Miller Energy Resources, Inc. (MILL) reported its results for the first fiscal quarter ended July 31, 2012. Revenues for the first quarter of fiscal 2013 were $8.3 million compared to $8.9 million in the first quarter of the prior fiscal year. Net income attributable to common stockholders for the first quarter of fiscal 2013 was $0.2 million, or $0.00 per diluted share, compared to a net loss of $0.2 million, or $0.00 per diluted share, in the first quarter of fiscal 2012.
“We made significant progress during our first fiscal quarter in strengthening Miller’s financial and operational foundations to pursue our aggressive development and drilling programs in Alaska,” stated Scott Boruff, CEO of Miller Energy Resources. “We expanded our debt facility that will provide increased resources to fund our drilling program in fiscal 2013, monetized some of our mid-stream resources in Alaska and completed the installation of Rig 35 that led to its certification in late August.
“We are very excited about the deployment of Rig 35 to accelerate our development and drilling plans in the Redoubt Shoals Field, our single largest reserve base. The rig is currently reworking RU-1 on the Osprey platform and we expect to have this well back online during the second quarter. RU-1 was previously producing approximately 270 Bbls/day and we hope to increase its output after completing wellbore optimization and replacement of the electrical submersible pump,” continued Mr. Boruff.
First quarter 2013 revenues were $8.3 million compared to $8.9 million in the first quarter of the prior year. Fiscal 2013 revenues benefited from higher realized prices for oil, offset by lower production compared with the first quarter of fiscal 2012. The decrease in production was due to a normal decline curve, fluctuation and shipping schedules, and RU-1 being off-line during the first quarter of fiscal 2013.
Operating loss for the first quarter of fiscal 2013 was $5.0 million compared with an operating loss of $3.7 million in the first quarter of the prior year.
Other income more than doubled to $8.7 million in the first quarter of fiscal 2013 compared with $3.3 million in the first quarter of fiscal 2012. The fiscal 2013 results included an $8.9 million gain on derivatives, including $4.3 million gain from the termination of commodity derivative contracts. Miller reported a gain of $3.8 million on derivatives in the first quarter of fiscal 2012.
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