San Diego, Aug 22, 2011 (Shareholders Foundation) -- An investigation on behalf of current long term investors of Miller Petroleum Inc (Public, NYSE:MILL) over possible breaches of fiduciary duties by certain directors and officers of Miller Energy Resources, Inc f/k/a/ Miller Petroleum Inc. was announced.

The investigation for investors who purchased their NYSE: MILL shares in/or prior to March 2010 and current hold those MILL shares follows a lawsuit filed for only investors who purchased Miller Energy Resources common stock between the time frame of March 15, 2010, and August 1, 2011.
The investigation by a law firm on behalf of current long term investors in stock Miller Petroleum Inc (Public, NYSE:MILL) concerns whether certain current and/or former officers and members of the Miller Energy Resources board of directors can be held liable in connection with the alleged Securities Laws violations in the lawsuit by investors who purchased NYSE: MILL stock only between March 15, 2010, and August 1, 2011. According to that complaint filed in the United States District Court for the Eastern District of Tennessee the plaintiff alleges that Miller Energy Resources, Inc f/k/a Miller Petroleum Inc f/k/a violated federal securities laws.

On December 16, 2009 Miller Energy Resources announced it had acquired the former Alaskan assets of Pacific Energy Resources, including Alaskan oil and gas assets comprising onshore and offshore production facilities and approximately $300 million in proven or probable energy reserves. On July 28, 2011, a report posted on TheStreetSweeper.com questioned Miller Energy Resources valuation of the Alaskan oil and gas assets and opined that the assets likely had a value between $25 million and $30 million, offset by $40 million in liabilities. The share price of NYSE MILL declined more than 23% on July 28, 2011, and a further 18% the next day, to close at $4.41 per share on July 29, 2011.
After the market close, Miller Energy Resources filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (SEC) for Miller Energy Resources' 2011 fiscal year, and restated its unaudited consolidated balance sheets as of July 31, 2010, October 31, 2010 and January 31, 2011 and its unaudited consolidated statements of operations and cash flows for the quarterly and year to date periods then ended.

Then on August 1, 2011, Miller Energy Resources, Inc announced that its Audit Committee of the Board of Directors of Miller Energy Resources, Inc. determined that our consolidated balance sheet at April 30, 2011, and our consolidated statements of operations, stockholders equity and cash flows for the year then ended, as well as the report of KPMG LLP dated July 29, 2011 on such statements, all as included in our 2011 10-K, should not be relied upon.
Miller Energy Resources also said that its Audit Committee of the Board of Directors of Miller Energy Resources, Inc. determined that our unaudited consolidated balance sheets at January 31, 2011, October 31, 2010 and July 31, 2010 and our unaudited consolidated statements of operations and cash flows for the quarterly and year to date periods then ended, could no longer be relied upon as a result of errors in those financial statements.

The same day Miller Energy Recourses, Inc. issued a letter to shareholders from the Chief Executive Officer also addressing allegations in an article dated July 28, 2011 posted on TheStreetSweeper.com.

Shares of Miller Energy Resources, Inc (Public, NYSE: MILL) fell from over $8 in mid-July 2011 and fell to as low as $2.05 during August 9, 2011. NYSE: MILL stocks closed on Friday, August 19, 2011 at $2.25 per share.