Miller Energy (MILL) Closes $100M Facility with Apollo Investment (AINV)
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Miller Energy Resources (NYSE: MILL) closes on a five year, $100 million credit facility with Apollo Investment Corporation (Nasdaq: AINV). The credit facility, which provides for an initial borrowing base of $55 million, is secured by substantially all of the company's and its subsidiaries' assets. Proceeds from the loan will be utilized to pay off existing indebtedness, its Series A Preferred Stock, and fund development of oil production both onshore and offshore in Alaska through the drilling of new wells and the reworking of previously producing oil wells.
With the funding secured, Miller first plans to bring the RU-1 well on the Osprey platform in the Cook Inlet in Alaska back online by replacing its electric submersible pump ("ESP"). Last year, Miller brought this well online at approximately 350 Bbls/d gross prior to experiencing a pump failure.
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With the funding secured, Miller first plans to bring the RU-1 well on the Osprey platform in the Cook Inlet in Alaska back online by replacing its electric submersible pump ("ESP"). Last year, Miller brought this well online at approximately 350 Bbls/d gross prior to experiencing a pump failure.
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