From the Yahoo thread on MEXP:
The Facts & Some News
by: traverse_city1
1678 of 1689
Many individual investors have clearly been in a state of some confusion regarding the state of operations of Miller Petroleum.
The following is an independant opinion concerning the status of MEXP and the reasoning why there is no present operating, financial condition, nor
known material event reflective of the recent decline in the Companies shareprice.
I humbly suggest in my personal opinion; that any shareholders who have sold shares in response to the misconceptions perpetuated by some recent
internet postings here; please review the fundamental story and value in Miller Exploration; as the core value and ongoing expectations are more postive
that at any time in the companies history.
I am not an employee, agent, or representative of Miller Exploration. This is not an "official" (ggg) response of the Company; however per the
acknowledgement of some posters here on Yahoo; many investors have spoken with the companies representatives whom are cognizant of the situation
here on this Yahoo discussion group. My opinions here, are just that; my personal opinions. But, they have been formed through vigorous research,
communication and review of the companies public statements and financial & operating information.
This is "my" opinion of the present situation with Miller Exploration.
The Bank of Montreal Loan is 100% done in principal.
There are no covenants to any minimum market pricing for Nat Gas.
Only the review of the information to be submitted Oct. 1st per prior public announcement and the ratification of the agreement on, or before Oct. 15
remeain to be finalized.
Millers confidence in the ratification of the new line can best be expressed by the purchase announcement of the Hancock County Properties, with further
options to be exercised upon Bank redetermination.
The company plans to aggressively step up drilling and cap ex spending in all core areas, including Blackfeet and the newly purchased Hancock County
Properites.
The company is cash flow positive without any borrowings.
The company has what it believes to be very positive and aggressive hedging activitites planned for the remainder of 1999 and into 1H 2000 at historically
very attractive pricing.
The Company plans to show substantial increases in production, revenue, cash flow and net earnings in each succeeding quarter.
The Company fully expects to exceed all published expectations for Q3, Q4 fiscal 1999 and year 2000 published estimates.
Due to the companies very positive drilling results and remaining drill ready prospects which can be aggressively pursued upon closing the new credit
facility; I believe the company may shortly reach production, cash flow and revenue levels supporting a substantial rise in valuation and performance
estimates from the analyst community.
I believe the company has received very postive response from the Institutional Investment Community in response to its forward looking business plan.
I believe that the present shareprices reflect an irrational reaction to nonexistant conditions it its operations and performance; and that the present
shareprice is fraction of the companies core value and is substantially below levels warranted by even the most conservative valuation modeling.
I believe that the present shareprice is a fraction of its fair value. I believe that with the announcement of Q3 operating results, the announcement of a new
credit facility and the increase drilling development of its core areas that within fiscal year 2000 Miller Exploration shares will return to its historic valuation
levels.
Posted: 9/24/1999 9:22 am EDT as a reply to: Msg 1677 by JoeDi123
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