such: $125,000 will be paid by Miller into escrow prior to the SEC's approval of the deal; following entry of a final order approving the deal, $500,000 would be paid by Miller, with this payment expected to be made by December 31, 2015; and the remainder of the $5 million would be paid over the next three years in three equal payments.

Miller Energy Announces Resignation of David M. Hall as COO

Miller Energy announced that David M. Hall, its chief operating officer, has resigned from that post. Hall and former Chief Financial Officer Paul W. Boyd were named in a Security and Exchange Commission order that claimed the company and the two executives were involved in accounting fraud. The SEC alleges that Miller Energy overstated the value of Alaskan oil and gas properties it bought in 2009, inflating the value of the company from one that was a penny stock company to one listed on the New York Stock Exchange. Miller Energy announced that Hall had decided to step down because of the interference the SEC allegations would cause in carrying out his duties.

The Securities and Exchange Commission Announces Charges against Miller Energy Resources, Inc. and its Executives with Accounting Fraud

The Securities and Exchange Commission announced charges alleging that Miller Energy Resources, Inc., its former chief financial officer, and its current chief operating officer inflated values of oil and gas properties, resulting in fraudulent financial reports for the company. The audit team leader at the company's former independent auditor also was charged in the matter. In an order instituting administrative proceedings, the SECs Division of Enforcement alleges that after acquiring oil and gas properties in Alaska in late 2009, Miller Energy overstated their value by more than $400 million, boosting the company's net income and total assets. The allegedly inflated valuation had a significant impact, turning a penny-stock company into one that eventually listed on the New York Stock Exchange, where its stock reached a 2013 high of nearly $9 per share. Financial statement information is the cornerstone of investment decisions. Weve charged that Miller Energy falsified financial statement information and grossly overstated the value of its Alaska assets and that the company's independent auditor failed to conduct an audit that complied with professional standards, said William P. Hicks, Associate Regional Director of the SECs Atlanta office. The SEC will aggressively prosecute such conduct. The Division of Enforcement alleges that the fiscal 2010 audit of Miller Energy's financial statements was deficient due to the failure of Carlton W. Vogt III, the partner in charge of the audit. Vogt, of Warwick, New York, was then at Sherb & Co LLP, a now defunct firm that was suspended by the SEC in 2013 for conduct unrelated to its work for Miller Energy.


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