Miller gets second NYSE delisting notice

Miller Energy Resources Inc. has received more uncomfortable correspondence from the New York Stock Exchange.

The Tennessee-based company disclosed that it received a May 6 notice saying Miller was out of compliance with the listing requirements of the exchange.

“The company is below compliance with respect to a rule requiring that NYSE-listed companies maintain an average market capitalization and stockholders’ equity greater than $50 million over a 30 trading-day period,” Miller said in a May 12 press release.

This is the second notice of noncompliance the struggling company has received from the exchange.

On April 23, the company received a notice indicating it was in danger of delisting because the average closing price of Miller’s common stock had been less than $1 over a period of 30 trading days.

Miller said it intends to follow NYSE procedures to regain compliance. Meantime, the company’s shares will continue to be listed on the exchange.

Miller’s stock closed May 13 at 58 cents.

The company’s main focus is oil and gas production in Alaska.

- Wesley Loy