On July 28, 2011, a report published on the Internet questioned the Company’s 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. Following this news, Miller Energy's share price declined more than 23% on July 28, 2011. Coupled with a further 18% drop on July 29, 2011, shares of Miller Energy closed at $4.41 per share.
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