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PRB Interview Tonight 6/15/2010
8pm sharp EST:
Here is the number you can call in to listen:
(917) 889-7309
Good luck everyone :)
Caution. PRB files bankruptcy chapter 11 - Trading halted.
Amex stopped this from trading and no effort made to move it to the pinks yet.
Insiders had made an offer of a 300k loan to company prior to filing and now have asked the court to approve the loan. Good or bad? At first, I thought good, BUT there are possible ramifications of how this would hurt the common. The 'plan' usually gives the company to the creditors and the loan would make all the insiders into creditors. It is thus possible that the common would get nothing and these insiders would get their share of the company as lenders for this loan and get nothing as common holders.
So when this does start trading, beware.
MMaybe see some healthy swing$ here huh?,,,>>>MM prolly kick it around a bit?*LOL*
;)
~>>>EZ!!!!>>>
So that is what explains the fall from grace. Looks like the bottom may not be in just yet, but certainly one worth watching for.
Since I have only done minimal DD on PRB, I am curious what their land position is, in addition to other assets, to determine a 'bottom line' value of this company, in the event there is a filing in BK court.
YO LOWMMON->NEWS!!!*~;)
>>>
February 29, 2008 - 5:13 PM EST
PRB
0.1711 -0.2887
PRB Energy Reports That It Is Working With Its Senior Lenders
DENVER, Feb. 29 /PRNewswire-FirstCall/ -- PRB Energy, Inc. (Amex: PRB) today announced that it is working with its Senior Lenders that hold the Company's $15 million Senior Secured Debentures due August 31, 2008, in order to satisfy its future obligation and to settle a dispute of whether any default has occurred and whether a redemption has occurred, as asserted by the Senior Lenders. The Company does not believe that a default under the Debentures has occurred. Given its current negative working capital position and the Senior Lenders' assertion that it is in default, the Company is exploring all of the strategic alternatives available to it under applicable law, including filing for bankruptcy protection.
William F. Hayworth, the Company's President and Chief Executive Officer, stated, 'We are in discussion with our Senior Lenders and working diligently to find the best solution for all our stakeholders, with the objective of recapitalizing the Company.'
ABOUT PRB ENERGY, INC.
Since commencing operations in January 2004, PRB Energy has evolved into an exploitation and development company with activities in the Rocky Mountain States. The Company is vertically integrated, combining upstream exploitation and production as well as midstream gathering and processing for, primarily, its own production. This model is intended to increase PRB Energy's access to and acquisition of high-potential development properties at attractive prices and deliver cost savings.
FORWARD-LOOKING STATEMENTS
This press release may include certain forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results is discussed in the Company's Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission and in subsequent filings under the Securities Exchange Act of 1934. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Company Contact: or Investor Relations Counsel:
PRB Energy, Inc. DRG&E
Bill Hayworth, CEO Jack Lascar/Lisa Elliott
(303) 308-1330 (713) 529-6600
investors@prbenergy.com jlascar@drg-e.com/lelliott@drg-e.com
SOURCE PRB Energy, Inc.
Source: PR Newswire (February 29, 2008 - 5:13 PM EST)
News by QuoteMedia
www.quotemedia.com
<<<
DO PRB STILL GOT$ GAME?
~tia!~
:)
PEACE!!!
Totally weird...trading stopped flat at 1:00. Hmmm...halted?
Stuck pig let's mmake bacon*LOL*
>>>MM GOOD!!!
:))
EZ BUDD!!!!
WOW! Gonna have check into this one and start watching. Falling knives usually last 2-3 days befor recovery.
PRB MMEGADUMP 2DAY WUZZUP WIT DAT???
TIA!
:))
~>PEACE FU!!!!
Insiders have made 12 purchases in Jan totaling over 90,000 shares from $2.50-3.70 range.Not a huge number but not bad with only appox 7.5M O/S.On Watch.
what a death slide here...I am staying away
PRB Energy, Inc. Files Listing Application with Amex
Friday January 12, 5:29 pm ET
DENVER--(BUSINESS WIRE)--PRB Energy, Inc. ("PRB" or the "Company") (AMEX:PRB - News) today announced that on January 5, 2007, PRB filed an additional listing application with the American Stock Exchange ("Amex") relating to the 1,250,000 shares of common stock issued by PRB on December 26, 2006.
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On January 8, 2007, PRB received a notice from the Amex that PRB did not satisfy a rule for continued listing on the Amex. The notice asserts that PRB failed to comply with the requirements of Section 301 of the Amex Company Guide ("Amex Guide") by issuing 1,250,000 shares of common stock on December 26, 2006 without first obtaining Amex's approval. The notice constitutes a warning letter that PRB has failed to satisfy Section 301 of the Amex Guide which could jeopardize the Company's continued listing standard pursuant to Section 1003(d) of the Amex Guide. Notwithstanding PRB's failure to comply with Section 301 of the Amex, the Amex has determined not to apply the continued listing evaluation and follow-up procedures specified in Section 1009(j) of the Amex Guide.
PRB is an oil and gas exploration and development company operating in the Rocky Mountain States. In addition, PRB provides gas gathering, processing and compression services on properties it operates and for third party producers.
Contact:
PRB Energy, Inc.
Robert W. Wright, Chairman and CEO, 303-308-1330
investors@prbenergy.com
or
Investor Relations Counsel
Cordon Partners, LLC
Harvey Goralnick, 212-755-4884
Walter Kass, 212-300-4708
Death toll at four in Louisiana gas pipe blast
Fri Oct 13, 2006 3:13pm ET
Market View
GPOR (Gulfport Energy Corp )
Last: $10.54
Change: -0.08 (-0.75%)
Revenue (ttm): $31.7M
EPS: 0.48
Market Cap: $349.25M
Time: 3:59pm ET
Stock Details
Company Profile
Analyst Research Email This Article | Print This Article | Reprints [-] Text [+]
(Adds detail, comment from Gulfport Energy)
NEW YORK, Oct 13 (Reuters) - Four people have been confirmed dead following an explosion on Thursday when a barge collided with a natural gas pipeline off the Louisiana coast, a U.S. Coast Guard spokesman said on Friday.
Rescue workers were still searching for two who were officially listed as missing.
The accident occurred Thursday when a tugboat and two barges laden with construction materials ruptured a natural gas pipeline belonging to Gulfport Energy Inc. (GPOR.O: Quote, Profile, Research) near the company's West Cote Blanche Bay oil and gas field.
Gulfport announced on Thursday that the field, which pumps about 4,000 barrels of oil equivalent per day of oil and gas, was shut down as a precautionary measure.
"The field is completely shut," said John Kilgallon, Gulfport's director of investor relations. "It's still a search and rescue operation."
Kilgallon said Gulfport did not have an estimate for how long its field would remain shut as workers have not yet been able to inspect the field and determine which gas pipeline was ruptured. Gulfport does not yet know if the pipeline that ruptured was one of its assets or one belonging to another company.
The crew of the tug and the construction barges were contractors working for Gulfport, Kilgallon said.
Gulfport said in a press release on Thursday afternoon that all of its employees were accounted for and that there was no damage to its production facilities.
PRB Energy, Inc. Announces Stock Repurchase Program
Friday October 13, 8:40 am ET
DENVER--(BUSINESS WIRE)--PRB Energy, Inc., ("PRB" or the "Company") (AMEX:PRB - News) today announced that its Board of Directors has authorized the repurchase of up to 10%, or approximately 750,000 shares, of the Company's outstanding common stock. The stock repurchase authorization is effective immediately and continues through the end of 2006. The repurchases will be made from time to time in open market or in negotiated transactions in such amounts as determined in the discretion of the Company's management and will be funded out of working capital. All purchases at prices below the Company's per share book value will be accretive.
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Robert W. Wright, Chairman & CEO stated, "Our Board of Directors believes that the recent trading price of our common stock does not adequately reflect the Company's present net asset value and strong prospects for growth in revenue and cash flow in the future. We believe that, based on current market prices, the repurchase program is a good investment of our available funds."
PRB is an oil and gas exploration and development company operating in the Rocky Mountain States. In addition, PRB also provides gas gathering, processing and compression services on properties it operates and for third party producers.
This press release contains certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Company's Form 10-K and other periodic reports filed with or furnished to the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Contact:
PRB Energy, Inc.
Robert W. Wright, Chairman and CEO, 303-308-1330
info@prbenergy.com
Or
Investor Relations Counsel:
The Equity Group Inc.
Linda Latman, 212-836-9609
or
Lena Cati, 212-836-9611
www.theequitygroup.com
PRB: PRB Gas Transportation Signs Definitive Agreement to Purchase Producing Wells and 29,500 Acres in Wyoming's Powder River Basin
Friday May 19, 11:16 am ET
DENVER--(BUSINESS WIRE)--May 19, 2006--PRB Gas Transportation, Inc. ("PRB" or the "Company") (AMEX:PRB - News) today announced that it has signed a definitive agreement to purchase approximately 600 coal-bed methane wells producing approximately 3,000,000 cubic feet per day on 29,500 acres in Wyoming's Powder River Basin. PRB is currently the gas gatherer for the majority of this production. Additionally, the 29,500 acres are adjacent to PRB's pilot program to the Moyer coal seam in the Gap field of Wyoming's Powder River Basin. The acreage covers the fields of Gap, Bonepile and Bell Knob south of Gillette, Wyoming.
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Robert W. Wright, PRB's Chairman and CEO, noted, "This transaction represents an excellent addition to our business portfolio." He went on to say, "Our analysis points to a great deal of upside potential from this transaction. Once our Moyer pilot produces gas, PRB plans to develop the Moyer coal on the acreage. In terms of location, current production and the opportunity to increase production, this acquisition meets our objectives of seeking out complementary and accretive business opportunities which expand our production and drilling activities where we have gas gathering assets. This acquisition will add significantly to our future development potential."
The identity of the seller and PRB's purchase price were not disclosed. Under the terms of the agreement, closing should take place on or before June 30, 2006, unless PRB's final due diligence uncovers title or environmental issues which would allow it to withdraw from the agreement.
PRB is an oil and gas exploration and development company operating in the Rocky Mountain states. In addition, PRB also provides gas gathering, processing and compression services on properties it operates and for third party producers.
This press release may include certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Contact:
PRB Gas Transportation, Inc.
Robert W. Wright, Chairman and CEO
William P. Brand, Jr., Vice President - Finance
303-308-1330
info@prbtrans.com
or
Investor Relations Counsel
The Equity Group Inc.
Linda Latman, 212-836-9609
Lena Cati, 212-836-9611
www.theequitygroup.com
Total Cash (mrq): 6.43M
Total Cash Per Share (mrq): 0.862
Shares Outstanding: 7.46M
Float: 6.15M
% Held by Insiders4: 27.01%
% Held by Institutions4: 11.40%
PRB Gas Transportation, Inc. Announces First Quarter 2006 Financial Results
Monday May 15, 8:40 am ET
To Acquire 70 Miles of Pipeline in Recluse Area of the Powder River Basin
DENVER--(BUSINESS WIRE)--May 15, 2006--PRB Gas Transportation, Inc., ("PRB" or the "Company") (AMEX:PRB - News), an oil and gas exploration and development company, today reported financial results for the first quarter 2006. See accompanying tables.
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Robert W. Wright, PRB's CEO noted, "Despite the losses that were incurred during the first quarter, we remain confident that our 2006 financial objectives are achievable and expect revenues of approximately $14 million to $16 million and net income of $3.5 million to $4 million with earnings per share within the range of $.33 to $.38."
Mr. Wright added, "As previously announced, a significant portion of the first quarter pre-tax loss is attributable to non-cash charges including approximately $320,000 of depletion depreciation, $278,000 associated with SFAS 123® (accounting for share-based compensation), $97,000 of exploration expense, and $65,000 of amortization of issuance costs in connection with the $21 million private placement in the first quarter. The remainder of the pre-tax loss was attributable to lost production due to serious weather problems in January and February which impacted both gathering and production revenues. There has been minimal weather-related disruption to gathering and production since March."
Acquisition Announced
Additionally PRB announced that it has entered into an agreement with a private company to purchase approximately 70 miles of gathering lines in the Recluse area in Wyoming's Powder River Basin. This gathering line is complementary to PRB's previously acquired gathering assets from Storm Cat Energy and Clear Creek LLC. Closing is subject to PRB's review of surface use agreements and receipt of an environmental report. The proposed purchase price was not disclosed.
The combined pipelines will allow PRB to expand its gas gathering services to gas producers in the approximately 100,000 acres surrounding the pipelines. Furthermore, PRB believes that the acquisition of this system combined with its other Recluse gathering lines should stimulate gas production in the area. In addition, the Company is pursuing working interest agreements with land owners and leaseholders.
Mr. Wright noted, "This transaction makes PRB the dominant gatherer in the Recluse area of Wyoming. It comes on the heels of our acquisition of nearby gathering assets from Storm Cat Energy and Clear Creek as well as our preferred gathering status in Termo's Homestead Draw CBM Project, where we also have a working interest. This acquisition is a good example of our business strategy which involves focusing our gas gathering activities where there is a strong likelihood of increasing gas throughput in our systems, as well as gas production participation opportunities."
Business Summary and Update
William Hayworth, PRB's President and COO added, "In 2005, we initiated our first drilling program in Wyoming's Powder River Basin and, as of this writing, we have completed the drilling of 48 wells primarily in the North and South Gillette fields. During the first quarter of 2006, we commenced drilling 23 wells. Our plans for the balance of 2006 include the drilling of approximately 130 wells in the areas of North and South Gillette, Termo and Reno by year end. In addition to our drilling activities, we continue to seek out new acquisitions as we have discovered new opportunities." Mr. Hayworth added, "We now have the financial strength to achieve our growth objectives for the year and we are executing a very ambitious $21 million capital program."
William Brand, Jr. PRB's VP-Finance, noted, "We entered the second quarter with approximately $22.6 million in cash and continue to have discussions with our bankers regarding the financing of a portion of our gathering and development activities."
Mr. Brand added, "Last week, we mailed out to our shareholders the 2005 Annual Report and the Proxy Statement of the Annual Stockholders' Meeting which is scheduled for June 14, 2006. We encourage shareholders to vote the resolution adopted by the Board of Directors in April '06, to change the Company's name to PRB Energy, Inc. The Company's stock symbol "PRB" will remain unchanged. We believe that the name PRB Energy, Inc. better reflects the larger scope of our business activities and our current and future operations."
Conference Call
Robert W. Wright, CEO, William Hayworth, President & COO, and William P. Brand Jr., Vice President-Finance of PRB Gas Transportation will host a conference call today, Monday, May 15, 2006 at 11:00 am EDT/9:00 am MDT, to discuss the subjects covered in this news release. Interested parties may participate in the call by dialing 706-679-0885. Please call in 10 minutes before the conference is scheduled to begin and ask for the PRB conference call. After opening remarks, there will be a question and answer period. This conference call will be webcast live over the Internet at www.prbtrans.com. To listen to the live call, please go to the website at least 15 minutes early to register and, if necessary, download and install any audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.
PRB: PRB Gas Transportation, Inc. to Reschedule 2005 Fourth Quarter and Year-End Results Release and Conference Call
Wednesday March 29, 4:54 pm ET
DENVER--(BUSINESS WIRE)--March 29, 2006--PRB Gas Transportation, Inc., ("PRB" or the "Company") (AMEX:PRB - News), today announced that pending completion of the final stages of the audit, it is postponing the release of financial results for the fourth quarter and year ended December 31, 2005 and conference call, both of which had been scheduled for Thursday, March 30, 2006. PRB expects to issue within the next few days the new date and time for the release of financial results and conference call.
PRB is an oil and gas exploration and development company operating in the Rocky Mountain states. In addition, PRB also provides gas gathering, processing and compression services on properties it operates and for third party producers.
Contact:
PRB Gas Transportation, Inc.
Robert W. Wright,
William P. Brand, Jr., 303-308-1330
info@prbtrans.com
or
The Equity Group Inc.
Investor Relations:
Linda Latman, 212-836-9609
or
Lean Cati, 212-836-9611
www.theequitygroup.com
PRB Gas Transportation, Inc.: 8-K, Sub-Doc 1, Page 2
Item 8.01. Other Events.
The Company announced on January 17, 2006 that it had entered into an agreement to participate in Termo Company’s Homestead Draw Project.
Item 9.01. Financial Statements and Exhibits.
PRB GAS TRANSPORTATION, INC. ACQUIRES WORKING INTEREST IN THE
TERMO COMPANY’S HOMESTEAD DRAW CBNG PROJECT
Presents Additional Gas Gathering Opportunities
Denver, Colorado – January 17, 2006 – PRB Gas Transportation, Inc., (“PRB” or the “Company”) (AMEX:PRB) and The Termo Company (“Termo”), a privately held company based in Long Beach, California, today announced PRB’s participation in Termo’s Homestead Draw CBNG Project (the “Project”) near Recluse, Wyoming in the Powder River Basin. PRB will have a 9.25% working interest in the development of approximately 3,400 existing net acres and any future lease acquisitions in or around the existing leases.
Under the terms of the agreement, Termo will operate the Project and PRB has been designated the Project’s preferred gas gatherer. PRB paid approximately $85,000 for the 9.25% working interest and then will prorationally share in the drilling and related expense; PRB estimates its share will approximate $1.2 million over an 18 month period. Termo, which is in the process of obtaining drilling permits, expects this development program to commence in the spring of 2006 and generate production revenue by the summer.
Commenting, Robert W. Wright, PRB Chairman & CEO stated, “With this working interest, we are increasing our participation in the very prolific Recluse area, both on the production and gathering sides of our business. This agreement complements our planned acquisition of additional assets where we should be able to increase throughput by gathering production on the Termo-controlled properties.”
PRB is an integrated oil and gas exploration and development company, operating in the Rocky Mountain States. In connection with these operations, PRB acts as the driller and operator of certain properties and, as a working interest partner in other cases. It also provides gas gathering, processing and compression services on properties it operates and for third party producers.
This press release may include certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Company Contacts: or
Investor Relations Counsel
PRB Gas Transportation, Inc.
The Equity Group Inc.
Robert W. Wright, Chairman and CEO
Linda Latman (212) 836-9609
William P. Brand, Jr., Vice President - Finance
Andreas Marathovouniotis (212) 836-9611
(303) 308-1330
www.theequitygroup.com
info@prbtrans.com
2
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Financial data powered by QuoteMedia, www.quotemedia.com,
PRB Gas Transportation, Inc. Announces Third Quarter Financial Results, Provides Business Update and Announces New Director
11/14/2005 4:17:01 PM
DENVER, Nov 14, 2005 (BUSINESS WIRE) -- PRB Gas Transportation, Inc., ("PRB" or the "Company") (PRB), which began operations in January 2004 and completed its initial public offering in April 2005, today reported financial results for the three months and nine months ended September 30, 2005. See the accompanying tables.
Discussing recent corporate developments, Robert W. Wright, PRB's CEO noted, "As we have been reporting, we have expanded the scope of our operations to include exploring for, developing, producing, marketing, gathering and transporting natural gas as well as operating coal-bed methane ("CBM") properties and providing management services as a contract operator. Following the signing of a definitive agreement with Rocky Mountain Gas ("RMG"), a subsidiary of Enterra Energy Trust (EENC)(CA:ENTUN) ("Enterra"), we are developing CBM properties in an area of mutual interest in Wyoming and Montana by drilling wells, operating the drilling sites and marketing the gas for which we currently earn 50% of net production revenue. At the same time, we are capturing 100% of the gathering revenue in areas where we own the gathering systems."
He continued, "Also on the gathering side, we are focusing on areas currently under development including the Recluse Area of Wyoming's Powder River Basin and the North Dakota's Bakken Shale Area."
Mr. Wright went on to say, "We expect a significant ramp-up in revenues in the final quarter of the year and throughout 2006. That is because we have 18 wells drilled of which 5 are now on production with 9 more to be connected later this month. We have a very ambitious drilling plan for the coming year and currently plan to have approximately 140 wells drilled by the summer of 2006. We are in current negotiations with both banks and other financial institutions to assure there is capital to fund our ongoing program."
He added, "We have decided to sell our TOP Gas Gathering facility as it has become a non-essential asset. As a result of our review of the carrying value of the TOP system, we have recorded a $2.4 million, non-cash asset impairment charge during September 2005 to reflect the value of the TOP system. By taking the charge now, pending its sale, PRB's 2006 statement of operations will more accurately reflect the Company's business plan including the positive impact from our rising gas production and new gas gathering systems. Regarding the latter, a gathering system is being installed to serve producers in North Dakota's very prolific Bakken Shale development area and should be operational in the spring of 2006. We anticipate that we will develop additional gas gathering systems for that area in the future. As for the Recluse Area, the new business being developed will involve both gathering and natural gas production. We anticipate that this area will have a positive impact on both revenues and cash flow beginning in 2006. The results for the third quarter, minus the impairment charge and other non-cash charges, leaves us with a modest cash flow loss for the period."
William Hayworth, President & COO of PRB noted, "Our decision to expand the scope of our operations results in vertical integration and gives us better control over our ability to achieve our growth goal of having positive cash flow. By having an ownership position in production and reserves, PRB also influences the future development of additional reserves impacting both future gathering and production revenues."
Mr. Hayworth continued, "In order to execute the program, we have hired nine operational people in Gillette, Wyoming to focus on drilling in the Powder River Basin and we are also planning to expand our field gathering personnel for the systems under development. As of today, we have a total of 18 professional and field personnel to manage the program."
The Company also announces the appointment of Justin W. Yorke as a member of the Board of Directors and the resignation of Marilena Marrelli. Currently Mr. Yorke is Director of Dunes Advisors, a corporate advisory group he founded during 2002 that assists domestic and international middle market companies with strategic planning, private equity fund raising as well as structuring joint ventures and financial reviews. Mr. Yorke also serves on the Board of Directors of JED Oil Inc. (JDO). From 1992 to 2001, he held Fund Manager/Vice President positions with Darier Hentsch Asia Ltd., Peregrine Asset Management and Unifund Global Limited based in Hong Kong. In these positions, Mr. Yorke managed institutional Asian equity funds and focused on companies located in Singapore, India, South Korea, Thailand, Malaysia and the Philippines. Mr. Yorke started his career with William Finkle and Associates where he focused on revenue and risk analysis of international joint ventures in the healthcare and petroleum industries. Mr. Yorke holds a B.A. in history, with a minor Economics from the University of California, Los Angeles.
CONFERENCE CALL
Robert W. Wright, CEO, William Hayworth, President & COO, and William P. Brand Jr., Vice President-Finance of PRB Gas Transportation will host a conference call on Tuesday, November 15, 2005 at 10:00 am ET/8:00 am MT, to discuss the subjects covered in this news release. Interested parties may participate in the call by dialing 706-679-0885. Please call in 10 minutes before the conference is scheduled to begin and ask for the PRB conference call. After opening remarks, there will be a question and answer period. This conference call will be webcast live over the Internet at www.prbtrans.com. To listen to the live call, please go to the website at least 15 minutes early to register, and if necessary, download and install any audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.
PRB is engaged in the exploration and development of coal-bed methane gas as well as gas processing and transportation.
This press release may include certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
PRB Gas Transportation, Inc.
Condensed Statements of Operations
(Unaudited)
(In thousands. except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
-------------------------- ---------- ---------- ---------- ----------
Gas gathering revenue:
Related party $ - $ 193 $ - $ 692
Third party 658 585 2,072 827
-------------------------- ---------- ---------- ---------- ----------
Total gas gathering
revenue 658 778 2,072 1,519
Management fee revenue 66 - 66 -
-------------------------- ---------- ---------- ---------- ----------
Total revenue 724 778 2,138 1,519
-------------------------- ---------- ---------- ---------- ----------
Expenses:
Operating 418 409 1,293 849
Asset impairment charge 2,372 - 2,372 -
Depreciation and
amortization 281 212 838 379
General and
administrative 584 223 1,311 485
-------------------------- ---------- ---------- ---------- ----------
Total expenses 3,655 844 5,814 1,713
-------------------------- ---------- ---------- ---------- ----------
Operating loss (2,931) (66) (3,676) (194)
Other income (expense):
Interest income 63 16 111 29
Interest expense - - (49) -
-------------------------- ---------- ---------- ---------- ----------
Total other income
(expense) 63 16 62 29
-------------------------- ---------- ---------- ---------- ----------
Net loss (2,868) (50) (3,614) (165)
Convertible preferred
stock dividends - (183) (205) (441)
-------------------------- ---------- ---------- ---------- ----------
Net loss applicable to
common stock $ (2,868)$ (233)$ (3,819)$ (606)
========================== ========== ========== ========== ==========
Net loss per share - basic
and diluted $ (0.40)$ (0.15)$ (0.56)$ (0.38)
========================== ========== ========== ========== ==========
Basic and diluted weighted
average shares
outstanding 7,140,050 1,600,000 6,805,621 1,600,000
========================== ========== ========== ========== ==========
PRB Gas Transportation, Inc.
Summarized Balance Sheet Data
(in thousands)
September 30, December 31,
2005 2004
(Unaudited)
Cash and cash equivalents $ 7,991 $ 320
Total current assets $ 9,371 $ 685
Property and equipment, net $ 6,086 $ 8,136
Wells in progress and unproved oil and
gas properties $ 682 $ -
Total assets $ 17,457 $ 11,237
Note payable $ - $ 1,500
Total current liabilities $ 1,297 $ 2,016
Total liabilities $ 1,379 $ 2,081
Total stockholders' equity $ 16,078 $ 9,156
Total liabilities and stockholders'
equity $ 17,457 $ 11,237
SOURCE: PRB Gas Transportation, Inc.
PRB Gas Transportation, Inc.
Robert W. Wright or William P. Brand, Jr., 303-308-1330
info@prbtrans.com
or
The Equity Group Inc.
Linda Latman, 212-836-9609
or
Andreas Marathovouniotis, 212-836-9611
www.theequitygroup.com
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