Miller files corrected financial report

Miller Energy Resources Inc. on Aug. 9 filed an amended Form 10-K annual report with the U.S. Securities and Exchange Commission to correct errors in a previous filing.

The report covers the fiscal year ended April 30.

Miller’s announcement that it would need to file the amended annual report was part of the turbulence that hit the Tennessee-based company beginning in late July.

The price of Miller shares, traded on the New York Stock Exchange, closed Aug. 10 at $2.50, a huge drop from the $7-plus seen through most of July.

At least a dozen law firms have announced they have begun “investigations” into whether Miller Energy violated securities laws.

Scott M. Boruff, Miller’s chief executive, has said the company is sound and its assets are accurately valued. He said the firm has been the target of short-selling bloggers seeking to profit by discrediting the company and driving down its stock price.

Boruff also said Miller Energy has grown quickly and is trying to shore up its accounting procedures, engaging major accounting firm KPMG to audit the company.

Miller’s subsidiary, Cook Inlet Energy LLC, operates oil and gas properties in Alaska’s Cook Inlet basin. These properties, acquired in late 2009, propelled Miller to a much higher profile financially.

Miller’s revised annual report shows a loss for the year of nearly $3.9 million. The original annual report, filed July 29, showed a $4.4 million loss.

—Wesley Loy