Sector Update: Energy

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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. ( MILL ) 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 board.

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 company.


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, Tenn.

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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MILL

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