Miller Energy Resources has agreed to pay $5 million to settle allegations that it inflated the value of its Alaska oil and gas properties by more than $400 million.
The Peninsula Clarion reports the Jan. 12 settlement brings an end to a U.S. Securities and Exchanges Commission investigation into the parent company of Cook Inlet Energy.
The SEC charged Miller Energy and three officials of fraudulently inflating the values of the company’s Alaska properties beginning in January 2010.
The company had purchased the properties for $2.25 million in 2009 and later reported them at a value of $480 million. The company filed for bankruptcy protection in October.
As part of the settlement, the company has agreed to unregister all its stocks and provide employees to testify about the violations.
