Mining sector

ReoStar Energy Corp. Announces Results for Fiscal Year 2009

noreply@blogger.com (idahalang) — Wed, 22 Jul 2009 00:43:00 +0000

Mark Zouvas, CEO of ReoStar, stated, "We are pleased to have achieved improvements in our oil and gas production over the previous year, despite the challenging energy environment we faced. The industry continues to undergo extraordinary changes as pricing volatility has created a large number of insolvencies during the last six months. Due to weak pricing, we have shifted our focus from development drilling to improving operational efficiencies and cost control by utilizing advanced technologies at down-market costs to improve current production. Additionally, we are reviewing distressed E&P opportunities for acquisition. Our Union Bank of California credit facility has allowed us to withstand the continued volatility in pricing and we expect to be in position to seize growth opportunities that have historically followed industry wide slowdowns."

Fiscal Year 2009 Results Summary

Oil and gas production for the year increased 35% to a total of 124,968 BOE compared with 92,193 BOE for the fiscal year ended March 31, 2008. Oil and gas revenue for the year increased 33% to a total of $6.5 million compared to $4.9 million for the fiscal year ended March 31, 2008.

The Company had a net loss of $2.0 million for the fiscal year compared to net income of $796,000 for the prior fiscal year. The fiscal year 2009 net loss included non-cash net expenses totaling $4.4 million.

During fiscal year ended March 31, 2009, the Company's cash provided from operations was $825,000 and REOS invested $10 million in capital expenditures. Financing activities provided net cash of $9.0 million. The Company entered into a $25 million senior secured credit facility with an initial borrowing base of $14 million. The Company borrowed $9.8 million against the borrowing base during the fiscal year ended March 31, 2009.

On March 31, 2009, REOS had $426,000 in cash and total assets of $23.0 million. Debt consisted of payables to non-related parties of $9.1 million, of which $9.0 million were long-term note payables. REOS also had accounts and notes payables to related parties of $3.6 million.

Complete report here

source: Marketwire

Constellation Energy Partners Provides Update on Management Services Agreement and Hedging

noreply@blogger.com (idahalang) — Wed, 22 Jul 2009 00:41:00 +0000

Constellation Energy Partners LLC today reported that it has received the requisite approval under the company’s credit agreements of a plan for managing its business after termination of the company’s Management Services Agreement (“MSA”) with Constellation Energy Partners Management, LLC, a wholly-owned affiliate of Constellation Energy Group, Inc. (“Constellation”).

Constellation notified CEP in June 2009 that it would terminate the MSA effective Dec. 15, 2009. Approval of the plan was required under the terms of the company’s credit agreements.

“As we noted in June, termination of the MSA by Constellation is an event that we have anticipated and are prepared to handle,” said Stephen R. Brunner, the company’s President and Chief Executive Officer. “We are happy to report today that the lenders’ agent has reviewed our plan to manage the company after termination of the MSA and is satisfied with the steps taken to stand up the company.”

The company also announced that it recently executed commodity hedges related to approximately 12.8 Bcfe of 2013 and 2014 natural gas production as follows:

* NYMEX natural gas fixed price swaps on 6,387,500 mmbtu of production in 2013 at an average price of $6.81 per mmbtu; and
* NYMEX natural gas fixed price swaps on 6,387,500 mmbtu of production in 2014 at an average price of $7.03 per mmbtu.

Brunner noted that securing approval of its management plan and hedging future production are part of the company’s continuing efforts to manage risks and uncertainties inherent in CEP’s business.

About the Company

Constellation Energy Partners LLC (www.constellationenergypartners.com) is a limited liability company focused on the acquisition, development and production of oil and natural gas properties, as well as related midstream assets.

source: business wire

Strategic American Oil Corporation Identifies 2 Pinnacle Reef Targets in Illinois

noreply@blogger.com (idahalang) — Wed, 22 Jul 2009 00:36:00 +0000

Strategic American Oil Corporation;( the "Company") is pleased to announce that it has identified 2 Devonian-Silurian aged Pinnacle Reef (oil) prospects in the Illinois Basin through the research of records from the Illinois State Geological Survey. The prospects are located in Fayette and Macon Counties at depths of between 2000' and 3500' The Company plans to lease approximately 600 acres over the identified prospects and proposes to drill and/or generate 3D seismic to evaluate the prospective subsurface geology. The Company's exploration team believes the targets identified could contain significant oil reserves (detailed geologic information will be released upon completion of leasing).

Company President and CEO, Randall Reneau, stated, "The identification of these prospects furthers our exploration plans for Illinois. Our team in Illinois, lead by Chief Geologist Jim Thomas who has over 35 years experience working in the Illinois Basin, is continuing to make progress in finding and leasing new attractive targets, furthering our business model of developing prospects in-house to build the Company's oil reserves and increase production. The Company will continue to review and evaluate data from the Illinois State Geological Survey to identify new drilling prospects with the goal of making new oil field discoveries."

Pinnacle Reefs are isolated biohermal structures. These reefs are relatively shallow in Illinois, averaging between 2,000 to 3,500 feet in depth, allowing for low cost drilling programs. The Company's geologists have made extensive use of Illinois State historical coal drilling records; these records show coal seams overlaying pinnacle reefs that are marked as thinning and/or are structurally higher than expected making historic coal drilling logs extremely valuable in the search for pinnacle reefs. Due to the shallow depths of these structures, the Company will rely heavily on subsurface structural mapping to delineate possible reef targets. Targets below 3000' may be cost effective to utilize 3D seismic surveys prior to drilling. Each reef prospect will be evaluated as to the most cost effective exploration program as targets below 3000' may be cost effective to utilize 3D seismic surveys prior to drilling. According to the Illinois Geological Survey, successfully drilled and producing pinnacle reefs in the Basin produced an average of 3,200,000 barrels of oil. With today's advances in subsurface mapping and advanced 3D techniques, Pinnacle Reefs have become a prospective target for new oil field discoveries in the Illinois Basin.

About Strategic American Oil Corporation

Strategic American Oil Corporation is an exploration and production company with operations in Texas, Louisiana, and Illinois. The Company is lead by an internationally recognized team of geologists, engineers, and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.

source PR newswire

Vanguard Natural Resources to Acquire Additional Natural Gas and Oil Properties in South Texas

noreply@blogger.com (idahalang) — Wed, 22 Jul 2009 00:34:00 +0000

Vanguard Natural Resources, today announced it has entered into an agreement to acquire producing oil and natural gas properties in South Texas for $52.25 million from an affiliate of Lewis Energy Group, L.P. ("Lewis"). The properties to be acquired have total estimated proved reserves of 27 Bcfe as of July 1, 2009, of which 94% is natural gas and 74% is proved developed. Lewis will operate all of the wells acquired in this transaction. Based on the current net daily production of approximately 5,000 Mcfe, the properties have a reserve to production ratio of approximately 15 years.

Mr. Scott W. Smith, President and CEO of Vanguard commented: "We are very pleased to be able to announce this transaction with Lewis, our South Texas operating partner. When we closed our initial South Texas acquisition last summer, we indicated one of our goals was to add additional assets through subsequent acquisitions as Lewis looked to monetize mature assets to fund their exploration efforts. With an enviable leasehold position in the emerging Eagle Ford Shale play, this transaction provides Lewis the opportunity to monetize a small percentage of its assets to provide capital for an exciting exploration opportunity. For Vanguard, this acquisition will increase our production and reserves and will increase the value of the collateral backing our reserve-based credit facility."

The acquisition has a July 1, 2009 effective date, is subject to customary closing conditions and purchase price adjustments and is expected to close in the third quarter of 2009. Vanguard is evaluating options for financing this acquisition and is currently in the process of amending its existing credit facility. At closing, Vanguard will assume natural gas puts and swaps based on Nymex pricing for approximately 67% of the estimated gas production from existing producing wells for the period beginning August of 2009 through 2010. In addition, concurrent with the execution of the purchase and sale agreement, Vanguard entered into a costless collar for certain volumes in 2010 and a series of costless collars for a substantial portion of the expected gas production for 2011 at a total cost to the Company of $3.1 million which was financed through deferred premiums. Inclusive of the hedges added, we expect that approximately 90% of the estimated gas production from existing producing wells is hedged through 2011.

CONTACT: Vanguard Natural Resources, LLC
Investor Relations
Richard Robert, EVP and CFO, 832-327-2258
investorrelations@vnrllc.com

DRG&E
Jack Lascar/Carol Coale, 713-529-6600

source: AP newswire

Yasheng ECO-Trade Corporation Engages Investment Banking Firm to Obtain Banking Facility for Yasheng Russia Project

noreply@blogger.com (idahalang) — Wed, 22 Jul 2009 00:32:00 +0000

Yasheng ECO-Trade Corporation, has signed a Financial Advisor Engagement Letter with a foreign investment banking firm to obtain bank financing for the Yasheng Russia Breeding Complex. The Investment Banking firm has retained Dr. Sam Frankel to assist in obtaining funds from semi-governmental funding sources.

As announced on June 24, 2009, the Yasheng Russia Breeding Complex will be a Joint Venture between Yasheng ECO-Trade Corporation and Create Agrogroup Zao. The expected cost of the project is $186 million that is projected to be completed in three stages over five years.

About Dr. Sam Frankel, PhD

Sam Frankel has over 25 years experience in Banking and Finance including extensive experience working with Export Credit Agencies around the world, including but not limited to the World Bank, European Bank for Redevelopment and Development, European Investment Bank, International Finance Corporation, and similar institutions. In addition, Mr. Frankel has spent seven years as senior lecturer of Finance, International Finance and International Business at the MBA program at the Tel Aviv Academic College & the College of Management Rishon Letzion.

About Yasheng ECO-Trade Corporation

The Company's business has been the identification and acquisition of undervalued assets within emerging industries for the purpose of consolidation and development of these businesses and sale if favorable market conditions exist. The Company's objective is to find, acquire and develop resources at the lowest cost possible and recycle its cash flows into new projects yielding the highest returns with controlled risk. The Company's competencies include financial services, mergers and acquisitions, accounting, real estate development and natural resources exploration. The Company is currently in the process of developing a logistics center. As part of its strategy to develop a logistics center, the Company has entered a term sheet with Yasheng Group in which Yasheng Group, among other things, has agreed to contribute real property for the development of a logistics center. Further, the Company and Yasheng Group have jointly entered into a cooperation agreement with Legend Transportation based in Texas.

Source: Business wire

Nabors Industries falls to 2nd-qtr loss as energy prices slip; adjusted results beat Street

noreply@blogger.com (idahalang) — Wed, 22 Jul 2009 00:29:00 +0000

Oil and gas driller Nabors Industries Ltd. posted a second-quarter loss Tuesday due in part to a recession-linked drop in energy prices and demand, but adjusted results beat Wall Street's expectations.

For the period ended June 30, the company posted a loss of $193 million, or 68 cents per share, compared with profit of $176.4 million, or 60 cents per share, in the year-ago period. Excluding certain one-time items, Nabors posted second-quarter profit of $90.9 million, or 32 cents per share.

Total revenue fell 33 percent to $878 million from $1.3 billion.

The results topped expectations of analysts polled by Thomson Reuters, who expected, on average, earnings of 26 cents per share on revenue of $923.2 million. Analysts typically exclude one-time charges.

Nabors owns more than 1,000 rigs for drilling natural gas and crude oil. As prices for those fuels dropped in the past year, so did demand for rigs and related equipment. That sharply ate into Nabors' profit.

Total costs and deductions rose 2 percent during the period to $1.09 billion, mostly due to higher interest, general and administrative, and depreciation charges.

"I believe that the third quarter will likely represent a bottom in all of our operations, although it remains difficult to predict the timing and pace of the eventual upturn in natural gas driven activity," Gene Isenberg, chairman and CEO, said in statement.

Shares rose 23 cents to $17.39 in aftermarket trading, having closed earlier down 13 cents at $17.16. The stock has traded between $8.25 and $43.97 in the past 52 weeks.

Source: AP

Investors ditch BPZ shares after news of $88M offering, analyst expects mixed market reaction

noreply@blogger.com (idahalang) — Mon, 29 Jun 2009 07:16:00 +0000

Shares of BPZ Resources Inc. tumbled on Friday, a day after the company announced an $88 million common stock offering.

The Houston-based oil and gas exploration and production company's shares dropped 23 cents, or 4.3 percent, to $5.10 in afternoon trading.

On Thursday BPZ said it had agreed to sell 18.8 million common shares for $4.66 each in a registered direct offering worth about $88 million. The price per share is a 12.6 percent discount from its Thursday closing price of $5.33.

The company plans to use net proceeds to fund its ongoing oil development in the Corvina and Albacora oil fields in a coastal offshore region in northwest Peru, a second platform in the Corvina field, certain capital expenditures and general corporate purposes.

Morgan Keegan analyst Chris Pikul said BPZ is still a "show-me story" and he expects mixed reactions from investors. The good news is that proceeds from the offering mean funds are in place to develop the Corvina and Albacora oil fields. The bad news is the dilutive effect of the offering, he said.

"Another equity offering is likely to trouble investors who have already absorbed $50 million this year, only to see Corvina underperform," Pikul said.

Pikul rates the stock "Outperform," citing expected production upside at Albacora as a "reason to stay involved in the shares." If the stock tumbles in reaction to the offering Pikul said he would snap up the stock given the improved financial situation and asset upside.

Still, the dilutive impact of the stock offering prompted Pikul to lower his 2009 estimate for the company to a loss of 8 cents per share, down from his earlier estimate of a loss of 7 cents per share. Analysts polled by Thomson Reuters forecast a loss of 8 cents per share.

source: Yahoo

Tri-Valley Unit More Than Doubles Gold Claim Position at Livengood, Alaska

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:54:00 +0000

Based on a synthesis of data from internal studies, public data, and information released by other companies, Select Resources Corporation, the minerals subsidiary of Tri-Valley Corporation (NYSE AMEX:TIV), has more than doubled its gold claim block at Shorty Creek near Livengood, Alaska, the scene of a major U.S. gold play.

Select has increased its land position from approximately 17 square miles (44 square kilometers) by about another 22 square miles (57 square kilometers) to a total of about 39 square miles (101 square kilometers). At this time these amounts are approximate due to small parcels and fragments that are along irregular boundaries or are owned by other parties and occur inside Select’s major block.

“This action very substantially increases Select’s amount of prospective land adjacent to International Tower Hill’s Livengood project that now, after more than 115 diamond drill holes, is so far reporting 3.4 million indicated ounces and 3.4 million inferred ounces of gold on their website,” said James G. Bush, president of Select.

“Our geochemical and geological data indicate an anomalous gold trend extends farther southward from the ITH property than previously thought, through the properties Select acquired earlier and farther south on into Select’s newly staked property. Furthermore, our surface geochemical anomalies exceed the levels of anomalous geochemistry found on the ITH main trend, and our drill data indicates equivalent favorable grades in the subsurface. More drilling is the next step,” Bush said.

The Shorty Creek property is accessed by the year around Elliott Highway through the Livengood Mining District some 70 miles (112 km) north of Fairbanks. It is not in a wild or scenic area and does not drain into sensitive streams. All claims are on mining friendly State of Alaska lands. The Livengood Mining District has historically been a placer operation area. However, AngloGold Ashanti and Select Resources each began lode exploration some years back. AngloGold withdrew but its former exploration staff formed International Tower Hill and continued the work. ITH has now extensively drilled its property confirming serious amounts of minable grade gold resources and, according to recent press releases, has raised some $32 million to further advance its property. Select believes it can have similar success on its claim area and is preparing a capital raise while it looks for a joint venture partner.

“When the relevant anomalies consisting of 1) soil and rock chip geochemistry, stream sediment geochemistry and hydrology; 2) geophysics including airborne magnetic and electromagnetic data and geophysical 3-D magnetic susceptibility modeling using processed RTP (reduced to pole) magnetic data (filtering out long-wave length, deeper signals) and computed 2-D resistivity modeling; 3) basic geology and geologic alteration, resulting from work conducted by Select and other companies are all combined there is strong indication of multiple drillable targets at Shorty Creek over a much larger area than previous believed. Furthermore, there is a sub-linear trend of exposures of attractive igneous rocks, intrusive contact alteration signatures, and related gold geochemical anomalies that align with the southern extensions of ITH’s property. Elsewhere there are anecdotal indications of old mining efforts that were unsuccessful due to low grade. With today’s highly innovative heap leach techniques, spearheaded for arctic climates by Kinross Gold at their Fort Knox mine (approximately 60 line-miles (97 km) from Shorty Creek), that which was unsuccessful in the past, may well be attractive today-especially with gold price nearing $1,000 per ounce and fears of sharp inflation mounting,” Bush said.

Select Resources also has the 45 square mile (116 square kilometers) gold claim block at Richardson, Alaska some 65 miles (105 km) south of Fairbanks on the all weather Richardson Alaska Highway with multiple drill targets. Select also owns the Admiral Calder high grade calcium carbonate deposit at Calder Bay on Prince of Wales Island, Alaska which is currently in a care and maintenance mode as the Company lines up customers for re-opening the quarry.

Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the New York Stock Exchange AMEX under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

Contact:

Tri-Valley Corporation
Egan Gost, Director of Public and Investor Relations
1-800-579-9314

source: yahoo

Analyst boosts rating on Hercules Offshore to 'Outperform' on strong outlook for crude

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:18:00 +0000

Oil and gas services provider Hercules Offshore Inc. has a prime recovery opportunity in the Gulf Coast jackup rig market, an analyst said Friday while boosting his rating.

Raymond James analyst J. Marshall Adkins upgraded Hercules to "Outperform" from "Underperform" with a $6 price target, implying he expects the stock to jump 31 percent from Thursday's $4.58 close.

"We are essentially upgrading Hercules on the premise that the outlook cannot get much worse," Adkins said in a note to clients. "If anything, we believe that there may be upside to 2010 estimates given management's cost-cutting efforts."

The oil and gas services sector was hurt by low crude and natural gas prices last fall and winter. Hercules lost $1.07 billion, or $12.12 per share, in 2008, due in part to lower energy prices later in the year and several one-time charges.

Even though crude prices have slowly risen this year, natural gas prices have remained low.

While there are few jackup rigs currently in operation and hurricane season is under way, Hercules is well-positioned should natural gas prices rebound, Adkins said.

Jackup rigs typically stand on the ocean floor in relatively shallow waters, as opposed to other types of rigs, some of which float and drill several miles below the ocean's surface.

Shares fell 1 cent to $4.57 in afternoon trading. The stock has traded between $1.07 and $39.47 in the past 52 weeks.

source: yahoo

EnerJex Resources Enters into Joint Venture with Pharyn Resources

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:17:00 +0000

EnerJex Resources, Inc. has entered into an agreement with Pharyn Resources (Pharyn) to begin a 20 well development program on EnerJex’s Brownrigg lease in Linn County, Kan. EnerJex will contribute the 320 acre property in exchange for a 10% carried working interest and a cost-plus management fee. Pharyn will contribute up to $700,000 in initial development capital. EnerJex will develop the project and remain the operator of the property.

“We are extremely pleased to be working with Pharyn in our first joint venture project,” said Steve Cochennet, Chairman and Chief Executive Officer of EnerJex. “We feel we have an agreement that pairs our drilling and operating background with Pharyn’s investment objectives, which is intended to build long-term sustainable earnings growth for both companies. We hope this is the first of many joint venture/farm out structures we can close to further our growth strategies.”

Phil Hudnall, President of Pharyn Resources stated, “We believe that there is tremendous opportunity in eastern Kansas. We look forward to working closely with the EnerJex team to add value through capital appreciation and to build an income stream for both our clients and EnerJex stockholders.”

About EnerJex Resources, Inc.

EnerJex is an oil and natural gas acquisition, exploration and development company formed in December 2005. Operations, conducted solely through EnerJex Kansas, its wholly owned operating subsidiary, are focused on the mid-continent region of the United States. EnerJex acquires oil and natural gas assets that have existing production and cash flows.

Once acquired, EnerJex implements an exploration and development program to accelerate the recovery of the existing oil and natural gas as well as explore for additional reserves.

More information on EnerJex and its operations can be found on its website: www.EnerJexResources.com.

About Pharyn Resources

Pharyn is an independent E&P company based in Kansas. Incorporated in Colorado in 2005, Pharyn is actively involved in enhancement of existing field reserves and developmental drilling in Southeast Texas and Eastern Kansas. Pharyn is focused on opportunities to fully exploit oil and gas reserves that have been left behind, but with minimal operating costs.

Contact:

EnerJex Resources, Inc.
Steve Cochennet, 913-754-7754

source: yahoo

MarkWest Energy offering of 2.9 million units priced at $18.15 each

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:15:00 +0000

MarkWest Energy Partners LP said Friday that its public offering of 2.9 million units was priced at $18.15 each, a slight discount from its current trading price, in hopes of paying down debt and funding its growth budget.

The natural gas pipeline operator plans to earn about $50.3 million in net proceeds. The firm will use the funds to support its growth capital budget and to pay down borrowings made under a revolving credit facility.

Morgan Stanley, the sole book-running manager, retains a 30-day option to purchase up to 435,000 additional common shares to cover over-allotments, if any.

MarkWest shares slid $1.39, or 7 percent, to $18.56 in late afternoon trading.

source: yahoo

SmallCapSentinel.com: Where Once There Were Riches

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:14:00 +0000

With oil prices rising again, greater interest in oil exploration was certain to follow. Additionally, the marriage of a previously producing oil field, heightened barrel prices, and enhanced technology presents one exploration company with an ample opportunity. Factor in the presence of a geologist with thirty years expertise in the exact area of interest and the story gets even more compelling.

Last week, Strategic American Oil Corporation, an exploration and production company with operations in Texas, Oklahoma, Louisiana, and Illinois, announced it has leased an Illinois land position in a previously producing oil field that could host significant in-place reserves through Enhanced Oil Recovery. By researching the Illinois State Geological Survey, the company has discovered the oil field previously produced an aggregate of 1.5 million barrels of oil during the 1940s and 50s. Nearby waterflood operations in the same zones have yielded a 1:1 recovery. Strategic American has leased approximately 372 acres of the oil field and plans to use existing injection wells while drilling new recovery wells to 4,000 feet.

It will be interesting to follow Strategic American as Chief Geologist, Jim Thomas, who has approximately 30 years of experience in the Illinois basin and degrees from South Illinois University, leads his team into this previously producing area. If oil prices continue their ascent, every drop Thomas and Strategic American may locate could be worth even more.

A profile featuring Strategic American Oil Corporation and of interest to investors of oil and gas related companies BP plc, Chevron Corporation , Exxon Mobil Corp. , and ConocoPhillips is available at http://www.smallcapsentinel.com/SGCA.

source:yahoo

GeoMet, Inc. Announces Favorable Ruling in Its Antitrust Suit Against CNX Gas Corporation and Consol Energy, Inc.

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:01:00 +0000

GeoMet, Inc. announces that a state court in Virginia has upheld its principal antitrust claims against CNX Gas Company LLC, Consol Energy, Inc., and certain of their affiliates (collectively, "CNX"), which are defendants in GeoMet's lawsuit seeking $385.6 million in damages for alleged violations of the Virginia Antitrust Act and other state law claims.

The lawsuit, filed in 2007 by GeoMet and its subsidiaries, seeks damages from CNX for alleged efforts to monopolize the markets for production and transportation of coalbed methane in the Oakwood Field in southwestern Virginia. In 2008, GeoMet amended its complaint in response to a demurrer ruling from the court, and CNX filed new demurrers to the amended complaint. On June 3, 2009, the Tazewell County Circuit Court issued a ruling that denied CNX's demurrers with respect to four of GeoMet's five state-law antitrust claims for monopolization and attempted monopolization. The trial court's ruling did grant the demurrers on one antitrust theory pleaded by GeoMet and on claims of state-law tortious interference. As a result of this ruling, GeoMet may proceed to full discovery and move towards a trial on its antitrust monopolization and attempted monopolization claims, for which it seeks $385.6 million in actual damages, with the possibility for trebling of those damages under the statute, as well as injunctive relief. GeoMet intends to aggressively pursue discovery and trial in this matter.

GeoMet CEO Darby Seré, commenting on the ruling, said: "We are very pleased with the Court's careful and considered ruling. This is a substantial step forward for the Company in its efforts to secure just compensation for the damaging campaign by CNX Gas and Consol Energy to force GeoMet out of the market for coalbed methane production and transportation in southwestern Virginia. This ruling is especially noteworthy in light of CNX's recent disclosure in its public filings that the Virginia Attorney General is investigating CNX for possible violations of the Virginia Antitrust Act in connection with CNX's activities in southwestern Virginia."

Contact:

Contact:
Stephen M. Smith
(713) 287-2251
Email Contact

John Baldissera
BPC Financial
(800) 368-1217
http://www.geometinc.com

source: yahoo

Petrosearch Sets Record Date for Special Shareholder Meeting

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 03:00:00 +0000

Petrosearch Energy Corporation announced that the record date for the special shareholder meeting to vote on the proposed merger with Double Eagle Petroleum Co. has been set as of the close of business on June 5, 2009. The record date determines the stockholders that are entitled to notice of and to vote at the special shareholder meeting or any adjournment or postponement.

At this time the Company estimates the special shareholder meeting will take place in July 2009, depending on the timing of the SEC review process of the recently filed preliminary proxy.

About Petrosearch

Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, is a resource-based energy company with operations focused in the Anadarko basin of the North Texas Panhandle. For more information please visit www.petrosearch.com.

Contact:

Petrosearch Energy Corporation
David Collins, 713-961-9337 ext. 45 (Investor Relations)

source: yahoo

Ensco International Terminates Contract for ENSCO 69 in Venezuela

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:58:00 +0000

Ensco International Incorporated reported today that a subsidiary has terminated its contract for the ENSCO 69 jackup drilling rig with Petrosucre, a subsidiary of Petróleos de Venezuela S.A., the national oil company of Venezuela ("PDVSA"). Petrosucre, which has been operating ENSCO 69 since January 2009, has not returned the rig to Ensco and has notified the Company that it will continue to operate ENSCO 69.

As noted in Ensco’s news release on May 11, 2009, Petrosucre has failed to pay past due invoices and Ensco submitted a notice of termination to Petrosucre, as permitted under the terms of the ENSCO 69 contract. The notice period has ended and the contract between Ensco and Petrosucre is now terminated. Ensco has removed all of its remaining employees from ENSCO 69.

As previously disclosed, Ensco has deferred revenue under the contract with Petrosucre since late January 2009, when Petrosucre took over drilling operations. Ensco’s net receivable from Petrosucre is $16.9 million related to work performed prior to late January 2009, as previously disclosed in Ensco’s first quarter 2009 SEC Form 10-Q. Ensco will likely fully reserve the $16.9 million net receivable and write off a $4.8 million deferred tax asset related to the prior write down of receivables. In total, this would reduce earnings by approximately $0.15 per diluted share in second quarter 2009.

As of March 31, 2009, ENSCO 69 had a net book value of $17.7 million and an insured value of $65 million under a package policy, including coverage for certain political risks, subject to a $10 million deductible. Ensco is pursuing an insurance claim under its package policy and is pursuing legal remedies for damages relating to ENSCO 69.

Ensco International Incorporated (NYSE:ESV - News) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability.

Contact:

Ensco International Incorporated
Sean O’Neill, 214-397-3011
Vice President, Investor Relations

source: yahoo

Ensco International Takes Delivery of New ENSCO 8501 Ultra-Deepwater Semisubmersible

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:57:00 +0000

Ensco International Incorporated announced that a subsidiary of the Company has taken delivery of ENSCO 8501, the second of the Company’s seven ultra-deepwater semisubmersible rigs being constructed by Keppel FELS Limited in Singapore. The rig will soon commence an expected 50-day mobilization to the U.S. Gulf of Mexico, where it will undergo deepwater sea trials and final outfitting prior to its three and a half year term drilling contract with a subsidiary of Nexen and Noble Energy. Drilling operations are expected to commence in mid-October 2009.

Dan Rabun, Chairman, President and Chief Executive Officer, commented, "Delivery of our second ultra-deepwater semisubmersible rig in the ENSCO 8500 Series® is an important milestone in our deepwater expansion program. We anticipate a smooth startup of operations following final outfitting, sea trials and deep water acceptance testing once ENSCO 8501 arrives in the Gulf of Mexico. Our other five ultra-deepwater semisubmersibles under construction are progressing on schedule."

Combined with the ENSCO 7500 ultra-deepwater semisubmersible drilling rig currently contracted to Chevron in Australia, the fleet of seven ENSCO 8500 Series® rigs will make Ensco a leader in ultra-deepwater semisubmersible drilling rigs capable of operating in water depths of 7500’ or more.

The proprietary design of the ENSCO 8500 Series® was developed with extensive input from customers to address drilling requirements of virtually every deep water field around the world. Rated for work in 8,500’ waters, Ensco’s new ultra-deepwater semisubmersible rigs may be modified to drill and complete wells in water depths up to 10,000’. The universal design of the ENSCO 8500 Series® rigs streamlines operational functionality, training, spare part requirements, repairs and maintenance to control costs and enhance the overall reliability of rig operations.

Ensco International (NYSE:ESV - News) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability.

Contact:

Ensco International Incorporated
Sean O’Neill, 214-397-3011
Vice President, Investor Relations

source: yahoo

Diamond Offshore Drilling, Inc. to Acquire New-Build Semi-Submersible Rig

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:55:00 +0000

Diamond Offshore Drilling, Inc. today announced that the Company’s bid to purchase the new-build, 10,000-foot, dynamically positioned semi-submersible offshore drilling unit PetroRig I has been accepted by Jurong Shipyard Pte Ltd. The Company is working diligently to conclude the purchase which is expected to close on or about June 25, 2009. Additional details will be provided at that time.

Diamond Offshore President and Chief Executive Officer Larry Dickerson noted that “the transaction is in keeping with the Company’s long history of opportunistic rig acquisitions. We believe there are multiple opportunities to employ this highly capable rig in our pursuit of future deepwater projects.”

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling. Additional information on Diamond Offshore and access to the Company’s SEC filings is available on the Internet at www.diamondoffshore.com.

Statements contained in this press release which are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company, including, among others, the risk that a purchase and sales agreement will not be converted to a contract. A discussion of additional important risk factors and other considerations that could materially impact these matters as well as the Company’s overall business and financial performance can be found in the Company’s reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website www.diamondoffshore.com. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Contact:

Diamond Offshore Drilling, Inc.
Director, Investor Relations
Les Van Dyke, 281-492-5370

source: yahoo

Ensco International terminates rig contract with Petrosucre, expects 2nd-qtr profit cut

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:52:00 +0000

Ensco International Inc. said Monday its subsidiary terminated a rig contract with Petrosucre, a subsidiary of Petroleos de Venezuela SA, or PDVSA, Venezuela's national oil company.

As a result, the Dallas-based contract driller said it expects second-quarter earnings to be reduced by 15 cents per share. The company did not provide estimates, but analysts polled by Thomson Reuters forecast an average profit of $1.49 per share.

In January, Ensco suspended operations on an oil rig off Venezuela's Caribbean coast because the South American country owed it $35 million, prompting Petrosucre, PDVSA's joint venture with Italy's Eni SpA, to take over operations of its ENSCO 69 jackup drilling rig.

PDVSA's unpaid invoices jumped 145 percent over 2007, to reach $13.9 billion in December, according to Venezuela's Energy Ministry.

Ensco said Monday Petrosucre has not returned the rig to Ensco and has notified the company it will continue to operate it. Petrosucre owes Ensco $16.9 million in net receivables related to work performed before late-January and has not paid past due invoices, according to Ensco. Earlier Ensco submitted a notice of termination to Petrosucre, and, as the notice period has ended, the contract between the two companies has been terminated.

The company said it will likely fully reserve the $16.9 million net receivable and write off a $4.8 million deferred tax asset, prompting reduced second-quarter earnings expectations. Ensco added that it is pursuing an insurance claim under its package policy and is pursuing legal remedies for damages related to ENSCO 69.

Meanwhile Ensco on Monday released other news that a subsidiary has taken delivery of ENSCO 8501, the second of its seven ultra-deepwater semisubmersible rigs being constructed by Keppel FELS Ltd. in Singapore. Soon the rig will begin a 50-day mobilization to the U.S. Gulf of Mexico for deep sea testing and final outfitting before it starts its three and a half year term drilling contract with a subsidiary of Nexen and Noble Energy. The company said drilling operations will likely begin in mid-October.

Shares of the company fell 96 cents to $37.69.

source: yahoo

Tri-Valley Corp. Featured in Flaherty Special Situations Newsletter

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:51:00 +0000

Tri-Valley Corp. announced today that the Company is featured in a company sponsored report that appears in the June 8, 2009 tenth issue of Flaherty Special Situations Newsletter published by Flaherty Financial News Inc. The piece examines the potential of the Tri-Valley’s oil, gas and mineral projects.

“We are excited to be featured by Bob Flaherty, a well respected financial editor in the micro and small cap markets. Our goals remain clear and focused educating the investment community as well consumers to our build up of production, revenue, reportable reserves, share value and reward for our drilling partners,” said F. Lynn Blystone, chairman and chief executive officer of Tri-Valley Corporation.

To read the entire report, please click on the following link:

http://archive.constantcontact.com/fs070/1101855435216/archive/1102603023752.html

About Flaherty Financial News Inc.

Flaherty Financial News Inc. (“FFN”) is the publisher of totally-electronic coverage of the neglected micro-and small-cap markets. It was launched in February 2007 by the “legendary financial editor” Bob Flaherty, Editor and Chairman of Flaherty Financial News Inc., together with his son Brian, who serves as President and Publisher. While previously serving as Chairman and Editor of Equities Magazine for twenty-five years until it was sold in September 2006, Bob was also Editor-in-Chief of Equities Special Situations, which had one of the most consistent and highest ranked long-run performance records measured by Hulbert Financial Digest. Previously, he was an award-winning Senior Editor of Forbes Magazine, where he wrote 33 cover stories, two shy of the all time record. He was also Chairman of The Over-The-Counter Securities Fund. Bob Flaherty is a Magna Cum Laude graduate of Harvard College in economics and also has an MBA with a Distinction in Finance from Harvard Business School.

About Tri-Valley Corp.

Tri-Valley explores for and produces oil and gas in California’s Great Central Valley and Ventura Basin. It also has very large gold exploration projects in Alaska and a production ready high grade calcium carbonate quarry in southeast Alaska. More information may be obtained at the Company’s extensive website www.tri-valleycorp.com

Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the New York Stock Exchange AMEX under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

Contact:

Tri-Valley Corporation
Egan Gost, Director of Public and Investor Relations
1-800-579-9314

source: yahoo

Diamond Offshore Drilling's bid for new drilling unit accepted

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:49:00 +0000

Diamond Offshore Drilling Inc. said Monday that its bid to buy a new offshore drilling unit was accepted by a Singaporean shipyard.

Diamond Offshore will acquire the 10,000-foot semi-submersible drilling unit PetroRig I in the deal with Jurong Shipyard Pte Ltd. Diamond Offshore did not provide details of the purchase, which is expected to close on June 25.

Shares of Diamond Offshore rose 79 cents to $88.03 in afternoon trading.

source: yahoo

Epic Awarded Construction Management Contract

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:47:00 +0000

Epic Energy Resources, Inc, a provider of engineering, management consulting, training and data management services to the energy industry, announced today that Pearl, a wholly owned subsidiary of Epic, will be managing the construction of an expansion project for a gas processing plant in North Louisiana.

Pearl is currently executing the engineering for the addition of inlet separation, dehydration, and utility storage for an existing processing plant in Louisiana. Due to the fast track nature of this work, Pearl has also been awarded the management of the construction phase of the project. The estimated completion will be within a three month timeframe. The inclusion of these services is expected to bring in additional revenue for 2009 of approximately $1,200,000.

In making the announcement, Epic Energy Resources' President and CEO John Ippolito stated, "Congratulations goes to the Pearl team for their responsiveness to their client's immediate requirements and the management team's commitment to differentiating themselves in the marketplace. Our speed-to-market approach, while delivering industry leading products and services, will continue to solidify our relationships with our clients and add new revenue opportunities."

About Epic

Epic Energy Resources is a Houston-based integrated energy services company. Epic provides consulting, engineering, construction management, operations, maintenance, specialized training and data management services focused primarily on the upstream and midstream energy infrastructure. Services are provided through Pearl, a diversified engineering and energy services company; Carnrite, a management consulting company focused on providing strategic and operational consulting services to the broad energy industry; and EIS, a global training and data management services company. Epic is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands, Texas 77380. Office - 281-419-3742, www.1epic.com.

source: yahoo

Continental Resources Names Richard E. Muncrief to Position of Senior Vice President of OperationsContinental Resources Names Richard E. Muncrief to Position of Senior Vice President of Operations

noreply@blogger.com (idahalang) — Tue, 09 Jun 2009 02:46:00 +0000

Continental Resources, Inc. today announced the appointment of Richard E. Muncrief to serve as Senior Vice President of Operations for the Oklahoma-based oil and gas exploration and production company.

Mr. Muncrief comes to the Company with 29 years of upstream and midstream energy experience, most recently as a senior executive with Quest Midstream Partners, LP in Oklahoma City.

From 1980 to 2007, he served in various executive capacities with ConocoPhillips, Inc. and its predecessor companies, Burlington Resources, Meridian Oil and El Paso Exploration. In 2006 and 2007 he was operations manager for the San Juan Basin Unit in Farmington, New Mexico, managing a 260-employee organization that was one of ConocoPhillips' largest business units. Mr. Muncrief was responsible for gross operated production of 1.7 BCFD from 9,300 natural gas wells, as well as the operation of a 550 MMCFD inlet cryogenic plant that recovered 45 MBPD of natural gas liquids and the operation of a 25 MBPD fractionator.

Prior to these responsibilities, Mr. Muncrief served as general manager of Operations for that division. From 1998 to 2000, he served as Fruitland Coal Asset Manager in the San Juan Division. Prior to this role, he served in various management capacities that were responsible for production, drilling engineering, joint interest engineering and reservoir engineering.

Mr. Muncrief earned his BS in Petroleum Engineering Technology from Oklahoma State University in 1980.

During his tenure with ConocoPhillips, he served as a board member or in other leadership capacities with the San Juan Childhaven Children's Home/Shelter, the Foundation for Educational Excellence, and with a number of community athletic organizations.

"We're very pleased to welcome someone with Rick's experience to the Continental Resources team of employees," said Harold Hamm, Chairman and Chief Executive Officer. "We expect him to contribute significant leadership as we continue to grow as a leader in U.S. crude oil and natural gas exploration and production."

Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations.

CONTACT: Continental Resources, Inc.
J. Warren Henry Brian Engel
Investors Media
(580) 548-5127 (580) 249-4731

source: yahoo

Mariner Energy prices offerings of stock and notes

noreply@blogger.com (idahalang) — Sun, 07 Jun 2009 23:14:00 +0000

Oil and gas producer Mariner Energy Inc. said Friday it priced an offering of stock and senior notes, which will be used to pay down its debt.

Mariner said it will sell 10 million shares of stock at $14.50 per share, a discount of about 1 percent to the stock's Thursday closing price of $14.65. The underwriters of the offer will have the option to buy an additional 1.5 million shares.

The company also agreed to sell $300 million in senior notes due 2016. Mariner said Tuesday that it would sell $250 million in notes. The sales are expected to close on Wednesday.

In premarket trading, Mariner shares rose 25 cents to $14.90.

source: yahoo

MarkWest Energy sells 2.9M units in public offering, plans to fund capital budget, pay debt

noreply@blogger.com (idahalang) — Sun, 07 Jun 2009 23:13:00 +0000

Natural gas pipeline operator MarkWest Energy Partners LP said Thursday it is selling 2.9 million common units in a public offering.

MarkWest plans to use net proceeds from the sale to fund its growth capital budget and pay down debt under a revolving credit facility.

The partnership has given Morgan Stanley, the sole book-running manager for the offering, a 30-day option to buy a maximum of 435,000 additional units to cover possible over-allotments.

MarkWest shares sank $1.44, or 7.2 percent, to $18.51 in after-hours trading when the offering was announced. During the regular session, the stock climbed 87 cents, or 4.6 percent, to settle at $19.95.

source: yahoo

S&P boosts Mariner Energy credit outlook to "Stable" from "Negative"

noreply@blogger.com (idahalang) — Sun, 07 Jun 2009 23:12:00 +0000

Standard & Poor's Ratings Services on Thursday boosted its credit outlook for Mariner Energy Inc. to "Stable" from "Negative," and affirmed its ratings on the oil and gas exploration and production company.

S&P cited the company's improved liquidity and lower debt levels, due to plans Mariner Energy announced Tuesday to sell 10 million shares of common stock and $250 million worth of its senior notes due 2016.

S&P said the Houston-based company plans to use the resulting proceeds of up to $400 million to repay borrowing from its $1 billion credit facility.

S&P also said Mariner's near-term financial measures "should remain healthy" because of a solid hedging position this year, and production growth.

Mariner Energy has a "B+" corporate debt rating from S&P, which is four notches into junk status.

S&P's prior "Negative" outlook had signaled the possibility of a credit rating downgrade should business conditions worsen.

Shares of Mariner Energy rose 85 cents, or nearly 6.2 percent, to close at $14.65.

source: yahoo