Massive Acquisition Activities at Miller Energy Resources Result in 10-K Extension
31 Juli 2009 - 10:41PM
PR Newswire (US)
HUNTSVILLE, Tenn., July 31 /PRNewswire-FirstCall/ -- Miller
Petroleum, Inc., dba Miller Energy Resources, (OTC:MILL) (BULLETIN
BOARD: MILL) announced today that it has filed an extension of its
most recent 10-K due July 29, 2009. The extension was required as a
result of the recent acquisition of East Tennessee Consultants,
Inc. (ETC) and Ky-Tenn Oil, Inc., (KTO) that has made Miller Energy
Resources the largest operator of natural gas and oil wells in
Tennessee. Miller CEO Scott M. Boruff commented that, "The majority
of the processes necessary to assure the integration of KTO and ETC
into Miller have been completed successfully. The ongoing upgrade
of our IT systems, which is being optimized to quickly analyze and
integrate our present and upcoming acquisitions, coupled with the
integration of two major acquisitions, caused a delay in our
filing. We anticipate filing the 10K well in advance of the fifteen
days afforded to us and expect completion of our technology
upgrades by fall. Our new systems will assure timely filings in the
future and are another example of the successful execution of our
ambitious business plan going forward." Boruff added, "The new IT
systems at Miller are being developed at our expense to assure
complete transparency to our investors of all financial aspects of
our $20,000,000 income and $25,500,00 drilling offerings. Our
"Investor Portal" will allow for complete and secure comprehensive
communication with our investors over the net. Beta testing will be
completed in the next week and we go live via Webinar demonstration
on August 7, 2009. Our rock solid IT foundation that is close to
completion will allow our organization to expand at the rate
necessary to become a major player on the energy stage in the
upcoming years." About Miller Energy Resources Miller Energy
Resources is an oil and natural gas exploration, production and
drilling company operating 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. Miller is currently the
largest operator of natural gas and oil wells in Tennessee. 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, Chief
Executive Officer of Miller Energy Resources, +1-423-663-9457, Fax:
+1-423-663-9461 Web Site: http://www.millerenergyresources.com/
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