| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Miller Exploration Company |
| 3104 Logan Valley Road, Traverse City, MI 49685 * (616) 941-0004 |
| The company is an independent oil and gas exploration and production company with established exploration efforts concentrated primarily in three regions: the Mississippi Salt Basin, the Gulf Coast region of Texas and Louisiana & the Michigan Basin. |
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Raymond James & Associates, Inc. | Co-manager | (813) 573-8108 |
| Stephens Inc. | Co-manager | (501) 377-2130 |
| NASNTL: | MEXP | Natural Resources: | SIC 1311 | |
| Type of Shares: | Common Shares | Filing Date: | 11/17/97 | |
| U.S. Shares: | 5,750,000 | Offer Date: | 2/3/98 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 5,750,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.56 | |
| Offering Amount: | $63,250,000 | Selling: | $0.34 | |
| Expenses: | $0 | Reallowance: | $0.10 | |
| Post-IPO Shares: | - | |||
| Employees: | 18 |
| Issuer's Law Firm: | Warner, Norcross & Judd |
| Bank's Law Firm: | Vinson & Elkins |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 9/30/97 | 9/30/96 | 9/30/97 | ||
| Revenue: | $5.61 | $4.33 | $3.72 | Assets: | $23.99 |
| Net Income: | $0.63 | $0.34 | $0.56 | Curr Assets: | $2.63 |
| EPS: | Liabilities: | $14.96 | |||
| Prior EPS: | $2.20 | $1.91 | Curr Liab: | $6.10 | |
| Cash Flow/Oper: | $2.16 | -$0.02 | $1.83 | Equity: | $9.03 |
| Cash Flow/Fin: | $2.81 | -$2.49 | -$3.83 | Cash: | $0.11 |
| Cash Flow/Inv: | -$4.74 | Working Cap: | -$3.47 | ||
| Competition |
| The Company operates in the highly competitive areas of oil and natural gas exploration, exploitation, acquisition and production. In seeking to acquire desirable producing properties or new leases for future exploration and in marketing its oil and natural gas production, as well as in seeking to acquire the equipment and expertise necessary to operate and develop those properties, the Company faces intense competition from a large number of independent, technology-driven companies as well as both major and other independent oil and natural gas companies. Many of these competitors have financial and other resources substantially in excess of those available to the Company. Such companies may be able to pay more for exploratory prospects and productive oil and natural gas properties and may be able to define, evaluate, bid for and purchase a greater number of properties and prospects than the Company's financial or human resources merit. The Company's ability to explore for oil and natural gas prospects and to acquire additional properties in the future will depend upon its ability to conduct its operations, to evaluate and select suitable properties and to consummate transactions in this highly competitive environment. |
| Business Plan |
| The key elements of the Company's business strategy are as follows: (I) Focused Exploration Effort, (ii) Exploit Prospect Inventory, (iii) Extensive Data Base, (iv) Utilize Advanced Technology and (v) Experienced Technical Team. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of all outstanding indebtedness, to fund capital expenditures relating to exploration and development activities, to increase working capital and other general corporate purposes. |
| Officer Name | Title | Age |
| C.E. "Gene" Miller | Chairman of the Board and Director | 67 |
| Kelly E. Miller | President, Chief Executive Officer and Director | 42 |
| Lew P. Murray | Vice President-Exploration | 41 |
| William J. Baumbartner | Vice President-Finance, Chief Financial Officer, Secretary and Director | 42 |
| Douglas A. Bell | Vice President-Production | 38 |