MILL: Positive Events in Q311

JOEL MUSANTE, C.K. Cooper & Company (03/23/2011)
"Miller Energy Resources reported a number of positive events during Q311. The company's redevelopment plan for the Osprey platform was approved, allowing the firm to develop wells at the Redoubt Shoals Unit (RU). Additionally, MILL received a State of Alaska production-tax credit of $2.5M in February. . .based on 2010 year-end reserve disclosure, we estimate the firm will receive about $20M in production-tax reimbursements for the $50M of costs needed to develop its PUD reserves. This adds about $0.40/share to NAV."

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