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Miller Energy Declares Cash Dividends on Its Series B, Series C and Series D Preferred Stock

KNOXVILLE, TN -- (Marketwired) -- 07/31/14 -- Miller Energy Resources ("Miller") (NYSE: MILL) announced today that its Board of Directors has declared a semi-annual cash dividend on Company's Series B Redeemable Preferred Stock ("Series B Preferred Stock") and a quarterly cash dividend payment on the Company's 10.75% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") and its 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock ("Series D Preferred Stock"). The dividend on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock will be payable on Tuesday, September 2, 2014, to holders of record at the close of business on August 15, 2014.

The semi-annual payment on Series B Preferred Stock will be approximately $6.05 per share, which is equivalent to an annualized 12% per share, based on the $100.00 per share stated value, accruing from March 1, 2014, through August 31, 2014.

The quarterly payment on the Series C Preferred Stock will be $0.671875 per share, which is equivalent to an annualized 10.75% per share, based on the $25.00 per share stated liquidation preference, accruing from June 1, 2014, through August 31, 2014. The Series C Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprC." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-C" and on Yahoo Finance under the symbol "MILL-PC."

The quarterly payment on the Series D Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.5% per share, based on the $25.00 per share stated liquidation preference, accruing from June 1, 2014, through August 31, 2014. The Series D Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprD." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-D" and on Yahoo Finance under the symbol "MILL-PD."

About Miller Energy Resources

Miller Energy Resources, Inc. is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller's focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin including the Mississippian Lime. Miller is headquartered in Knoxville, Tennessee with offices in Anchorage, Alaska and Huntsville, Tennessee. The company's common stock is listed on the NYSE under the symbol MILL.

Statements Regarding Forward-Looking Information

Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," believes," "continue," "strategy," "position" or the negative of those terms or other variations of them or by comparable terminology. A discussion of these risk factors is included in the Company's periodic reports filed with the SEC.

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