Miller Petroleum (MILL) Announces Six Million in Equity Investment
Miller Petroleum closed on a $6 million equity investment from an unnamed third party. The funds will be used for capital expenditures related to a recent acquisition by the company. In December 2009, Miller Petroleum purchased the oil and gas operations of Pacific Energy Resources, a company that was in Chapter 11 bankruptcy proceedings. The company did not disclose a price. Pacific Energy Resources had proved reserves of 5.6 million barrels of oil and 3.7 billion cubic feet (bcf) of natural gas located in Alaska. The discounted net present value of the reserves as calculated under SEC regulations is $325…