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.