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Powder River Completes Another Successful Well in Goliad County
Wednesday July 19, 7:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jul 19, 2006 -- Powder River Basin Gas Corp. (OTC BB:PRVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced the Justen #3 well on the Weesatche project in Goliad County, Texas is now on line and in production. The well was started at 550 mcf gas per day and will be gradually increased to ensure there is no decline in pressure.
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Justen #3 was started on 8/64th choke holding flowing pressure of 1100 psi.
Based on the performance of the J.P. Green #1, which is currently held at 1600 mcf gas per day an equivalent production level is expected on the Justen #3 after monitoring over the next few weeks.
The Justen #1 and #2 and the Dohman #1 are currently being brought into production and are expected to be in full operation by July 31, 2006.
"Despite the two week rain delay we are pleased to see the positive results of the Justen #3. These wells were initially projected to produce 300 mcf gas per day based on the original reports. This again proves the tremendous success of using 3-D seismic on these shallow wells," stated Powder River Basin Gas Corp. CEO Brian Fox.
Powder River Basin Gas Corp. is on schedule to complete the 14 wells on the project by the end of the year, as was previously announced. After completion of the Justen #1 and #2, and the Dohman #1 this will put the first five wells in production on this project.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contact:
Contacts:
Powder River Basin Gas Corp.
Steve Weiss
Investor Relations
(609) 529-3671
info@powderrivergascorp.com
http://www.powderrivergascorp.com
Princeton Research Inc.
Mike King
Market Analyst
(702) 650-3000
Pilgrim Petroleum Corporation Announces Second Quarter Record Revenues and Growth
Wednesday July 19, 4:13 am ET
IRVING, Texas--(BUSINESS WIRE)--July 19, 2006--Pilgrim Petroleum Corporation (Pink Sheets: PGPM - News), is pleased to announce today it achieved a nearly 500% increase in revenues ($722,272 vs. $126,068) for the quarter ending June 2006, which amounts to over eight times the revenue from the quarter ending June 2005. Gross Revenue accounted for approximately 90% of the revenue YTD, which reflects the company's low production cost.
This year, with the current oil price structure, recent acquisitions, and its well reactivation program, Pilgrim Petroleum has leveraged its strengths and opportunities to optimize operational and financial results.
Pilgrim Petroleum Corporation CEO Rafael Pinedo said, "Second Quarter Results not only achieved our financial and operational targets, but also exceeded our growth expectations. Pilgrim Petroleum is looking to further improve growth, performance and profitability. Our management team is definitely leading the company to the next level."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interests primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each by refurbishing and improving the existing production.
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effects of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2006 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
Contact:
Pilgrim Petroleum Corporation
Eddie Monet, 619-864-0166
emonet@americancapitalipo.com
www.apetroleum.com
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Source: Pilgrim Petroleum Corporation
ASPN: Aspen Exploration Discovers Seventh Gas Well in 2006
Tuesday July 18, 11:14 am ET
Sacramento Valley Province, Northern California
DENVER, CO--(MARKET WIRE)--Jul 18, 2006 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, announced today a new gas well in the Sacramento Valley gas province of northern California.
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The Stoddard-Johnston #1-1 well, located in the West Grimes Gas Field, Colusa County, California, was drilled to a depth of 8,700 feet and encountered 60 feet of potential gas pay in several intervals in the Forbes formation. Production casing was run based on favorable mud log and electric log responses. This was the eleventh successful gas well out of eleven attempts by Aspen on its 5,000 plus acres lease position in this field. Aspen has a 21% operated working interest in this field.
Aspen drilled seven successful gas wells out of eight attempts thus far in 2006, and nine gas wells out of ten attempts in 2005. During the last 5 1/2 years, Aspen has participated in the drilling of 43 operated wells, 37 of which were completed as gas wells, and 6 dry holes, a success rate of 86%. Aspen currently operates 54 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California.
Future news releases will keep shareholders informed of Aspen's continuing progress and drilling activity. Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN.OB. For more information concerning Aspen, contact Bob Cohan, President and CEO, in Aspen's Bakersfield office at (661) 831-4669. Aspen's web page can be found at www.aspenexploration.com.
Kingdom of Saudi Arabia Grants International Power Group Ltd. License to Construct Waste-to-Energy Plants in the Kingdom
Tuesday July 18, 11:18 am ET
CELEBRATION, Fla.--(BUSINESS WIRE)--July 18, 2006--International Power Group, Ltd. (IPWG-Pinksheets) announced today that on July 18 2006, IPWG was granted approval to commence construction of waste-to-energy plants in the Kingdom. The license, which is renewable in 3 years terms, was concurrently issued by the following three Saudi Arabian authorities: the Director of General Administration of Assessments and Environmental Qualifications, the Director of Licensing and Technical Follow-up Administration, and the General Directors of Meteorological and Environmental Protection.
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Peter Toscano, IPWG's CEO stated "We are extremely pleased and honored to obtain the approvals from all three Saudi authorities. We believe this approval from Saudi Arabia is an indication that our plan to have IPWG waste-to-energy plants constructed and operating throughout the world is well on its way". Mr. Toscano further commented, "This approval allows IPWG to fulfill its commitment to providing solutions for the Kingdom's waste disposal, electric and water needs." IPWG expects to commence construction of waste-to-energy plants in Saudi Arabia by the end of 2006, in all corporation with term and conditions set forth by the Saudi government.
About International Power Group, Ltd.
International Power Group, Ltd. is a publicly traded company dedicated to providing multifaceted energy solutions in a sustainable and environmentally friendly manner. Through its worldwide subsidiaries, the company intends to construct and operate waste-to-energy facilities that will render commercial, hazardous, organic, and toxic wastes into billable electricity and potable water.
With offices and/or subsidiaries in the United States, England and Mexico, International Power Group, Ltd. plans to contract with governments and other commercial interests for tipping fees to remove waste products that will be processed in company owned and operated waste-to-energy facilities. As revenue is generated with the in-processing of waste and the out-processing of electricity and water, the company is uniquely positioned to profit on nearly all aspects of plant operations.
Safe Harbor Act Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward- looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.
Contact:
International Power Group Ltd.
Peter Toscano, 407-566-0318
Info@i-pwg.com
www.i-pwg.com
CPCO, 12M float, oil play w/ huge news yesterday. Read below:
Cengroup Petroleum Corporation Chooses EnviroMop as its Supplier of Sorbent
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 12, 2006--Cengroup Petroleum Corporation (Pink Sheets:CPCO), has chosen EnviroMop(TM) LLC, a manufacturer of hydrophobic cellulose-based sorbent material, to provide the sorbent which will be used to clean up and recover the approximately 250 million barrels of spilled oil lying on the water and land in Azerbaijan, with nearly 1 million new barrels of oil leaking to the surface each year.
The EnviroMop product, Maximum Oil Pickup(TM) (MOP) is a revolutionary patented hydrocarbon sorbent material. "We are looking at this as a large scale cleanup and recovery operation," said Neville Trevor, Chairman of Cengroup. "As a sorbent, MOP has a very high pickup and recovery ratio, is light weight, and environmentally friendly. It fits perfectly into our operational needs and goals."
David Levine, President of EnviroMop stated, "We are excited that our product has been chosen to clean up oil spills in an area of the world that desperately needs environmental attention."
According to the Energy Information Administration (EIA), which is a statistical agency of the U.S. Department of Energy, the landlocked Caspian Sea is the largest inland body of water on earth surrounded by Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan. Sturgeon from the Caspian Sea accounts for approximately 90% of the world's caviar industry.
The effects of oil and gas exploration and production in the Caspian region have been felt most strongly in Azerbaijan, where a century's worth of oil production has resulted in acute soil degradation and contamination problems. Oil production has left behind vast areas of wasteland, with standing oil ponds and severely contaminated soil, a shore along Baku Bay that is black with oil residue, and high levels of pollution in the Caspian Sea.
Rusty derricks, poisoned soil and water, pools of oil scum, and uncontrolled well fires were byproducts of no environmental oversight of the oil exploitation in the Caspian region. Involvement of Western energy companies using more modern technology actually should result in an improvement in the way oil and gas is extracted in the Caspian basin. In addition, pressure from shareholders will make publicly-traded energy companies carry out their operations in the Caspian region in an environmentally-responsible fashion.
EnviroMop was chosen for the project because it:
-- Works on water and land; in all types of weather conditions.
The oil will not leach out and it halts further contamination
of land or water.
-- Is 100% biodegradable, non-corrosive, non-toxic,
non-irritating -- it is safe to plants and animals.
-- Cleanly recovers up to 95% of the absorbed oil simply by
squeezing. The remaining material can be burned to recover
100% of the available energy, while leaving as low as 0.1%
ash.
-- Absorbs up to 30 times its own weight in oil offering superior
absorbent performance.
-- Is lightweight; easy to handle.
-- Is cost effective in comparison to other sorbents.
EnviroMop(TM), LLC was formed in 2004 to promote the revolutionary patented product Maximum Oil Pick-up(TM) (MOP) which can clean up hazardous oil, and other hydrocarbon material, spills easily and safely while both allowing for the recovery of the spilled material and returning a clean environment. Located in New Jersey, USA, EnviroMop(TM) is capable of serving the worldwide needs for this unique product. For the manufacturer's safety data sheet (MSDS), an informational brochure, and more, please visit www.EnviroMop.com.
Cengroup Petroleum Corporation was developed to take advantage of an opportunity to recover surface oil in the Caspian Sea Region. Over the past five years the Company has singularly positioned itself in this lucrative region by developing relationships within the Azerbaijan government. It has been estimated that there are approximately 250 million barrels of surface oil lying on water and land in the Caspian Sea Region, with nearly 1 million new barrels oil leaking to the surface each year. Cengroup, working with the government of Azerbaijan, will clean up, recover, and reclaim the oil to productive use while environmentally restoring the land, sea, and shore.
Special Note Regarding Forward-Looking Statements
Forward-looking statements in this news release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this news release that are not strictly historical statements, including without limitation, management's plans and objectives for future operations and management's assessment of market factors, and statements regarding the strategy and plans of the company and its strategic partners, constitute forward-looking statements. These forward-looking statements are not guarantees of the company's future performance and are subject to a number of risks and uncertainties, such as their success in acquiring funding for machinery and materials, maintaining needed relationships with governments and customers, and successfully executing their business plan, could cause the company's actual results in the future materially to differ from the forward-looking statements.
Caspian Sea Resources:
http://www.caspiansea.com/http://www.eia.doe.gov/emeu/cabs/caspia.." target="_blank">http://www.caspianbusinessnews.com/http://www.caspiansea.com/http://www.eia.doe.gov/emeu/cabs/caspia....
CONTACT: Ocean Way Investments Ltd.Rick Neild, 800-488-4544
SOURCE: Cengroup Petroleum Corporation
BPI Energy Announces Swift Progress at Northern Illinois Basin Project
Wednesday June 21, 5:45 am ET
CLEVELAND--(BUSINESS WIRE)--June 21, 2006--BPI Energy ("BPI") (AMEX:BPG - News), an independent energy company engaged in the exploration, production and commercial sale of coalbed methane (CBM) in the Illinois Basin, today announced several recent and forthcoming developments at its Northern Illinois Basin Project.
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The Company stated that it has drilled nine of 10 planned multi-seam vertical development wells at the Project, with more than 65 percent of the gas-gathering flow lines already having been installed. Fracing and completion of the wells is scheduled to start the middle of July and wells will be put on pump to commence the dewatering process.
President and Chief Executive Officer James G. Azlein commented, "We have commenced the permitting process for our water disposal well, which we expect to have drilled and operational by the time our initial wells are fractured and completed. The compressor has been ordered and discussions are underway with several pipeline operators, all of whom have excess take-away capacity, as we seek to secure the best deal possible for delivering our CBM production to market.
"We expect to see gas begin flowing from these Northern Illinois Basin development wells within the next 60 days, during which time we will be flaring the gas and collecting valuable production data. The data we obtain during this period will assist us in determining when and to which pipeline we will being selling gas," Azlein added.
To be added to BPI Energy's e-mail distribution list, please click on the link below: http://www.clearperspectivegroup.com/clearsite/bpi/emailoptin.html
About BPI Energy
BPI Energy (BPI) is an independent energy company engaged in the exploration, production and commercial sale of coalbed methane (CBM) in the Illinois Basin, which covers approximately 60,000 square miles in Illinois, southwestern Indiana and northwestern Kentucky. The company currently controls the dominant CBM acreage position in the Illinois Basin.
Some of the statements contained in this press release may be deemed to be forward-looking in nature, outlining future expectations or anticipated operating results or financial conditions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results or conditions to differ materially from the information expressed or implied by these forward-looking statements. Some of the factors that could cause actual results or conditions to differ materially from our expectations, include, but are not limited to: (a) our inability to generate sufficient income or obtain sufficient financing to fund our operating plan through April 30, 2007, (b) our inability to retain our acreage rights at our projects at the expiration of our lease agreements, due to insufficient CBM production or other reasons, (c) our failure to accurately forecast CBM production, (d) displacement of our CBM operations by coal mining operations, which have superior rights in most of our acreage, (e) our failure to accurately forecast the number of wells that we can drill, (f) a decline in the prices that we receive for our CBM production, (g) our failure to accurately forecast operating and capital expenditures and capital needs due to rising costs or different drilling or production conditions in the field, (h) our inability to attract or retain qualified personnel with the requisite CBM or other experience, and (i) unexpected economic and market conditions, in the general economy or the market for natural gas. We caution readers not to place undue reliance on these forward-looking statements.
News releases and other information on the company are available on the Internet at: http://www.bpi-energy.com
Contact:
BPI Investor Relations
Clear Perspective Group, LLC
Matthew J. Dennis, 440-353-0552
Triton Austin Chalk (EOR) Signs $1.5 Million Joint Venture and Funding Agreeement with Rheochem plc
Tuesday June 20, 6:00 am ET
HOUSTON--(BUSINESS WIRE)--June 20, 2006--Triton American Energy Corp. (OTC PK: TRAE), provider of natural gas and crude oil, is pleased to report its subsidiary Triton Austin Chalk EOR (TAC) has signed a $1.5 million joint venture and funding agreement with Lochard Energy, Inc.. a Delaware corporation. , which is a newly formed and a wholly owned subsidiary of oilfield services company Rheochem plc (AIM: RHEP).
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Under the terms of agreement Triton Austin Chalk (EOR) has received an initial deposit of $75,000 with the remaining $1,425,000 arriving on or before June 30, 2006. Use of funds will be placed towards the drilling and production of twelve (12) oil wells within the Blackwell Lease. Lockhard Energy, Inc., will in return receive an undivided 55% working interest with a 0.75% revenue interest per 1% working interest over the twelve (12) wells within the "Blackwell Lease". The $1.5 million acquisition will be funded initially from existing cash reserves which are expected to be replaced by the sale of current holdings in a public company.
This lease is located in the Luling -Branyon field in Caldwell County, Texas USA. This payment is based on a turnkey basis which includes all costs up to production of oil to on site storage tanks. This agreement is subject to due diligence prior to an expected closing on June 30, 2006.
The agreement also provides an option for Lochard Energy Inc to participate in a further 100 wells with an undivided 55% working interest with a 0.75% revenue interest per 1% working interest for a cost of $100,000 per well also on a turnkey basis. Agreement is valued at $10 million US.
Information on Triton Austin Chalk (EOR), Inc. ("TAC")
TAC is a Texas Corporation that controls approximately 5,000 acres containing more than 400 cased holes in South Texas' Luling-Branyon, Salt Flat & Darst Creek Fields Field located in Caldwell, Guadalupe & Gonzales Counties, Texas USA. TAC is currently owned by three companies: CML, Inc, Triton American Energy Corp.(TRAE), and Weekley Energy Group, I, LP.
TAC will utilize two licensed technologies to restore and enhance production from existing well bores that are not currently producing. The technologies consist of Triton American Well Service radial jet lateral drilling system as well as a Thermal Pulse Unit ("TPU").
Radial jet lateral drilling system utilises high pressure fluids to cut multiple 50mm (3/4 Inch) diameter horizontal holes up to 100m (300 Feet) out from an existing vertical well bore. This provides a much larger surface area in connection to the reservoir and allows drainage of areas that may have not previously been produced from.
A Thermal Pulse Unit is a multi phase gas injection, gas lift system that also acts as a separator and can replace the traditional pump jack with its associated down-hole rods.
The TPU heat generation and pressure pulsation is designed to stimulate the newly drilled lateral holes and keep them free from paraffin build-ups which can necessitate, work-over rig time and costly delays in production.
Haydn Gardner, CEO said: "The signing of this contract represents the Company's first collaboration with other oil service companies to work over their own existing wells in an attempt to resume commercial production and thereby potentially increase company revenues from oil and gas sales."
www.rheochem.com.au
Chairman and CEO, Louis Guidry states "This is a true turning point for our company. We will be moving quickly to begin re-entry and lateral jet drilling of our first twelve (12) oil wells on the 'Blackwell Lease' This is a personal triumph for me as I've been working on this project since Oct. of 2004." Mr. Guidry further stated "We are continuing to stay in line with our mission statement which is providing 'Energy for America from America'".
For more information on Triton American Energy Corp., please contact Investor Relations at (973) 351-3868 for Stephen Taylor or visit our website at: www.tritonamericanenergycorp.com
For more information on Rheochem plc, please visit: www.rheochem.com.au
About Triton American Energy Corporation:
Triton American Energy is an independent crude oil and natural gas and oil exploration and production company based in Houston, Texas. The company's business plan is structured to take advantage of todays rising energy cost, while reducing as much financial risk as possible. Tritons niche or specialty are the small to moderate operations (usually 1-50 well projects). These wells can be worth hundreds of millions of dollars in revenue but require more hands-on attention then the major producers are willing to give.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Contact:
Taylor Capitol, Inc.
Stephen Taylor, 973-351-3868
STEPHTAYL9@AOL.COM
www.IPOmovers.com
--------------------------------------------------------------------------------
THE OIL SANDS SWEEPSTAKES
Companies are fleeing the overheated economy of Fort McMurray in search of cost-friendly alternatives, PATRICK BRETHOUR finds. But will the great escape just cause another bottleneck?
PATRICK BRETHOUR
CALGARY -- To understand the latest surge in the oil sands boom, break out your favourite Three Stooges flick.
At some point, the Stooges rush to leave a room, only to end up with all three wedged in the door frame. It is the Moe-Curly-Larry dilemma: What might work for one is defeated when everybody follows suit.
The Stooges' dilemma is now hitting the oil sands, as the sector searches for an escape hatch from the escalating cost of building upgraders, those massive industrial complexes that turn low-value bitumen into pricey crude oil. Companies have begun to flee the overheating economy of Fort McMurray, at the heart of northern Alberta's bitumen deposits, for the industrial land north of Edmonton. Some are eyeing Lloydminster to the east, while others are beginning to look at the United States as a refuge.
There are advantages and drawbacks to each, but all have two things in common for the firms involved. One is a determination to avoid the mistakes of the previous rounds of upgrader construction this decade, which were plagued by budget overruns in the billions. The other is the certainty that if a new location confers a competitive edge on one player, other companies are sure to follow, with the resulting pile-up blunting that edge.
Synenco Energy Inc. has been caught up in the Stooges dilemma, although it doesn't quite use that vocabulary to describe the situation. "I don't think anyone would qualify as stooges," laughs Todd Newton, Synenco's president and chief operating officer. "We all went into this with our eyes open."
In December, the company chose Sturgeon County, near Edmonton, as the site of the upgrader for its Northern Lights project, scrapping a strategy to build the facility at its mine hundreds of kilometres to the north. Petro-Canada followed suit three months later, saying it too plans to build an upgrader in the area. And more companies are likely to crowd in shortly, including Total SA, which has bought property in the area as a possible upgrader location for its recently acquired project. "It's keeping that option open so we don't get squeezed out of the market," spokesman Paul Floren says.
The doorway is filling up. Mr. Newton insists that the advantages of Sturgeon County -- including better rail infrastructure and more ready access to skilled workers -- will endure. But he admits that competition for resources will intensify. "It's all happening at once," he says, going on to draw a parallel with a crowded shipping lane. "It will create congestion, when it comes to the owners who are trying to bring their assets on line."
It is that situation that has led oil and gas analyst Tom Ebbern to conclude that the resulting traffic jam is now becoming the main barrier to growth in the oil sands. "The upgrader will become the bottleneck," says Mr. Ebbern, executive managing director of institutional research at Tristone Capital Inc. in Calgary.
It's unlikely that any one approach will be a magic solution, he says. Instead, Mr. Ebbern advises investors to think about the divergent strategies of the oil sands firms as they would their own portfolio: A variety of approaches -- diversification -- reduces the overall risk for the sector. As with stocks, each strategy has its own peculiar combination of risks and benefits.
OUT OF THE FRYING PAN
STURGEON COUNTY & EDMONTON
About 450 kilometres to the southwest of Fort McMurray is Sturgeon County, a swathe of industrial land within an easy drive of Edmonton. This is the first refuge that the oil sands have sought from the heated construction environment of Fort McMurray. Shell Canada Ltd. was the first, when it retooled its Scotford refinery earlier this decade to handle output from the Athabasca Oil Sands Project. Smaller companies, including BA Energy Inc. and North West Upgrading, followed later with plans to construct upgraders to process bitumen purchased from others. More recently, Synenco and Petrocan have joined in.
The hope is that workers will be easier to find in Edmonton than in Fort McMurray, where poaching of skilled hands is rampant. Some of the complex, and enormous, manufactured parts needed to build an upgrader will be put together in Edmonton rather than having to be constructed in the field or shipped over long distances, as is the case with the projects to the north. And the area has better transportation links, most notably railways.
In a recent presentation to investors, Petrocan put a price tag on how much it will save by building its upgrader away from Fort McMurray: a billion dollars, according to Brant Sangster, the executive in charge of its oil sands efforts. Impressive as that number is, it actually understates the size of the savings, since it represents only today's value of a much larger total of avoided future costs. The company says those savings stem from lower capital costs, operating expenses and the expectation of reduced risks.
Synenco is not releasing its figures, but Mr. Newton says the magnitude of the savings is not a surprise. "The Petro-Canada number is not a shocking number," he says
But there are drawbacks, the biggest of which is the need to ship bitumen in a pipeline to the upgrader. That involves either an extra outlay of capital, or higher operating costs if the company opts to use someone else's line. The other debit on the ledger is the prospect of increased competition for resources, specifically labour.
Materials typically make up around two-thirds of a project's cost, but those expenses are largely beyond a firm's control. That makes the remainder -- labour costs -- all the more important to contain. Synenco, for instance, is already steeling itself for this, as it assembles a training program that is predicated on a high turnover of workers and is aimed at putting green tradespeople to work more quickly.
And the hope of big savings might end up being a mirage. Shell Canada, after all, did not escape massive cost overruns, even though its upgrader is in the Edmonton area.
DUE SOUTH
THE UNITED STATES
Faced with the certainty of escalating costs throughout Alberta, some companies are already looking farther afield, to strike partnerships with U.S. companies, including refiners in the American Midwest looking for new sources of supply. The heart of this approach is twofold: escape the bidding war for labour in Alberta, and share the risk of the needed capital investment. Husky Energy Inc. and EnCana Corp. have both said they are interested in this strategy, although neither has yet struck a deal. Any such arrangement is likely to come with a built-in marketing arrangement, an added positive at a time when the oil sands production of bitumen is already depressing prices.
However, Stephen Paget, an energy research analyst at FirstEnergy Capital Corp., says the hope of companies that they can reduce cost pressures by heading south flies in the face of some statistics, including from Imperial Oil Ltd., that show that the capital expenses for refineries in the Midwest are not significantly different than in Edmonton. Another pressure comes from the drain of workers to the U.S. Gulf Coast oil industry, still recovering from last year's devastating hurricane season.
Even if there are enough workers, there remains a question of whether they are experienced enough in the industry. Suncor Energy Inc. discovered this painful fact first hand after maintenance work on its refinery in Denver dragged on longer than expected, crimping its profit. President and chief executive officer Rick George said his company has come to the realization that the local work force is not as well suited to extensive industrial projects as is the case in Alberta.
EYE OF THE STORM
FORT McMURRAY
Despite the concerns over mounting costs, some companies are continuing to move forward with plans to build new upgraders in the middle of the oil sands. Suncor, for one, plans to do so with the third upgrader that will be at the heart of its Voyageur expansion. To the north, Canadian Natural Resources Ltd. is still on budget with its Horizon project, although it has taken numerous steps to insulate itself from the competition for labour, including flying its workers in and out of the construction site.
However, in the south, Nexen Inc. and partner OPTI Canada Inc. are getting hit by rising labour costs. Two weeks ago, the partners said productivity is 20 per cent below projections. Contingency funds, plus savings in other areas, mean that the Long Lake project is still on budget, but it is clear that Nexen and OPTI have not been able to avoid the results of the bidding war for labour -- even though their construction effort is taking place in a relative lull.
IN THE RAW
NO UPGRADER
When Synenco was debating where to build its upgrader, one option being seriously considered was -- nowhere, with the company instead selling raw bitumen to a third party. Ultimately, the company concluded it was worth risking billions to build.
But others, including giant Imperial Oil, are clearly leaning the other way. Today, Imperial does not own an upgrader in Alberta, although it is a partner in the consortium that owns Syncrude Canada Ltd.
The company ships about two-thirds of the bitumen production from its Cold Lake project to refineries in the United States, including one owned by its parent, Exxon Mobil Corp.
Tim Hearn, Imperial's chairman, president and CEO, was one of the first to give voice to the concern that rising costs in Fort McMurray were undermining long-term profitability.
The first phase of its new project, Kearl, will not include an upgrader. While the company has not made a decision for subsequent phases, Mr. Hearn has made it clear that Imperial's focus is on achieving high rates of return on capital (as opposed to capturing the higher profits from synthetic oil).
Analysts believe that many small companies will follow in Imperial's footsteps, but for different reasons. Small-scale projects are not likely to reach production levels that allow them to justify the massive capital investment. However, the success of this approach depends on other firms building upgraders, and reducing the otherwise enormous glut of bitumen that would result.
So, the do-not-build-it strategy works -- but only if the rest of the industry doesn't rush for the same strategy and, like the Stooges, end up in the same old jam.
The upgrader game
The decision to build an upgrader puts billions in capital at risk, but a call
to not build can prove equally costly, as companies give up billions in future revenue from selling synthetic crude. The following analysis from Scotia Capital Inc. of four theoretical projects of 100,000 barrels of daily production shows the numbers behind those billion-dollar decisions - and why some companies might be better off by staying out of the upgrader game.
A: A costly start
Initial investment costs, or capital per flowing barrel, are much higher for projects that include upgraders, with the spread widest for SAGD* projects ($/barrel)
$55,000 UPGRADED MINING
$23,000 NON-UPGRADED MINING
$47,000 UPGRADED SAGD*
$15,000 NON-UPGRADED SAGD*
B: A richer barrel
But that spending results in a much higher selling price per barrel - more than twice as much - in a world in which the Canadian dollar trades for 75¢ U.S. and oil costs $42 a barrel
$54.23 UPGRADED MINING
$25.07 NON-UPGRADED MINING
$54.23 UPGRADED SAGD*
$25.07 NON-UPGRADED SAGD*
C: Plump profits
And the operating margin spread for projects with upgraders is even greater, three times as much as for those without
$33.14 UPGRADED MINING
$10.36 NON-UPGRADED MINING
$35.17 UPGRADED SAGD*
$12.39 NON-UPGRADED SAGD*
D: Balanced returns
But for the investment criterion that companies use, their internal rate of return, the picture is much more balanced, as the current cost of investment offsets the future benefit of added revenue and profits
17.4% UPGRADED MINING
16.2% NON-UPGRADED MINING
17.0% UPGRADED SAGD*
19.9% NON-UPGRADED SAGD*
Fort McMurray
To date, most upgraders have been built in Fort McMurray,
in the heart of the oil sands sector. Companies with facilities built or under construction
here include: Suncor Energy Inc., Syncrude Canada Ltd., Canadian Natural Resources Ltd., and Nexen Inc. with
OPTI Canada Inc.
Edmonton/Sturgeon County
The industrial lands of Sturgeon County are emerging as the next investment hot spot for the oil sands, with nearby Edmonton offering access to a larger work force. Companies that have built or are looking at building
in this area include:
Petro-Canada, Synenco Energy Inc., Shell Canada Ltd., BA Energy Inc., North West Upgrading Inc., and Total SA
Lloydminster
Husky Energy Inc. is contemplating an expansion of its Lloydminster upgrader, saying it could benefit from by adding capacity outside of Fort McMurray.
United States
Some companies are looking at striking partnerships with U.S. firms, including existing refiners, to build upgrading capacity south of the border. On the hunt: Husky
and EnCana Corp.
*SAGD is steam-assisted gravity drainage, in which bitumen is melted underground and pumped to the surface
SOURCE: SCOTIA CAPITAL INC.
WSCE: Wescorp Reaches Agreement with Ellycrack A/S to Transfer Viscositor Test Plant to Canada for Scalability Testing
Wednesday June 14, 9:20 am ET
EDMONTON, ALBERTA--(MARKET WIRE)--Jun 14, 2006 -- Wescorp Energy Inc. (OTC BB:WSCE.OB - News) is pleased to announce it has reached an agreement with Ellycrack A/S to transfer the VISCOSITOR test-plant from SINTEF facilities in Norway to Canada.
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As part of the agreement Wescorp will:
- Modify and/or upgrade all structural elements of the test-plant to allow continuous prolonged testing of the patented Ellycrack heavy-oil upgrading process required by field operations
- Integrate all instrumentation and monitoring equipment needed to run, vary, measure and record several series of datasets to be generated by testing for commercial scaling analysis
- Develop and run tests with the joint-venture's engineering firm to quantify material balance, energy balance, output composition, emissions handling (including excess heat and steam); all parameters affecting scalability of the technology for commercial applications
- Provide the joint-venture engineering firm all datasets to perform comprehensive scaled modeling and performance analysis for a variety of commercial grade processing units
- Arrange for all testing, data output and analysis to be monitored, verified and endorsed by an accredited internationally recognized body which specializes in heavy-oil upgrading technology development
The test-plant is on loan to the joint-venture by Ellycrack A/S as a means to accelerate the application of VISCOSITOR technology on a commercial scale. Ready access to an operating unit by the joint-venture's engineering team which can draw from a broad world-call base of heavy-oil upgrader technology expertise residing in Western Canada, could reduce the VISCOSITOR's time-to-market by a considerable margin.
Commenting on the agreement and transfer, Ellycrack AS President Olav Ellingsen stated, "Our joint-venture should realize significant benefits by continuing to test Ellycrack in Western Canada. By transferring the VISCOSITOR, we have better and more timely access to technical and financial resources made available by government and industry-sponsored agencies established specifically to advance the commercialization of heavy-oil upgrading technologies like Ellycrack. From a marketing perspective, we also felt it advantageous to have a more direct, visible presence in what will be a primary market once the Ellycrack process is commercially available".
About Wescorp
Wescorp Energy Inc. is a venture capital firm specializing in acquiring energy production and transport technology. We make early strategic investments in oil and gas related businesses in aggressive growth sectors with large emerging markets that have yet to be fully exploited. Our focus is on technologies that improve the management, environmental and economic performance of conventional and unconventional field operations. Our Flowstar division produces advanced gas flow metering devices that deliver greater accuracy, lower overall costs and virtually no maintenance requirement. Our Ellycrack joint-venture is currently developing an advanced low-energy, low-cost upgrading technology based on converting kinetic energy to crack heavy-oil and tar-sands into lighter more valuable grades of crude. Wescorp shares currently trade on the OTCBB under the symbol "WSCE."
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.
Contact:
Contacts:
Wescorp Energy Inc. - Nino Plava
Vice-President Investor Relations & Corporate Communications
Office: (403) 206-3990 or Toll Free: (877) 247-1975
Direct: (403) 262-0756 or Cell: (403) 999-9916
Email: nplava@wescorpenergy.com
Website: http://www.wescorpenergy.com
PRVB: Powder River CEO Featured by EricDavid & Sons; Company Evaluated as an Aggressive Buy
Tuesday June 13, 7:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jun 13, 2006 -- Powder River Basin Gas Corp. (OTC BB:PRVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced that the Company's CEO was recently interviewed and subsequently recommended by EricDavid & Sons, a research firm dedicated to incubating micro-cap corporations possessing significant growth potential.
To read the complete text of the interview, visit: http://www.ericdavid.com/newsletter/mailer/prvb061106.html.
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"We believe Powder River Basin Gas Corp. represents a tremendous investment opportunity for investors interested in both short and long term growth. The value is apparent not only in the Company's investments, but in its management's ability to perform extensive due diligence with extensive knowledge and invest in and acquire properties that generate revenue and bottom line earnings in a short period of time," stated EricDavid & Sons senior analyst, Steve Weiss.
Mr. Weiss continued on to say, "Powder River Basin Gas Corp. has gone from rags to riches in just two years under the leadership of Brian Fox. The first quarter of 2006 saw record earnings of over four million dollars with the Company earning three cents per share on approximately 115 million shares outstanding."
EricDavid & Sons, Inc. has issued an aggressive buy rating based on the Company's share price along with Powder River Basin Gas Corp.'s current and future oil and natural gas projects.
"We are pleased to increase our exposure through EricDavid & Sons and their associates. This along with presentations and seminars being held in other parts of the world, including Asia and Europe, will serve to accomplish our goals of increasing the visibility of Powder River," stated CEO Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contact:
Contacts:
Powder River Basin Gas Corp.
Steve Weiss
(609) 529-3671
info@powderrivergascorp.com
http://www.powderrivergascorp.com
POIG/EDNE: Hurricane Season Sparks Concerns Over Oil and Natural Gas Supply Disruptions and Higher Energy Prices
Tuesday June 13, 9:00 am ET
NaturalGasStocks.com Looks at How Oil and Natural Gas Industry Participants, Chesapeake Energy, Eden Energy, Petrol Oil and Gas and Goodrich Petroleum Prepare for the Summer Months
POINT ROBERTS, WA and DELTA, BC--(MARKET WIRE)--Jun 13, 2006 -- www.NaturalGasStocks.com (NGS) and www.OilandGasStockNews.com (OGSN), global investor websites for the natural gas, energy and oil industries, take a look at speculation surrounding the 2006 hurricane season in terms of potential impacts on oil and natural gas supplies and prices. With the oil and gas sector, and in particular the Gulf region, still recovering from the devastation caused by Katrina, a damaging 2006 storm season could escalate industry pressures through additional disruptions and shut-ins, leading to higher energy prices. Industry participants Chesapeake Energy, Eden Energy Corp, Petrol Oil and Gas and Goodrich Petroleum forge ahead with their pursuit of increased exploration, development and production levels, with a close eye on Gulf coast weather activities.
The National Oceanic & Atmospheric Administration (NOAA) anticipates this season to be highly active with predictions of between 13 to 16 named storms, with 8 to 10 becoming hurricanes, of which 4 to 6 could become 'major' hurricanes reaching Category 3 strength or higher.
While there is anticipation for an active storm season due to numerous variables, most experts do not anticipate the level of activity we saw last year. Jon Davis, Meteorologist with Chesapeake Energy Corp (NYSE:CHK - News) explains, "Last year was an exceedingly unique situation on many different levels and based on the significant differences in last year's conditions that produced a record number of storms in the Gulf, and what we have going on right now, we do not expect the same level this year."
In addition to the highly anticipated activity of storms along the coast, the nation is also facing the challenges of hot temperatures that accompany the summer months ahead. Paul Branagan, President of Petrol Oil and Gas, Inc. (OTC BB:POIG.OB - News) explains, "Most of the country is already experiencing some pretty high temperatures and given that summer is still about two weeks off this means that the utilities usage of fossil fuels is and will probably continue at high levels throughout the summer. That demand mixed with the potential adverse effects of the hurricane season suggests that the oil and gas market will remain extremely volatile and producers both big and small will have to work hard to maintain supply."
Goodrich Petroleum's (NYSE:GDP - News) President, Robert Turnham adds, "The impact to the supply system for oil and gas depends on the path of the hurricanes. If they take the same path as last year we will once again have a tremendous amount of production shut-in and potentially lost due to wind and storm surge damage and we could also see further destruction of demand."
With a pull back on natural gas prices due to a mild winter, weather once again holds the wildcard on price influence as we move forward into the summer months. Jeff Mobley, Vice President of Investor Relations and Research for Chesapeake Energy states, "To the extent that you take production offline in the Gulf of Mexico that would very quickly fix the short term supply and demand imbalance and gas prices would go up materially."
With this in mind, many domestic oil and gas companies are working to increase exploration, development and production to continue to meet the growing energy demands. As Don Sharpe, CEO of Eden Energy Corp. (OTC BB:EDNE.OB - News), an oil and gas exploration and development company describes, "Our company continues to acquire and develop a very high quality portfolio of large prospects in the US with the objective of finding and developing major sources of oil and gas for America." To Read the Hurricane Season Overview: http://www.naturalgasstocks.com/Articles/061306.asp
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NGS and OGSN also include one of the most comprehensive free oil and gas stock lists in the investment industry: http://www.naturalgasstocks.com/Companies/NaturalGas/Stock_List.asp
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Petrol Oil and Gas, Inc. (OTC BB:POIG.OB - News) For more info click here: http://www.NaturalGasStocks.com/Petrol_Oil_and_Gas/Default.asp
Eden Energy Corp. (OTC BB:EDNE.OB - News) For more info click here: http://www.oilandgasstocknews.com/CO/EDNE/Default.asp
Investorideas.com Disclaimer: www.InvestorIdeas.com/About/Disclaimer.asp Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. These sites are currently compensated by its "featured companies" -- Eden Energy Corp. (OTC BB:EDNE.OB - News) Three thousand five hundred dollars per month. Petrol Oil and Gas, Inc. (OTC BB:POIG.OB - News) Four thousand dollars per month, plus six thousand dollars per month in one forty-four shares.
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Blast Energy Services Considers Drilling Company Acquisition
Wednesday June 7, 6:20 pm ET
HOUSTON, June 7 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC Bulletin Board: BESV - News) has signed a letter of intent to further evaluate the potential of a purchase transaction to acquire several U.S. rotary land drilling rigs. The acquisition is primarily subject to the execution of a definitive agreement between the parties, acceptable financing terms and board approvals.
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"This acquisition appears to provide a significant and highly complementary base of operations for our energy services business," said John O'Keefe, EVP and Co-CEO. "We believe that it clearly fits with our current business plan and may provide substantial added value to our shareholders."
A successful acquisition would provide a major boost to Blast's energy services business and involves the purchase of several rotary land drilling rigs for approximately $50 million, including two-year contracts with oil and gas well operators and experienced drilling rig crews. At current contracted day-rates, each rig can generate more than $7 million per year in revenue. The transaction is expected to be funded by a combination of debt and equity components. Based upon initial economic evaluations, management believes that this multiple rig acquisition would be accretive to Blast shareholders.
Blast Rig #1 Update
Within two weeks, Blast Rig #1 is expected to be deployed on a private well location to fully evaluate the effectiveness of the repairs made to the rig's coil tubing delivery system. After this shakedown process, the rig is expected to return to the Many, Louisiana well location in order to complete the job for Oracle Operating LLC and demonstrate its lateral jetting capabilities. After this point, the rig will be ready to commence its commercial deployment with new customers.
"Interest in our abrasive cutting services remains high. With the rig on schedule to begin commercial operations in July, we are pursuing contacts with interested oil & gas operators," said David Adams, President & Co-CEO.
While on its initial test well location in April 2006, the Blast Rig #1 successfully demonstrated the ability to cut through the steel well casing using abrasive fluid jetting from within the well-bore. The Company was also successful in shaking down the major technology systems of the rig, including the abrasive cutting system. However, we encountered several basic coil tubing components that needed immediate repair and returned to the yard before attempting to test the rig's lateral drilling capabilities. The Company has estimated rig repairs to cost approximately $75,000.
About Blast Energy Services, Inc.
Blast Energy Services, Inc. is a publicly traded company based in Houston. Our mission is to substantially improve the economics of existing oil and gas operations through the application of our worldwide licensed and proprietary technologies. Using specially fabricated mobile drilling rigs we intend to operate a commercially viable energy service business, including: specialty casing cutting, perforation, fracturing services and lateral drilling with the potential to penetrate through well casing and into reservoir formations to stimulate oil and gas production. This service should provide oil and gas producers with an attractive, lower cost alternative to existing well stimulation or horizontal drilling services. Additionally, we are providing satellite services to oil and gas producers. This service allows them to monitor and control well head, pipeline or drilling operations through low- cost broadband data and voice services from remote operations where conventional land based communication networks do not exist or are too costly to install. Please visit our website: http://www.blastenergyservices.com .
GSHF/VRDM: Frost & Sullivan Recognizes GreenShift Corporation for Innovation in the Field of Electronic Waste Recycling
Wednesday June 7, 11:12 am ET
PALO ALTO, Calif., June 7 /PRNewswire/ -- Frost & Sullivan has recognized GreenShift Corporation with the 2006 Product Innovation Award in the field of electronic waste recycling.
GreenShift receives this Award for developing an innovative and advanced electronic waste recycling solution called the Tornado Generator(TM). Based on the principle of the tornado, the Tornado Generator(TM) is capable of drastically reducing the volume of waste materials (segregated stream of metals and plastics in case of electronics recycling). What makes this innovation truly noteworthy is that the product can effectively reduce the volume of the input waste material stream to about 90 percent by pulverizing it into micrometer-sized particles.
With directives such as waste electrical and electronic equipment (WEEE) and Restriction of Hazardous Substances (RoHS) coming into effect from 2006 in Europe, electronic waste recycling is increasingly receiving a major thrust. European nations and countries such as Japan, United States and China are also adopting a number of initiatives to recycle electronic waste. The prime intention of such directives is to not only bring about the efficient recovery of useful components, but to also safeguard the environment from harmful toxic substances such as lead, arsenic, hexavalent chromium, and other flame-retardants that are present in electronic waste.
"The process of electronic waste recycling involves a continuous chain of different operations such as conventional grinding and separation into plastic and metal streams, removal of hazardous components from these streams, pulverizing the plastic and metal streams, selective separation of high-value metals and plastics, and finally energy conversion of residual organics," notes Frost & Sullivan Research Analyst Hari Ramamoorthy. "In this regard, the Tornado Generator(TM) represents a notable accomplishment as it can be employed in the critical step of pulverization of plastic and metal streams, enabling the increased availability of high-value metals in the process flow and also facilitates efficient reaction of the qualified plastics into energy and/or clean fuels such as ethanol or synthetic diesel."
The operation of the Tornado Generator(TM) is simple yet elegant. It employs a stream of compressed air that is accelerated to high supersonic speeds in a closed cyclonic chamber, resulting in the formation of a powerful air vortex or a 'tornado'. This tornado grinds materials that are fed into it to micrometer-sized particles. Air is introduced at the bottom of the system and proceeds upwards, while the material, after grinding, is collected at the bottom of the system.
Significantly, the Tornado Generator(TM) incorporates the ability to dehydrate and atomize both solid as well as liquid wastes. The generator is robust in operation and appears to be able to provide cost-effective processing of a wide variety of wastes. Considering all this, such a solution could help meet the electronics recycling industry's need for an effective grinding solution for high fracture materials such as glass, coal, concrete, aluminum, and hard plastics. Moreover, the solution is flexible and can be adapted to a variety of industrial applications such as desalination, food processing, treatment of waste such as sludge, municipal solid waste, poultry waste, consumer waste, and so on.
"GreenShift plans to use its Tornado Generator(TM) along with other proprietary technologies such as the company's patented plastics separation process, which was developed by Argonne National Laboratory under a contract with the U.S. Department of Energy, to screen out chlorinated and brominated plastics and to fine-tune the overall electronic recycling process," says Ramamoorthy.
Kevin Kreisler, GreenShift's chairman and chief executive officer added that "Smaller particles equate to better reaction kinetics. This helps to make downstream processes that are designed to extract the highest value out of the commodities in electronic waste streams much more efficient. We believe that the Tornado Generator(TM) technology will provide a significant contribution to the electronic waste recycling industry and we are proud and excited to have received this Award."
Each year Frost & Sullivan presents this Award to a company that has demonstrated excellence in new products and technologies within their industry. The recipient company has shown innovation by launching a broad line of emerging products and technologies.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About GreenShift Corporation
GreenShift's (OTC Bulletin Board: GSHF - News) mission is to develop and support clean technologies and companies that facilitate the efficient use of natural resources and catalyze transformational environmental gains. Additional information regarding GreenShift is available online at http://www.greenshift.com .
The exclusive rights to the Tornado Generator(TM) technology for this and many other applications are held by GreenShift's majority-owned clean technology subsidiary, Veridium Corporation (OTC Bulletin Board: VRDM - News). Veridium provides applied engineering and industrial design services based on clean technology and process innovations that enhance manufacturing efficiencies, improve resource utilization and minimize waste.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community, by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.awards.frost.com or http://www.electronics.frost.com
Contact:
Stacie Jones
210.247.2450
Stacie.jones@frost.com
ODC - Oil-Dri Announces Five-for-Four Stock Split and Quarterly Cash Dividends; Dividend Payout to Increase 25%
Tuesday June 6, 5:55 pm ET
CHICAGO, June 6 /PRNewswire-FirstCall/ -- The Board of Directors of Oil-Dri Corporation of America (NYSE: ODC - News) today approved two measures that will increase this quarter's cash dividend by approximately 25%.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020417/ODCLOGO )
Oil-Dri's Board announced a five-for-four stock split, to be effected by a stock dividend of one-quarter share for each outstanding share of the Company's Common Stock and Class B Stock. The Board also declared quarterly cash dividends of $0.12 per share of outstanding Common Stock and $0.09 per share of outstanding Class B Stock, to be paid on the increased number of outstanding shares after the five-for-four stock split. For stockholders continuing to hold their shares through the record date, the result will be a 25% increase in the amount of the quarterly cash dividend payout they receive.
The stock and cash dividends will be payable on September 8, 2006 to stockholders of record at the close of business on August 4, 2006. The stock dividend will be paid only in whole shares; any fractional shares resulting from the stock split will be accumulated by the Company's transfer agent, sold and then distributed in the form of cash on a pro rata basis to any stockholders who would have received fractional shares.
The Company has paid cash dividends continuously since 1974.
Oil-Dri Corporation of America is a leading supplier of specialty sorbent products for industrial, automotive, agricultural, horticultural and specialty markets and the world's largest manufacturer of cat litter.
This release contains certain forward-looking statements regarding the company's expected performance for future periods, and actual results for such periods might materially differ. Such forward-looking statements are subject to uncertainties which include, but are not limited to, intense competition from much larger organizations in the consumer market; the level of success in implementation of price increases and surcharges; increasing acceptance of genetically modified and treated seed and other changes in overall agricultural demand; increasing regulation of the food chain; changes in the market conditions, the overall economy, volatility in the price and availability of natural gas, fuel oil and other energy sources, and other factors detailed from time to time in the company's annual report and other reports filed with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Oil-Dri Corporation of America
PRVB: Powder River Continues Tremendous Progress in Goliad County, Completes Drilling on Two Wells
Tuesday June 6, 7:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jun 6, 2006 -- Powder River Basin Gas Corp. (OTC BB:PRVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced an update on the Weesatche Field project in Goliad County, Texas.
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Due to heavy rainfall the development of the two Stumfoll wells was postponed to work on wells in higher locations. The Elizabeth Justen #1 well was drilled to 4100 feet and logged eight pay zones on June 4, 2006. Two of the zones have tested flowing pressures of 1100 psi and 1073 psi respectively on June 5. Currently production casing is being cemented and completion will commence this week.
Pressure is substantially higher than the J.P. Green #1, which is currently producing 1600 mcf per day.
The Dohman #1 likewise has multiple pay zones to 3700 feet, seven of which appear very prolific, however test results are not available at this time. Production casing is in the hole and completion operations will commence this week.
The drilling rig is setting up on the next location and Powder River Basin Gas Corp. plans to spud in by the end of the week.
"We are very pleased with the rapid progress we are making on this project, and are extremely excited with the results of our drilling to date. We are executing on our vision for the Company's oil and gas production and with the current high price of natural gas, each well will greatly contribute to our cash flow," stated Powder River Basin Gas Corp. CEO, Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contact:
Contacts:
Powder River Basin Gas Corp.
Stephanie Edgemon
Investor Relations
(702) 893-0610
powderriverir@aol.com
http://www.powderrivergascorp.com
Miller Petroleum Announces the Final Test Result on the Edwards - Fowler Unit #1
Tuesday June 6, 8:00 am ET
HUNTSVILLE, Tenn., June 6 /PRNewswire-FirstCall/ -- MILLER PETROLEUM, INC. (OTC Bulletin Board: MILL - News) The final test results are completed on the Edwards - Fowler Unit #1, in Roane County, Tennessee. This well is located in the Harriman Prospect and included in Wind Mill Oil & Gas, LLC. Wind Mill has a 37.5% working interest and Miller Petroleum has 49.9 % of Wind Mill.
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After several days of extensive testing with various open flow rates and pressure recoveries, test results indicate that natural gas in place for future recovery may be in excess of 500 mmcf. One 12 hour test flowed natural gas at a rate of 1,127,000 cubic feet per day through a .500" orifice at 160 psi. The well is within 400' of the sales line. Infrastructure to sell the gas is currently being installed and sales should begin in a couple weeks.
"We have 3,300 acres here for exploration and are fortunate to have a sales line across the entire prospect. The Edwards - Fowler Unit #1 has proven the existence of commercial hydrocarbons in the area to add to our reserve base. Dr. Gary Bible, our staff geologist, has used seismic information in depth to locate this well. The science is critical in drilling two new offset wells that will begin in the near future," noted Deloy Miller, CEO, Miller Petroleum.
Miller Petroleum, Inc. is a publicly traded, fully integrated, gas and oil exploration and production company with headquarters in Huntsville, Tennessee. The company's gas and oil reserves are rapidly increasing in the Appalachian Basin.
Oil Sands Set to Explode
By Robert Aronen
June 5, 2006
Rising energy prices are driving oil sands production to new heights. Last week, Canada's National Energy Board (NEB) released a report giving an update on the opportunities and challenges facing Canada's oil sands between now and 2015. (Link opens a PDF.) A follow-up to a 2004 report, the document takes into account current market conditions, such as the doubling of the price of crude oil and natural gas since the original report came out. We've given our own report on Canada's oil sands, but now let's take a revised look, based on the new NEB report.
Oil sands production
Capital expenditures to fund oil sands development have exploded in the past two years. Current investment totals $106 billion ($125 billion Canadian) to develop projects that will be completed between 2006 and 2015. If all of these projects are completed, oil sands production in 2015 will total a high estimate of 4.4 million bpd (barrels per day), up from 1.1 million bpd in 2005. Assuming that even 75% of the high estimate is achieved, production will increase to 3 million bpd.
That much expansion will place Canada among the world's top oil producers and exporters. As things stood in 2004, Canada ranked eighth among world oil producers and didn't even make the list of the top 14 exporting countries. This was back when it produced just in excess of 3.1 million bpd, with 1 million bpd coming from the oil sands. Assuming that conventional production remains near 2 million bpd, Canada will be producing 5 million bpd in 2015 -- enough to place Canada fourth in global oil production.
These estimates assume that Iran is unable to increase production by more than 1 million bpd, but I consider this assumption reasonable, since Iran is having difficulties meeting its OPEC quota, and its government has created an environment inhospitable to the type of foreign investment needed to boost production.
In exports, oil sands production will have a much more significant impact for Canada. In 2004, Canada's oil consumption was 2.3 million bpd, resulting in net exports of only 800,000 bpd. I estimate that Canada will consume around 2.7 million bpd in 2015, assuming annual growth of 1.6%. With 5 million bpd of production, net exports will total 2.3 million bpd. Returning to our table of Top World Net Exporters, we thereby find that Canada will move into the top 10 exporting countries by 2015. If oil sands production meets the high estimate, Canada could move as high as third place among exporters, behind only Russia and Saudi Arabia.
Producers
It should be no surprise that the major oil sands producers have announced the largest expansion projects:
Company
Total Production (bpd)
Year Complete
Suncor (NYSE: SU)
500,000 to 550,000
2010 to 2012
EnCana (NYSE: ECA)
500,000
2016
Canadian Natural Resources Limited (NYSE: CNQ)
800,000
Not announced
Other large projects have been announced at Imperial Oil, Shell Canada, Petro-Canada (in partnership with UTS Energy and Teck Cominco), Husky Energy, and a whole host of other companies, including Shell EP Americas, which recently shocked the oil sands by purchasing 10 properties in northern Alberta.
The future direction of oil prices and production costs will dictate the profitability for these producers. The NEB report estimates profitability at an oil price of $30 to $35 per barrel of West Texas Intermediate (WTI) light sweet crude oil. These prices are up significantly from the 2004 report, mostly because of higher capital costs and higher natural gas prices. So the global commodity boom that has increased oil prices has also increased the cost of expanding oil sands production.
Production methods
There are two methods of converting oil sands into liquid that can be refined into gasoline and other petroleum products -- mining operations and in situ, or "in place," recovery. Both methods will grow through 2015, with in situ production showing the larger increase.
The NEB report estimates that mining operations will account for 52% of total production in 2015. Expansions at Canadian Natural Resources, Imperial Oil, and Petro-Canada all include new mining operations. This prospect for new installations has been partly responsible for creating joy for shareholders of Joy Global (Nasdaq: JOYG) and Bucyrus. Mining operations work where the oil sands deposits are close to the surface and have a lower natural gas requirement than do in situ methods. On the downside, environmental groups question the effectiveness of land restoration after mining operations have taken place, and in situ methods allow access to deeper deposits.
The most common in situ production method is Steam Assisted Gravity Drainage, or SAGD. The advantages are that only the bitumen is removed from the ground, and deeper formations can be exploited. But the downside is that SAGD production requires more natural gas. Because it uses traditional drilling methods, growth in SAGD production should create new business for drilling companies. However, this production is so small compared with global oil production that any incremental business is unlikely to have a serious impact on the major players.
New in situ production methods are also being investigated. Petrobank is building a pilot project to demonstrate its toe-to-heel air injection (THAI) technology. Other companies are experimenting with the vapor extraction process, or vapex, which is similar to the SAGD process, but hydrocarbon solvents are injected instead of steam.
Challenges
Environmental concerns pose the greatest challenge to oil sands production growth. Greenhouse gas emissions, land reclamation, and water usage are the most common issues. The combination of issues has led various environmental groups to call for a moratorium on oil sands development and created bureaucratic obstacles to new projects.
These are serious concerns. Oil sands production emits higher greenhouse gas emissions than conventional oil production does. To meet the requirements of the Kyoto Protocol, Canada will need to invest in clean energy to obtain credits to offset the increase in carbon dioxide, or else capture and sequester the carbon dioxide. In part to balance its oil sands production, Suncor has become one of the largest wind power producers in Canada.
Mining operations remove the surface of Canada's boreal forest to expose the oil sands below. While these lands are to be reclaimed after oil sands production is complete, the resulting landscape will be significantly different, with fewer wetlands, more lakes, and no peat lands. Local groups question the impact on the local ecosystem and the effectiveness of reclamation efforts.
Water usage poses both environmental and technical challenges. Mining and in situ operations require huge volumes of water, which is diverted from the Athabasca River. Current licensing approves the withdrawal of 2.3 billion barrels of fresh water per year from the river, but the planned projects will push the requirement to 3.3 billion barrels per year. The environmental concern here is that insufficient flows exist to ensure the river's ecological sustainability. The technical challenge is that the river flow rates are lower in the winter, a reality that could lead to seasonal shortages. It is likely that oil sands producers will need to implement efforts to reduce water usage, increase recycling, and implement on-site storage to avoid seasonal production losses.
Conclusions
There is little doubt that the Canadian oil sands are booming. If the current projects proceed to completion, Canada will be one of the world's leading producers and exporters of petroleum products.
With more than $100 billion in investment planned for the next decade, there should be plenty of profits available for investors. Unfortunately for investors, the opportunity is widely known, and finding discounts is tough. I still prefer investing in the infrastructure -- the picks and shovels. The companies providing these implements benefit from oil sands development and the global oil and commodities boom. Joy Global has dropped quite a bit recently and might begin to entice some investors at current prices. Alternatively, a good portion of that $106 billion in new construction will be paid to engineering contractors such as CB&I (NYSE: CBI) and Jacobs Engineering.
Investments in the oil sands are not without risk. As mentioned, a global collapse in oil prices will hurt the oil sands more than it will conventional oil producers because of the higher production cost of oil sands. To date, Canada has managed the environmental concerns to allow development to continue, and with oil above $70 a barrel, I expect this trend to continue. However, environmental concerns could derail specific projects, accelerate a switch away from mining operations, or cause production costs to increase. Finally, because this opportunity is very well known, you should take care to avoid the growth trap and avoid overpaying for oil sands investments.
bdco picking up a head of steam
SNG: Canadian Superior Energy Inc. Announces Intention to Acquire Canada Southern Petroleum Ltd.
Monday June 5, 8:24 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jun 5, 2006 -- Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG.TO - News) (AMEX:SNG - News) of Calgary, Alberta, Canada announced today it intends to make an offer for all outstanding shares of Canada Southern Petroleum Ltd. (NASDAQ: CSPLF/TSX:CSW) on the basis of 2.75 shares of Canadian Superior and Cdn $2.50 cash for each outstanding share of Canada Southern Petroleum Ltd. ("Canada Southern"). Canadian Superior values its offer at approximately Cdn $9.35 per Canada Southern share compared to the approximate Cdn $8.25 cash offer per Canada Southern share made recently by Petro-Canada.
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Canada Southern is a Calgary-based oil and gas company with 1,100 boes/day of natural gas production in Northeastern British Columbia, the Yukon and landholdings in Northern Canada.
Canadian Superior holds a large strategic land position in Trinidad and Tobago where some of the most prolific natural gas wells in the world are located in proximity to Canadian Superior's acreage. Canadian Superior will be commencing the drilling of 2 back-to-back wells on its "Intrepid" Block 5(c) in Q4 of this year. Wells offsetting Canadian Superior's "Intrepid" Block 5(c) are currently producing over 400 mmcf/day and British Petroleum ("BP") has just recently started producing 800 mmcf/day of natural gas in the area from 4 wells. 15 of BP's top 25 producing wells in the world are producing in the area of Canadian Superior acreage. Petro-Canada and several other multi-national oil and gas companies including Petro-Canada, Total, British Gas, Husky Energy Inc. and Apache have expressed interest in participating in the drilling of Canadian Superior "Intrepid" offshore Trinidad block, however Canadian Superior and its financial partner Challenger Energy Corp. (stock symbol "CHA") on the Toronto Venture Exchange ("TSXV") have elected to drill this prospect solely on their own.
Furthermore, Canadian Superior has 1,293,946 net acres of land holdings offshore Nova Scotia, Canada where it is the largest public company holder of exploration land with six 100% owned exploration licenses.
In addition to its conventional oil and gas operations in Canada, Canadian Superior holds acreage in the heart of Alberta's Coal Bed Methane ("CBM") play where EnCana Corporation has been paying up to $2 million per section of CBM natural gas rights. Canadian Superior also has approximately 3,000 boes/day of conventional oil and gas production in the Drumheller area as well as CBM production in the area.
Canadian Superior's Chairman and Chief Executive Officer Greg Noval said today, "I believe the Canadian Superior offer provides Canada Southern shareholders tremendous immediate opportunity through participation in the development of Canadian Superior's Trinidad "Intrepid" Block 5(c) where Canadian Superior will be drilling later this year, and both Canada Southern and Canadian Superior shareholders will have long term upside through Canada Southern's interests in Northern Canada."
Canadian Superior's offer for Canada Southern will be made through a wholly-owned subsidiary of Canadian Superior. Arrangements necessary to finance the offer have been made. The offer will not have a minimum tender condition and will otherwise be subject to conditions customary for transactions of this type including regulatory approval. The take-over bid materials are being prepared and will be mailed to Canada Southern shareholders on a timely basis.
Maison Placements Canada Inc. is acting as financial advisor to Canadian Superior on the transaction.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding Canada Southern Petroleum Ltd. common shares described in this announcement has not commenced. At the time the offer is commenced, Canadian Superior's wholly owned subsidiary will file a tender offer statement with the U.S. Securities and Exchange Commission (SEC). The tender offer statement (including an offer to purchase and circular, a related letter of transmittal and other offer documents) will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be made available to Canada Southern Petroleum Ltd.'s security holders at no expense to them. In addition, all of those materials (and all other documents filed with the SEC) will be available at no charge on the SEC's web site (www.sec.gov).
Contact:
Contacts:
Canadian Superior Energy Inc.
Richard Watkins
Director of Canadian Superior
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W.
Calgary, Alberta
Canada T2P 4H2
Omni Energy Sees 2Q Sales Beating Street
Friday June 2, 2:38 pm ET
Omni Energy Services Expects 2Q Sales Above Wall Street Estimates, Shares Hit Year High
CARENCRO, La. (AP) -- Omni Energy Services Corp. said Friday it expects second-quarter sales to beat Wall Street estimates and grow by as much as 50 percent sequentially.
The company's shares jumped $1.45, or 21 percent, to $8.50 in afternoon trading on the Nasdaq. The company earlier set a fresh 52-week high of $8.73, above its prior high of $7.10.
Omni, which provides oilfield seismic drilling and other services to geophysical companies, had first-quarter sales of $18.5 million.
Two analysts polled by Thomson Financial are looking for sales of $25.8 million, on average, which would be a 39 percent sequential increase.
Omni also said it expects the demand for its seismic drilling services to stay strong through the rest of 2006 and into next year.
SYNM: Syntroleum and Sustec Announce Joint Development Agreement for CTL Project
Monday June 5, 7:39 am ET
TULSA, Okla.--(BUSINESS WIRE)--June 5, 2006--Syntroleum Corporation (Nasdaq:SYNM - News) and Sustec Industries AG, a private company based in Switzerland, announced today that they have entered into a project development agreement to jointly develop Fischer-Tropsch projects in the future and specifically for a nominal 3,000 barrel per day (bpd) Syntroleum Fischer-Tropsch (FT) and Synfining® unit as the first phase of a larger planned project at Sustec's Schwarze Pumpe industrial facility at Spreetal, Germany. This joint project is the first phase of a possible 20,000 bpd Fischer-Tropsch project. Sustec's project includes an expansion of their existing gasification capacity using FUTURE ENERGY GSP® Technology which was originally developed by Sustec and its predecessor companies and recently acquired by Siemens Company (NYSE:SI - News). Sustec also intends to expand its methanol production and power plant at Schwarze Pumpe following the installation by Siemens of new GSP® gasification units totaling over 1,000 megawatts (MW) capacity (See Sustec and Siemens press releases, dated May 16, 2006).
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The 3,000 bpd Spreetal CTL plant will be the first project under the Sustec-Syntroleum joint venture announced in January this year. The Syntroleum FT unit will be a slurry reactor utilizing cobalt catalyst and will produce ultra-clean diesel and specialty chemicals from synthesis gas made from lignite coal, municipal waste and biomass that currently are being gasified at the Schwarze Pumpe facility. The existing Rectisol syngas and carbon adsorption units used for syngas clean-up processing will also be expanded as part of this initial FT project. The pre-FEED engineering work and feasibility study for the current project, named Spreetal CTL, are expected to be initiated by mid-summer with completion of this work expected by the end of this year. Final project sanction is expected to be decided by first quarter 2007.
Sustec has pledged significant initial equity in the Schwarze Pumpe expansion project including the 3,000 bpd CTL plant. This project has been pre-qualified for financial support from the Saxony (Sachsen) State Government and is currently eligible for over a EUR 100 million ($128 million) grant. The 3,000 bpd Syntroleum FT and Synfining® project segment is intended to be the first phase of a 20,000 bpd planned Spreetal CTL facility at Schwarze Pumpe in the future under the Sustec-Syntroleum agreement.
The project development agreement replaces the memorandum of understanding executed in January of this year. Sustec and Syntroleum will both hold a 50 percent interest in the project development agreement.
"The Spreetal CTL project is expected to be the first commercial plant utilizing the Syntroleum FT and Synfining® technologies and a critical step in our business plan," stated Jack Holmes, President and CEO of Syntroleum Corporation. "Commercial demonstration of the integration of gasification technology with Syntroleum FT technology is much faster at an existing plant, and this strategy has been our primary focus in recent months. We are pleased to be working with Sustec on the Spreetal CTL project at the Schwarze Pumpe facility which has a long history of gasification technology innovation and operating experience. As we stated when we announced our agreement earlier this year, the strategic and commercial value of our venture with them would become increasingly clear as this announcement demonstrates. In the brief period that we have been advancing our coal to liquids agenda, we have established this alliance with a leader in the field of gasification and have progressed the first project to this advanced stage. We believe this is further recognition of Syntroleum as an industry leader in Fischer Tropsch."
Dietmar Friess, Sustec AG CEO said, "We continue to believe that the Syntroleum FT technology is market ready and that our first commercial plant at Schwarze Pumpe will provide a basis for developing future CTL business opportunities together. The European market for ultra-clean fuels is very strong and the expansion of our core processing business is a major strategy for Sustec. We look forward to a long relationship with Syntroleum in this business sector world-wide."
Syntroleum Corporation owns a proprietary process for converting natural gas or synthesis gas derived from coal and other carbon-based feedstock into synthetic liquid hydrocarbons. The company plans to use its technology to develop and participate in natural gas and coal monetization projects in a number of global locations. Syntroleum has operated an FT pilot plant in Tulsa, Oklahoma, since the early 1990s and has been operating its 100-bpd Catoosa FT demonstration facility since 2004.
Sustec Schwarze Pumpe GmbH, a fully owned subsidiary of Sustec Industries AG, owns and operates the Schwarze Pumpe facility at Spreetal, Germany. This facility currently produces over 90,000 Nm3/hour (3.2 million ft3/hour) of syngas derived from coal, waste oils, biomass and municipal wastes. The first commercial GSP® gasifier (200 MW thermal capacity) went into operation in 1984 utilizing lignite coal as feedstock. Sustec and its affiliates own intellectual property rights related to operations of the GSP® Technology at the Schwarze Pumpe facility. The R&D center FUTURE ENERGY GmbH and other related companies were recently sold to Siemens. Sustec retains a license for use of the technology at Schwarze Pumpe and has the option to get a GSP® Technology license for future CTL Projects with Syntroleum.
This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to the development of future Fischer Tropsch projects, including the Spreetal project, ownership of intellectual property rights, execution of definitive agreements, joint technology development and market development. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan" "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Although Syntroleum believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include failure to execute definitive agreements, the potential that commercial-scale GTL or coal-to-liquids plants will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that improvements to the Syntroleum Process currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices and government support for such plants), construction risks, risks associated with investments and operations of GTL and coal-to-liquids plants, the ability to implement corporate strategies, competition, intellectual property risks, Syntroleum's ability to obtain financing and other risks described in the company's filings with the Securities and Exchange Commission.
® "Syntroleum" is registered as a trademark and service mark in the U.S. Patent and Trademark Office
Contact:
Syntroleum Corporation, Tulsa
Mel Scott, 918-592-7900
mscott@syntroleum.com
BDGR NEWS: Black Dragon Answers Suit
Black Dragon Resource Companies, Inc. (OTCPK: BDGR) has received service of the Fourth Amended Original Petition in Cause No. 200523020, filed in the 215th Judicial District Court for Harris County, Texas naming the company as a defendant. The action which has previously named certain of the principals of Black Dragon was filed by OMDA Oil & Gas Co. Inc. (OMOG), a public company. The complaint is based on a dispute of certain oil and gas properties.
"The properties related to the complaint comprise less than 5% of the current properties owned by Black Dragon," according to Richard Michael, President of Black Dragon.
The Company denies the allegations made in the complaint and counsel advises management that the claims against it are without merit. The Company intends to vigorously defend the suit and will assert its own claims related to the matters concerned with litigation.
About Black Dragon:
Black Dragon Resource Companies, Inc. is oil and gas production company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
Forward-Looking Statements
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Black Dragon Resource Companies, Inc.
Rick Michael, 512-442-4151
www.black-dragonoil.com
or
Strategic Growth International, Inc.
Stan Altschuler / Richard E. Cooper
212-838-1444
Saltschuler@sgi-ir.com
RCooper@sgi-ir.com
Source: Business Wire (June 2, 2006 - 2:18 PM EDT)
News by QuoteMedia
www.quotemedia.com
UPDA: Canyon Creek Continues to Expand Production in North Texas
Friday June 2, 8:30 am ET
HOUSTON--(BUSINESS WIRE)--June 2, 2006--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) continues to receive promising reports from the North Texas properties of its Canyon Creek subsidiary. All of Canyon Creek's Archer county wells except for the West Vogtsberger #11 are now producing oil and gas and on June 5th the Texas Railroad Commission H-5 test will be conducted on that well after which it will be returned to production.
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Loads of oil have been sold off the Block and the Mahler leases and a load will be sold off the East Vogtsberger as soon as a vacuum truck can take two feet of water out of the storage tank, hopefully within a week. The East Hagler lease recently sold a load of oil and will have its gas production restored in the near future. The Hagler Capps field continues producing from its well #21 and additional wells will be brought to production as soon as the packer on the field's injection well is reset.
The production from all of its properties will be reported by UPDA as it continues to update its website at www.universalpropertydevelopment.com.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
About CCOG
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint venture corporation for the purpose of acquiring currently producing oil and gas properties, low risk drilling prospects and existing wells in need of state-of-the-art technology to improve profitability. Canyon Creek Oil and Gas Inc. now has over 60 wells located on more than 2,000 acres in the Fort Worth basin. The Company has also acquired properties located in Inez Field in Victoria County and Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a revitalization program on all of its properties in order to improve production and bring more wells on line.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contact:
Universal Property Development and Acquisition
Corporation
Bradford Moore, 561-630-2977 (Investor Relations)
info@updac.com
--------------------------------------------------------------------------------
Source: Universal Property Development and Acquisition Corporation
SUF: SulphCo, Inc. Begins Shipping Equipment for 210,000 Barrel Per Day Sonocracking(TM) Project in Fujairah
Thursday June 1, 2:56 pm ET
SPARKS, Nev., June 1 /PRNewswire-FirstCall/ -- SulphCo, Inc. (Amex: SUF - News) announced today, that the first shipment of Sonocracking (TM) equipment for Fujairah Oil Technology, LLC, SulphCo's joint venture with the Government of Fujairah, had left Germany on May 31st, according to its previously announced schedule, for arrival in Dubai by mid-June.
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NTG, the Germany-based company responsible for building the equipment, has confirmed the May 31st shipping and further indicated that all remaining prefabricated equipment shipments, which are ready for installation, will be leaving Germany en route to the UAE according to schedule throughout the month of June.
"We are very excited that the first shipment of Sonocracking (TM) equipment has successfully left Germany and is on its way to Fujairah where we will begin the next phase of implementing our ultrasound technology," remarked Dr. Rudolf W. Gunnerman, Chairman and CEO of SulphCo. "We, along with our manufacturing partner NTG, are confident that we will continue to adhere to our schedule of shipments and deliveries throughout the project's development."
About SulphCo, Inc.
SulphCo has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The company's technology upgrades sour heavy crude oils into sweeter, lighter crudes, producing more gallons of usable oil per barrel.
From time to time, the company may issue forward-looking statements, which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as actual results could differ and any forward-looking statements should be considered accordingly.
*Photographs of the project available upon request
ESLR: Joke Two From Hoku
Thursday June 1, 3:27 pm ET
By Seth Jayson
Sometimes you don't know whether to laugh, swear, or cry (and my doctor says it's bad to try all three at once). So yesterday, when I was alerted to the big announcement from Hoku Scientific (Nasdaq: HOKU - News), I used the old uncomprehending stare.
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After taking the fuel-cell industry by storm (well, not really), Hoku has decided the next big thing is solar. Thus, this press release, with an interesting lack of particulars. How will this be funded? Eh, possibly debt, possibly up-front cash payments from "potential customers."
But that's far from the only quirk in this press release.
Hoku's 30-something chairman, CEO, and president is quoted as saying, "Our plans to enter the solar power market represents [sic.] the logical extension of our business as a provider of clean energy technologies, and complements our core fuel cell business."
Pardon my French, but what a load of pate. Hoku, by my perspective, is barely a "provider of clean energy technologies." It's developing a fuel-cell membrane that's reputed to provide benefits over existing technology, but has yet to make much of a splash aside from a few research projects.
And how the two new units, Hoku Solar and Hoku Materials, "complement" the fuel-cell business is, needless to say, left unsaid.
The only obvious commonality between the two is their position as headline-grabbing latecomers in the hot, money-burning "alternative energy" sectors -- which is exactly why this solar announcement is such a joke. (Fun fact to remember: Fuel cells are not alternative -- the juice comes from oil. Nor, one could argue, do they provide much energy, since there are so few in use, despite the fact that the technology is more than 150 years old.)
Readers may or may not remember my past writing on Hoku, in which I detailed exactly why investors should steer clear of this issue -- despite the hype it got from Jim Cramer, analysts, and a seemingly interesting story about remaking the fuel-cell industry.
But is there great hope for the new venture? Sure, there's talk of a shortage of polysilicon for the solar industry. That always creates a buzz. But making this stuff isn't exactly rocket science, and the volatile pricing in this commodity biz explains exactly why there hasn't been more investment by experienced players. None of them want to get nailed with wasted capital expenditures when more production comes online, or demand slackens, or both combine to sink prices.
Which brings us to some obvious questions. Just what is ostensible fuel-cell specialist Hoku's advantage in the solar-power business? Why is it even contemplating this move, other than the lip-service justification of "diversification?"
How will it compete with polysilicon and solar providers like Mitsubishi, Wacker Chemie, BP (NYSE: BP - News), Evergreen Solar (Nasdaq: ESLR - News), Suntech Solar Power (NYSE: STP - News), Kyocera (NYSE: KYO - News), and Sharp? (And why is $72 million Hoku looking to build a 1,500 metric-ton plant for $250 million when Piper Jaffrey analyst Jesse Pichel -- no stranger to Hoku, or these pages -- estimated in a recent report that $250 million should build a plant with twice that capacity?)
What looked like an interesting company -- if not such an interesting investment opportunity -- is fast beginning to look like just another trend chaser. Maybe that helps explain why insiders and major holders have dumped more than a million shares of this stock since February. (Hey, at least someone's making money on this stock, right?)
That's nearly 10% of the company pushed onto an enthusiastic (or is that gullible?) group of small-timers in the market for the next home run. Trouble is, the batter doesn't seem to know where his sweet spot is. What makes anyone think this outfit will even hit the ball?
SYNM: CORRECTING and REPLACING Syntroleum to Present Detailed Economics on its GTL Projects and Compelling Opportunities
Thursday June 1, 5:53 pm ET
TULSA, Okla.--(BUSINESS WIRE)--June 1, 2006--The URL for the company's webcast should read: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=SYNM&script=101 0&item_id=1327342. (sted: http://www.corporateir.net/ireye/ir_site.zht ml?ticker=SYNM&script=1010&item_id=1327342.)
The corrected release reads:
SYNTROLEUM TO PRESENT DETAILED ECONOMICS ON ITS GTL PROJECTS AND COMPELLING OPPORTUNITIES
Syntroleum Corporation (Nasdaq:SYNM - News), a leader in the Fischer-Tropsch (FT) industry, announced that it will hold its second annual analyst day on June 6. Among the topics of discussion are a review of the rapidly advancing commercial opportunities facing the company and the company's analysis of the detailed economics pertaining to its technology and business activities.
Specifically, the discussion will include, but is not limited to:
A review of key commercial developments and priorities.
Detailed economics involving land-based gas-to-liquids (GTL) plants.
Findings from a detailed feasibility study on constructing the world's first GTL/Oil Floating Production Storage and Offloading vessel.
Targeted oil and gas reserves capable of near cash flow production.
A review of Syntroleum's technological advancements.
An update on Syntroleum's coal-to-liquids potential and activities.
This event will highlight Syntroleum's thorough economical analysis involving its business development efforts and more than 20 years of research and development. Through the presentations, Syntroleum will illustrate its upside potential and unique competitive advantage as the company moves toward financial close on a FT plant. This analyst meeting is intended to clearly differentiate Syntroleum from its competitors, including its level and quality of analysis.
The event will be held at the Renaissance Hotel in Tulsa beginning at 8:30 a.m., CDT. The day will include data presentations and tours of Syntroleum's catalyst lab and demonstration plant, where more than 334,000 gallons of ultra-clean products have been produced since 2003. Syntroleum speakers at the event will be Jack Holmes, president and CEO; Ken Agee, chairman and chief research officer; Greg Jenkins, executive vice president of business development and chief financial officer; Gary Roth, executive vice president of engineering and technology; and Ron Stinebaugh, senior vice president of finance and acquisitions.
To attend the event in person, RSVP to Mel Scott at mscott@syntroleum.com. The event also will be available to the company's shareholders and the general public via a webcast at
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=SYNM&script =1010&item_id=1327342. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
Zauralneftegaz Secures Two New Licenses in West Siberia
Thursday June 1, 1:30 pm ET
NEW YORK--(BUSINESS WIRE)--June 1, 2006--Siberian Energy Group, Inc. (OTC BB: SIBN - News), a U.S.-based oil and gas exploration company, has secured two new 25-year exploration and production licenses in West Siberia through OOO Zauralneftegaz (ZNG), its 50/50 Joint Venture with Baltic Petroleum (E&P) Ltd operating the company.
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On May 22, the Company disclosed ZNG's plan to bid for a total of five new exploration and production licenses in West Siberia. The first two auctions for Yuzhno-Voskresensky and Petuhovsky were completed May 31, 2006. Another license is due for auction June 14, 2006 (the Lebyazhevsky block), while the auctions for the remaining two licenses are expected in the fourth quarter of 2006.
David Zaikin, president and CEO of Siberian Energy, said: "I view the attainment of these two new licenses as significant to the Company's overall strategy. In addition to their geological and geographical significance they also contribute to ZNG's existing holdings in the Kurgan region and stress our commitment to the local community."
ZNG currently owns four exploration licenses comprising 644,000 acres in the Kurgan Region of West Siberia. With the addition of the two new licenses, ZNG's total holdings cover 979,000 acres.
Within the next 20 days, pending the formal confirmation by the Ministry of Natural Resources, ZNG will have access to the results of previously conducted seismic surveys through the Geological Fund of the Ministry of Natural Resources of the Russian Federation.
About Siberian Energy Group
Siberian Energy is one of the few U.S.-based public oil and gas exploration companies with 100% of its assets located in West Siberia, Russia.
The Company evaluates investment and acquisition opportunities in Russia and Eastern Europe with the goal of bringing a portfolio of natural resource licenses and operating companies to Western investors. Siberian Energy strives to provide an attractive ROI to shareholders by pursuing high-yield investment projects, reducing costs, and adhering to strict principles of transparency, disclosure and environmental consciousness. Additional information can be found at www.siberianenergy.com.
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.
Contact:
Siberian Energy Group, Inc.
David Zaikin, 212-828-3011
Chief Executive Officer
or
The Investor Relations Group
Katrine Winther-Olesen/Jordan Silverstein, 212-825-3210
Investor Relations
PTGC/TDSV: Petrogen Announces Strategic Alliance With Petroleum Engineers, Inc.
Thursday June 1, 1:43 pm ET
- Foundation for Ongoing Texas Gulf Coast Mandate Substantially Strengthened -
HOUSTON, June 1 /PRNewswire-FirstCall/ -- Petrogen Corp. (OTC Bulletin Board: PTGC - News) is pleased to announce that it has entered into a strategic alliance with Petroleum Engineers, Inc. (PEI), a wholly owned subsidiary of Tradestar Services, Inc. (OTC Bulletin Board: TDSV - News) in a move to strengthen the Company's bench of operational expertise in its next phases of development on the Company's Texas Gulf Coast assets, the Emily Hawes and Tiller Ranch Fields.
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PEI has established a reputation and has been relied upon in the domestic and international oil and gas arena for over thirty five years as one of the preeminent services organizations providing oil and gas industry operational services and technical expertise on a contract basis for a diverse client base. PEI's clients range in size from well known major E&P companies and large independents to start up and early stage energy companies, throughout the world. PEI uniquely positions itself as a one-stop contractor that provides services which include all aspects of drilling supervision, operations and engineering, reservoir and production management, project management, well planning and technical services and additional services including ongoing production operations, maintenance and development of oil and gas assets for active energy companies such as Petrogen. Primarily, PEI has extensive experience and technical expertise in Texas and the Texas Gulf Coast, Petrogen's core area of domestic focus.
PEI and Petrogen have aligned interests whereby PEI will provide all future contract operations services to Petrogen on an ongoing basis for the further development of the Company's Texas Gulf Coast assets. PEI retains access to a deep bench of technical knowledge and expertise of the Gulf Coast region, and will work in concert with Petrogen's internal technical team to jointly identify and establish the best opportunity set for the future ongoing developments of the Company's producing properties and to additionally capture and develop new venture opportunities that fit within Petrogen's future areas of growth.
Additionally, because PEI provides contract operations for a wide range of E&P companies, their extensive array of service based capabilities will directly result in increased efficiencies to Petrogen's new well drilling operations, while minimizing some of the greater challenges facing like-sized E&P companies in the current market place. Particularly, PEI's involvement includes a strong sphere of services business relationships that are provided by PEI for its clients on a continuous basis, which enables Petrogen to have accelerated and better access to securing drilling rigs, rig crews and on-site services critical to the timely development and completion of Petrogen's upcoming drilling operations.
Petrogen's Chairman and CEO, Sacha H. Spindler stated, "In a move to continue strengthening the further exploitation of the Company's hydrocarbon opportunity set, aligning interests with Petroleum Engineers, Inc. will greatly enhance our ability to further maximize value from our assets by leveraging PEI's operational and technical expertise in our core areas of operation. As we make plans to enter into the next phases of expansion at Emily Hawes and Tiller Ranch Fields in the coming months, Petroleum Engineers, Inc. will manage and facilitate all aspects of those developments with Petrogen."
PEI CEO, Larry Wright added, "Petroleum Engineers, Inc. is looking forward to working with Petrogen in the further development of their Gulf Coast assets and providing our full range of engineering services and expertise to Petrogen both at the well site as well as with their in house project management."
About PEI
PEI has provided engineering, production operations management and other technical services to the petroleum industry since 1970, and is one of the most respected consulting firms in the business. PEI provides services in all phases of petroleum and reservoir engineering; operations management; equipment design; completion and workover programs through the construction and operation of production facilities and pipelines.
About The Texas Gulf Coast
Texas and the Texas Gulf Coast represent one of the premier natural gas exploration and development regions in the world, accounting for 32% of all natural gas production and 27% of proved natural gas reserves in the United States. Over the past few years, several large discoveries by Shell, BP and Chevron Texaco have contributed to the growing prominence of the Gulf Coast region as a hotbed for the expansion of domestic natural gas developments.
About Petrogen
Petrogen Corp. is a Houston, Texas based upstream energy company specializing in the development of natural gas properties in the Texas Gulf Coast region with known hydrocarbon reserves. For further information, please visit the Company's website at www.petrogencorp.com .
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.
Company Contact
Louis J. Fruchier
V.P. Corporate Development & Communications
Petrogen Corp.
888-875-1155
fruchier@petrogencorp.com
BDGR: AUSTIN, Texas--(BUSINESS WIRE)--June 1, 2006--Black Dragon Resource Companies, Inc. (OTCPK: BDGR) announced today that it has entered into an agreement to purchase all of the issued and outstanding shares of stock of Gemini Explorations, Inc ("Gemini") a privately held Louisiana corporation and additional assets held personally by the owners of Gemini, who are Eugene DuCharme and James Vozzella. Both Messr. DuCharme and Vozzella will join Black Dragon upon the closing of the transaction and will enter into long-term management agreements with Black Dragon. The Gemini team will provide in house expertise in the areas of property management, maintenance, drilling etc. Total purchase price for Gemini and the non-Gemini assets is $25 million, payable in cash and stock. The existing $2.3M note held by Gemini for its prior sale to Black Dragon of shallow rights at Caddo Lake will be extinguished at the closing. The closing of the transaction is subject to final due diligence and other conditions of closing.
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Gemini, which specializes in the development and management of mature oil and gas properties, has been actively engaged in oil and gas exploration, production and operations in Northwest Louisiana for over thirty years. The purchase will bring Black Dragon not only valuable assets in its major area of operations but also expertise, management and equipment that significantly increase its ability to continue its growth and productivity.
The primary oil and gas mineral assets included in the transaction are:
1) The Hollenshead O&G, LLC properties acquired by Gemini in 2005. These properties cover 4700 acres of land with 525 previously drilled wells. Approximately 250 of those wells are currently in production. Gemini expects to place the remaining wells in production over the coming 12 months. Management believes that when all of these wells are equipped and salt water disposal is completed that these wells will produce approximately 500 barrels of oil per day.
2) Black Dragon will now have additional deep drilling rights (in excess of 3000 feet below the surface) held by Gemini to the lake bed of Caddo Lake.
3) 2300 acres of undeveloped mineral interests located on the Texas side of the Texas Louisiana State lines on the north shore of Caddo Lake.
4) 3 oil wells in the Shongaloo and Honore fields in Bossier and Caddo Parishes producing approximately 20 barrels of oil per day.
5) The DVI gas compression station and gathering system in the Pine Island - Caddo Lake area, which are currently processing 7,000 mcf of gas per day and are currently generating $135,000 per month in revenue. In addition to Gemini's gas production, this facility will significantly enhance the value of Black Dragon existing gas properties.
6) Over $4 million of various support equipment including rigs, tug boats etc.
7) Both field and headquarters offices in the Shreveport vicinity
According to Rick Michael, President of Black Dragon, "With this acquisition, Black Dragon has positioned itself to aggressively continue its growth in production and revenues in the concentrated area of Northwest Louisiana's proven, mature oilfields. After closing Black Dragon will have over 2000 wells on over 20,000 acres and significant physical equipment to develop those reserves. Combined current production currently exceeds 18,000 barrels per month and is growing daily. Our goals of 1,000 barrels per day by year end are within sight."
Mr. Eugene DuCharme, CEO of Gemini Explorations added, "We have had a close working relationship with Black Dragon over the last few years and have come to recognize the important synergies that are possible between our two companies. My management team and I look forward to immediately joining forces and taking advantage of the opportunities for growth provided through our joint efforts."
About Black Dragon:
Black Dragon Resource Companies, Inc. is oil and gas production company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
Forward-Looking Statements
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Contact:
Strategic Growth International, Inc.
Stan Altschuler / Richard E. Cooper, 212-838-1444
Saltschuler@sgi-ir.com
RCooper@sgi-ir.com
or
Black Dragon Resource Companies, Inc.
Rick Michael, 512-442-4151
www.black-dragonoil.com
DBRM: Daybreak Initiates Construction of Gas Pipeline in Louisiana
Thursday June 1, 12:00 pm ET
SPOKANE, Wash., June 1 /PRNewswire-FirstCall/ -- Daybreak Oil and Gas, Inc. (OTC Bulletin Board: DBRM. OB) a Washington Corporation, today announced that Daybreak has initiated construction of the pipeline connecting the Tensas "F1" Well in Louisiana to a gas sales pipeline. Daybreak is anticipating the pipeline to be completed over the next several days and will flow test the well into the pipeline upon completion.
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Daybreak has also entered into a contract to sell production from this well and anticipates production to begin this month.
SYNM: Syntroleum to Present Detailed Economics on its GTL Projects and Compelling Opportunities
Thursday June 1, 11:21 am ET
TULSA, Okla.--(BUSINESS WIRE)--June 1, 2006--Syntroleum Corporation (Nasdaq:SYNM - News), a leader in the Fischer-Tropsch (FT) industry, announced that it will hold its second annual analyst day on June 6. Among the topics of discussion are a review of the rapidly advancing commercial opportunities facing the company and the company's analysis of the detailed economics pertaining to its technology and business activities.
Specifically, the discussion will include, but is not limited to:
A review of key commercial developments and priorities.
Detailed economics involving land-based gas-to-liquids (GTL) plants.
Findings from a detailed feasibility study on constructing the world's first GTL/Oil Floating Production Storage and Offloading vessel.
Targeted oil and gas reserves capable of near cash flow production.
A review of Syntroleum's technological advancements.
An update on Syntroleum's coal-to-liquids potential and activities.
This event will highlight Syntroleum's thorough economical analysis involving its business development efforts and more than 20 years of research and development. Through the presentations, Syntroleum will illustrate its upside potential and unique competitive advantage as the company moves toward financial close on a FT plant. This analyst meeting is intended to clearly differentiate Syntroleum from its competitors, including its level and quality of analysis.
The event will be held at the Renaissance Hotel in Tulsa beginning at 8:30 a.m., CDT. The day will include data presentations and tours of Syntroleum's catalyst lab and demonstration plant, where more than 334,000 gallons of ultra-clean products have been produced since 2003. Syntroleum speakers at the event will be Jack Holmes, president and CEO; Ken Agee, chairman and chief research officer; Greg Jenkins, executive vice president of business development and chief financial officer; Gary Roth, executive vice president of engineering and technology; and Ron Stinebaugh, senior vice president of finance and acquisitions.
To attend the event in person, RSVP to Mel Scott at mscott@syntroleum.com. The event also will be available to the company's shareholders and the general public via a webcast at
http://www.corporateir.net/ireye/ir_site.zhtml?ticker=SYNM&script= 1010&item_id=1327342. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to the economics of the gas-to-liquids and the coal-to-liquids industries, the testing, certification, characteristics and use of synthetic fuels FT catalyst and alternative fuels, the Syntroleum Process and related technologies and products, GTL or coal-to-liquids plants using the Syntroleum Process, government support for the construction and operation of such plants, the economic use of such plants and the continued development of the Syntroleum Process. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan" "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Although Syntroleum believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that commercial-scale GTL plants will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that improvements to the Syntroleum Process currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices and government support for such plants), construction risks, risks associated with investments and operations of GTL and coal-to-liquids plants, the ability to implement corporate strategies, competition, intellectual property risks, Syntroleum's ability to obtain financing and other risks described in the company's filings with the Securities and Exchange Commission.
® "Syntroleum" is registered as a trademark and service mark in the U.S. Patent and Trademark Office
Contact:
Syntroleum Corporation, Tulsa
Mel Scott, 918-592-7900
mscott@syntroleum.com
--------------------------------------------------------------------------------
Concorde Resources Corp. Addresses Recent CCDE Trading
Thursday June 1, 9:30 am ET
PORT ST. LUCIE, FL--(MARKET WIRE)--Jun 1, 2006 -- Concorde Resources Corp. (Other OTC:CCDE.PK - News), in response to the sudden increase in CCDE daily trading volume and price movement of CCDE shares over the past few weeks, Concorde Resources Corp. wishes to make a statement about managements concerns regarding the share price.
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Paul Taylor President of CCDE stated, "Fortunately, the Company was able to turn off a recent email spam; unfortunately an enormous amount of sudden market activity seemingly produced a lingering concern to all the shareholders. As a result of this sudden activity there has been high volume share turnover at gyrating prices. The Company wishes to inform our shareholders that no acquisition finance from the recent CCDE acquisitions involved the use of free trading stock. The board of directors sincerely believes in Concorde's future and that CCDE securities are significantly under valued. The Company anticipates future fundamental growth and transparency. To that end the Company has retained a CPA to complete the audit for its Bevcorp International subsidiary and is developing a 15c-211 filing for the Terrax/WNS subsidiary."
About Concorde Resources Corp.:
Concorde Resources Corp. is a diversified investment conglomeration that develops partnerships and/or acquires control and recapitalizes small high growth businesses in selected business sectors. www.ccdecorp.info
About Terrax Inc.:
Terrax Inc. was formed in 1999 to provide paperless, customs brokerage services for US to Canada markets. Since that time the Company has grown the WeNetShip product to adequately profile all north-south customs needs and has added technology to the core product to make it adaptable for new Homeland Security initiatives. Terrax delivers its products through the WeNetShip division with its own proprietary technologies. Electronic commerce is growing exponentially and represents a huge business opportunity. Europe and Asia have definable numbers of exporters, and each of these thousands is a potential client for WeNetShip. Terrax maintains corporate offices in Gardnerville, Nevada and shares warehousing in Blaine, Washington and Victoria, Canada.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by CCDE may differ materially from these statements due to a number of factors. CCDE assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Contact:
Trade Enquiry's
Darrell Cho
VP Sales and Marketing
E-Mail: dcho@wenetship.com
1-866-554-2011
http://www.wenetship.com/terraxinc/index.html
http://www.wenetship.com
For Investor Relations Contact:
Jon Caserta
(866) 990-1112
CCDE@ParadigmIR.com
Brinx Brings in New Participant to Owl Creek Project
Thursday June 1, 9:30 am ET
ALBUQUERQUE, NM--(MARKET WIRE)--Jun 1, 2006 -- Brinx Resources Ltd. (OTC BB:BNXR.OB - News) (the "Company" or "Brinx") reports it has brought a new participant into its Owl Creek Project to help develop and fund the project to its fullest potential.
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Brinx has completed the sale of twenty percent of the Powell #2 well and future drill sites on the Owl Creek Project located in Garvin and McClain Counties, Oklahoma. Brinx Resources retains a 50% working interest in the Project. The agreement calls for a one-time cash payment of $300,000 US to Brinx Resources (received) and for each party to be responsible for their portion of the cost to compete the Powell#2 and future drill sites. Brinx retains a 70% working interest owner in its previously drilled Johnson #1 and the Powell #1 wells, including the spacing units where they are located. This sale provides Brinx funds to continue developing its share of the Owl Creek Project with no dilution to the current shareholders.
"We are pleased to bring another capable and well-managed partner to the Owl Creek Project, which we feel merits full development and the drilling of ten or more additional wells. Having an additional partner in the program gives us a stronger likelihood of being able to bring this significant asset on-stream more quickly than we otherwise would," said Leroy Halterman, President.
The Powell #2 is an offset well to the producing Powell #1 well. It was drilled to a total depth of 5,617 feet and reached TD (Total Depth) on May 18, 2006. The Powell #2 well had two significant hydrocarbon shows. The upper show was over 50 feet thick and was in the upper Viola and appears productive on the logs. The lower hydrocarbon show was in a deeper pay zone that exhibited good porosity, permeability and calculated productive on the open hole logs. Completion of this well is anticipated to start in the next few weeks.
A second development location for the Owl Creek Project is now being evaluated for possible drilling in June. This well would be an offset to the recently drilled Powell #2. Brinx has a 50% working interest in the Owl Creek project of the 1,100 acres leased in the project area.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sand Project in Noble County, Oklahoma (40% interest), the Owl Creek Project in McClain County, Oklahoma (70% interest), and its newest interest in its Mississippi Prospect in Palmetto Point (10% interest). Brinx Resources is seeking to expand its portfolio to include additional interests North America.
Leroy Halterman, President
The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
Contact:
For more information, contact:
250-Media
1-888-32-BRINX (27469)
WWW.BRINXRESOURCES.COM
Westside Energy names new CEO, CFO
Thu Jun 1, 2006 9:21 AM ET
June 1 (Reuters) - Westside Energy Corp. (WHT.A: Quote, Profile, Research) on Thursday named Chief Operating Officer Douglas Manner as chief executive officer, effective June 1.
Manner succeeds CEO, President and Chief Financial Officer Jimmy Wright, who will now hold the positions of president and COO, the oil and gas company said in a news release.
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Westside Energy names new CEO, CFO
The company also named Sean Austin as CFO and said he would also continue to hold his positions of vice president and corporate controller. (Reporting by Rakesh Sharma in Bangalore)
Endeavour Increases Norwegian Interests
Thursday June 1, 10:00 am ET
HOUSTON, June 1 /PRNewswire-FirstCall/ -- Endeavour International Corporation (Amex: END - News) announced today that its subsidiary Endeavour Energy Norge AS has signed an agreement with Lundin Norway pursuant to which Endeavour will obtain a 25 percent interest in Production License 304 on the Norwegian Continental Shelf. The transfer of the license is subject to approval by the Norwegian Ministry of Petroleum and Energy and Ministry of Finance.
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Endeavour Energy UK Ltd and Lundin Heather Ltd have also signed an agreement pursuant to which Lundin will be transferred a 25 percent interest in Production License 1176 on the United Kingdom Continental Shelf. Endeavour serves as operator of the license and will hold a 75 percent interest following the transfer to Lundin. The transfer of the license is subject to the approval of the UK Department of Trade and Industry.
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea. For more information, visit http://www.endeavourcorp.com .
Certain statements in this news release should be regarded as "forward- looking" statements within the meaning of the securities laws. These statements speak only of as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
AUCAF: $50 Million Dollar- 51 Well Drilling Program on ACOR's ORRI under ATP-299 - Endeavour-11 & Huckleberry-1 Strike Oil on the $5 Billion Dollar Potential Oil Field- Mimosa-1 Spuds
May 31, 2006 11:28:00 AM
Copyright Business Wire 2006
CISCO, Texas--(BUSINESS WIRE)--May 31, 2006--
Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF) reports that the JV partner of ATP-299 is pleased to announce that Endeavour 11 has been cased and suspended as a new oil production well.
Endeavour 11 was drilled at the Endeavour Field on ACOR's ORRI approximately 300 meters southeast of Endeavour 1 encountered good oil shows with approximately 5 meters of net oil pay in the Birkhead reservoir unit and has been cased as a future oil production well. The drilling rig PDI -724 was then released to the Mimosa 1 near field exploration (NFE) well location. Mimosa 1 is located approximately 2 kilometers southwest of Endeavour 11 and 850 meters southwest of Endeavour 3.
The drilling rig PDI-735 drilled and is testing Huckleberry 1, a near field exploration well located approximately 2 kilometers west of Mulberry 2. Huckleberry 1 encountered good oil shows during drilling and the potential reservoir formations are being tested.
About The Mulberry Oil Field:
Mulberry-1 was drilled in 2004 and is producing oil at a rate of approximately 600 barrels of oil per day. The 51 wells are designed to achieve additional oil production and to test the extent of the oil pool in the Birkhead 11-77 sand discovered in the Mulberry-1 well. The Mulberry-Gimboola-Endeavour /Tintaburra Oil Field contain significant proved undeveloped oil reserves and exploration up side.
The Mulberry-Gimboola-Endeavour Field is part of the Tintaburra Oil Field on ACOR's ORRI under ATP-299 and is estimated to contain around 84 million barrels of proved plus probable oil in place or approximately $5,036,640,000, at current market prices.
ACOR owns .0575 of 1% ORRI under ATP-299.
12 Wells to Be Drilled - All Adjoin ACOR's 41.5% WI PEL 112 - Sellicks-2 IP 2685 BOPD-To be completed as a Multiple-Zone Oil Producer & a new oil pool discovery
Since the May 24th ACOR press release, Sellicks-2 has drilled ahead 140 meters in a deviated hole to reach a total depth of 2147 meters. DST- 1A (1984 - 2007 meters), which was reported last week, flowed oil to surface at a final rate of 2685 barrels oil per day and is a new-pool oil discovery in the Poolowanna Formation.
Since then, the well's primary target, the Patchawarra Formation, was intersected 5 meters updip of Sellicks-1 and wireline logs were acquired after reaching TD. This data shows that the reservoir interval is similar to Sellicks-1 and preliminary log interpretation indicates approximately 7 meters of oil pay in the Patchawarra and 3 to 6 meters in the Poolowanna.
In addition, two further sands within the Patchawarra are possibly oil-bearing, but could not be tested due to the hole limitations. It is planned to address this potential (up to 6m of oil pay) once production has been established from the Poolowanna and Lower Patchawarra intervals.
Casing was being run prior to completing the Sellicks-2 well as a multiple-zone oil producer. The Sellicks-2 adjoins ACOR's PEL 112 to the north.
Sellicks-3 Spuds Next
The rig will then be skidded about 5 meters to spud Sellicks-3, the 6th well of 12 wells to be drilled - all adjoining ACOR's PEL 112.
Since its discovery in July 2003 the Sellicks-1 has produced more than 250,000 barrels of oil or $17,500,000, using $70.00 per barrel oil and continue to produce strongly. However, new 3-D seismic mapping suggests that the discovery well may not be optimally located on the field, and the two appraisal wells are designed to test the potential for undrained oil updip and offset from Sellicks-1. Both wells will be deviated from a single well site located adjacent to the established field facility.
All the wells mentioned in this press release adjoin ACOR's 41.5% working interest PEL 112 to the north and to the east.
Silver Sands-1 well came in with an initial potential of 1062 BOPD
Christies-1 well came in with an initial potential of 500 BOPD
Christies-2 well came in with an initial potential of 1960 BOPD
Christies-3 well came in with an initial potential of 2400 BOPD
Christies-4 well came in with an initial potential of 653 BOPD
Christies-5 well came in with an initial potential of 403 BOPD
Sellicks-1 well came in with an initial potential of 1780 BOPD
Sellicks-2 well came in with an initial potential of 2685 BOPD
Worrior-1 well came in with an initial potential of 2800 BOPD
Worrior-2 well came in with an initial potential of 2000 BOPD
Worrior-3 well came in with an initial potential of 276 BOPD
Worrior-4 well came in with an initial potential of 1660 BOPD
The current production on the adjoining area to the north of ACOR's PEL 112 is averaging a reported $33,000,000 a year.
The current production on the adjoining area to the east of ACOR's PEL 112 is averaging a reported $75,000,000 a year.
Why are we talking about the Wells that adjoin ACOR's PEL 112?
Take the smallest of the recent discoveries (276 BOPD) and multiply (x) it by $70.00 per barrel, current market price of crude oil times (x) 30 days, times (x) 12 months and apply it to times (x) ACOR's PEL 112 41.5% Working Interest and see the results for yourself. Now do the same with the largest discovery that adjoins ACOR's PEL 112.
Smallest Discovery so far, Worrior-3 IP276 BOPD
Largest Discovery so far, Worrior-1 IP2,800 BOPD
Now you can see why ACOR management is so excited about all the drilling activity that is going on adjoining ACOR's PEL 112 to the north and east. In our opinion, any one of the recent discoveries from the smallest to the largest could be a possible "Company-Maker" discovery for our company, if discovered on PEL 112.
This is some of the most profitable production in onshore Australia, and ACOR is in the middle of it.
ABOUT PEL 112
ACOR has invested approximately 5 years of time and several million dollars on PEL's 112, 108, & 109.
PEL 112 covers 818,904 acres and has never been drilled on (no dry holes) and is located in the Cooper/Eromanga Basin of South Australia. ACOR has just completed a new seismic survey on PEL 112 at a cost of approximately $1,100,000. The new seismic survey has discovered two large seismograph highs as well as 28 smaller ones. The two large seismograph highs are called C-23 & C-26, which cover a combined area of approx. 5,534 acres with excellent closure.
ACOR is currently getting drilling bids for the 2 best drilling locations identified by seismic. The drilling locations for C-23 & C-26 have now been staked and the photos of the locations are available on our website.
ACOR owns 41.5% WI under PEL's 108, 109, & 112.
ACOR Onshore Australia Working Interest Update:
ACOR has received farmout requests for a portion of ACOR's 41.5% working interest under PEL 108, 109, & 112 and a portion of ACOR's 100% working interest under ATP-582, covering approximately 8,414,348 gross acres. Both areas are located in the Cooper/Eromanga Basin in South Australia and Queensland. ACOR management is seriously reviewing the farmout requests. Results of the meetings will be shared with you in forthcoming press releases.
About Australian-Canadian Oil Royalties Ltd.:
ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT. ACOR's principal assets consist of 15,440,116 gross surface acres of overriding royalty interest and 8,561,007 gross acres of working interests, located Onshore Australia in the Cooper-Eromanga Basin and Offshore Australia in the Gippsland Basin in the Bass Strait.
ACOR is a publicly traded oil company trading on the NASDAQ OTC Bulletin Board Exchange under the trading symbol "AUCAF."
Summary:
Australia is a "hot spot" for oil & gas exploration and ACOR is positioned for possible "Company-Maker" discoveries. ACOR's working interest and overriding royalty interest are located offshore & onshore in the best producing basins.
Visit our website at www.aussieoil.com.
Disclaimer:
Except for historical information contained herein, the statements released are forward-looking statements that are made pursuant to the provision of the Private Securities Litigation Reform Act of 1955. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
Source: Australian-Canadian Oil Royalties Ltd.
----------------------------------------------
Australian-Canadian Oil Royalties Ltd.
Roger Autrey
512-784-7828
RLA@austin.rr.com
There's a LOT of freakin oil down that hole.
AUCAF Well flowing 2250-2700 barrels of oil/day! WOW!!! That's HUGE!!!!! 100% success on 5 wells. Found new oil pool!!!! This baby is gonna fly when the word gets out IMO.
12 Wells to Be Drilled -- All Adjoin ACOR's 41.5% WI PEL 112 -- 1st Five (5) Wells of 12 Wells Strike Oil -- Avg 100% Success -- Sellicks-2 IP 2700 BOPD -- New Pool Discovery
May 24, 2006 11:03:00 AM
Copyright Business Wire 2006
CISCO, Texas--(BUSINESS WIRE)--May 24, 2006--
Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF) reports that the operator has announced that the Sellicks-2 well has struck oil in a new oil pool. The DST 1A conducted early this morning over the Poolowanna Formation interval 1984-2007 meters resulted in a flow of oil to surface in 13 minutes. A preliminary rate of 2250-2700 barrels of oil/day was achieved. The Sellicks-2 well adjoins ACOR's PEL 112 to the north. The Sellicks-2 is an appraisal well in Sellicks Oilfield in the Eromanga Basin, South Australia, spudded on May 11.
This is a new pool oil discovery within the Sellicks Field, which has, to date, produced oil only from the deeper Patchawarra Formation. Sellicks-2 is the first of two appraisal wells based upon 3-D seismic that was designed to optimize field development. Sellicks-2 will now drill ahead to evaluate the Patchawarra Formation primary target, which is expected to be reached tomorrow.
Since its discovery in July 2003 the Sellicks-1 has produced more than 250,000 barrels of oil or $17,500,000, using $70.00 per barrel oil and continues to produce strongly. However, new 3-D seismic mapping suggests that the discovery well may not be optimally located on the field, and the two appraisal wells are designed to test the potential for undrained oil updip and offset from Sellicks-1. Both wells will be deviated from a single well site located adjacent to the established field facility. The bottom-hole target for Sellicks-2 is located approximately 120 meters to the south of Sellicks-1. It has a planned total depth of 2,147 meters.
All the wells mentioned in this press release adjoin ACOR's 41.5% working interest PEL 112 to the north and to the east.
Silver Sands-1 well came in with an initial potential of 1062 BOPD
Christies-1 well came in with an initial potential of 500 BOPD
Christies-2 well came in with an initial potential of 1960 BOPD
Christies-3 well came in with an initial potential of 2400 BOPD
Christies-4 well came in with an initial potential of 653 BOPD
Christies-5 well came in with an initial potential of 403 BOPD
Sellicks-1 well came in with an initial potential of 1780 BOPD
Worrior-1 well came in with an initial potential of 2800 BOPD
Worrior-2 well came in with an initial potential of 2000 BOPD
Worrior-3 well came in with an initial potential of 276 BOPD
Worrior-4 well came in with an initial potential of 1660 BOPD
The current production on the adjoining area to the north of ACOR's PEL 112 is averaging a reported $33,000,000 a year.
The current production on the adjoining area to the east of ACOR's PEL 112 is averaging a reported $75,000,000 a year.
Why are we talking about the Wells that adjoin ACOR's PEL 112?
Take the smallest of the recent discoveries (276 BOPD) and multiply (x) it by $70.00 per barrel, current market price of crude oil times (x) 30 days, times (x) 12 months and apply it to times (x) ACOR's PEL 112 41.5% Working Interest and see the results for yourself. Now do the same with the largest discovery that adjoins ACOR's PEL 112.
Smallest Discovery so far, Worrior-3 IP 276 BOPD
Largest Discovery so far, Warrior-1 IP 2,800 BOPD
Now you can see why ACOR management is so excited about all the drilling activity that is going on adjoining ACOR's PEL 112 to the north and east. In our opinion, any one of the recent discoveries from the smallest to the largest could be a possible "Company-Maker" discovery for our company, if discovered on PEL 112.
This is some of the most profitable production in onshore Australia, and ACOR is in the middle of it.
About PEL 112
ACOR has invested approximately five years of time and several million dollars on PEL's 112, 108, & 109.
PEL 112 covers 818,904 acres and has never been drilled on (no dry holes) and is located in the Cooper/Eromanga Basin of South Australia. ACOR has just completed a new seismic survey on PEL 112 at a cost of approximately $1,100,000. The new seismic survey has discovered two large seismograph highs as well as 28 smaller ones. The two large seismograph highs are called C-23 & C-26, which cover a combined area of approx. 5,534 acres with excellent closure.
ACOR is currently getting drilling bids for the two best drilling locations identified by seismic. The drilling locations for C-23 & C-26 have now been staked and the photos of the locations are available on our website.
ACOR owns 41.5% WI under PEL's 108, 109, & 112.
ACOR Management Visit to Australia
ACOR management is back from Australia, after attending the 2006 APPEA Convention May 7-10. ACOR management met with several investors who requested that we travel to see them. ACOR has received farmout requests for a portion of ACOR's 41.5% working interest under PEL 108, 109, & 112 and a portion of ACOR's 100% working interest under ATP-582, covering approximately 8,414,348 gross acres. Both areas are located in the Cooper/Eromanga Basin in South Australia and Queensland. ACOR management is seriously reviewing the farmout requests. Results of the meetings will be shared with you in forthcoming press releases.
About Australian-Canadian Oil Royalties Ltd.
ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT. ACOR's principal assets consist of 15,440,116 gross surface acres of overriding royalty interest and 8,561,007 gross acres of working interests, located Onshore Australia in the Cooper-Eromanga Basin and Offshore Australia in the Gippsland Basin in the Bass Strait.
ACOR is a publicly traded oil company trading on the NASDAQ OTC Bulletin Board Exchange under the trading symbol "AUCAF."
Summary:
Australia is a "hot spot" for oil & gas exploration and ACOR is positioned for possible "Company-Maker" discoveries. ACOR's working interest and overriding royalty interest are located offshore & onshore in the best producing basins.
Visit our website at www.aussieoil.com.
Disclaimer:
Except for historical information contained herein, the statements released are forward-looking statements that are made pursuant to the provision of the Private Securities Litigation Reform Act of 1955. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
Source: Australian-Canadian Oil Royalties Ltd.
----------------------------------------------
Australian-Canadian Oil Royalties Ltd.
Roger Autrey
512-784-7828
RLA@austin.rr.com
Research Update Issued on Imperial Petroleum, Inc. Regarding New Venture into Biodiesel Industry by Beacon Equity Research
Monday May 22, 8:06 am ET
DALLAS--(BUSINESS WIRE)--May 22, 2006--A new research update has been issued on Imperial Petroleum, Inc. (OTCBB: IPTM - News) by Beacon Equity Research Senior Research Analyst, Shailesh Dhuri, CFA. This report provides an update on the recent agreement by Imperial Petroleum with Domestic Energy Partners (http://www.BetterBiodiesel.com) to distribute biodiesel products.
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The full report is available at http://www.beaconequityresearch.com
In the report Mr. Dhuri writes, "The industry is a fast-growing and competitive market with many smaller firms currently competing with each other to capture a larger market share. However, in today's market even most of the smaller companies have recently performed well. The competitors in this industry are divided among companies producing conventional energy and non-conventional energy. Some notable non-conventional energy companies in the ethanol or biodiesel industries are Earth Biofuels Inc. (OTCBB:EBOF - News), GreenShift Corporation (OTCBB:GSHF - News), Xethanol Corporation (OTCBB:XTHN - News) and US Energy Initiatives Corporation (OTCBB:HYFS - News).
"The demand for biodiesel is expected to grow strongly. With this agreement in place, Imperial Petroleum may be able to capture an early-mover advantage in this field. This presents an appealing opportunity which may be a good catalyst for generating shareholder value. This agreement appears to fit into the company's core focus and strategy of growing the scale and scope of its business through profitable acquisitions and partnerships."
Beacon Equity Research Disclosure
The analysts contributing to this report do not hold any shares of Imperial Petroleum, Inc. (IPTM). Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. The analyst(s) writing this report recognize and aspire to all of the CFA Institute Guidelines for Independent Research. Beacon Equity Research ("Beacon") certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analysts in the report. A principal of Beacon Equity Research is also a principal of Pasadena Capital Partners, an investor relations firm for IPTM which has received 400,000 restricted rule 144 shares directly from IPTM for services. Beacon expects to receive $18,000 from IPTM for a one-year enrollment in its research program. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change.
Anyone interested in receiving alerts regarding Imperial Petroleum, Inc. research should email members@beaconequityresearch.com with "IPTM" in the subject line.
Contact:
Beacon Equity Research
Jeff Bishop, 469-252-3035
editor@beaconequityresearch.com
www.beaconequityresearch.com
--------------------------------------------------------------------------------
Oil Stocks Fall With Crude Price
Monday May 15, 12:55 pm ET
Crude Oil Price Falls on Projections of Slower Growth, Oil Stocks Dragged Down
NEW YORK (AP) -- The slumping price of oil pulled down the stocks of oil companies from giant producers to smaller contract drillers Monday.
A barrel of light crude for June delivery dropped $2.59 to $69.45 in midday trading on the New York Mercantile Exchange, as traders continued to react to lowered demand projections.
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The International Energy Agency on Friday said the aggressive run-up in oil prices is likely to ease, as U.S. demand weakens and countries in the former Soviet Union boost exports. The agency cut its global crude oil demand growth forecast for this year by 15 percent.
Jacques Rousseau, an analyst with Friedman, Billings, Ramsey & Co., said he's now forecasting a barrel of oil to be $59 this year, although that may be too low.
If oil prices do reverse and head down, it could spark "a sudden correction" that could push the stocks of oil producers down between 5 percent and 10 percent, said David Adams, an analyst with Jefferies & Co. Stocks have traded almost in perfect correlation with crude oil prices the past five months, Adams said.
While oil stocks fell, many were declining from close to their 52-week highs. Many are still trading comfortably above their 52-week lows.
Among the big oil producers, Exxon Mobil Corp. shares fell 50 cents to $61.74 on the New York Stock Exchange. It's traded between $52.78 and $65.96 the past year.
BP PLC stock was down $1.74, or 2.3 percent, to $72.90. Its 52-week range is $57.95 to $76.85.
ConocoPhillips was down $1.66, or 2.6 percent, to $63.53. Its 52-week range is $47.55 to $72.50
Chevron Corp. was down 72 cents to $60.66. Its 52-week range is $49.81 to $65.98.
Of contract drillers, Patterson-UTI Energy Inc. shares were down 75 cents, or 2.4 percent, to $31.05. Its 52-week range is $23.45 to $38.49.
Competitor Grey Wolf Inc. shares dropped 29 cents, or 3.6 percent, to $7.81. Its 52-week range is $5.52 to $8.93.
WBRS, just getting started here!
I think it has room to run...
This One Has It All OIL NATURAL GAS ETHANOL OIL SANDS COALBED
WBRS .06
TAKE A LOOK IN THERE WEBSITE HERE!!!
http://www.wildbrushinc.com/
Wild Brush is a diversified energy company whose goal is to identify and develop traditional fossil fuel sites, as well as clean air energy producing alternatives. These "green energy" targets include, wind generated electricity, ethanol extraction producers and hydroelectric sites. Wild Brush is presently developing its fossil fuel leases within the state of Wyoming.
Fossil Fuels
Oil & Gas
Coalbed Methane
Oil Sands
Wind Energy
Ethanol
Hydroelectric
Wild Brush is a diversified energy company whose goal is to identify and develop traditional fossil fuel sites, as well as clean air energy producing alternatives such as Wind Farms. Wild Brush is presently developing its fossil fuel leases within the state of Wyoming, and a large scale Commercial Wind Farm in Europe. Wild Brush Energy Inc. is a publicly traded junior energy company based in Seattle, Washington trading under the symbol "WBRS".
Wild Brush has established an aggressive development vision focused on unique energy opportunities both within North America and the world. Our plan is to aggressively build corporate and shareholder value through acquisition, exploration, and production development of oil and gas reserves, and Commercial Wind Farm sites. Wild Brush will build superior financial returns by optimizing reserves and cash flow, and managing technical and financial risks. The management team will work on a dedicated and focused basis to identify and develop unique energy opportunities. The team will establish a strong corporate asset base by increasing reserves, production, cash flow and shareholder value. Wild Brush will continue to look for low risk development opportunities, with large upside potential, both in North America and internationally.
Wild Brush will continue to expand its reserve base and increase production and cash flow through the acquirement of producing oil and gas properties. The Company will also grow through the acquisition and development of renewable energy sources such as Wind Power. Such acquisitions depend on an analysis of the properties' current cash flow and The Company's profitability from the acquisition. The Company's ideal acquisition would include not only oil and gas production, but also leasehold and other working interest in exploration areas.
The Company also seeks to identify promising areas for oil and gas exploration and clean energy produced from wind through outside consultants and Company expertise. Identification will include collecting and analyzing exploration area, geological and geophysical, data. Once promising properties are identified, The Company will attempt to acquire the properties, either for drilling oil and natural gas wells or installing wind plants, using independent contractors for drilling operations, or, for sale to third parties.
Wild Brush recognizes that the ability to implement its business strategy depends on its ability to raise additional debt or equity capital to fund future acquisition, exploration, drilling and development activities.
Corporate Goals: 2007
Expand Operations in Core Areas
Rationalize poorly-funded industry players' assets
Continue negotiated transactions focus
Accelerate Business Model
Maintain financial flexibility
Increase revenues annually
Increase Stature as a Public Company
Improve financial results to provide stock price underpinning
Increase common stock float and liquidity
Achieve national market system (NMS) status by the end of 2007
Wild Brush Energy Inc. continues to explore and evaluate fossil fuel properties through North America. Only those properties with the greatest possibility of success are considered for development by the company. Presently, four land parcels have been selected for further exploration; these are located in the State of Wyoming.
Coal Bed Methane Leases
Wild Brush Petroleum has two Coal Bed Methane (natural gas) leases located on the eastern side of the Powder River Basin. This region has an estimated 40 trillion cubic feet of Coal Bed Methane. Numerous large petroleum exploration and development companies conduct operations in this basin area, they include firms such as Devon Energy, Williams and Western Gas.
Coal Bed Methane in Wyoming
Presently, over thirteen thousand wells are producing over 26,000,000 thousand cubic feet (Mcf) of coal bed methane in the state
Map of Wyoming - Click to enlarge
of Wyoming. Nearly all this activity is in the Powder River Basin area. Reserves in the Powder Basin are estimated at over 40 trillion cubic feet, the equivalent of a year's consumption for the entire U.S. Nearly 100 wells are being drilled each week, and the gas companies say the entire 8 million-acre basin could have 50,000 to 100,000 producing wells before they are finished. Much of this CBM is located less than five thousand feet deep. This play is the largest onshore development for natural gas in North America within the last ten years.
Oil & Gas Leases
Wild Brush secured its first two federal government leases in western Wyoming. Both leases are located in active, oil and natural gas rich basins. The first 600-acre lease is centered in the Green River Basin region. This is one of the most active fossil fuel areas in the state of Wyoming. Major exploration and development firms operate all around Wild Brush's Green River lease. Operators include Exxon Mobile, Duke Energy, and Williams Gas.
The second lease is found in the northern section of Wyoming, in the Bighorn River Basin. The Bighorn Lease is a 776-acre land parcel nestled along the western edge of the Basin.
Wild Brush also holds four leases in the Powder River Basin of Wyoming. This is one of the most active Coal Bed Methane areas in North America.
About Wyoming Oil & Gas
At the beginning of 2002, Wyoming ranked second in the United States in proved reserves of natural gas and seventh in proved reserves of crude oil. Collectively over 26,000 wells produced 54.7 million barrels of oil and 1.75 trillion cubic feet of natural gas in 2002. Proved reserves of natural gas were at an all time high of 18.4 trillion cubic feet, while proved reserves of crude oil were 489 million barrels.
Wild Brush Wind Energy is a viable and mature business model and our goal is to run successful wind farm operations. In addition to building and managing wind parks, we will be also providing the following services:
Site selection
Land rights acquisition
Permit acquisition
Environmental commodities
Environmental permitting
Construction
Power sales agreements
Marketing
Project Financing
Engineering, design and procurement
Wind Energy, a clean and renewable source of electric power, is also the world's fastest growing energy source!
The governments of United states and Canada and other industrialized nations around the world are increasingly recognizing the value of wind energy as vital component of long term, sustainable economic and environmental well being, as well as security of energy price and supply. Governments are rewarding the wind industry with incentives and green energy programs that support long term, affordable, efficient and clean energy from renewable wind resources. At the same time enlightened and forward looking companies have established renewable energy business units and investment portfolios that address corporate policy and future economic sustainability, as well as financial performance.
Wind power is now the world’s fastest energy source. After 20 years of development and growth, the modern wind power industry finally has come of age. Wind energy has become one of the most competitive and sustainable energy technology available today.
Wild Brush aspires to be amongst the top five wind power companies in the world by leveraging its technological leadership and its commercial acumen to satisfy its customers.
Other areas of Wild Brush's expertise include:
Generation development
Long-term structured power sales and purchases
Energy trading
Power scheduling and dispatch
Fuels procurement
DVPC, the little oil, that can
WILL THIS BE THE NEXT NDOL????
DVPC .088 KEEP ON YOUR RADAR SCREENS!!!!!!!!
Dover Petroleum (DP) is a junior oil and gas exploration company that has properties in Egypt and the United States.
Our mission is to identify, acquire and develop high quality oil and gas properties. Our mandate is to focus on properties that have large reserve potential that will maximize shareholder value.
Our Properties
We own the Wyoming Asset through our wholly owned subsidiary
Slaterdome. The Wyoming Asset consists of a 33.334% working and operating rights interest in certain oil and gas leases located in Carbon County, Wyoming
and Moffat County, Colorado.
The working and operating rights interest in the oil and gas leases cover approximately 32,000 gross acres in northwest Colorado and southwest Wyoming (the “Slater Dome Area”). A gas gathering line has been constructed and stretches over 18 miles and will collect gas from wells capable of producing gas in the Slater Dome Field.
Carbon County Colorado & Moffat County Wyoming
Gulf of Suez, Egypt:
DP is the operator with a 50% joint-venture interest in the 100,000-acre East Wadi Araba oil concession.
The property was relinquished by British Gas in 1998, when oil prices were in the $10 per barrel range. In 1991, British Gas drilled 1 target that produced 20,000 barrels per day of production and recovered 50 million barrels of oil from the field. It is still in production with 52 million barrels of recoverable reserves, adjacent to DP`s project to the northeast.
The Seismic data generated by British Gas identifies 12 more targets, with each target having the potential to hold 50-100 million barrels of recoverable oil.
The Gulf of Suez is very developed for oil production, with 33% being the average chance of success for exploration wells. There are 40 producing fields in the Gulf of Suez.
There are producing oil fields to the east and northeast of DP’s property. They include the October field with 1.5 billion barrels of recoverable oil; and several oil fields to the south of the concession (including Asfran, Rahmi and Amir) contain on estimate 700 million barrels of recoverable oil. Major oil companies like BP/Amaco, Shell, Apache, Seagull, Devon Energy and Ocean Energy are represented in the area.
Egypt Gulf of Suez oil fields
Geologic Setting and Evaluation:
The Gulf of Suez Sedimentary Rift Basin is rated as having the most potential of any basin in the world considering the recoverability of hydrocarbons, that is, the amount of oil actually recovered from the probable recoverable hydrocarbons per cubic meter of sediments.
The thickness of the sediments in the main depositional centers might reach 30,000 feet of several excellent and widely distributed source rocks and many potential reservoirs of great petrophysical characteristics at all levels of different geologic times.
The basin contains five super-giant fields that have already produced close to five billion barrels of oil since 1957 and will probably produce an additional two billion barrels.
The geologic sequence can be divided into two distinct stratigraphic and structural units namely: The Pre-rifting (Pre-Miocene) system, and the Rifting (Miocene) system.
A generalized stratigraphic correlation of the Gulf of Suez Rift Basin is attached. The most potential reservoirs in East Wadi Araba block are the Belayim, Kareem, Rudies and Nubia intervals.
The production and potential reserves of a discovery on East Wadi Araba block is very much comparable with the Warda (Zaafarana) Oil Field, which is located on the northern part of our concession.
The Warda field is producing oil from seven separate intervals in the Belayim, Kareem and Rudies formations. The field comprises 9 wells, the production had reached 20,000 barrels per day of 24-29 API oil that is probably generated from different source rocks in the region and accumulated at different times during the Late Miocene.
The field’s discovery well was perforated in five intervals and tested a cumulative daily production of 6,880 barrels. Despite the low relief of the structural closure however, the field has estimated recoverable reserves of 52,000,000 barrels. The nine wells have already produced around 40,000,000 barrels since 1990 (date of discovery).
The first target to drill (East Wadi Araba–1x), is a structure that is located 1.75 kilometers southwest of Warda and probably 1,500 – 2,500 feet structurally higher than Warda field (depending on the unit level). The structural area closure is less than that of the Warda field and covers 4 square kilometers. However, if successful, it might contain more than 100 million barrels of recoverable reserves due to its huge vertical structural relief.
An apparent major reef build-up at the Belayim level (Nullipore Reef) is noticed on a NE-SW directed seismic line BGP-91-717 at the top of the structure. These reefal facies do not exist in the Warda field. The nearest development of that reef was encountered in Assran, Amer, Ras Gharib and Fanar oil fields that are located close to the southern portion of the concession along the shoreline.
The reef build-up in Assran wells is about 750 feet of dolomites that are saturated with 10-18 API heavy oil (most likely due to the bio-degradation of the oil by contaminated underground water). The Nukhul limestone is also oil-bearing. The oil in-place is estimated to be 670 million barrels and was penetrated at less than 500 feet from surface. Using conventional production methods and horizontal drilling, the recovery factor is calculated at 10% that might reach 30% with the utilization of enhanced recovery techniques such as miscible flooding or steam injection.
The producing reservoirs of Warda oil field in the Belayim, Kareem and Rudies are actually filled to the spill point; the Nubia is not producing in the field due to the lack of structural closure in the southwesterly direction.
The oil in East Wadi Araba concession acreage and the surrounding fields is generated from a major depo-center to the east. This kitchen area was capable of generating huge amounts of oil as evidenced by Warda field (52 million barrels of recoverable oil) and by October field (1.5 billion barrels of recoverable oil of 42 API in the Nubia).
Another important depo-center is located south of the acreage that has provided the source of 18-29 API oil accumulations in Assran, Rahmi, FF, HH, GG and Amer oil fields.
The first drill location (E.Wadi Araba-1x) is structurally closed at all levels down to the basement and presents the most logical position to trap any migrating hydrocarbons in the region. Potential oil zones are anticipated in Belayim, Kareem, Rudies, Nubia and fractured Basement.
The total depth to the basement is forecasted to be at 6000 feet, the water depth is maximum 22 meters and the dry hole cost is about US$1,750,000 in addition to US$500,000 for completion. The average production per well is most likely between 4,000 and 6,000 barrels per day. Five wells will be required to develop the field using two mono-podes as production bases. The production can be handled by building a 2-kilometer tie to a pipeline onshore.
The second commitment well (East Wadi Araba-2X) is shown on the NW-SE directed seismic line BGT 91-630. It represents a major horst block identical to Warda field’s horst block. This block might contain recoverable reserves similar to Warda and probably much higher if the Nubia produces oil. The depth to basement will be around 7,000 feet.
Stock symbol on Pink Sheets OTC: DVPC
Find quotes via www.pinksheets.com
36.6 million shares outstanding.
The company`s corporate offices are in Richmond Hill, Ontario and Cairo, Egypt.
Dover Petroleum (DP) is a new publicly traded company that is presently focused on developing the East Wadi Araba Concession in the Gulf of Suez, Egypt.
Seismic data shows 12 targets with potentially large oil reserves. Drilling will commence in 2002 with estimated capital expenditures of $4 million for 2 exploratory wells. There are several producing fields adjacent to DP`s property in Egypt. There are 40 producing fields in the Gulf of Suez, with the 5 largest fields producing more than 5 billion barrels of oil.
Management: Robert P. Salna, Peter J. Moulds, Dale L. Amermine
Contact Us: Dover Petroleum Corp, 10225 Yonge Street, Richmond Hill, Ontario L4C 3B2
DISCLAIMER-Please read http://www.investorshub.com/boards/board.asp?board_id=1544
HEC news. POSITIVE TEST RESULTS
1,100 boepd and Harken still gets 34%of total revenues of global to add to harkens bottom line nice !!!!
.
RNS Number:4081C
Global Energy Development PLC
04 May 2006
Immediate Release 4 May 2006
GLOBAL ENERGY DEVELOPMENT PLC
POSITIVE TEST RESULTS AND PLACING ON PRODUCTION OF TILODIRAN 2 WELL
Global Energy Development PLC ("Global" or the "Company"), the Latin America
focused petroleum exploration and production company (LSE-AIM: "GED"), is
pleased to announce positive test results from its Tilodiran 2 exploratory well
on the Rio Verde Exploration and Production Concession contract area in the
central Llanos region of Colombia.
The Company perforated two intervals between 13,020 feet and 13,230 feet and
tested the Upper Massive Ubaque and Upper Gacheta formations of the Tilodiran 2
well. These formations are two of an overall six potentially oil productive
zones that were identified by the management team with the four other zones not
tested at this stage.
The Tilodiran 2 well, using mid-range pump speeds, produced at a maximum
short-term rate of 2,746 bopd of 16 degree API gravity oil and 761 mcfd of
methane for a total maximum short-term rate of 2,873 boepd. Two productive
formations, the Upper Massive Ubaque and the Upper Gacheta, were tested on a
combined, commingled basis to achieve these maximum rates. The Upper Gacheta
produced 19 degree API gravity crude at a very low solution gas-oil ratio and
essentially zero BS&W. The Upper Massive Ubaque, which is 200 feet below the
Upper Gacheta, produced 15 degree API gravity crude at a solution gas-oil ratio
of 275 cubic feet of methane per barrel of oil and a variable BS&W rate of 35%
to 65%. Based on the Company's experience, the gas-oil ratio for the Upper
Massive Ubaque is exceptionally favourable and should enhance the long term
deliverability of oil from this formation.
Given these gas-oil ratio and water cut characteristics the Company currently
estimates a stabilized oil rate at the minimum possible pump speed to be
approximately 1,100 boepd. After arranging for additional surface handling
equipment as well as the necessary trucking capacity for short-term oil
transportation, Global will look to place the Tilodiran 2 well on continuous
production within four weeks. The Company's recent gross production, prior to
the placing on continuous production of the Tilodiran 2 well, is 1,050 bopd.
Future production rates from the Tilodiran 2 well may increase assuming the
successful addition of other potentially oil productive formations. Conversely,
the Company may decide to restrict production rates according to what Global
determines to be the maximum efficient sustainable rate of production according
to prudent reservoir management techniques.
The Company intends drilling another well in the Tilodiran field later in 2006.
The Company will look to test the Mirador formation in this well in addition to
others if present and bearing moveable hydrocarbons. The Mirador formation was
untested in the Tilodiran 2 well but is considered by the management team to
potentially be the most significant due to the Mirador's enhanced permeability
and oil gravity characteristics found in similar fields in the Llanos region.
Global's net interest in the Tilodiran 2 well is 89.5%. A total 10.5% royalty is
payable to others which includes 8% to the National Hydrocarbons Agency of the
Republic of Colombia, with the size of the royalty to be determined by future
production levels.
Of particular interest to the Company is that the Rio Verde contract is
contiguous with the southern boundary of Global's newly signed Los Sauces
Exploration and Production Concession contract. Based upon data currently
available the management team believe the Tilodiran field is part of a larger
trend to the north into the Los Sauces contract area as well as further to the
east in the Rio Verde contract area. Further action to define the scope of these
opportunities is planned prior to the end of 2006 and continuing into 2007.
Commenting on the successful Tilodiran 2 well, Stephen Voss, Global's Managing
Director, said:
"We are extremely pleased with the results of the Tilodiran 2 well production
test. The well shows preliminary evidence of very significant oil deliverability
that will have a considerable impact on the Company's production volumes and
revenues.
Our immediate work plans are to install additional production facilities and
begin planning for a pipeline extension to a junction 10 kilometres northwest of
Tilodiran so that further field drilling can be undertaken later this year.
Although we were unable to test all productive zones in the Tilodiran 2 well at
this stage, our future development plans will include specific efforts to
identify the productive potential of other formations, including the regionally
prolific Mirador. The Company is also very excited about the potential to extend
this success to other adjacent geologic features that appear similar to our
Tilodiran field."
For further information:
Global Energy Development PLC
Catherine Miles, director of Investor Relations +44 (0) 20 7763 7177
www.globalenergyplc.com +44 (0) 7909918034
-------------------------------------------------
Notes to Editors:
Global has been listed on the AIM Market of the London Stock Exchange since
March 2002 (LSE-AIM: "GED"). The Company currently holds in excess of 5.2
million acres through nine contracts in Colombia and Peru, an exclusive
Technical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEA
in Panama. Global's portfolio comprises production, developmental drilling and
workover opportunities and several high-potential exploration projects.
Glossary:
boepd - barrels of oil equivalent per day
bopd - barrels of oil per day
BS&W - basic sediment and water
mcfd - thousand cubic feet of gas per day
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUUUMPAUPQGRW
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