Miller Energy Resources, Inc. has received a certificate for approximately $31.2 million of tax credits. The tax credits are submitted for reimbursement and are anticipated to be received in cash over the next few weeks.
"We continue to benefit greatly from State of Alaska tax credits," explained John Brawley, Chief Financial Officer of Miller. "With $31.2 million of tax credits, the $18.4 million in gross proceeds we expect to raise from the public offering of our Series D Preferred Stock, launched yesterday, and $24.0 million available under our revolver, we now have over $70 million in near-term liquidity, in addition to our operating revenue. We are excited about our drilling program and have the infrastructure, reserves and liquidity in place to convert those opportunities into significant production and cash flow."