Energy stocks were little changed, with the NYSE Energy Sector
Index slipping less than 0.1% while shares of energy companies in
the S&P 500 fell less than 0.1% as a group. Crude oil for May
delivery was up 9 cents at $101.76 per barrel while May natural gas
was down 13 cents to $4.35 per 1 million BTU.
In company news, shares of Miller Energy Resources Inc. (
) rose Monday after the oil and gas company resolved a simmering
proxy fight with Bristol Capital Advisors by agreeing to expand its
board by one seat and naming former New Mexico Governor and former
U.S. Energy Secretary Bill Richardson as a new director on the MILL
Bristol Capital, led by Paul Kessler, and Lone Star Management
LLC have been battling the MILL board and management since December
when the hedge funds proposed an alternative slate of board
candidates as part of a broader efforts to "unlock" value at the
In particular, Lone Star and Bristol Capital railed against MILL
Chief Executive Scott Boruff and Chief Financial Officer David
Voyticky, agruing any rise in the company's share price were "in
spite of senior management, not because of it."
The company earlier this month nominated two other director
candidates, which together with Richardson, would result in six
independent directors on the eight-member panel. MILL also named
John Brawley as its new CFO on Feb. 12.
Boruff will remain CEO and will also keep his board seat. MILL's
annual meeting of shareholders is scheduled April 16 in Knoxville,
MILL shares were up 2.8% in recent trade at $5.83 each after
earlier climbing to an intra-day high of $6.09 a share. The stock
has a 52-week range of $3.50 to $8.97 a share, rising 61.5% over
the past 12 months.
In other sector news,
(+) BIOF, (+85.4%) Receives $275 mln buyout proposal from David
Einhorn's Greenlight Capital and James Brickman for the 64.5% of
the alternative fuels company he doesn't already own. Greenlight
and Brickman's JBGL Funds boosts stake by another 400,000 shares to
over 2.2 mln shares, according to a new securities filing.
(-) APA, (-0.5%) Sells primarily dry gas-producing properties
comprising 622,600 gross acres in the Ojay, Noel and Wapiti areas
in Alberta and British Columbia for a combined $374 mln. The
company did not name the buyer.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.