Miller Energy Resources Inc. (NYSE: MILL) detailed several corporate updates, the company said Sept. 15.
The company entered a nonbinding letter of intent to purchase almost all of Buccaneer Energy Ltd.’s (OTC: BCGFQ) operating assets in Alaska. The Houston-based company produces about 1.7 million barrels of oil equivalent per day (MMboe/d) and has about 1.9 MMboe of proved reserves in the Cook Inlet, Miller said.
Existing facilities and other borrowings will fund the potential purchase, which will be between $40 and $50 million. The company noted that the board of directors will approve any binding agreement and financing.
Additionally, Miller hired Carl F. Giesler as CEO and a member of the board, the company said. Scott M. Boruff is now executive chairman, Miller added.
Most recently, Giesler was the managing director of investments for Harbinger Group Inc., handling oil and gas investments, Miller said. He also was the oil and gas analyst for its affiliate, Harbinger Capital Partners LLC, the company added.
Giesler has degrees from the University of Virginia and Harvard Law School, Miller noted.
Additionally, the company said that A. Haag Sherman will join the board to replace Deloy Miller, who retired as its chairman and resigned as a director. Sherman co-founded and was CEO for the asset management firm Salient Partners, the company noted.
Knoxville, Tenn.-based Miller Energy Resources Inc. operates in Alaska and the Appalachian Basin.
Recommended Reading
Analysts: APA Takes Callon Off Board as Permian M&A Wave Hits ‘24
2024-01-04 - APA and its subsidiary Apache Corp. are plucking Callon Petroleum off the board for $4.5 billion in stock as a historic wave of Permian consolidation enters a new year.
Analysts: Chesapeake-SWN Poised to Supply Growing Global LNG Demand
2024-01-11 - Chesapeake Energy and Southwestern Energy are combining in a $7.4 billion merger to serve more domestic customers and access growing global LNG demand.
EIG to Buy Brazil’s Ocyan for $390 Million
2023-12-28 - EIG’s purchase of service company Ocyan Participações will give it control over Brazil’s only FPSO operator.
Evolution Petroleum Acquires SCOOP/STACK Interests
2024-01-09 - Evolution Petroleum entered agreements with three companies to purchase non-op interests in Oklahoma’s SCOOP and STACK plays for $43.5 million, equaling its largest transaction so far.
Potential Chesapeake, Southwestern Merger May Face Tough Scrutiny
2024-01-09 - Low natural gas prices are driving producers such as Chesapeake and Southwestern to seek large ‘strategic’ deals at a time when large-scale consolidation is coming under increased scrutiny by lawmakers and regulators.