Miller Energy Resources, Inc. | 10.75% Series C Cumulative Redeemable Preferred Stock (MILL.PRC)

Prospectus excerpt:  Miller Energy Resources, Inc. is offering to the public 685,000 shares of our 10.75 % Series C Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series C Preferred Stock. This is an original issuance of the Series C Preferred Stock. We are also registering 6,514,350 shares of our common stock, par value $0.0001 per share, which we refer to as common stock in this prospectus supplement. Such shares of common stock may be issued as a result of the conversion of the Series C Preferred Stock as more fully described herein. Our common stock is currently traded on the New York Stock Exchange LLC, or NYSE, under the symbol ˘MILL.÷ We will bear all costs associated with the offering.

We will pay quarterly cumulative dividends on the Series C Preferred Stock on the 1st day of each December, March, June and September (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) when, as and if declared by our board of directors, from, and including, the date of original issuance at 10.75% of the $25.00 per share liquidation preference per annum (equivalent to $2.6875 per annum per share). The first dividend payable on December 1, 2012 in the amount of $0.41 per share will be paid to the persons who are the holders of record of the Series C Preferred Stock at the close of business on November 15, 2012.

The Series C Preferred Stock will not be redeemable before November 1, 2017, except as described below upon the occurrence of a Change of Control (as defined herein) or upon a Market Trigger (as defined herein). On or after November 1, 2017 we may, at our option, redeem any or all of the shares of the Series C Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series C Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless we repurchase, redeem or convert it into our common stock in connection with a Change of Control or a Market Trigger Conversion and Redemption, or unless a holder chooses to convert the Series C Preferred Stock into our common stock.

Full Prospectus PDF », MILL Page »

Alternate symbology:MILL-C, MILL-PC, MILLprC
Call Date:11/1/2017 (Now Trading Post Call Date)
Shares Offered:685,000
Liquidation Preference:$25
Original Coupon:10.75%
Pay Period:Quarterly
Pay Dates:1-Mar, 1-Jun, 1-Sep, 1-Dec
CDx3 Compliance Rating: Learn MILL.PRC's Rating
Miller Energy Resources is an independent exploration and production company that utilizes seismic data and other technologies for geophysical exploration, development and operation of oil and gas wells in the Appalachian region of east Tennessee and in southcentral Alaska. Co.'s Alaskan activities include the Cook Inlet, Susitna Basins, and North Fork Unit. Occasionally, during times of excess capacity, Co. provides these services on a contract basis to third-party customers primarily engaged in oil and natural gas exploration and production. As of Apr 30 2014, Co.'s net proved oil and gas reserves were 6.10 billion barrels of oil and 27.64 billion cubic feet of natural gas.

Preferreds: MILL.PRC, MILL.PRD

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Miller Energy Resources, Inc.
Oil & Gas Exploration & Production

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