Miller Energy Resources (�Miller�) (NYSE:MILL) reported its results for the fourth quarter and year ended April 30, 2011. The company reported fourth quarter 2011 revenue rose 68% to $6.4 million and net income increased to $1.4 million, or $0.05 per diluted share, compared with the fourth quarter of fiscal 2010. Revenue for fiscal year 2011 was $22.8 million and a net loss was $3.9 million, or $0.11 per diluted share.
�Miller Energy�s oil and gas production jumped significantly in fiscal 2011 due to our expanded efforts to develop our Alaskan acreage acquired over the past two years,� stated Scott Boruff, CEO of Miller Energy Resources. �We increased our Alaska oil production by over 400% to 312,583 barrels in fiscal 2011 compared with the prior year. Our increased production was the major factor in Miller�s revenues rising 289% to $22.8 million in fiscal 2011 compared with $5.9 million in fiscal 2010. In the fourth quarter, we began reworking two wells on our Osprey platform in the Cook Inlet. Those two wells, RU-1 and RU-7, were brought online during the first quarter of fiscal 2012 and they are producing oil above their expected rates.
�After the close of our fiscal year, we secured a $100 million credit facility that is funding our continued development of our Alaskan properties. We are using these funds to accelerate the reworking of additional wells, drill new wells and purchase a custom drilling rig that will allow us to bring our Osprey offshore platform into full production. We expect the new drilling rig to be online in the second half of fiscal 2012. Once in place, we plan to initiate our aggressive offshore drilling program. We have already demonstrated the potential of the Osprey platform with the successful rework of RU-1 and RU-7 and are very positive about expanding our production through our low-risk development programs,� continued Mr. Boruff.
Miller Energy Resources is a high growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production basis in North America. Miller Energy�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 Energy is headquartered in Huntsville, Tennessee with offices in Anchorage, Alaska and Knoxville, Tennessee.
More about MILL at www.millerenergyresources.com
Crown Equity Holdings Inc. (OTC:CRWE) is pleased to announce that it has entered into a joint venture to deploy VoIP (Voice over Internet Protocol) technology delivering voice, video and data services to residential and commercial customers. The joint venture company is Crown Tele Services Inc. which was a wholly-owned subsidiary of Crown Equity Holdings Inc. Crown Equity Holdings Inc. will own fifty percent (50%) interest in the joint venture.
Commenting on the joint venture, Kenneth Bosket, President of Crown Equity Holdings Inc., said: �We are excited to deliver VoIP communications solutions specifically designed to meet the business and residential market needs in this fast-growing global market.�
Voice over Internet Protocol technology utilizes an Internet connection rather than the standard public switched telephone network provider to send your voice and data during a phone call. Voice over IP phone systems are increasingly popular due to their efficiency and cost reducing capabilities.
Crown Equity Holdings Inc., together with its digital network, currently provides electronic media services specializing in online publishing, which brings together targeted audiences and advertisers. Crown Equity Holdings Inc. offers internet media-driven advertising services, which covers and connects a range of marketing specialties, as well as search engine optimization for clients interested in online media awareness.
For more information, please visit their website: http://www.crownequityholdings.com
Primoris Services Corporation (NASDAQ:PRIM) announced the Board of Directors declared a 20% increase in the quarterly cash dividend to $0.03 per share from $0.025 per share. The $0.03 per share cash dividend is payable on or about October 14, 2011 to stockholders of record as of September 30, 2011. Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, �We pay a dividend because we value the interests of our shareholders. This increase in the dividend reflects the confidence of the Board of Directors and the management team in Primoris�s long-term growth prospects, and is possible because of our ability to generate cash and build a strong financial position.�
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and product engineering services.
FX Energy, Inc. (NASDAQ:FXEN) announced net income of $2.5 million, or $0.05 per share, for the quarter ended June 30, 2011. Excluding a non-cash foreign currency exchange gain of $3.5 million, the Company would have recorded a second quarter 2011 loss of $(1.0) million, or $(0.02) per share. This compares to a net loss, adjusted for foreign exchange losses, of $(0.1) million, or $(0.00) per share reported in the second quarter of 2010. The largest changes in operating line items for the quarter were a 51% increase in revenues to a record $9.2 million, and a 249% increase in exploration expense to $4.1 million.
FX Energy, Inc. engages in the exploration, appraisal, and production of oil and gas properties primarily in Poland and the United States.
Synalloy Corporation (Nasdaq:SYNL) is pleased to announce the appointment of James W. Terry and Henry L. Guy to its Board of Directors. They are replacing directors Sibyl N. Fishburn who retired after 32 years of service on the Board, and Jeffrey Kaczka, elected to the Board in April 2011, who resigned due to the responsibilities required in his new role of Chief Financial Officer for another company.
Synalloy Corporation, together with its subsidiaries, manufactures and sells pipes and piping systems in the United States and internationally. It operates in two segments, Metals and Specialty Chemicals.
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