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Global Industries, Ltd. Announces Operating Results for the Third Quarter and Nine Months Ended September 30, 2005
Wednesday November 16, 5:56 pm ET
CARLYSS, La., Nov. 16 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL - News) announced results for the quarter and nine months ended September 30, 2005. Revenues were $168.0 million for the third quarter of 2005, an improvement of $37.6 million, or 29%, over the same period a year ago. Gross profit was $25.6 million for the quarter, an improvement of $8.4 million compared to last year's third quarter. Due in part to the $18.0 million gain on asset sales reported in the third quarter of 2004, income from continuing operations, net of taxes, decreased $13.2 million to $4.8 million, or $0.04 per diluted share, for the third quarter, as compared to income from continuing operations, net of taxes, of $18.0 million or $0.16 per diluted share for the same period last year. The Company reported diluted earnings per share of $0.04 for the third quarter of 2005 compared to $0.17 per share for the comparable period in 2004.
ADVERTISEMENT
Included in the third quarter 2005 income from continuing operations, net of taxes, is approximately $2.7 million or $0.02 per diluted share related to gains on the disposition of assets. Also included in the third quarter 2005 income from continuing operations are charges totaling approximately $3.9 million, net of taxes, or a total of $0.03 per diluted share related to an uninsured equipment failure, a dispute settlement with a client, and interest incurred on a foreign tax settlement. In addition, third quarter 2005 income from operations, net of taxes, was reduced by uncompensated weather down time and productivity issues on five projects in our Latin America and Asia Pacific segments of approximately $7.8 million or $0.07 per diluted share and $4.2 million or $0.04 per diluted share, respectively.
Revenues for the nine months ended September 30, 2005 increased $222.6 million, or 76%, to $514.7 million from the same period last year. Gross profit was $87.4 million for the nine months, an improvement of $66.2 million compared to the first nine months of last year. Income from continuing operations, net of taxes, was $24.7 million, an improvement of $23.6 million over the comparable period in the prior year. Diluted earnings per share were $0.21 for the first nine months of 2005 compared to $0.01 per share for the same period last year.
William J. Dore, Global's Chairman and Chief Executive Officer, said, "While I am pleased to announce continuing trends of positive earnings, I was disappointed that our margins on our Latin America and Asia Pacific segments were negatively impacted by a total of nine named tropical storms, as well as productivity issues. We experienced significant increases overall in our revenues and gross profit in each of our divisions. The effects of Hurricane Katrina have resulted in significantly increased activity in our Gulf of Mexico segments and we are experiencing increases in activities worldwide. During the third quarter, we booked $340.9 million of new work resulting in a September 30, 2005 backlog of $607.3 million, the largest backlog in the Company's history, as compared to a backlog of $179.1 million at the end of the same period last year."
A conference call will be held at 9:00 a.m. Central Time on Thursday, November 17, 2005.
hog
CASH GAS SURGES AHEAD OF COLD, NARROWS DISCOUNT TO SCRE
Nov 16, 2005
New York, N.Y. (11/16)-In the physical natural gas market, spot gas prices for Thursday delivery rebounded substantially across the board, partially in response to the rallying NYMEX, but more so in reaction to increased weather demand. "You're beginning to see some new demand set in," said one Texas-based trader. While the NYMEX settled over 60 cents higher, most spot points added anywhere from $1.50 to $3.00 on the day, as some markets swelled by 25 percent or more on the day.
In the Gulf, the benchmark Henry Hub changed hands at $10.40 to $11.30, up roughly $1.83. With the front month contract breaking $12.00 to settle near $12.20, this narrowed the Hub's previously gaping discount to a little over a dollar. Nearby, Transco Station 65 gained a titanic $3.04 trading between $10.70 and $11.19, while Columbia Gulf Mainline gained $1.92 moving between $10.90 and $11.40.
With mercury levels in the Northeast currently in the process of plunging from the upper 60s to the mid 30s, regional spot prices were also on the substantial uptick. In the New York metropolitan area, Transco Zone 6 NY posted a $11.40 to $12.00 range, better than $3.18 over yesterday. Meanwhile neighboring point Tetco M3 saw a range of $11.00 to $12.18, up $3.39 on the day -- more than any other point across the country.
In west Texas, Waha Hub deals were reported from $8.50 to $9.35, approximately $1.61 stronger on the day. Further east, El Paso Permian traded at $8.75 to $9.31, up approximately $1.64 on the day. Meanwhile, El Paso San Juan Blanco trod a $8.67 to $9.07 range winning $1.66 on the day.
In the Midcontinent consuming region, Chicago City-Gate was boosted $2.02 on average, trading between $10.00 and $10.75. Further south NGPL-OK deals were reported between $8.85 and $9.75, moving up $1.65 average from the prior day's index. Meanwhile, Demarc gained $1.78 on the day traipsing through a $9.47 to $9.98 spread.
In the Rocky Mountains region, Opal marched roughly $1.52 with deals at $8.75 to $9.40, while CIG added $1.66 on average at $7.75 to $9.50.
In Southern Califiotrniam Socal/Topock jumped $1.47 with deals at $8.50 to $9.60. In the middle of the state, next day prices at PG&E City-Gate were recorded from $8.95 to $9.44, up $1.22 from Tuesday's index while at the California/Oregon Border, Malin deals were reported from $8.50 to $9.42, up $1.30.
North of the border, domestic deals at Nova AECO were reported near C$10.40, up better than a C$1.50 from yesterday. On the export side, Dawn changed hands at $10.65 to $11.10, up over $3.00 overall. Meanwhile, Niagara changed hands at $10.82 to $11.21, roughly $2.20 higher than yesterday. Further west in British Columbia, Huntingdon/Sumas deals were reported between $9.13 and $9.25, up $1.41 from the deals done a day earlier.
************************************************************
holding tight High Hopes. News will come soon enough. In the mean time mm's having a hay day.
doc
Thank you. I will check them out.
lowman
I have been looking at the Pinedale Anticline natural gas reserve. Looks like a monster. Two companies I like are Ultra Petroleum and Questar. Are there any OTC BB/Pink sheets in the area or have the big boys knocked them out?
ITME - .21 - bottom reversal now - very good properties in Texas
NCEY New Century Energy Corp. Enters into Definitive Agreement to Increase Working Interest in Prolific Wishbone Field
Business Wire - November 16, 2005 08:30
Company Raising Ownership Stake to 15.2%; Additional Revenue Expected to be Recognized in Fourth Quarter
HOUSTON, Nov 16, 2005 (BUSINESS WIRE) -- New Century Energy Corp. (OTCBB:NCEY) announced today it has signed a definitive Purchase and Sale Agreement to acquire an additional 1.75 percent working interest in the Wishbone Field in McMullen County, Texas thereby increasing its ownership to 15.2 percent in this prolific field. Proved and probable net natural gas reserve potential to New Century Energy will increase to more than 12 BCF in this field. Closing of this acquisition is scheduled to occur on or before January 3, 2006, with an effective date for ownership of October, 2006. US Enercorp LTD of San Antonio, Texas is the operator of the Wishbone Field.
Located 80 miles south of San Antonio,Texas the Wishbone Field was discovered in January 2004. This gas field produces from Wilcox sands from a depth of 12,800-14,400 feet, with cumulative production through October 2005 of 14 Billion Cubic Feet (BCF). Current daily production in the Wishbone field is averaging in excess of 34 million cubic feet of gas per day (MMCFG per day).
New Century's President and CEO Edward DeStefano stated, "We are very excited about the additional growth potential for our Company from this timely strategic acquisition of Proved Developed Producing (PDP) reserves. The Lindholm-Hanson Gas Unit #10 well started producing in August 2005, with daily production rates currently in excess of 13.5 MMCFG per day. The Lindholm-Hanson Gas Unit #11 commenced production on September 17th, with initial rates in excess of 16 MMCFG per day. Our increased ownership position is expected to favorably impact fourth quarter results."
Development of the Wishbone Field is based on a recent 3-D seismic survey. The estimated 8/8ths ultimate recovery for this field is currently projected to be more than 120 BCF based on independent evaluations of proved and probable reserves prepared by R. A. Lenser & Associates, P.E.
About New Century Energy Corp.
New Century Energy Corp. is an oil and gas exploration and production company headquartered in Houston, Texas concentrating on domestic activity. The Company currently owns interests in over 6,000 acres throughout Texas, with ownership and operations in natural gas producing fields, such as Sargent, South in Matagorda County, Wishbone Field in McMullen County and oil producing acreage in the San Miguel Creek and Tenna oil fields in McMullen and Wharton Counties, Texas.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. The Securities and Exchange Commission has generally permitted oil and gas companies in their filings with the SEC to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use the terms probable and possible reserves, reserve potential or upside or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the Company. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. The reserve data included herein represents only estimates. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact manner. As a result, estimates of different engineers often vary. The estimates of reserves, future cash flows and present value are based on various assumptions, including those prescribed by the SEC relating to oil and natural gas prices, and are inherently imprecise. Our reserves and future cash flows may be subject to revisions based on many factors. It is possible that the assumptions made by management are not necessarily the most likely, and may not materialize, including but not limited to the possible undeveloped gas reserve. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. New Century Energy Corp. takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that is not paid for by the Company.
SOURCE: New Century Energy Corp.
New Century Energy Corp., Houston
Edward DeStefano, 713-266-4344
www.newcenturyenergy.com
or
CEOcast, Inc. for New Century Energy Corp.
Cormac Glynn, 212-732-4300
PTSG Petrosearch Closes Quinduno Field Acquisition
PR Newswire - November 16, 2005 9:05 AM (EDT)
HOUSTON, Nov 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Petrosearch Energy Corporation (OTC: PTSG) ("Petrosearch") announced today that it completed the previously disclosed acquisition of a 100% working interest in 1780 acres of leases in the Quinduno Field from Quinduno Energy, L.L.C. The property is located in Roberts County, Texas in the Anadarko Basin.
About Petrosearch
Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, was created by a team of seasoned and successful oil and gas professionals for the purpose of finding and developing oil and gas reserves across the United States. Petrosearch is currently active in Texas, Oklahoma, North Dakota, Louisiana, and Mississippi. For more information please visit http://www.petrosearch.com.
Contact:
Greg Noble
Vice President, Equity Markets
Tel. 713-961-9337
Email: greg.noble@petrosearch.com
EPG Environmental Power Corporation Prices Offering of Common Stock
Business Wire - November 16, 2005 08:30
PORTSMOUTH, N.H., Nov 16, 2005 (BUSINESS WIRE) -- Environmental Power Corporation (the "Company") (AMEX: EPG) today announced that it had priced its public offering of 2.0 million shares of its common stock at $7.00 per share. All shares being offered are being sold by the Company.
MDB Capital Group LLC is the sole underwriter of the offering. The underwriter has been granted a 30-day option to purchase up to an additional 300,000 shares of common stock for the purpose of covering over-allotments, if any.
A copy of the Prospectus relating to the offering may be obtained from MDB Capital Group LLC at 401 Wilshire Boulevard, Suite 1020, Santa Monica, California 90401, Telephone: (310) 526-5000.
A registration statement relating to the common stock has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from animal wastes for its use to generate energy. For more information visit the Company's web site at www.environmentalpower.com.
EPG-G
SOURCE: Environmental Power Corporation
Environmental Power Corporation
Kam Tejwani, 603-431-1780
ktejwani@environmentalpower.com
or
Lippert/Heilshorn & Associates
Jody Burfening / Chris Witty, 212-838-3777
cwitty@lhai.com
TNOG-Flow rate numbers...
I think that TNOG is taking their time with the PR in order to see what the MAXIMUM flow rate is after tweeking the fracture.
Careful with POIG, people, I don't trust ANYTHING that comes outta Vegas...not the hookers...not the slot machines...and not the bandwagon O&G players with great sounding results!
POIG Petrol Oil and Gas Drills Eleventh Successful Well This Year at Petrol-Neodesha Property
Business Wire - November 16, 2005 8:46 AM (EDT)
LAS VEGAS, Nov 16, 2005 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG) announced today that it completed the drilling of its eleventh new well on its Petrol-Neodesha properties in southeast Kansas. The Company has successfully drilled eleven gas bearing coal bed methane (CBM) wells this year, representing a 100% success rate and has plans to continue drilling.
"The success we have had this year drilling on the Petrol-Neodesha properties represents an integral part of our growth strategy," said Paul Branagan, Petrol's Chairman and CEO. "The property offers us the opportunity to generate significant cash flow, through low-risk drilling activities, as demonstrated by our success this year. The last three wells that we have drilled and completed are already producing about 150 Mcfd into the sales line after only one week of de-watering. Our recently completed debt financing will support an aggressive development program for our Coal Creek project, while cash flow from Petrol-Neodesha will allow us to continue drilling and development at Petrol-Neodesha. With the additional capital, we expect to accelerate our drilling activities, which have resulted, during the past 6 months of this year, in 11 new wells, of which 8 are completed and producing gas, while the last three are awaiting stimulation and hook up to the sales line."
According to a December 31, 2004 Reserve Report, Petrol has gross Proved Reserves amounting to approximately 9.9 Billion cubic feet (BCF) within its Petrol-Neodesha properties. Petrol-Neodesha, located in the Thayer field, is a very active CBM gas producing area and lies within Wilson and Neosho counties, Kansas. Petrol currently produces natural gas from 80 producing wells in Petrol-Neodesha.
Forward-Looking Statement: The statements in this press release regarding the newly drilled wells, amount of gas production being derived from the wells, continued drilling efforts, actual and anticipated market conditions, any implied or perceived benefits from the Company's CBM assets, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the Petrol-Neodesha properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
or
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300, ext. 225
PBLS current fair value $0.50 per share based on $200 million in revenue, a 5% profit margin and a P/E ratio of 20. Even a 1% margin would mean a fair value of $0.10, a 4-bagger from today's price.
Those are not unreasonable numbers. With the purchase of ProGas I believe that PBLS is positioning itself to be a regional energy broker. PBLS already owns oil and gas producing properties. The addition of ProGas is accretive in that ProGas has the ability to market the PBLS production.
I think the PBLS niche would be to produce their own oil and gas then use the ProGas expertise to market the oil and gas regionally rather than to homes and business. Eventually PBLS would add more production and ...
A third business that would be accretive is a pipeline company. The purchase of a pipeline company would be accretive in that it would combine PBLS production and ProGas marketing with the ability to make delivery through wholly owned pipelines. Right now it looks like ProGas has access to the pipelines but does not actually own them.
Given that the PoGas revenues will swamp revenue from PBLS other operations it is possible that PBLS might sell-off some of the other non-energy related assets: pool company, sand/gravel mine, construction. The gravel mine and construction business, (located in Louisiana), would command a premium today. The cash would be used to build the energy business.
CKEI ClickableOil.com Reports 13.3% Click-Through Rate From Google Sponsorship
Business Wire - November 16, 2005 08:30
MOUNT VERNON, N.Y., Nov 16, 2005 (BUSINESS WIRE) -- Clickable Enterprises, Inc. (OTCBB:CKEI), the first Internet-based home heating oil company, announced today that its wholly owned subsidiary ClickableOil.com, Inc. has reported 1,681 click-throughs out of 12,635 impressions, or a 13.3% click-through rate, resulting from its sponsorship agreement that commenced on September 21st with Google, Inc. (NASDAQ:GOOG), the world's largest Internet search engine.
The agreement with Google features ClickableOil.com in a highly visible sponsor section once a Google search using well known home heating oil keywords is performed. The sponsor section effectively highlights the company as a low-cost fuel supplier in market areas including Nassau and Suffolk counties on Long Island, Westchester county, most of New York City, New Jersey and parts of Pennsylvania. If an interested party "clicks-through" the party is immediately directed to the company's website where they can easily sign up and become a customer.
Nicholas Cirillo, Jr., President of Clickable Enterprises said, "Google has been a successful channel for us in informing the public of our affordable heating oil and services. Since we entered into the sponsorship agreement with Google in September, we have had well over 12,000 inquirers that have had the opportunity to identify ClickableOil as a low-cost heating oil provider." Cirillo added, "We are exceptionally pleased with the results."
The company previously reported a record month for October with revenues of $269,500, up 117% from the same period last year. Long Island alone accounted for 498 click-throughs for the month out of 2,796 impressions, or a 17.8% click-through rate, which is exceedingly high.
About Clickable Enterprises, Inc.
Clickable Enterprises, through its wholly owned subsidiary, ClickableOil.com, Inc., is the first Internet-based home heating oil company to offer customers affordable home heating oil and related services. Based in Mount Vernon, New York, ClickableOil.com specializes in price control, risk management and product positioning, leaving the oil delivery and services to specially chosen vendors. The company currently operates in New York, New Jersey, Pennsylvania and Connecticut, and has a license to operate in Maryland. It continues to grow geographically along the East coat. For more information, please visit www.clickableoil.com.
This release and oral statements made from time to time by the Company's representatives concerning the same subject matter may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the Company with the Securities and Exchange Commission, which should be considered together with any forward looking statement. No forward looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
SOURCE: Clickable Enterprises, Inc.
For Clickable Enterprises, Inc.
Investor Relations:
Larry Fortune, 949-302-7769
larryfortune@consultant.com
UPDA Enters Agreement on the Domes Unit & Woolaroc Lease Project in Osage County, Oklahoma
Business Wire - November 16, 2005 08:42
JUNO BEACH, Fla., Nov 16, 2005 (BUSINESS WIRE) -- The management of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and the Lion Partners Hedge Fund entered into an agreement to acquire The Domes Unit and associated leases.
GENERAL INFORMATION: The Domes Unit and associated leases are located in Osage County, Oklahoma and covers 3,840 acres. Developed by Cities Service Oil Company in the 1950's and later converted to a water-flood in the 1960's, the Unit proved to be a prolific oil producer into the late 1980's. With accumulated production of 1.5 million barrels of oil to date, the reserves are basically still in place.
RESERVES: A reserve study produced by Landmark Engineering indicated 90 - 128 million barrels of oil in place on the structure. Universal has retained the firm of Scientific Computer Applications Inc., of Tulsa, Oklahoma to verify the Landmark report, to completely map the domed geological structure and to provide a more recent reserve study using new technology.
GEOLOGICAL: The Unit is situated on a domed geological structure, which is the most prolific producing structure in the region. Additionally, there are seven proven productive formations uplifted by the structure. The uplifting has caused formation highs thus increasing reserves above the oil/water contact line. Effectively, there are eight wells in each well bore.
DRILLING: The Domes Unit and associated leases consist of 69 producing wells and 27 injection wells. With the spacing for an additional 232 drilling locations on the Bartlesville formation alone, the property will continue to expand far into the future. The Bartlesville formation has been the most prolific in Oklahoma history, comprising the initial backbone of Cities Service Oil Company, Phillips Petroleum Company, and Conoco Oil Company. Twenty wells were recently drilled in the area to the Bartlesville formation with six wells producing in excess of 100 barrels per day and thirteen well producing 30 - 40 barrels per day. The property has effectively tested a 19 MMCFPD natural gas well in the Arbuckle formation; at $10/MCF this would equal $190,000.00/day. Cities Service had drilled a water supply well into the Arbuckle to supply water for secondary recovery in the Bartlesville formation when they encountered the natural gas. Cities never pursued the Arbuckle prospect because of a single zone per well mentality, the lack of a transmission pipeline in the area and the need for additional water for the Bartlesville flood.
At 09:42 this morning tune into American Scene Radio with host Steve Crowley for more in-depth coverage about UPDA. American Scene Radio will be informing the public of continued developments at UPDA over the next few weeks. Visit www.americansceneradio.com and click on Listen Live on the right side of your screen.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) 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.
For additional information visit: www.universalpropertydevelopment.com.
For additional information about The Lion Partners Hedge Fund visit: www.lionpartnersltd.com
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.
SOURCE: Universal Property Development and Acquisition Corporation (UPDA)
Universal Property Development and Acquisition
Corporation (UPDA)
Kevin Kading, 212-918-4606
info@updac.com
WEL Boots & Coots Announces Alliance With Safety & Risk Practice; Alliance Provides Presence in the Austral - Japan Region
PR Newswire - November 16, 2005 08:00
HOUSTON, Nov 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Boots & Coots International Well Control, Inc. (Amex: WEL) announced today that it has entered into a representation agreement with West Australian-based Safety & Risk Practice Pty Ltd. Boots & Coots will now be represented in the Austral - Japan region of Australia, New Zealand and Japan where activity in the oil and gas industry has been steadily increasing. The agreement provides Safety & Risk Practice 24-hour access to Boots & Coots' well control equipment and services, including pre-event risk management and engineering services.
"Our complementary offerings provide this region with improved response times and a comprehensive range of services, and it gives us exposure to a different set of customers," said Jerry Winchester, President and Chief Executive Officer of Boots & Coots. "We believe this partnership will benefit the growing market in Australia, New Zealand and Japan and as such is an important agreement for both parties."
"Safety & Risk will now be able to provide clients in the region with local access to all of Boots & Coots' main services," said Jim Embury, Managing Director of Safety & Risk Practice. "This is a very exciting development for the region's oil, gas and mining industries, and we are proud to be partnering with the best in the business in order to provide clients in the region this unique range of services."
About Boots & Coots
Boots & Coots International Well Control, Inc., Houston, Texas, provides a suite of integrated oilfield services centered on the prevention, emergency response and restoration of blowouts and well fires around the world. Boots & Coots' proprietary risk management program, WELLSURE(R), combines traditional well control insurance with post-event response as well as preventative services, giving oil and gas operators and insurance underwriters a medium for effective management of well control insurance policies. The Company's SafeGuard program, developed for regional producers and operators sponsored by Boots & Coots, provides dedicated emergency response services, risk assessment and contingency planning, and continuous training and education in all aspects of critical well management. For more information, visit the Company's web site at http://www.bncg.com .
About Safety & Risk Practice
Based in Perth, Australia, Safety & Risk Practice Pty Ltd (SARP) strives to be the leader in the provision of Health, Safety, Environmental (HSE) and Risk Management services to individuals and organizations in Australia and around the world. Services include Safety Systems Development & Documentation, Safety Case Development, HSE Compliance Auditing, Practical Risk Management, Safety Induction & Training, Issues Management, On-site safety Support & Personnel Placement and BowTieXP Software.
Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to these forward-looking statements is found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at http://www.sec.gov .
Investor Contact: Jennifer Tweeton
VOLLMER
713-970-2100
jennifert@vollmerpr.com
Stan Altschuler/Richard Cooper
Strategic Growth International
212-838-1444
info@sgi-ir.com
SOURCE Boots & Coots International Well Control, Inc.
investors, Jennifer Tweeton of VOLLMER, +1-713-970-2100, or jennifert@vollmerpr.com ;
or Stan Altschuler or Richard Cooper, both of Strategic Growth International,
+1-212-838-1444, or info@sgi-ir.com , all for Boots & Coots International Well
Control, Inc.
AEZ American Oil & Gas 3Q EPS 1c Vs Nil
WASHINGTON (Dow Jones)--The following table is a summary of American Oil & Gas Inc.'s (AEZ) financial information for its third quarter ended Sept. 30, according to its quarterly report filed Wednesday with the Securities and Exchange Commission.
3rd Quar Sept. 30:
2005 2004
Revenue $1,529,288 $259,781
Net income 538,528 (45,725)
Avg shrs (diluted) 35,788,702 26,910,740
Shr erns
Net income .01 ....
American Oil & Gas is an independent oil and natural gas company that explores for, develops and produces hydrocarbon reserves primarily in the Rocky Mountain region.
Neither am I. Patience is the key, I guess. In due time 'nickle land'? With GOOD numbers, K #1 could very well take TNOG to 'Dime Land' since oil and natural gas should be 'harvested'. Patience and LOL!! I hope this volcano blow high! Saluti
HighHopes.....i'm not sure what the average time is between testing and releasing numbers. I'm not sure if testing the well takes days or weeks.
I'm hoping for a PR soon. See you in nickle land.
doc
Today could be TNOGs day to release their numbers (oil & NG) today for K#1. Looking for some good time ahead. Saluti!
indeed it will. have a great day and go TNOG!
Doc
No, I don't think it's a drastic thing, though I'm sure some investors have felt quite a pinch! It also kind of seems to me the ones hit the hardest were the ones perhaps that were overvalued the most...kinda 'a trimmin' of the fat'.
In a way, it gives open doors to some decent stocks. I'll be watching the oil prices just a bit closer to see if it becomes any kind of a trend.
Under $55.00 will certainly raise some brows!
there ya go lowman....sector thing. but it probably won't last very long.
doc
SKPI - Sky Petroleum Announces Four Appointments to the Board of Directors
Wednesday November 16, 4:00 am ET
Brent Kinney, Ian Baron, Peter Cockcroft and Michael Noonan Added to Board
AUSTIN, TX--(MARKET WIRE)--Nov 16, 2005 -- Sky Petroleum, Inc. (OTC BB:SKPI.OB - News), an oil and gas exploration company, today announced the appointment of Brent D. Kinney, Ian R. Baron, Peter J. Cockcroft and Michael D. Noonan to the Board of Directors of the company. All four were appointed by the Board to fill certain vacancies and will be included with management's proposed directors for election at the company's next annual meeting.
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"All of these individuals are strong additions to our Board and we are proud and fortunate to have them serve," said Daniel Meyer, president at Sky Petroleum. "Brent's international petroleum knowledge and Ian's extensive managerial and executive experience in the Middle East are excellent attributes. In addition, Peter's insights and vast experience with international energy businesses and Michael's significant understanding of US corporate governance and finance issues will be of great value to Sky and our Board."
Kinney, who was recently appointed as chief executive officer of Sky Petroleum, is an international petroleum lawyer based in Dubai, United Arab Emirates and has more than 20 years experience representing both government and private sector clients throughout the world. Prior to leaving Canada in 1990 he was a partner in one of Alberta's leading energy law firms. Kinney has represented a wide variety of clients including foreign governments, international oil ventures and numerous publicly listed companies. He is currently a director on two multi-billion dollar international petroleum companies, Husky Energy Inc. and Dragon Oil plc. as well as Western Silver Corporation, a mineral exploration company.
Baron is a founding partner in ESG Dubai, a firm providing management advisory services to the oil & gas industry. Since 2002 he has advised clients in the acquisition and operation of projects in several countries including Kazakhstan, Russia, Iran, Syria, Philippines, Azerbaijan, Kuwait, and Turkey. Prior experience included Dragon Oil plc where he was the chief executive officer and Conoco Inc. where he was vice president and general manager in the Middle East based in Dubai, UAE and was a Middle East expert for Conoco out of Houston, Texas, USA.
Cockcroft has a proven track record for successfully managing international energy businesses in various countries, which includes entrepreneurial project identification, management and implementation, including financing, both in the petroleum and power sector. His international experience is extensive, and he has been a resident country manager in six different countries for various oil and gas companies, ranging from majors to independents. He has a reputation for having extremely high-level contacts in the Asian region, and is often consulted by host governments on international negotiations and energy policy. Peter is an independent director with Baraka Petroleum Limited and Australian Oil Company.
Most recently Noonan was appointed vice president corporate of Sky Petroleum earlier this year. Noonan has more than 15 years of investor relations, corporate finance and corporate governance experience. Prior to joining Sky Petroleum Noonan served in senior positions at Integrated Electrical Services, an electrical services company and Sterling Chemicals Inc., a manufacturer of commodity chemicals.
About Sky Petroleum
Sky Petroleum is an oil and gas exploration and development company pursuing opportunities in the global oil and gas industry. Sky Petroleum's primary focus is to seek prospects where discoveries can be appraised rapidly, and developments can be advanced either by accessing existing infrastructure, or by applying the extensive experience of established joint-venture partners. For additional information please visit www.skypetroleum.com
Contact:
Contact:
Michael Noonan
512-437-2582
mnoonan@skypete.com
BWWL Black Warrior Wireline Corp. Announces Results of Warrant Exchange Offer
PR Newswire - November 15, 2005 5:46 PM (EDT)
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COLUMBUS, Miss., Nov 15, 2005 /PRNewswire-FirstCall via COMTEX/ -- Black Warrior Wireline Corp. (OTC Bulletin Board: BWWL) ("Black Warrior" or the "Company") today reported that its offer to exchange shares of its common stock for outstanding common stock purchase warrants expired, as extended, on November 14, 2005. The holders of 15,100,000 warrants tendered their warrants in response to the offer and are to be issued an aggregate of 5,033,333 shares of common stock. Prior to commencing the exchange offer, on October 6, 2005, Black Warrior entered into agreements with the holders of 52,693,685 warrants to exchange those warrants for 17,564,562 shares of common stock. After reflecting the results of the exchange offer and the agreements entered into on October 6, 2005, Black Warrior has 2,972,500 warrants exercisable through December 31, 2009 at $0.75 per share remaining outstanding.
Black Warrior is a natural gas and oil service company providing services to natural gas and oil well operators primarily in the United States and in the Gulf of Mexico. It is headquartered in Columbus, Mississippi. Additional information may be obtained by contacting Ron Whitter at (662) 329-1047.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
With the exception of historical matters, the matters discussed in this press release are "forward-looking statements" as defined under the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. The Company intends that the forward-looking statements herein be covered by the safe-harbor provisions for forward-looking statements contained in the Securities Exchange Act of 1934, as amended, and this statement is included for the purpose of complying with these safe-harbor provisions. Forward- looking statements include, but are not limited to the ability of the Company to engage in and complete the proposed recapitalization and restructuring of its balance sheet. The Company cautions readers that various risk factors could cause the Company's operating results and financial condition to differ materially from those expressed in any forward-looking statements made by the Company and could adversely affect the Company's financial condition and its ability to pursue its business strategy and plans. Readers should refer to the Company's Annual Report on Form 10-K and the risk factors disclosed therein.
SOURCE Black Warrior Wireline Corp.
Ron Whitter, Black Warrior Wireline Corp., +1-662-329-1047
ot- Report: Malaysia to Switch to Bio-Diesel
Wednesday November 16, 4:49 am ET
Report: Malaysia to Switch to Bio-Diesel Next Year, Ahead of Schedule
KUALA LUMPUR, Malaysia (AP) -- Malaysia will switch to bio-diesel next year -- a year ahead of schedule -- with government vehicles slated to start using the palm oil-laced fuel to cushion the impact of rising fuel prices, a news report said Wednesday.
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The government was expected to save "hundreds of millions of ringgit" through cutbacks in oil subsidies by convincing Malaysians to switch to bio-diesel, a technologically proven mixture of diesel and palm oil, said Peter Chin, the plantations, industries and commodities minister, according to the Star, a Malaysian newspaper. One ringgit is currently worth 26 U.S. cents.
Bio-diesel is a mixture of 5 percent palm oil -- used in cooking -- and 95 percent diesel, but Chin said eventually the fuel will be made of 20 percent palm oil and 80 percent diesel.
Diesel powered vehicles belonging to the ministries of transport, defense and plantations, industries and commodities, will begin using bio-diesel next year before the alternative fuel is introduced to the public, the report said.
The government had planned to start using bio-diesel only in 2007 "but because our plans are going very well, it seems that we can start way ahead of schedule," Chin told the daily.
Malaysia imports most of its diesel fuel but it's the world's biggest producer of palm oil. The government says that adding palm oil to diesel fuel would reduce consumption by about 418,000 liters (110,427 gallons) a year.
Industries used 2.8 billion liters (0.74 billion gallons) of diesel last year, while others who qualified for subsidized diesel, like public transport operators, consumed 5.56 billion liters (1.47 billion gallons).
The government has said that it cannot maintain the subsidies, which keep gasoline prices in Malaysia among the lowest in the region.
Ministry officials could not be immediately reached for comment.
QOIL Quest Oil Corporation Reports Gas Production From Acadia `10-22'
Wednesday November 16, 6:00 am ET
HOUSTON, Nov. 16, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTC BB:QOIL.OB - News), subsidiary, Quest Canada Corp. is pleased to report the initial gas production at the Acadia North well ``10-22'' totaled 56.7 mmcf for an average of 1.89 mmcfpd over the first 30 days of production.
Well ``10-22'' was effectively on-stream October 15, 2005 at a run rate of 1.0 mmcfpd to test the line pressures and understand characteristics of the well. Shortly after start-up the well lines experienced freezing due to the drop in pressure from well delivery into the low pressure Altagas collection pipe line. The remedy was the installation of a methanol injection pump to continuously keep the values and line from freezing. After a three day test period well ``10-22'' production was slowly increased to 2.10 mmcfpd reaching the capacity of the Altagas collection pipe line.
Operators of the well ``10-22'' Transaction Oil and Gas Ventures, notified the Company today that extra line capacity is now available and that Quest will be allowed to notched up production to between 2.5 and 3.0 mmcfpd.
Company President and CEO, Cameron King stated; ```10-22' is capable of producing at a consistent flow rate of 5 mmcfpd or twice the current production run rate with little draw down on well pressure. The Company is very pleased to have reached this production benchmark and with continued focus and investment we will be able to create a sizeable multi-well play in the Acadia Valley area.''
ABOUT QUEST OIL CORPORATION
The Company is committed to the exploration and development of economical oil and natural gas reserves globally. Quest management is focused on an acquisition program targeting high quality and low risk prospects. Initially Quest is focused on the development of North American oil and gas resources allowing highly leveraged production opportunities in Alberta and Texas, through its 100% owned subsidiaries Quest Canada Corp., Wallstin Petroleum LLC and PetroStar Oil Services, Inc.
ON BEHALF OF THE BOARD
Quest Oil Corporation. "Cameron King" Cameron King MBA -- Director
To find out more about Quest Oil Corporation (OTC BB:QOIL.OB - News), visit our website at http://www.questoil.com.
Contact:
Quest Oil Corporation
Mr. Darren Hayes
VP Corporate Development
(604) 844-2860
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