Miller Energy Resources To Divest Tennessee Assets - Quick Facts

(RTTNews) - Miller Energy Resources, Inc. (MILL) announced plans to divest its Tennessee assets, and said it has commenced implementation of an internal restructuring and cost reduction program to reduce annual general and administrative expenses by $3 to $5 million.

"The targeted reduction is aggressive, but, we think, appropriate and achievable, driven in large part by the elimination of our Tennessee operations and the favorable resolution of several outstanding lawsuits and the recent proxy contest. While we still believe Tennessee has significant growth potential, our capital is clearly better allocated to our Alaskan operations and the investment opportunities that exist there," Scott Boruff, Miller's CEO, said.