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BBSE: Barnabus Energy Signs Asian Distribution Agreement for Portable Energy System
Market Wire - November 28, 2005 9:00 AM (EDT)
SOLANA BEACH, CA, Nov 28, 2005 (MARKET WIRE via COMTEX) -- Barnabus Energy, Inc. (OTC BB: BBSE) announced today that it has entered into a distribution agreement with Chinese Consulting Limited (CCL) of Hong Kong. The agreement affords CCL exclusive rights to distribute the SunPak 3P portable solar energy system throughout Asia.
Under the terms of the agreement an initial $250,000 distribution fee against future sales will be paid by CCL to the Company. Barnabus Energy's affiliate, Solar Energy Systems (SRS) will manufacture SunPak 3P products and ship them into the country for use in a wide range of applications wherever electrical grid connections are not available. The product is designed for use with military personnel, police, emergency workers, and all outdoor enthusiasts. SunPak 3P meets the demands of a wide range of environments from battlefield conditions, marine, agricultural and general recreation applications as the system provides more portable power versus any comparable device on the market today.
Chinese Consulting Limited is a company with its own research and development capabilities which may prove beneficial should the product require any adaptations to suit local needs, as well as an experienced and knowledgeable sales force, established distribution capabilities, and numerous links to a wide variety of government agencies, supply-side organizations, import/export groups, and manufacturing firms throughout the region. With the heightened need for energy solutions throughout Asia, SunPak 3P and other photovoltaic products from Barnabus affiliates Solar Roofing Systems and Connect Energy are poised to fulfill a significant portion of the growing electrical demands of the region.
Mr. Justin Kwei, President of Chinese Consulting stated, "Given the explosive growth in the Asian marketplace, and the need for ready access to power in our vast remote locations, we anticipate immediate interest in the Sun Pak 3P. We feel that the process from contract to delivery of first orders can be measured in months, soon after initial agreements are in place."
Barnabus President, Mr. David Saltman stated, "This agreement with CCL paves the way for our entry into the Asian marketplace, and the commensurate opportunities the region offers. CCL has shown that they not only have access to key organizations, but to the individuals that we need to deal with directly in order to fully exploit Sunpak 3P in the region. Furthermore, China has made a multi-billion dollar commitment to developing rooftop photovoltaics and other renewable solutions to meet their explosive energy demands, and we look forward to being their partner in helping them meet this objective."
ABOUT THE COMPANY
Barnabus Energy, Inc. (BBSE) is committed to the development of a diversified energy project portfolio. The Company is currently acquiring commercially viable projects in both conventional and renewable energy sectors. Management has closely aligned itself with key strategic partnerships that will move the Company forward towards future acquisitions and growth. The company's model is a focused approach to the exploitation of targeted, low-risk development opportunities.
GSHF - CEOcast Interviews GreenShift CEO Kevin Kreisler; Company Provides Update on Technology Development
Nov 28, 2005 8:42:00 AM
Copyright Business Wire 2005
MOUNT ARLINGTON, N.J.--(BUSINESS WIRE)--Nov. 28, 2005--
GreenShift Corporation (OTC Bulletin Board: GSHF) today announced that its chief executive, Kevin Kreisler, was interviewed by CEOcast, the premier source of original and syndicated streaming broadcast interviews of chief executive officers at public and private news-making companies.
In the interview, Kreisler focused on GreenShift's results of operations for the third quarter 2005 and GreenShift's development plans for the balance of 2005, including plans for its portfolio company, Ovation Products Corporation, which recently successfully tested a new production version of its patented water purification technology. Kreisler also discussed GreenShift's plans for its various other innovative green technologies, including its Tornado Generator(TM). The interview is available online at www.ceocast.com.
Tornado Generator(TM) Update
GreenShift's industrial design company, GreenShift Industrial Design Corporation ("GIDC"), is currently testing the next generation of its Tornado Generator(TM) technology. This new generation of the Tornado Generator(TM) technology is designed to reduce trash volumes for small scale commercial and high end residential consumers by more than 90%. GIDC expects to make production units available to selected clients during the first quarter 2006.
Ovation Purifier Update
Ovation Products Corporation, a GreenShift portfolio company, successfully tested a new production version of its patented water purification technology. The new production version, named "Gamma" by Ovation's engineering team, is approximately three feet tall and one foot in diameter - about the size of a fire hydrant. Gamma's output water was tested and achieved the purity of distilled water. Gamma used approximately 54 watt-hours of electricity per gallon of distilled water produced, and Ovation anticipates that the production units will achieve the design goal of 40 watt-hours per gallon, which translates into an electrical energy cost of approximately $0.004 per gallon, or an amount that is less than the cost of tap water in most areas.
Ovation expects to continue to refine Gamma's operation to achieve a 25 gallon per hour benchmark but the results of the Gamma testing were sufficient to justify releasing parts orders for a pilot run of 11 Gamma units. Ovation expects that those pilot units will be assembled during the first half of 2006, and may be available for testing by existing and prospective strategic partners in the second quarter of 2006.
"This is an important development for a extraordinary technology," said Kevin Kreisler, chairman and chief executive officer of GreenShift Corporation. "The Ovation Purifier is designed to seamlessly and cost-effectively integrate with the daily lives of residential consumers. We see this as critical given our view that truly transformational environmental benefits can occur by properly leveraging the incremental contributions of a great many people. We had intended the Ovation Purifier to become one of the cornerstone 'killer-app' green technologies in our portfolio. The Gamma test confirms our expectations and we have ordered one of the pilot Gamma units and plan to order somewhat more in the near term. We are thrilled with the results and the Ovation design team should be commended for their hard work and ingenuity."
No Silver Bullets
"There are no silver bullets when it comes to green technologies," added Kreisler. "Our technology acquisition focus this year has been on what we view to be key technologies that are each important advances in and of themselves, but that are each also capable of stimulating near term cash flows in the right applications in conjunction with our other technologies."
"Take what we want to do with trash for example. Standard separation technologies can separate plastics and metals from trash. Our separation technologies enhance standard techniques by preferentially extracting targeted plastics and metals from the mixed plastic and metal streams. This results in higher quality plastic and metal feeds which are then fed into the Tornado Generator(TM) technology, for cost-effective pulverization into fine powders. The derivative plastic powders can either be sold or, due to their greatly increased surface area, processed further into fuel using a process known as thermal depolymerization. The metal powders can be refined further or sold directly to smelters and other end users. The rest of the trash, which is mostly celluosic biomass, can be processed with the Tornado Generator(TM) technology and turned into biofuels and sold or converted into energy on site. Finally, any wastewaters generated on site can be cleaned with a combination of conventional processes and the Ovation technology."
"We are investing in key technologies at each stage - separation, processing, recycling and/or reuse, and emission controls. These same basic steps are present in most waste processing applications and we are targeting technologies that individually have a lot of potential but that also add value to our portfolio when used in synergistic ways with our other technologies on the right applications."
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company ("BDC") whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
-- Veridium Corporation (OTC Bulletin Board: VRDM);
-- INSEQ Corporation (OTC Bulletin Board: INSQ);
-- GreenWorks Corporation;
-- GreenShift Industrial Design Corporation;
-- Ovation Products Corporation;
-- Tornado Trash Corporation;
-- Mean Green BioFuels Corporation;
-- Ethanol Oil Recovery Systems, LLC;
-- Sterling Planet, Inc.;
-- TerraPass, Inc.;
-- Aerogel Composite, Inc.;
-- Coriolis Energy Corporation;
-- Hugo International Telecom, Inc.; and,
-- TDS (Telemedicine), Inc.
Additional information regarding GreenShift Corporation is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: GreenShift Corporation
----------------------------------------------
GreenShift Corporation
Jim Grainer
973-398-8183
Fax: 973-398-8037
investorrelations@greenshift.com
www.greenshift.com
or
CEOcast
Inc. for GreenShift Corporation
Ed Lewis
212-732-4300
EFCR EGPI Firecreek, Inc. Retires $250,000 of Debt; President to Retire Debt into Restricted Common Shares
Business Wire - November 28, 2005 7:00 AM (EDT)
SCOTTSDALE, Ariz., Nov 28, 2005 (BUSINESS WIRE) -- EGPI Firecreek, Inc. (OTCBB:EFCR) is pleased to announce the retirement of $250,000 worth of debt by the Company and its wholly owned subsidiary Firecreek Petroleum, Inc. John R. Taylor, Firecreek Petroleum's President and EGPI Firecreek's, Inc. boardmember has converted $250,000 of debt owed to him by the company into restricted common stock. Mr. Taylor agreed to convert the debt into restricted shares at a conversion price of ten cents ($0.10) per share. This represents a debt conversion rate at 100% above the current market bid price for stock that will be restricted under rule 144. Taylor stated, "Many times we are told that if we truly believe in what we are doing, the best way to prove it is by putting our money where our mouth is. I am literally in the trenches every day strategizing to develop and make this company a leader in the niche market of oil field rehabilitation on an international level, and know first hand the progress we are making. Furthermore, I believe the future of Firecreek is clearly dynamic with a tremendous potential for growth. The fact that I believe this to be a good move for me personally as well as a benefit to the Company's financial condition, makes this a clear win/win situation for everyone involved."
EGPI Firecreek, Inc., through its Firecreek unit, is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves. Additionally, the company specializes in the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
For more information about EGPI Firecreek Inc. go to:
EGPI Firecreek, Inc.:
www.egpifirecreek.com
Firecreek Petroleum:
www.firecreek.us
InterOilGas:
www.interoilgas.com
This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek's filings with the Securities and Exchange Commission.
SOURCE: EGPI Firecreek, Inc.
Firecreek Petroleum Inc.
George "Bud" Faulder, 817-732-5949
(Shareholder Relations)
bud@firecreek.us
CDTI - Tests Show New Clean Diesel Technology Provides Major Reductions in Diesel Emissions and Improved Cost Effectiveness
Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 28, 2005--
Company's Fuel-Borne Catalyst in Combination with Various EPA Verified Technologies Provides up to 70 Percent Reduction in Toxic Diesel Emissions.
Clean Diesel Technologies Inc. (Clean Diesel) (OTCBB:CDTI)
(AIM:CDT) (AIM:CDTS), a developer of chemical and technological
solutions to reduce harmful engine emissions, announced today that afurther series of independent tests have demonstrated that the company's proprietary Platinum Plus(R) fuel-borne catalyst (FBC) can help substantially reduce diesel emissions from some of the worst polluting vehicles on the roads today --the older, well-worn fleet vehicles including school buses, and local delivery and refuse trucks.
A series of independent tests conducted at the prominent San Antonio-based Southwest Research Institute showed that the toxic emissions from these vehicles can be reduced, cost effectively, by as much as 70 percent when they are retrofitted with the Platinum Plus FBC coupled with various U.S. Environmental Protection Agency-verified technologies.
Clean Diesel Technologies President James Valentine noted that
retrofitting these vehicles with his company's technology can be done inexpensively. As an example, one specific minimal cost retrofit option at less than $2,000 (by far the lowest cost option commercially available for that level of reduction) reduced diesel emissions in a 1995 engine by 50 percent, Valentine said.
To ensure accuracy and practicality, the recent testing was performed on a 1995 DT466 International engine, considered to be one of the engines most often found used in medium-duty fleet vehicles.
In general, the tests indicate a diesel emission reduction range of 20-70 percent depending on which combination of fuels, aftertreatment devices and crankcase vent filtration were used with the FBC. Even more impressive results -- diesel emission reductions of 95 percent -- were achieved testing the FBC on a newer engine equipped with high-efficiency diesel particulate filter (DPF).
"These tests demonstrate overwhelmingly that there is a cost-effective emission solution for some of the worst polluters on our roadways -- the older school buses and local delivery trucks," Valentine said. "The tests showed that you don't need to buy new trucks to get the benefit of modern diesel emission technology. By retrofitting these vehicles with our fuel-borne catalyst, along with a combination of other devices, substantial reductions in toxic diesel emissions can be achieved. We can, of course, get even better results when our technology is designed into newer vehicles, but the pressing need is to improve emissions from the trucks and buses that are currently in use."
Valentine added that the testing measured average particulate reductions of 20 percent for the FBC-treated ultra-low sulphur diesel fuel (ULSD) to as high as 71 percent for the FBC/ULSD fuel used with a catalyzed wire mesh filter (CWMF) and closed crankcase vent filter(CCVF).
To achieve the 50 percent reduction at a cost of under $2,000, the FBC-treated fuel was used in combination with a diesel oxidation catalyst (DOC) and CCVF.
"The closed crankcase vent filter is a way of capturing 100 percent of engine block emissions that normally go untreated.
Typically, they represent 10 percent or more of total particulate emissions. Logic said our FBC/DOC system verified for 40 percent combined with a 10 percent reduction from the CCVF should give 50 percent reduction, and that is exactly what the testing proved," Valentine said.
On pre-1994 engines, the FBC/DOC combination is verified for up to 50 percent reduction and the FBC/CWMF is verified for 75 percent, so combinations of those verified systems with the CCVF should give 60-85 percent reduction.
"That is a huge reduction from older high-emitting vehicles and it can be achieved with commercially available and field-proven technologies," Valentine said.
The fuel-borne catalyst boosts overall reductions to these high
levels by reducing engine-out emissions and allows more lightly
catalyzed aftertreatment devices to be used. That results in lower cost, better performance and reduced levels of NO2 in the exhaust. NO2 is a strong lung irritant and can be substantially increased by traditional heavily catalyzed exhaust devices.
The FBC can be preblended in fuel at any point in the distribution chain or metered into individual vehicle fuel tanks using low-cost on-board dosing systems. CDT recently announced an agreement with the Fleetguard business unit of Cummins Inc. to blend and distribute the FBC under the Fleetguard name. Fleetguard and CDT have also tested a
new on-board FBC dispensing system that will be replaced at normal maintenance intervals and is expected to be commercially available inearly 2006.
On new engines equipped with high-efficiency DPFs, the FBC can help achieve reductions of up to 95 percent while improving
regeneration, reducing fuel economy penalties, extending cleaning intervals and reducing the cost of the device. Over 400 DPF-equipped vehicles are using the FBC to assist with regeneration and to help avoid plugging with soot at low exhaust temperatures. More than 1,500 other vehicles including on-road and off-road equipment are using the FBC alone or with aftertreatment devices.
For a summary of the 1995 engine test results or to talk with an applications engineer, contact CDT or visit the Web site at http://www.cdti.com.
About Clean Diesel Technologies Inc.
Clean Diesel Technologies Inc. and its U.K. representative office, Clean Diesel International LLC, is a developer of chemical and technological solutions to reduce harmful engine emissions. Clean Diesel Technologies has patented products that reduce emissions from combustion engines while simultaneously improving fuel economy and power. Products include Platinum Plus(R) fuel-borne catalysts (FBC),the Platinum Plus Purifier System and the ARIS(R) 2000 urea-injection systems for selective catalytic reduction of NOx. Platinum Plus and ARIS are registered trademarks of Clean Diesel Technologies Inc. For more information, visit CDT at www.cdti.com or contact the company directly.
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the company's filings with the Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
KEYWORD: EUROPE NORTH AMERICA CONNECTICUT UNITED KINGDOM UNITED STATES
INDUSTRY KEYWORD: ENERGY OIL/GAS GOVERNMENT GOVERNMENT AGENCIES MANUFACTURING CHEMICALS/PLASTICS NATURAL RESOURCES ENVIRONMENT AUTOMOTIVE FLEET MANAGEMENT PRODUCT/SERVICE
SOURCE: Clean Diesel Technologies Inc.
CONTACT INFORMATION:
Clean Diesel Technologies Inc.
James M. Valentine or David W. Whitwell, 203-327-7050
jvalentine@cdti.com
dwhitwell@cdti.com
or
Allen & Caron Inc
Jesse E. Deal (U.S. Investors), 212-691-8087
jesse@allencaron.com
Len Hall (U.S. Media), 949-474-4300
len@allencaron.com
or
Abchurch Communications
Heather Salmond (U.K. Enquiries), 44 (0) 20 7398 7700
heather.salmond@abchurch-group.com
Thanks..I saw that but was looking for any news link..
Thanks again...
It was not today, and the link is at the bottom of the post.
Was this today.
And do you have a link..!!
Thanks..
Did Terrorists Blow Up that Texas Oil Refinery?
From Fox News:
Two separate Islamist groups have claimed responsibility for that explosion at a Texas chemical plant that killed 15 and injured more than 100. In an Internet statement, the Army of the Levant said it was behind the blast. But another group calling itself the al-Qaeda Organisation for Holy War in the United States of America promised to issue a video of the attack to prove it was responsible. The FBI says neither one of them was responsible, they've ruled out terrorism as the cause of the blast."
I swear that the first thing I thought when I heard about this explosion was a terrorist cell. Think about it--this is the perfect target for a depeleted terrorist organization to hit--symbolic (oil) and under the federal radar for possible targets. I'm sure that Al Quaida pays far more attention to the FBI statements of credible threat than most Americans do--in fact, logic dictates that this was most likely a terrorist attack. But the FBI has ruled this out--of course, they offer no further explanation. Perhaps it was just a weather balloon...
http://boyswearpants.powerblogs.com/posts/1112043720.shtml
TGA: TransGlobe Energy Corporation Announces Yemen Operations Update
Friday November 25, 10:36 am ET
CALGARY, Alberta--(BUSINESS WIRE)--Nov. 25, 2005--TransGlobe Energy Corporation (TSX:TGL - News; AMEX:TGA - News; "TransGlobe" or the "Company") announces well results and an operations update on the Tasour Field on Block 32 in the Republic of Yemen.
ADVERTISEMENT
Block 32, Yemen (13.81% working interest)
The Balan #1 exploration well was abandoned after failing to test any hydrocarbons from the Saar or Basement zones. The well is located approximately 11 kilometers northwest of the Tasour field. The rig will now move to an adjacent non-owned block. Another rig is planned to start drilling a water injection well in the Tasour field (Tasour #20) in early December. This will be followed by another exploration location at Godah #1 (formerly North Hemiar). The Godah #1 well location is approximately seven kilometers east of the Tasour field and will test for a potential oil accumulation in the Qishn sandstones.
The Tasour #19 well workover to repair the cement bond was successful and the well was placed back on production on November 18th at a rate of approximately 1,000 Bopd. The Tasour field is currently producing in excess of 12,000 Bopd (1,657 Bopd to TransGlobe) and is expected to maintain this rate for the balance of 2005.
TransGlobe is a growth oriented international exploration and production company with its corporate office in Calgary, Alberta, Canada. TransGlobe is well positioned for continued growth with interests in three production sharing agreements in the Republic of Yemen (two producing, one exploration), one exploration concession in the Arab Republic of Egypt and producing oil and gas properties in Alberta, Canada.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Although TransGlobe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include oil and gas prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
TRANSGLOBE ENERGY CORPORATION
s/s Ross Clarkson
Ross G. Clarkson
President & CEO
DAAAAMN! And such a small float, too! Seems like somethings' gotta give!
whats wrong with this IRWIN energy the
POS?-----------------IWNN
$$$$$
AEZ -American Oil & Gas Updates Douglas Project Activity
Friday November 25, 8:00 am ET
DENVER, Nov. 25 /PRNewswire-FirstCall/ -- American Oil & Gas, Inc. (Amex: AEZ - News) announced that drilling operations on the Company's Hageman 16-34 well, the second well of an initial two well drilling program in the 51,000 acre Fetter Field project area, have been temporarily suspended to obtain a more suitable drilling rig. As previously reported, the drilling rig being used was not well suited to drill the larger well bore size required on this well. The larger hole size and revised casing program for the Hageman well were undertaken largely due to the knowledge and experience gained from drilling the Sims 16-26 well earlier this year. Continuing rig related limitations and delays have caused American and its partners to temporarily suspend drilling operations until such time that a rig more suitable to drill the remaining portion of the well can be secured and mobilized to the site. The upper portion of the well, which is cased to 8,625 feet, is in excellent condition and is in no way jeopardized by the down time required to bring in a more suitable rig.
Pat O'Brien, CEO of American commented, "The decision to suspend operations on the Hageman well was necessitated by continued delays and operational issues largely related to the drilling rig. We are in discussions with a drilling company in order to obtain a suitable rig to resume drilling activity at Fetter and are simultaneously investigating various techniques and technologies that will further our ability to unlock this potentially large resource."
At the Sims 16-26 well, a coiled tubing unit has successfully cleaned out the obstruction in the production tubing which has now been perforated across the Frontier formation. The well is currently undergoing a series of tests and pressure analyses. As reported earlier this month, the Sims well has produced nominal amounts of natural gas and condensate to date. We believe that perforating the production tubing may marginally improve the performance of this particular well.
At the approximate 7,600 gross acre Fort Fetterman prospect, which adjoins the Fetter acreage, the drilling rig and related equipment is arriving on location to commence drilling the Strock #1-20 well. This exploration well is targeting the Parkman formation at a depth of 7,800 feet. American will pay 37.5% of the costs to drill and complete this well and will own a 32.8125% working interest in this and any subsequent wells in this prospect.
American Oil and Gas, Inc. is an independent oil and natural gas company engaged in exploration, development and production of hydrocarbon reserves primarily in the Rocky Mountain region. Additional information about American Oil and Gas, Inc. can be found at the Company's website: www.americanoilandgasinc.com.
This release and the Company's website referenced in this release contain forward-looking statements regarding American Oil and Gas, Inc.'s future plans and expected performance that are based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of drilling efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. This press release may include the opinions of American Oil and Gas, Inc. and does not necessarily include the views of any other person or entity.
Contact:
Andrew Calerich, President
303.991.0173 Fax: 303.595.0709
1050 17th Street, Suite 1850 - Denver, CO 80265
Neal Feagans, Investor Relations
Feagans Consulting, Inc
303.449.1184
--------------------------------------------------------------------------------
Source: American Oil & Gas, Inc.
FXEN,
Drilbitt will hit before mid December, not one but two times,
Gas play, 50% intrest in Poland....
Now at $11 mid 2006 above $20 for a start.
Fleer
morning Lowman..I know what you mean,I can hardly move this a.m.
won't be here long,just wanted to try to pick up a few more PBLS
today BEFORE next week.have a good one.
Roger
WOW! I had such a good dinner last night, not only was I the last to leave the table, but they'd cleaned everything OFF the table, just to get me to quit eating!
And the PIES!!! OMG!!!
If everybody out there had even 1/4 of what I had, to be thankful for, ya'll had a great Thanksgiving, too!
(If not, let me know! We can see about changing that, next year!) :)
(I went from 205 last week, to 215, after dinner last night! The most I've EVER weighed! LM-now fat-AO!)
theleakers... nice strategy... this one I have bought after the first split around a buck and is a holder for me and not trying to trade it... any good drilling news and we take off and next year could be great... Hold more of this one % wise than any other energy co. It really is one that can make you... I would like to see them get going faster in Mongolia but this mgmt is focused on Canadian and US properties right now and that is fine with me and have some great properties... they maybe loooking for a jv partner for mongolia but that is okay given the possible reserves...
I made a mistake and didn't sell after the amex listing and buy it cheaper later... I have seen this happen with almost every stock that heads to the amex... spike, then colapse, then rebound...
One investor wanted to give then $5 and is pretty confident in it as I am... whatever you do good luck man.. wish all the best with this one and don't think we can go wrong with this one...
I am waiting for SCU to close above its 20 days EMA of 2.32, it closed yesterday at 2.20
SCU; my major Oil & Gas winner for next year... already locked and loaded.. there will be no looking back very soon... Could retire with this one...
Happy Thanksgiving Lowman......You turkey lurkey oil/gas junkie...(smile)
PBLS BULLETS.....
-Rome Oil and Mid-South Resources ----
Phoenix coffers are still healthy enough to finance and bring into production the next ten wells which our research indicates will be the most profitable.
-It is my policy that Phoenix need not go into debt to develop these oil and gas properties. Our policy shall be to raise money for future drilling (if need be) on a non-recourse method without putting Phoenix into debt.
-WAY AHEAD OF SCHEDULE HERE>>>>>> I anticipate Phoenix having over $1,000,000,000.00 worth of mineral reserves by the end of 2006.
We are in negotiations at this time with several companies we will try to acquire.
-DON'T FORGET THE CONSTRUCTION SIDE OF PBLS>>>>Oct. 6, 2005--Phoenix Associates Land Syndicate (Pink Sheets:PBLS - News) today announced that it has completed the acquisition of 3-D Builders, Inc. in a deal for stock and cash, in an effort to increase its construction division capacity in the wake of Hurricane Katrina and Hurricane
Rita.
-The company is working on and anticipates that it will have additional acquisition and rebuilding-related announcements in the near future.
-FEMA????The company has also added additional human resources to pursue work through the U.S. Army Corps of Engineers, the Federal Emergency Management Agency (FEMA) and regional contractors that have been assigned work in the disaster relief.
-INSIDER BUYBACK!!!!Phoenix Associates Land Syndicate (Pink Sheets:PBLS - News) announced today that the company is initiating a systematic share repurchase program to retire up to 100 million shares of the company's common stock to treasury.
-Recent geologic surveys suggest that the estimated reserves of this lease will increase the company's existing oil reserves in the state by over 162%, from 5 million barrels to approximately 13.1 million barrels.
""""management expects continued impressive revenue and earnings growth as the new wells are on line."""""
-WOW!!!!Phoenix Associates Land Syndicate Enters Into Binding Letter of Intent to Acquire ProGas, Inc. Completed Acquisition will Add $190 Million in Revenues for FY 2005................................................
Currently Rome Oil & Gas Co. has 18 wells that are producing between 5BBL/day to 50 BBL/day each, with an average production of 26 BBL/day per well, a rate of production that is expected to increase as the new wells come on line.
-------------
KENTUCKY IS BIG imo!!!healthy enough to finance and bring into production the next ten wells which our research indicates will be the most profitable
-------------
MORE WELLS COMING...WYOMING SITE!!!The company has plans to drill a test well on this property prior to year-end and, assuming satisfactory test results, expects to drill a minimum of nine production wells on Geological structure with a possible maximum of 22 wells.(22 X 25 NICE NUMBER)
GAXI now GAX and on AMEX: American Stock Exchange Lists Common Stock of Galaxy Energy Corporation
Wednesday November 23, 10:33 am ET
NEW YORK, Nov. 23 /PRNewswire/ -- The American Stock Exchange® (Amex®) today listed the common stock of Galaxy Energy Corporation, under the ticker symbol GAX.
Galaxy Energy Corporation is an oil and gas exploration and production company that is focused on acquiring and developing coalbed methane properties in the Powder River Basin of Wyoming and Montana, and other projects within the Rocky Mountain area. Its principal offices are in Denver, Colorado.
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"Galaxy Energy is now one of many energy companies listed at the American Stock Exchange, and we are pleased to have them," said John McGonegal, senior vice president of Amex's equities group. "We look forward to helping Galaxy increase its visibility in the market place."
"We are very pleased to have this opportunity for the company to reach the larger investment community and to better service our current and future shareholders," said Galaxy Energy chief executive officer Marc E. Bruner.
The specialist in Galaxy Energy will be Brendan Cryan & Company. For further information on GAX and other Amex-listed companies, please visit http://www.amex.com.
SNRN: Government Of Jordan Signs First Oil Production Sharing Agreement In Eight Years: Sonoran Energy To Explore And Develop The Azraq Block
Wednesday November 23, 9:44 am ET
AMMAN, Jordan--(BUSINESS WIRE)--Nov. 23, 2005--Sonoran Energy, Inc. (OTCBB:SNRN - News) is pleased to announce that the Production Sharing Agreement (PSA) between the Natural Resources Authority (NRA) of the Hashemite Kingdom of Jordan and Sonoran Energy was officially signed by Jordan's Minister for Energy and Natural Resources and President of the Natural Resources Authority Azmi Khreisat and Mr. Ala Nuseibeh, Executive Vice President, Middle East Operations on Sonoran's behalf today. The official signing of the PSA took place at the offices of the Natural Resources Authority in Amman and was attended by several members of the Jordanian Cabinet, Government officials, individuals from the local business and finance community, and the US Embassy Deputy Chief of Mission Mr. Daniel Rubinstein and his economic councilors."
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The Agreement between the NRA and Sonoran Energy is the first PSA signed by Jordan in over eight years", said Dr. Maher Hijazin, Director General of the National Resources Authority of Jordan. "The government has placed the development of indigenous energy resources as a high priority on the national agenda. With rising oil prices and the fact that Jordan imports 97% of its energy needs, Jordan is looking for ways to start building its internal reserves to become less dependent on foreign oil imports. We are hoping the PSA with Sonoran Energy will partially contribute to the solution to this challenge."
Under the PSA, Sonoran Energy has an agreement to explore and develop the approximately 11,250 sq. km Azraq Block located directly east of Jordan's capital city of Amman. In addition to the exploration and development program, Sonoran Energy will also take over operation of the existing producing wells in the Azraq Block's Hamzah oil field.
"We are extremely pleased to be partnering with the Government of Jordan for this very important milestone in the Country's economic development," said Peter Rosenthal, Sonoran Energy President and Chief Executive Officer. "With this agreement we are taking a significant step towards delivering on our strategy to drive growth through high value oil and gas opportunities, and Sonoran Energy is proud to be part of the program to increase Jordan's domestic oil production.
Ala Nuseibeh, Executive Vice President Middle East Operations for Sonoran Energy commented, "Working with the Ministry and the NRA has been a real pleasure and I would like to thank them for all the support they have provided us. I look forward in making this project a real success together with them. We believe strongly that the Azraq Block is under-explored, and that with modern exploration and development techniques existing production on the field can be increased. Sonoran Energy also believes that there is good potential for new discoveries that could significantly boost production within the Block."
Sonoran Energy will commence an aggressive evaluation program focusing both on exploration and the potential to boost production from the existing wells and facilities. This program will involve the acquisition of 3D seismic data and the drilling of two exploration wells in addition to a number of technical studies.
The Azraq Block (http://www.nra.gov.jo/hydrocarbons.htm), which contains the Hamzah oil field, has been producing since 1985. The Hamzah field lies in the eastern part of the Block bordering Saudi Arabia and containing the Azraq-Sirhan Graben, which is mature for oil generation.
The primary reservoir in the field is a fractured carbonate that has been produced through a limited number of vertical wells. The last well on the field was drilled in 1989 on 2D seismic data. At one stage the field was flowing over 400 barrels of oil per day (bopd) but it is now producing around 30-40 bopd. Since its discovery in 1984, total oil production from Hamzah is just under 1 million barrels of sweet oil. This oil is currently transported by truck to a refinery on the outskirts of Amman.
About Sonoran Energy, Inc.
Sonoran Energy, Inc. is an independent oil and gas company that is building a diversified portfolio of high value oil and gas assets in North America, the Middle East, the Caspian region and North Africa. With a presence in the Middle East, Asia, and North America, Sonoran Energy explores, develops, and enhances the performance of material and high value oil and gas opportunities, leveraging the Company's technical expertise and extensive industry and governmental connections.
ENDE Financials:
http://finance.yahoo.com/q/is?s=ende.ob
PTGC Financials.
http://finance.yahoo.com/q/is?s=ptgc.ob
ATUX Financials..
http://finance.yahoo.com/q/is?s=atux.ob
Char Financials
http://finance.yahoo.com/q/is?s=char.ob
IGPG Financial..
http://finance.yahoo.com/q/is?s=igpg.ob
WSCE Earnings
http://finance.yahoo.com/q/is?s=wsce.ob
My speculative oil plays currently
APXR
OMOG
GCHR
Established companies with quality management
FPP
ASPN
BSIC
Have a great holiday!!
GCHR - .009 x about a penny - is an undiscovered oil stock. I've spoken to the company a few times. The stock barely trades and they need market maker participation to narrow the apread. Supposedly this is being done and a more active sponsorship is imminent.
I've noticed now others starting to post that they will be announcing new info on their drilling prospects and that they have been able to sell restricted stock.
They recently became fully filing and plan to go on to OTC BB.
EGY ...upward trend continues. ...
Follow "msg#" for chart
EDNE +25% ...showing some nice strength! ...
Follow "msg#" for chart
APXR +16% ...looking very nice! ...
Follow "msg#" for chart
BESV +14% more! ...just don't know when to stop! ...
Follow "msg#" for chart
EOGI +20% ...back up to top of channel. ...
Follow "msg#" for chart
OMOG -13% ...new 6.mo. low. ...
Follow "msg#" for chart
BESV chart up 15%..
ACKO chart up 19%..
EDNE chart up 26%..
POGI has Interests in DOIG's Todd Creek Discovery as well.
Close
POGI 0.105 0.005
Paradigm Oil and Gas to Provide an Update on Todd Creek Region
On June 18, 2005, Paradigm Oil & Gas Inc. (OTC BB: POGI) received a payment from the original vendor of the property for the sale of 50% of Paradigm's 10% interest in the Todd Creek Oil and Gas Property. Paradigm now holds a 5% interest in the Todd Creek 13-28-9-2W5 well with an option to earn interests in 7 additional sections of land.
The Todd Creek Well located in 13-28-9-2W5 in Alberta, Canada has been completed and is in the testing stage. The operators have the well on "tight hole" status. Further news will be released upon the tight hole status being removed.
About Paradigm Oil and Gas
Paradigm is a junior oil and gas exploration company headquartered in Calgary, Alberta, Canada. Its management believes in taking interests in low risk Western Canadian energy projects and developing them jointly with experienced operators maintaining low overheads for the Company.
It currently holds interests in the Todd Creek exploration project and options to participate in 7 additional sections.
Special Mention goes to Starboy, who this Thanksgiving Day season, has spent 2 days traveling over 300 miles, delivering 32 turkeys, 10 hams, and desserts to those, who otherwise might only be eating from a can! The world needs more people like Starboy!
This coming Christmas might be your last chance to do something good, too!
If you have done nothing for the good of Mankind, be ashamed! Be very ashamed!
For "He who gives while he lives, also knows where it goes!"
UPDA check levelII, maybe short covering looming:)
EDNE.ob breaking out...
http://finance.yahoo.com/q/bc?s=EDNE.OB&t=5d
• EDEN ENERGY CORP Files SEC form 10QSB, Quarterly Report
EDGAR Online (Tue, Nov 15)
• EDEN ENERGY CORP Files SEC form 8-K, Entry into Material Agreement
EDGAR Online (Thu, Nov 10)
• EDEN ENERGY CORP Financials
EDGAR Online Financials (Thu, Oct 27)
• Eden Energy Rated Speculative/3 by Investrend Research Analyst Daniel Capo, CFA
Business Wire (Thu, Oct 27)
• EDEN ENERGY CORP Files SEC form 10KSB/A, Annual Report
EDGAR Online (Thu, Oct 20)
• EDEN ENERGY CORP Files SEC form 10KSB/A, Annual Report
EDGAR Online (Fri, Oct 7)
• Eden Energy Corp. Provides Operational Update
PR Newswire (Fri, Sep 9)
• EDEN ENERGY CORP Files SEC form 8-K, Sale of Equity, Financial Statements and Exhibits
EDGAR Online (Wed, Aug 31)
• Eden Energy Corp. Closes Convertible Note and Warrant Financing
Business Wire (Wed, Aug 31)
• EDEN ENERGY CORP Files SEC form 10QSB, Quarterly Report
EDGAR Online (Fri, Aug 12)
Apex Reports Revised Value Estimates for Beaufort Sea Well
PR Newswire - November 23, 2005 06:00
SALT LAKE CITY, Nov 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- Apex Resources Group Inc. (OTC Bulletin Board: APXR), today reports revised value estimates for Beaufort Sea Well.
On October 25, 2005 Citadel Engineering of Calgary released the report to reflect the current gas and oil prices. In June 1997, Apex Resources Group purchased a 3.745% working interest in the Beaufort Sea Area known as the Itiyok 1-27 Well, which was drilled in 1983. A review of the well data and geological prognosis indicates that a 640 acre area would contain proven recoverable gas reserves of 108 Bscf and proven recoverable oil reserves of 8,976 MSTB working interest net reserves of 4.04 Bscf and 336 MSTB. Seismic data indicates a structure closure of approximately 40 square KM with a gross potential reserve of 1.16 TCF and 160 MMSTB (working interest net -- 34 Bscf and 4.7 MMSTB). The lands in which the Apex Resources Group Inc. owns an interest comprise of 21.54 square KM containing gross potential reserves of 625 Bscf of gas and 86 MMSTB of oil (working interest 23.4 Bscf of gas and 3.2 MMSTB of oil).
With oil at approximately US$58.68 per barrel and gas close to US$11.50 per cubic feet, Apex interest in proven reserves would be $66.176 Million US Dollars and with an additional potential to be drilled out would represent $1.189 Billion US Dollars.
This will be a tremendous asset to Apex if and when the Mackenzie Valley Pipeline is completed.
The following proven, probable and possible gas and oil reserves are taken from the Engineering report.
Without a decision on the pipeline Apex 3.745% of the Itiyok I-27 Well is reduced at US $2,895,000 for proven reserves. After a decision to move forward with the pipeline this value will increase significantly.
Itiyok I-27
Part 1 -- Proven Gas & Oil Reserves: (640 acre area)
Total: -- A) 108 Bscf - Gas
B) 8.976 MM STB - Oil
Apex Working Interest - (3.745%)
A) 4.04 Bscf - Gas @ US$11.50/ft3 = US $46.46 Million (Gas)
B) 336,000 STB - Oil @ US$58.68/B = US$19.716 Million (Oil)
US$66.176 Million (Gas & Oil)
Part 2 -- Probable Gas & Oil Reserves: (40KM2)
Total: -- A) 1.16 TCF - Gas
B) 160 MM STB - Oil
Apex Working Interest - (3.745%)
A) 34 Bscf - Gas @ US$11.50/ft3 = US$391.000 Million (Gas)
B) 4.7 MM STB - Oil @ US58.68/B = US$275.796 Million (Oil)
US$666.796 Million (Gas & Oil)
Part 3 -- Possible Gas & Oil Reserves: (21.54 KM2)
Total: -- A) 625 Bscf - Gas
B) 86 MM STB - Oil
Apex Working Interest - (3.745%)
A) 23.4 Bscf - Gas @ US$11.50/ft3 = US$269.100 Million (Gas)
B) 3.2 MM STB - Oil @ US58.68/B = US$187.776 Million (Oil)
US$456.876 Million(Gas & Oil)
Total of All 3 US $1.189 Billion Gas & Oil
About The Mackenzie Valley Pipeline
Reports out of Calgary indicate that the consortium behind the CDN$7-Billion Mackenzie gas pipeline are on the verge of making deals with Ottawa and aboriginal communities, paving the way for key public hearings to begin on the massive venture.
After months of negotiations, a consortium of oil companies headed by Imperial Oil Ltd. was close yesterday to finalizing a so-called "letter of comfort" with the federal government that would lay out fiscal terms for the project in broad terms, sources said.
Three aboriginal communities along the pipeline route were scheduled to hold meetings last week to ratify access and benefits agreements.
"I am very optimistic that things seem to be coming together," said Brendan Bell, Energy Minister for the Northwest Territories, after meeting with Cabinet ministers in Ottawa. "We are very hopeful that Imperial will come out with a very strong positive announcement in the coming days and weeks."
The consortium of Imperial Oil Ltd., and partners Shell Canada Ltd., ConocoPhillips and the Aboriginal Pipeline Group, wanted to secure the deals before moving forward with lengthy public hearings that would bring the project back on track.
Negotiators have been working frantically so the agreements could be in place tomorrow, allowing Imperial to meet a deadline imposed by the National Energy Board. The federal regulator asked project backers to let it know by Nov. 18 whether they were ready to move forward, so it could hold pre-hearing conferences before the end of the year. Eight to ten months of hearings would then start in the New Year in of locations across the Northwest Territories and in Alberta. Regulators would then rule on whether the project can proceed.
The 1,220-kilometer pipeline would move to market by the turn of the decade badly needed natural in the Mackenzie Delta and fuel oil and gas in Canada's Arctic.
Three Sahtu communities -- Tulita, Fort Good Hope and Deline -- have reached agreements with Imperial on allowing the oil companies access to their lands in exchange for benefits. Negotiations are continuing with other groups affected by the project -- the Inuvialuit, Gwich'in and Deh Cho.
Pius Rolheiser, spokesman for Imperial, said it was premature to say whether backers would move forward with public hearings without having all aboriginal agreements in place.
"Our intent would be to have benefits and access agreements in place or a clear path forward to achieving them," he said. "We are in discussions with all communities and we are working as hard as we can."
The potential is significant. Devon Energy Corp. next month will start drilling in the Beaufort Sea and hopes to hit a target as large as the biggest field in the nearby Mackenzie Delta, a discovery controlled by Imperial.
By the Board of Directors,
APEX RESOURCES GROUP INC.
Investor Relations: Roger Reynolds
136 East South Temple, Suite 1600
Salt Lake City, Utah 84111 USA
TEL: 801.363.2599
Web Site: www.ApexResourcesGroup.com
John M. Hickey
Director
The foregoing contains forward looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the foregoing, such words a "may", "will", "believes", "anticipates", "estimates", "continue", or comparable terminology intends to identify forward looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors, including, but not limited to, the successful negotiation and execution of the definitive acquisition agreement and receipt of certain exhibits and schedules requested by Apex Resources Group Inc.
SOURCE Apex Resources Group Inc.
Roger Reynolds of Apex Resources Group Inc., +1-801-363-2599
APXR .085 x .091 speculative play on the MacKenzie pipeline Northern Canada. 93 million o/s and estimated < 65 million float.
Apex Reports Revised Value Estimates for Beaufort Sea Well
PR Newswire - November 23, 2005 06:00
SALT LAKE CITY, Nov 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- Apex Resources Group Inc. (OTC Bulletin Board: APXR), today reports revised value estimates for Beaufort Sea Well.
On October 25, 2005 Citadel Engineering of Calgary released the report to reflect the current gas and oil prices. In June 1997, Apex Resources Group purchased a 3.745% working interest in the Beaufort Sea Area known as the Itiyok 1-27 Well, which was drilled in 1983. A review of the well data and geological prognosis indicates that a 640 acre area would contain proven recoverable gas reserves of 108 Bscf and proven recoverable oil reserves of 8,976 MSTB working interest net reserves of 4.04 Bscf and 336 MSTB. Seismic data indicates a structure closure of approximately 40 square KM with a gross potential reserve of 1.16 TCF and 160 MMSTB (working interest net -- 34 Bscf and 4.7 MMSTB). The lands in which the Apex Resources Group Inc. owns an interest comprise of 21.54 square KM containing gross potential reserves of 625 Bscf of gas and 86 MMSTB of oil (working interest 23.4 Bscf of gas and 3.2 MMSTB of oil).
With oil at approximately US$58.68 per barrel and gas close to US$11.50 per cubic feet, Apex interest in proven reserves would be $66.176 Million US Dollars and with an additional potential to be drilled out would represent $1.189 Billion US Dollars.
This will be a tremendous asset to Apex if and when the Mackenzie Valley Pipeline is completed.
The following proven, probable and possible gas and oil reserves are taken from the Engineering report.
Without a decision on the pipeline Apex 3.745% of the Itiyok I-27 Well is reduced at US $2,895,000 for proven reserves. After a decision to move forward with the pipeline this value will increase significantly.
Itiyok I-27
Part 1 -- Proven Gas & Oil Reserves: (640 acre area)
Total: -- A) 108 Bscf - Gas
B) 8.976 MM STB - Oil
Apex Working Interest - (3.745%)
A) 4.04 Bscf - Gas @ US$11.50/ft3 = US $46.46 Million (Gas)
B) 336,000 STB - Oil @ US$58.68/B = US$19.716 Million (Oil)
US$66.176 Million (Gas & Oil)
Part 2 -- Probable Gas & Oil Reserves: (40KM2)
Total: -- A) 1.16 TCF - Gas
B) 160 MM STB - Oil
Apex Working Interest - (3.745%)
A) 34 Bscf - Gas @ US$11.50/ft3 = US$391.000 Million (Gas)
B) 4.7 MM STB - Oil @ US58.68/B = US$275.796 Million (Oil)
US$666.796 Million (Gas & Oil)
Part 3 -- Possible Gas & Oil Reserves: (21.54 KM2)
Total: -- A) 625 Bscf - Gas
B) 86 MM STB - Oil
Apex Working Interest - (3.745%)
A) 23.4 Bscf - Gas @ US$11.50/ft3 = US$269.100 Million (Gas)
B) 3.2 MM STB - Oil @ US58.68/B = US$187.776 Million (Oil)
US$456.876 Million(Gas & Oil)
Total of All 3 US $1.189 Billion Gas & Oil
About The Mackenzie Valley Pipeline
Reports out of Calgary indicate that the consortium behind the CDN$7-Billion Mackenzie gas pipeline are on the verge of making deals with Ottawa and aboriginal communities, paving the way for key public hearings to begin on the massive venture.
After months of negotiations, a consortium of oil companies headed by Imperial Oil Ltd. was close yesterday to finalizing a so-called "letter of comfort" with the federal government that would lay out fiscal terms for the project in broad terms, sources said.
Three aboriginal communities along the pipeline route were scheduled to hold meetings last week to ratify access and benefits agreements.
"I am very optimistic that things seem to be coming together," said Brendan Bell, Energy Minister for the Northwest Territories, after meeting with Cabinet ministers in Ottawa. "We are very hopeful that Imperial will come out with a very strong positive announcement in the coming days and weeks."
The consortium of Imperial Oil Ltd., and partners Shell Canada Ltd., ConocoPhillips and the Aboriginal Pipeline Group, wanted to secure the deals before moving forward with lengthy public hearings that would bring the project back on track.
Negotiators have been working frantically so the agreements could be in place tomorrow, allowing Imperial to meet a deadline imposed by the National Energy Board. The federal regulator asked project backers to let it know by Nov. 18 whether they were ready to move forward, so it could hold pre-hearing conferences before the end of the year. Eight to ten months of hearings would then start in the New Year in of locations across the Northwest Territories and in Alberta. Regulators would then rule on whether the project can proceed.
The 1,220-kilometer pipeline would move to market by the turn of the decade badly needed natural in the Mackenzie Delta and fuel oil and gas in Canada's Arctic.
Three Sahtu communities -- Tulita, Fort Good Hope and Deline -- have reached agreements with Imperial on allowing the oil companies access to their lands in exchange for benefits. Negotiations are continuing with other groups affected by the project -- the Inuvialuit, Gwich'in and Deh Cho.
Pius Rolheiser, spokesman for Imperial, said it was premature to say whether backers would move forward with public hearings without having all aboriginal agreements in place.
"Our intent would be to have benefits and access agreements in place or a clear path forward to achieving them," he said. "We are in discussions with all communities and we are working as hard as we can."
The potential is significant. Devon Energy Corp. next month will start drilling in the Beaufort Sea and hopes to hit a target as large as the biggest field in the nearby Mackenzie Delta, a discovery controlled by Imperial.
By the Board of Directors,
APEX RESOURCES GROUP INC.
Investor Relations: Roger Reynolds
136 East South Temple, Suite 1600
Salt Lake City, Utah 84111 USA
TEL: 801.363.2599
Web Site: www.ApexResourcesGroup.com
John M. Hickey
Director
The foregoing contains forward looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the foregoing, such words a "may", "will", "believes", "anticipates", "estimates", "continue", or comparable terminology intends to identify forward looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors, including, but not limited to, the successful negotiation and execution of the definitive acquisition agreement and receipt of certain exhibits and schedules requested by Apex Resources Group Inc.
SOURCE Apex Resources Group Inc.
Roger Reynolds of Apex Resources Group Inc., +1-801-363-2599
http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
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