New York Stock Exchange delists Miller

Miller Energy Resources Inc. said July 30 that it had been notified that trading in its common and preferred stock would be suspended by the New York Stock Exchange after the close of business July 30.

Miller said the stock exchange said proceedings to delist the stock would begin as a result of the company’s failing to maintain an average market capitalization of $15 million or more over the preceding 30 trading days.

The company said it would request review of the decision by the NYSE board of directors, and said trading in its stock would resume on the over the counter markets.

Miller said neither the actions of the NYSE nor the transition to OTC markets would affect its business operations.

Miller, headquartered in Houston, operates Cook Inlet and North Slope oil and gas fields through Cook Inlet Energy and Savant Alaska.

- Petroleum News