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BHP looks to cash in from potash holdings
CAMERON FRENCH
Reuters
June 11, 2008
TORONTO -- BHP Billiton Ltd. is hoping for big things from its portfolio of potash properties in the Canadian prairies, the head of the company's special projects group said yesterday, although he said it was too early to say when it might decide to build a mine.
The appeal of the industry for BHP and other mining companies has soared recently in tandem with world prices for potash, which have tripled in some cases over the past year. Demand for the fertilizer has jumped along with grain prices.
Speaking at a mining conference in Toronto, BHP's Graham Kerr said the company planned to use its financial might and personnel resources to get into an industry that is typically tough to crack due to the huge costs and long lead times of building deep potash mines.
"We see potash as a highly attractive industry," he said. "Across Manitoba and Saskatchewan, we will pursue multiple projects over the course of the next few years."
Meanwhile, world supplies of potash have been tight as years of relatively stagnant prices made producers reluctant to start new mines.
Potash is currently mined only in 12 countries, and producers are essentially sold out at a time when farmers are willing and able to pay as much as $1,000 (U.S.) a tonne, more than triple last year's going price.
BHP made the decision to get into the business two years ago, and now has more than 7,000 square kilometres of exploration property in the provinces of Saskatchewan and Manitoba.
In May, BHP launched a $284-million (Canadian) bid for Anglo Potash Ltd. to gain full control of an exploration joint venture.
Mr. Kerr said the company plans to do extensive seismic surveying and will drill 21 holes over the next year on properties it has identified as high-priority.
"It's probably too early to talk about timing [on a decision on mine construction]," he said. If and when BHP decides to build a mine, it would represent the world's first new potash mine in more than 20 years.
The industry is currently dominated by Potash Corp. of Saskatchewan Inc., whose stock has nearly tripled over the past year. Mr. Kerr was also asked if BHP might consider a partnership with Canpotex, which markets and distributes potash on behalf of Saskatchewan producers, Potash Corp., Agrium Inc., and Mosaic Co.
"I guess at the early stage of the project, nothing's certainly out of the cards or off the table," he said
Petrostar enters LOI to develop Sask. oil zones
2008-06-03 06:04 MT - News Release
Mr. Robert Sim reports
PETROSTAR PETROLEUM CORPORATION: LETTER OF INTENT SIGNED TO DEVELOP BAKKEN OIL PLAY IN SE SASKATCHEWAN
Petrostar Petroleum Corp. has entered into a letter of intent with Leaf & Stone Resonance Services Ltd. (L&SRS) of Saskatoon, Sask., to develop certain leaseholds acquired by L&SRS located in southeastern Saskatchewan. The leases will cover up to 12 quarter sections of freehold lands that have been acquired.
The area to be developed has two potential oil-bearing zones; the Frobisher, at a depth of approximately 500 metres, and the Bakken, at a depth of 1,100 metres to 1,400 metres.
Under the terms of the agreement, Petrostar will be the operator and provide up to $250,000 in drilling funds, which matches the technical and mineral rights acquisition costs provided by L&SRS. All future costs will be shared on an equal 50/50 basis.
It is planned to initiate a three-well drilling program, which will commence as soon as permitting and establishment of surface lease requirements for the well site are received. The initial well is to be the first of a potential three-well program designated for the project.
Petrostar is the operator of the project and has retained DJ Craven Oilfield Consultants to supervise and assemble equipment and services to prepare for spudding of the first well. At this time, the intent is to drill the three wells consecutively while the services and equipment is readily available.
The parties will also continue to locate and acquire additional lands within the general area of the Bakken play under the same terms and conditions. More developments will be forthcoming as the project proceeds.
I don't know about that... I am having better luck Shorting any good idea or investing plan I come up with on the upside of things:)
I made my first trip to Canada to Alberta and saw a couple operations... I was not there long but got the impression that it is going to be big and also in North Dakota where people are free and can drill where they want and have freedom to do SO!!!!!!!!!
I wish our gov't held the same priciples and didn't head bob to the frick'n enviromental insane freaks that dictate our country's drilling policy and way of life!!!! I can baime the demo's for a lot of it 10-12 years ago. Now look at the mess we are in and a WAR and $4 gas... this is how great country's and nations Fall... this is it...bowing to the environmental insane people and this WAR and this, soon to be, 100+ trillion is going to sink this country... we need to start taking a stand against the enviromental crackheads that dictate this country... GLTY
Thanks Gateway - just trying to keep pace with you
You the MAN rrufff.. nice call!
BSIC 2.35 + .15 Basic Earth Announces Production Rates on Its Antenna Federal Property in Colorado
Thursday June 5, 8:45 am ET
DENVER, June 5 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc. (Basic or the Company) (OTC Bulletin Board: BSIC - News) reported initial potentials on five more wells on its Antenna Federal property in Colorado's DJ Basin. In the northeast production facility, in addition to Basic's net revenue interest (NRI) and future J Sand production potential, the following table shows the initial production rate reported to the Colorado Oil & Gas Conservation Commission for these five new wells:
J Sand
Well Name Bbls. Oil/Day MCF/Day NRI Potential
USA 2-36 51 350 0.52500 No
USA 21-36 0 638 0.16375 Yes
USA 24-36 22 109 0.16375 Yes
USA 25-36 73 348 0.16375 Yes
USA 41-36 67 358 0.02000 Yes
As previously disclosed, these wells are part of a sixteen well development drilling program in the heart of Colorado's Wattenberg gas field. Basic expects to have a 2% to 52.5% revenue interest in Codell/Niobrara production and a 13.125% to 52.5% revenue interest in J-Sand production (depending on actual well location). However, initially, all new wells will produce from the Codell/Niobrara formation alone. The Company expects to spend a total of $2 million for its share of the cost of drilling and completing these wells. Kerr-McGee Oil & Gas Onshore, LP will be the Operator of the project.
"We continue to be excited as we announce these new production rates," commented Ray Singleton, president of Basic. "Our northeast facility was not brought fully on-line until mid-May due to a back order on critical flow controllers. However, all of its eight wells are now flowing. All of the reported initial production rates are, and have been, based on 24 hour production volumes up casing without tubing in the wells. Because of this configuration, daily production rates vary significantly. Correspondingly, reported initial production rates, especially those of the USA #21-36, may or may not be indicative of future performance. Once pressures moderate, we expect to check each wellbore for obstructions and place the wells on production up tubing. Once this more conventional configuration is established we will have a better idea of where production should stabilize. During a field inspection this weekend, it was noted that our southeast production facility is also on-line and we should be reporting initial production rates from its new wells within a few weeks.
Repeating our previous statement, to this point, there have been no real surprises; there have been no dry holes, all geologic sections were present, no completion problems were encountered and, as anticipated, production rates are varied, yet still within the parameters of our initial expectations. So far, operationally, this has been a very successful venture."
Founded in 1969, Basic is an oil and gas exploration and production company with primary operations in select areas of the Williston basin, the Denver-Julesburg basin in Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast. Basic is traded on the "over-the- counter -- bulletin board" under the symbol BSIC. Basic's web site is at http://www.basicearth.net where additional information about the Company can be accessed.
Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "should," "may," "will," "anticipate," "estimate," "intend" or "continue," or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Basic intends, expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Basic, particularly the Company's Quarterly Report on Form 10-QSB for the quarters ended June 30, September 30 and December 31, 2007 in addition to the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2007, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.
--------------------------------------------------------------------------------
Source: Basic Earth Science Systems, Inc.
The Oil Sands Of Alberta
Where Black Gold And Riches Can Be Found In The Sand
http://www.cbsnews.com/stories/2006/01/20/60minutes/main1225184.shtml
FPP - it's been a long struggle but FPP hit 6.15 today. See prior posts.
BSIC and especially ASPN have lagged but both done well. I think ASPN may have the most longer term potential now as people are just starting to look at natural gas micros and this one was higher share price than FPP until this run.
FPP 2.10 per prior posts, tiny microcap Oil and gas plays finally catching up with the market. This one was in the $10 prior run, tiny float, etc.
See also ASPN and BSIC.
Energy plays!
SSTP - distributes USSE fuel
USSE - NEW Disruptive technology
Bluefire - ethanol from garbage 40,000,000 govt grant!
ALRY - Oil in Kansas
EDEX - wildcatter
BCON - Flywheel
ARSC - Hydrogen
SCU Natural gas
FPP 1.33 + .16 hod was 1.39 - starting to move on volume. Doesn't take much to move this one and it's moved down from over 10 couple of years ago.
ASPN 2.34 + .20 - better late than never to the energy party for nat gas plays
Getting ready to trade up a bit and then down into the roll on the next trade...we(oil) will go down 10-15pts from here before it heads up IMO...JMHO and GLTA
Gran Tierra Energy Tests Over 6,600 Barrels of Oil Per Day at Costayaco-2 in Colombia
8:29a ET February 25, 2008 (PR NewsWire)
Gran Tierra Energy Inc. (TSX: GTE; OTC Bulletin Board: GTRE), a company focused on oil exploration and production in South America, today announced that it has successfully completed five drill stem tests (DSTs) on its recently drilled Costayaco-2 step out well in the Costayaco Field, Chaza Block, Putumayo Basin, in southern Colombia. A combined maximum flow rate in excess of 6,600 barrels of oil per day (BOPD) was attained.
The cased hole DST program, designed to evaluate only the primary reservoirs in the field, commenced on February 2, 2008. Five DSTs were completed over the Lower, Middle and Upper Caballos Formation, and in the Villeta T Formation. Secondary reservoirs in the U Sandstone Unit of the Villeta Formation and the Kg Sandstone Unit of the Rumiyaco Formation, which had potential pay zones indicated from log interpretations and which were successfully tested in the Costayaco-1 discovery well, were not tested. These zones will be tested and considered for completion later in field life when primary reservoirs become depleted.
The Costayaco-2 well bore is currently being completed for production. Produced oil will be transported through a new six inch flow line to the Costayaco-1 truck loading facility, where it will be mixed with crude oil from Costayaco-1 for trucking to Uchupayaco and the existing pipeline network.
DST-1 (8,494 - 8,498 foot interval; 4 feet of perforations) tested the Lower Caballos reservoir. No flow was obtained. Additional perforations were added in DST-1A (8,490 - 8,498 foot interval; 8 feet of perforations) and 26 BOPD of 17.4 API gravity oil with 40% water cut was obtained by swabbing.
DST-2 (8,330 - 8,342 foot interval; 12 feet of perforations) tested the Upper Caballos reservoir. Swabbing produced 25 BOPD of 29.1 API oil with 8% water cut.
DST-3 (8,330 - 8,474 foot interval; 88 feet of perforations) tested the Upper and the primary Middle Caballos reservoirs combined. Initial swabbing was followed by production of a maximum of 2,376 BOPD of 30.7 API oil through a 122/64 inch choke by stabilized natural flow. Only a trace of water (0.3%) was noted.
DST-4 (8,200 - 8,236 foot interval; 31 feet of perforations) tested the primary Villeta T Formation reservoir. Initial swabbing was followed by production of a maximum of 4,208 BOPD of 30.3 API oil through a 192/64 inch choke by stabilized natural flow. Only a trace of water (0.3%) was noted.
The Costayaco-1 discovery well is continuing to produce approximately 3,500 BOPD gross with only a trace of water (0.3%) from the Caballos and Villeta T sandstone reservoirs.
Costayaco-3, the third well in the Costayaco Field, reached TD at 8,620 feet on February 20, and is currently logging.
Gran Tierra Energy holds a 50% working interest and is the Operator of the Costayaco Field and the Chaza Block. Solana Resources Limited holds the remaining 50% working interest.
Separately, Gran Tierra Energy is the operator of a total of seven independent license areas in the Putumayo Basin, and is the largest private license holder in the basin.
Dana Coffield, President and CEO of Gran Tierra Energy stated "The outstanding production rates by natural flow established in Costayaco-2, without the assistance of supplementary pumping, confirms the superior reservoir continuity and production capacity found in the original discovery well can be replicated in the Costayaco Field. Planning and permitting for additional drilling in the Costayaco field is continuing, and results from the new drilling are being integrated with the recently acquired seventy square kilometer 3-D seismic program to optimize the development of this field through the balance of 2008 and continuing into 2009."
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States of America, trading on the OTC Bulletin Board and on the Toronto Stock Exchange, and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia and Peru. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Gran Tierra Energy is available at www.grantierra.com. Investor inquiries may be directed to info@grantierra.com or 1-800-916-GTRE (4873).
Forward Looking Statements
The statements in this press release regarding Gran Tierra Energy's expectations with respect to the timing of testing and drilling operations, transportation of crude oil, acquisition of seismic data, and the construction of the pipeline, the use to which seismic data will be put, the ability of Gran Tierra Energy to plan a full field development, including additional drilling, facilities and pipeline to handle new production as appropriate through 2008, and the expectation as to sources of funding, are 'forward- looking statements' within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934. Although these forward-looking statements reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, in the case of these forward-looking statements: unexpected delays in drilling or pipeline or other transportation infrastructure completion due to equipment failure or other unforeseen reasons; unforeseen events, such as unexpected difficulties in drilling or unexpected discoveries, may cause Gran Tierra Energy to reallocate resources, which may delay drilling, surveys, design plans, transportation infrastructure development and production or alter the mix of development drilling and exploration drilling in Gran Tierra Energy's portfolio; and unexpected costs may decrease funds available to carry out Gran Tierra Energy's plans described in this press release, which could delay or prevent execution of these plans. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Gran Tierra Energy assumes no obligation to update these forward-looking statements to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures, including the risk factors, made by Gran Tierra Energy in its reports filed with the Securities and Exchange Commission, in particular under the caption "Item 1A - Risk Factors" of its quarterly report on Form 10-Q filed on November 8, 2007, which attempt to advise interested parties of the risks and factors that may affect Gran Tierra Energy's business. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Gran Tierra Energy's actual results may vary materially from those expected or projected.
SOURCE Gran Tierra Energy Inc.
http://www.grantierra.com
Oil is tasting mighty fine these days. Still a good hedge against the falling dollar!
True that. Oil is trading in a channel right now... might make some $ on the product itself...when to short it will be the guess and then play it back up...now might be the right time down $1.30 right now though...JMHO and GL
$100 dollar oil!!! Who would of thunk it huh? The reccession and poor economic figures were suppose to dampan the demand for crude.
I guess not.
Marathon Oil announces $8 bln capital, investment and exploration budget for 2008 (MRO) 50.91 -1.22 : Co announced an $8 bln capital, investment and exploration budget for 2008, which represents a 67% increase over 2007 spending of $4.8 bln. The increase is primarily due to activity related to the Garyville, La. refinery expansion, the Athabasca Oil Sands Project (AOSP) in Alberta, Canada, and the associated Detroit refinery heavy oil upgrading and expansion project.
Natural gas pocket is as significant as is appearing elusive
Deep reservoir spreads under 4 states
http://www.signonsandiego.com/uniontrib/20080204/news_1n4gas.html
Natural gas pocket is as significant as is appearing elusive
Deep reservoir spreads under 4 states
By Genaro C. Armas
ASSOCIATED PRESS
February 4, 2008
STATE COLLEGE, Pa. – More than a mile beneath an area of Appalachia covering parts of four states lies a mostly untapped reservoir of natural gas that could swell U.S. reserves.
Geologists and energy companies have known for decades about the gas distributed throughout the Marcellus black shale in northern Appalachia, but only recently have figured out a possible – though expensive – way to extract it from the thick black rock about 6,000 feet underground.
Like prospectors mining for gold, energy executives must decide whether the prize is worth the huge investment.
“This is a very real prospect, very real,” said Stephen Rhoads, president of the Pennsylvania Oil and Gas Association. “This could be a very significant year for this.”
AdvertisementThe shale holding the best prospects covers an area of 54,000 square miles, from upstate New York, across Pennsylvania into eastern Ohio and across most of West Virginia – an area bigger than the state of Pennsylvania.
It could contain as much as 50 trillion cubic feet of recoverable natural gas, according to a recent study by researchers at Penn State University and the State University of New York.
The United States produces about 19 trillion cubic feet of gas a year, so the Marcellus field would be a boon if new drilling technology works, Penn State geoscientist Terry Engelder said.
“The value of this science could increment the net worth of U.S. energy resources by a trillion dollars, plus or minus billions,” he said.
The average consumer price for natural gas in the United States is forecast to rise 78 percent between the 2001-02 and 2007-08 winter heating seasons, which last from October to March. Prices will go from $7.45 to $13.32 per thousand cubic feet this season, according to the federal Energy Information Administration.
That translates into higher bills for gas customers to heat their homes, with the average season bill nearly doubling during the same period from $465 to $884.
One of the main players in Pennsylvania, Range Resources Corp. of Fort Worth, Texas, has roughly 4,700 wells statewide – although it's the results from five new horizontal wells in southwestern Pennsylvania that have company executives especially hopeful.
The company, in a December financial report, estimated two horizontal wells are producing roughly 4.6 million cubic feet of gas per day. Tests on an additional three recently completed horizontal wells showed potential for a total of 12.7 million cubic feet of gas per day. Industry experts call those results promising.
“We're extremely encouraged. We see many viable parts of the Marcellus that will be commercial,” said Range Senior Vice President Rodney Waller.
Yet he cautioned it was still too early to determine how successful the venture could be because of limited data.
“We're just so in the early stages, you just don't know how broad this is,” he said.
So the multimillion-dollar question is whether technology can consistently release the gas from the layer of rock hundreds of millions of years old.
Oilsands Quest forms technology company, updates Axe Lake
activities
Amex: BQI
CALGARY, Jan. 10 /CNW/ -
Oilsands Quest Inc. -
(Amex: BQI) today announced the formation of a subsidiary
company devoted to in-situ oil sands technology assessment
and development.
The company also provided an update of recovery development
and operations activities for its Axe Lake Discovery
in northwest Saskatchewan.
Oilsands Quest Technology Inc.
Dr. Erdal Yildirim, who is Oilsands Quest's Executive Vice
President, Project Development, has been appointed President
of Oilsands Quest Technology Inc, -
a wholly owned subsidiary of Oilsands Quest Inc.
"The progress in development of oil sands technologies has been
a significant driver in the growth, prosperity and
environmental sustainability of the oil sands industry"
said Dr. Yildirim, "yet it remains a relatively young
industry, where a new wave of technological advancements
is occurring through improvements to existing technologies,
commercialization of emerging technologies and creation of
new technologies generated by novel process concepts."
Oilsands Quest Technology has been created to be at the
forefront of this technology wave, to maximize the value
of its oil sands and oil shale assets and to generate
new business opportunities.
This will be accomplished by utilizing its in-depth technology
expertise for testing and developing technologies most
suitable to the characteristics of its natural resources.
Widely recognized within the industry for his leadership,
experience and technical expertise, Dr. Yildirim has served
in many managerial and executive capacities in
the oil sands industry.
He was the co-founder and chairman of the National Oil Sands
Task Force during the period of 1993 to 1996 and was
the co-founder and, since 1994, has been the Managing
Director of the Canadian Oil Sands Network for Research
and Development (CONRAD).
Axe Lake Recovery development program
Drilling to date within the Axe Lake Discovery area has
confirmed three reservoirs for potential development.
The three reservoirs, of roughly equal size, contain
the majority of Axe Lake's Discovered Resources.
These reservoirs are the focus of Oilsands Quest's
recovery development and production planning efforts.
In an extensive program of laboratory testing and reservoir
simulation studies, Oilsands Quest, its technical
consultants and its financial advisors are evaluating
existing in-situ recovery techniques.
These efforts have provided the initial definition of the
field test program to evaluate reservoir response to varying
temperatures and pressures of steam and steam with solvents.
A program of reservoir testing at three sites within
the Axe Lake Discovery is planned for the first half of 2008,
subject to regulatory approval.
The reservoir tests will provide up to 600 barrels per day
of initial bitumen volumes in 2008 that will contribute data
to the design of an in-situ test program of up to
10,000 barrels per day that is planned for start-up in 2009,
subject to regulatory approval.
Camp operations update
Oilsands Quest is operating two camps in Saskatchewan to
support its winter 2008 drilling, seismic and reservoir
testing activities.
The Base Camp will accommodate up to 200 personnel and
is located on the main access road adjacent to the
company's 5,000-foot (1500-metre) airstrip in the
northeast corner of the Axe Lake Discovery area.
he new South Camp will accommodate up to 250 people and
is located in Saskatchewan near the Alberta border,
12 miles (19 km) southwest of the Base Camp.
It will provide support to operations in both Alberta
and Saskatchewan.
Drilling has commenced in Alberta on the company's permit lands.
During the winter season, manpower is expected to peak
at approximately 450 personnel.
About Oilsands Quest Inc.
Oilsands Quest Inc. is aggressively exploring Canada's largest
contiguous oil sands land holding by applying its
technical expertise to develop multiple potential
global-scale discoveries.
The company
http://www.oilsandsquest.com
is the originator of Saskatchewan's emerging oil sands industry.
Oilsands Quest crosses border in hunt for land -
Firm pushes west from Saskatchewan
Shaun Polczer, Calgary Herald
Published: Friday, January 25, 2008
Tiny Oilsands Quest on Thursday revealed itself to be the buyer of a pair of big oilsands leases near Fort McMurray.
The company said it spent a cool $10 million to pick up 18,400 hectares north and west of its Axe Lake heavy oil discovery on the Alberta side of the Saskatchewan border.
Oilsands Quest said the acquisition is in keeping with its strategy to selectively acquire exploration lands as they come available.
President Chris Hopkins said the company operates under the belief that oilsands deposits don't stop at the provincial boundaries.
"Our exploration strategy is based on the geological concept that commercially viable oilsands deposits trend eastward from Alberta into Saskatchewan," he said.
"In addition to being among the last large parcels of Crown land available, these two townships represent a strategic fit."
Oilsands Quest said it made the decision to bid after evaluating the parcels with two-dimensional seismic data obtained earlier this month. The company boasts that it holds the largest contiguous oilsands leases in Canada, if not the world.
Meanwhile, the company is forging ahead with an ambitious winter drilling program to prove reserves ahead of a 10,000-barrel-per-day pilot project scheduled to startup in 2009. A series of reservoir tests in 2008 will provide about 600 bpd to help configure the pilot.
At a time when other companies are scaling back drilling, Oilsands Quest has four rigs turning in Alberta and Saskatchewan to delineate an estimated 1.5 billion barrels of contingent reserves.
Future exploration programs will attempt to firm up an additional three billion barrels the company believes are located outside the Axe Lake project area.
Oilsands Quest this fall drilled 87 new wells and has punched more than 260 new holes on the land to date.
Along with new drilling, Oilsands Quest is acquiring three-dimensional seismic data and earlier this month established a wholly owned technology company to examine new thermal technologies that could be used to recover the oil.
Apart from adding new reserves, Dejardins Securities analyst Adam Zive said milestones for Oilsands Quest would be to initiate the pilot project and to bring in an established industry partner to help bring the Axe Lake discovery to commercial production sometime around 2012.
He said the big land outlay complements everything the company has accomplished to date.
"This is totally in line with their long-term strategy," he said. "It's another positive move in the right direction."
The company is also looking to add a Toronto Stock Exchange listing later this year. Meanwhile, it gained four cents on the American Stock Exchange (AMEX) to close at $3.39 US.
spolczer@theherald.canwest.com
tend to agree...don't know how much of this oil price is just speculation and traders? And what demand will really bring but think it will bring more as our Gov't will bend to pressure not to open up their land for drilling and many problems could be helped...but nooooo! can't drill off Pacific, Gulf onland Alaska offshore??????????? people we need to wake up....which candidate will take the stand for this and not this over hyped and very high priced eth shit...it will take 30 years or more for that crap to come around if it ever does without destroying our economy in the process...wake up Bush...you can still be known for something good, like opening up drilling and getting this economy going again instead of this eth fuel crap...we are becoming a govt society very fast and help us all if we get a dem or sudo/dem in there like of McCain
The cartel is manipulating oil prices (OPEC) as they said that they like oil at $90 and will not supply more oil to the market!
Good for companies, @#$@ for us consumers.
OPEC: No Boost in Oil Output
Friday February 1, 8:49 am ET
By George Jahn, Associated Press Writer
OPEC Ministers: Oil Output Levels Will Not Increase Because of Weak Global Economy
VIENNA, Austria (AP) -- Shrugging off calls to pump more oil, OPEC ministers said Friday that output levels will not be increased out of fear that a softening global economy will translate into weakened demand.
ADVERTISEMENT
Any decision by the Organization of Petroleum Exporting Countries to produce more would have acted as a shot in the arm for countries struggling with weak growth, the fallout from the U.S. subprime crisis and negative economic factors.
"In view of the current situation, coupled with the projected economic slowdown, the conference decided that current production is sufficient to meet ... demand for the first quarter of the year," an OPEC statement read.
Friday's special meeting was set in December as prices approached $100 per barrel. The 13-nation group considered increasing output to calm volatile markets.
With oil prices high but steady, the focus has shifted to the sputtering U.S. economy with its implications for lessened demand. That and a continued weak dollar, which hurts the purchasing power of OPEC members, has swung sentiment behind maintaining the current output.
OPEC nations argue that market speculation and geopolitical factors have become the key drivers of oil prices. They assert that increasing production beyond the present level of nearly 30 million barrels a day for the 12 members under quotas would be counterproductive because there is enough crude to meet world needs.
"The world should not be concerned about the lack of oil," OPEC President Chakib Khelil told reporters after the meeting. "We are more concerned about the economic crisis and ... its ramifications and impact in the world economy."
That argument gained some credence following the latest weekly inventory report from the U.S. Energy Department's Energy Information Administration. It said Wednesday that crude and gasoline stocks rose 3.6 million barrels each during the week ended Jan. 25.
But analyst John Hall of John Hall Associates in London said the organization needed to look past its own immediate concerns of maintaining high oil prices.
"If OPEC is concerned about the chances of recession it needs to take whatever action it can take to bring the price down," he said. "All OPEC seems to be saying is, 'if there is a recession, demand will fall way down, and we will need to produce less.'"
Oil prices fell, despite the potentially bullish implications of keeping production steady, amid worries of a possible U.S. recession.
Light, sweet crude for March delivery lost 39 cents to $91.36 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe
Economic concerns were renewed Thursday after the U.S. Commerce Department reported consumer spending rose in December by 0.2 percent, the weakest performance since June.
Claims for unemployment benefits in the United States jumped by 69,000 last week, the Labor Department said, more than three times what economists expected.
Though current prices appear to have factored in by most economies, a natural catastrophe, or a spike in Middle East tensions could again drive prices above $100 a barrel, as they did early this year.
That, in turn, could ultimately achieve the aim of the United States and other major consumers and drive down the cost of oil -- but only because their failing economies would not be able to afford as much crude.
Qatar's Abdullah bin Hamad al-Attiyah addressed that possibility before the start of Friday's meeting. Looking ahead to the next OPEC ministerial gathering on March 5, he said "all the possibilities are there" -- shorthand for a possible cut in production, if the U.S. economy weakens enough to strip demand.
Analyst Stephen Shork, whose Shork Report looks at energy markets, said that scenario -- a cutback in output in March -- had been strengthened by Friday's decision.
"I believe the producer thinks that the U.S. economy is in recession and they are anticipating a further cutback in demand," he said.
Including Iraq, which is not under quotas, total OPEC output is estimated at about 31.5 million barrels a day -- about 40 percent of daily world demand, which is believed to be around 85.5 million barrels. The formal OPEC 12 output ceiling is around 30 million barrels a day.
http://www.opec.org
I was stuck with that problem on my last move, but they now have dsl now at least...hate that slow chit...
GS, good to see you back! (Unfortunately, my island dial up is too slow for youtube but I enjoy the OGP articles.)
Alberta Oil Sands Video - Alberta --
They say that the energy sector needs to be "leaders" in this market for the bulls to ralley back in here.
So far they are selling off abit but that could quickly change as we have seen in the past.
Is oil the place to be when the market crashes? I keep reading conflicting reports.
Some say yes and some say no.
Oil will break the $100 barrier before the North americandriving season gets underway.
It never fails, oil always seems to be in play around spring time.
I dooo babyyy...that is who cares and plese sing me a song? BQI? Why? BQI$$$$??????????????????IIIIIIIIIIIIIIIIIIIII it is just IIIIIIIIIIIIIIIIIII
I hope you guys stay okay... I love this place and that is you can get info out to people...In a file or what...who the FUCK cares?????????????????
$914.00 Gold really flying +$10.5 oil down $2.40 $91.76
CSKH - Clear Skies Holdings CSKH - New Solar company goes public a few days ago through reverse merger
http://www.clearskiesgroup.com/
================================================================
Clear Skies Holdings, Inc. Completes Merger Transaction, Begins Trading under Symbol 'CSKH.OB'
NEW YORK, Jan 10, 2008 (BUSINESS WIRE) -- Clear Skies Holdings, Inc.
CSKH a leading developer of solar products and a full-service integration company specializing in the turnkey installation of commercial photovoltaic (PV) solar systems and residential systems, today announced the completion of a merger transaction and the commencement of its stock trading under the symbol "CSKH.OB."
"This represents a major milestone for our company," said Ezra Green, the Company's Chief Executive Officer and Chairman. "I am pleased to have completed this transaction as it enables us to broaden our investor base and create a liquid market for our stock. As a publicly traded company, we believe that we will be in a better position to take advantage of the growing opportunities emerging in the solar industry."
About Clear Skies Group
Clear Skies Holdings, Inc. through its wholly owned subsidiary, Clear Skies Group, Inc. ("CSG"), provides full-service renewable energy solutions to commercial, industrial, and agricultural clients across the country. CSG was incorporated in 2003 and launched formal operations in 2005. During that time period, CSG developed its proprietary systems, obtained licenses and certifications, and acquired technologies that could maximize the impact of its construction expertise on the renewable energy sector. CSG has become one of the premier solar electric installation companies in the country. For more information about CSG, visit www.clearskiesgroup.com.
SOURCE: Clear Skies Holdings, Inc.
PR Financial Marketing
Jim Blackman, 713-256-0369
jim@prfmonline.com
OXY a good play here for rest of 08'imo... $72.72...
Berlin, NH Planning Board Approves Subdivision of Former Mill Site Paving Way for Laidlaw Biomass Energy Plant
Friday January 11, 10:06 am ET
BERLIN, N.H.--(BUSINESS WIRE)--Laidlaw Berlin, LLC, an affiliate of Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), announced today that last evening the city of Berlin, NH Planning Board unanimously approved the subdivision of the former Fraser Paper pulp mill site, significantly boosting the prospects for Laidlaw’s proposed 65 megawatt biomass energy facility which Laidlaw intends to build at the site. The approval, which was a major condition of the closing of the acquisition of the site by Laidlaw from the seller, North American Dismantling Corp (“NADC”), paves the way for Laidlaw and NADC to imminently execute the definitive purchase agreement for the site and the assets and move forward with the transaction.
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Commenting on the approval, Laidlaw President & CEO Michael B. Bartoszek stated, “We are pleased with the unanimous decision from the Berlin Planning Board as well as the significant support from the numerous residents and other interested parties that attended the meeting to support the project. We look forward to expeditiously moving forward with this transaction and the project.”
About the Berlin, NH Biomass-Energy Project
The Berlin project involves the conversion of the former Fraser Paper pulp mill site into a highly advanced biomass-to-energy project that is expected to export approximately 60 megawatts of renewable energy to the New England power grid and utilize about 750,000 tons of clean wood biomass chips per annum. The project involves a capital investment of approximately $65 million by Laidlaw and its partners and lenders and is expected to employ 40 directly and create over 500 indirect jobs. Once completed, the plant is expected to be among the largest and most environmentally advanced biomass-energy plants in North America.
About Laidlaw Energy Group
Laidlaw Energy Group (LLEG) is engaged in the development of independent power plants that generate electricity from renewable resources. LLEG's mission is to build and manage a profitable portfolio of renewable energy facilities through the development of new facilities and acquisition of existing facilities. LLEG is headquartered in New York, New York. For more information on LLEG, please visit our website at www.NYENRG.com.
This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects, technological developments, potential markets, new products, research and development activities and similar matters. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, and LLEG cannot provide assurance that such statements will prove to be correct. LLEG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact:
E&E Communications
Paul Knopick, 949-707-5365
pknopick@eandecommunications.com
PLTG: Platina Energy Group Replaces Previous Financing for Triple Original Revenue Stake
Monday January 14, 3:30 am ET
CHEYENNE, Wyo., Jan. 14 /PRNewswire-FirstCall/ -- Platina Energy Group, Inc. (OTC Bulletin Board: PLTG - News), (Frankfurt: O5Y.F - News) has secured debt financing for $1,500,000.00 to triple its previous working interests across its Devonian Shale Field. This replaces previous joint venture financing for further development of the property.
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"We had postponed pipeline connections on this field for the first two completed wells until these negotiations were finalized. Ironically, our decision to do so coincided with end user pipeline maintenance and expansion work. In addition to significant benefit for shareholders, this strategic move also eliminated potential dissent over the actual production amounts by waiting a few more days," commented Blair Merriam, President of Platina Energy.
The Company expects to drill and complete four additional wells with this debt facility on the Tennessee prospect. As previously reported, the Company will continue development of other fields using other financial arrangements. Platina will subsequently apply for expansion of this facility or replace it with a larger one based on future current field production.
About Platina Energy Group
Platina Energy is a fast growing E&P Company. Since organization in 2005, it has acquired proven producing and proven non-producing reserves in addition to other possible reserves. The Company also owns rights to German Inspired oil extraction technology. The Company continues to be aggressive in acquiring new and existing producing fields.
Contact Information: Platina Energy Group
Blair Merriam
InvestorRelations@PlatinaGroup.com
www.PlatinaEnergyGroup.com
GSPT: Golden Spirit Continues Due Diligence
Monday January 14, 6:00 am ET
BELLINGHAM, WA--(MARKET WIRE)--Jan 14, 2008 -- Golden Spirit Enterprises Ltd. (OTC BB:GSPT.OB - News) reports that further to the Asset Purchase Agreement signed on October 29, 2007 with Computainer Systems International Inc. ("CSII"), the Company has not been satisfied with regards to the delivery of required materials from CSII, as set out in the agreement. As such, no monetary compensation or share consideration has been paid to CSII from GSPT.
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At this time, the company is actively engaged in due diligence with regards to the Computainer Shuffle System and is currently exploring the possible acquisition of similar AS/RS technology from both the United States and abroad.
/s/ Robert Klein
Robert Klein, President
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Golden Spirit's filings with the Securities & Exchange Commission.
Contact:
For further information contact:
1-888-488-6882
Visit our website at http://www.goldenspirit.ws
CNR: CanArgo Energy Corporation: Operations Update
Monday January 14, 7:08 am ET
GUERNSEY, CHANNEL ISLANDS--(MARKET WIRE)--Jan 14, 2008 -- CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX:CNR - News)(Oslo:CNR.OL - News) today provided an update on its Georgia operations including the planned acid fracturing stimulation of the Manavi 12 well.
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The mobilisation of equipment by Schlumberger to Georgia for the planned acid fracturing stimulation of the Manavi 12 well is progressing well. Despite the severe weather conditions with heavy snow falls across the country and sub -20 degrees C temperatures since the beginning of the year, approximately 70% of the equipment has been delivered to the well site. The remaining equipment is expected to be on site within the next few days. Schlumberger personnel have arrived in the country and have already started to prepare and test the equipment for the acid fracturing operation which will commence once the equipment has been rigged up, this operation itself being subject to an improvement in the weather conditions. Once the acid has been successfully pumped, the spent chemicals will be flowed back and the well will be prepared for production testing.
Production at the Ninotsminda Field averaged approximately 450 barrels of oil per day gross and approximately 2.13 million cubic feet (61,360 cubic metres) of gas per day during 2007 and the daily average for January 2008 to date is approximately 420 barrels of oil and 2.4 million cubic feet (68,000 cubic metres) of gas. Further to an ongoing technical re-evaluation of the field, the company believes that there are significant potential reserves remaining both within and surrounding the main field area and the company is working on a production enhancement strategy to increase the level of production subject to financing being available.
Such production enhancement strategy might include:
1. Drilling a new well into the undeveloped eastern part of the field. This would be a highly deviated well from the vicinity of the N98H surface location with up to two horizontal sections being completed in the Middle Eocene reservoir interval. The eastern part of the Ninotsminda Field has not been exploited because most of the area falls within an environmental protection zone where drilling is prohibited. The N98 horizontal well is the most easterly producing well on the field and although not oriented in an optimal direction so as to best encounter the sub vertical fractures which are important for production, the well has produced approximately 510,000 barrels of oil to date and continues to produce at a steady rate of approximately 200 barrels of oil per day (bopd) with less than 1% water cut. More optimally oriented horizontal wells such as N4H and N100H1 initially tested at rates of approximately 2,000 bopd.
2. The use of new technology such as radial drilling to produce trapped oil from shallower reservoirs overlying the main Middle Eocene reservoir. Previous attempts to produce these zones using perforations were largely unsuccessful due to near well bore reservoir damage caused by unsuitable drilling fluids used in Soviet times. It is believed that radial drilling could have the ability to reach beyond this damage and the Company is currently in discussion with a service provider both on the suitability and availability of this technology.
3. General workover activity such as the application of perforations to unproduced reservoir intervals and the use of water isolation techniques to suppress water flow and increase oil production.
4. Following the completion of testing operations at M12, consideration may be given to mobilising CanArgo rig #2 to the N52 well to complete the fishing operation to extract the remaining portion of drill pipe, tubing and a milling assembly which was left in the well when it was originally drilled in Soviet times. In 2007, approximately 7,155 feet (2,181 metres) of tubing was recovered from the well before the pulling capacity of Rig #1, which is a much lighter rig than Rig #2, was reached. On accessing the borehole, it would be planned to perforate the Middle Eocene reservoir interval and put the well on production. Well N52 is located in the eastern part of the Ninotsminda Field and was never put into production due to the presence of the fish.
5. On the northern flank of the Ninotsminda Field is a potentially large accumulation of oil in the Oligocene interval which has been established by the N78 well. This well, drilled several years ago, initially tested oil at rate of 1,074 bopd, but never produced at this high rate due to the incursion of water due to what is believed to be a poor cement bond behind the casing. A new vertical well to the west of N78 is being considered in order to better exploit this accumulation.
It was previously announced that Georgian Oil & Gas Corporation (GOGC), who owns and maintains the gas pipeline system in Georgia and is responsible for the security of gas supply and diversification of such supply routes, had proposed to connect the region of Georgia within which the Ninotsminda Field is located to the Georgian domestic gas grid. This work was expected to be completed before the end of 2007, but due to bad weather and for other reasons, GOGC has now indicated a planned completion date of February 5, 2008. The completion of this project will allow the Company access to a wider gas market area for its production with the potential for higher prices and sales on an all year round basis. The Company and GOGC, who is also the State representative in the Production Sharing Contract, plan to market their respective shares of gas produced from the Ninotsminda Field jointly and are currently working on a number of alternatives to maximise gas sales.
Vincent McDonnell, President and Chief Executive Officer commented, "Given the adverse weather conditions experienced in Georgia since the beginning of the year, the shipping agent, Schlumberger and our people are making excellent progress in getting the fracturing equipment to M12 with the minimum of delays. At this time, we are still on target to commence production testing the well before the end of the month." Mr. McDonnell also said, "With the continuing high oil prices, we have been working hard to devise a production enhancement strategy for the Ninotsminda Field. There are a number of operations with low to medium risk which can be undertaken in the short to medium term which afford excellent potential to increase production subject, of course, to financing being available. We are also working with our partner, GOGC, on gas sales and hope to be able to increase revenues and gas production from the field following the completion of the pipeline by GOGC."
CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia.
The matters discussed in this press release include forward-looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward-looking statements are intended to help shareholders and others assess the Company's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbour provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results will be attained.
Contact:
Contacts:
CanArgo Energy Corporation - USA
Sabin Rossi
VP External Affairs and Investor Relations
(617) 669-1841
(617) 973-6406 (FAX)
Email: sabin@canargo.com
Gambit H&K AS - NORWAY
Eric Cameron
+47 (22) 048200
AEZ: American Oil and Gas Provides Drilling and Completion Updates
Monday January 14, 8:00 am ET
DENVER, Jan. 14 /PRNewswire-FirstCall/ -- American Oil & Gas, Inc. (Amex: AEZ - News) provides the following operational update:
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Fetter Project
Hageman 16-34HR well: The Hageman well has recently reached total depth in the targeted Frontier formation and the drilling rig has been removed from the well site. Sidetracking operations in the Frontier, undertaken to maximize the intersection of naturally occurring fracture systems, resulted in three horizontal laterals totaling over 5,200 cumulative feet of lateral well bore, all of which was drilled in zone and will be opened up for production. Completion activities are underway and after completion, the well is expected to be immediately placed on production.
Wallis 6-23 well: The Wallis well has recently been drilled to a total depth of 13,000 feet. The drilling rig has been removed from the well site and completion operations have commenced. The Wallis well is the first vertical well to be drilled by American and partners in the Fetter project and is designed to test multiple prospective formations utilizing multi-stage frac technology. To date, the well has been completed and fracture stimulated in the Dakota formation, the deepest formation of interest in the well. As planned, the Dakota has been temporarily isolated below a cast iron bridge plug allowing completion operations to move up hole. Additional formations, including the Frontier, are prospective in the well. Upon completion and preliminary evaluation of these formations, the Dakota and our other zones of interest will be commingled, tested, and placed on production.
Sims 15-26H well: The 1,165 foot horizontal lateral, drilled into the targeted Frontier formation has recently been artificially fracture stimulated, cleaned up and returned to production at rates during the prior 25 producing days ranging from approximately 650 thousand cubic feet of natural gas equivalent per day to 7.2 million cubic feet of natural gas equivalent per day. The average production over this time period was approximately 1.7 million cubic feet of natural gas and 82 barrels of oil per day. Rates have fluctuated as natural gas production from the well has been affected by the relatively high oil to gas ratios currently being experienced, which is the subject of ongoing engineering, reservoir and production optimization analysis. Because of the high BTU content and the favorable high liquid content of the natural gas that is separate from the oil production (approximately three gallons per mcf), we received a price at the wellhead for November natural gas sales of $6.75 per mcf.
The Wallis 6-23, Sims 15-26H and Hageman 16-34HR wells are being funded by Red Technology Alliance ("RTA") and project managed by Halliburton Energy Services, Inc. ("Halliburton"). American is being carried through the tanks in this phase of the drilling program for a 23.125% working interest in each of the three wells, and currently owns a 92.5% working interest in the approximate 52,000 net (58,000 gross) acre Fetter acreage position. Upon completion of this initial drilling program, RTA will earn a 25% working interest in the undrilled acreage, American will retain a 69.375% working interest and privately held North Finn LLC will retain the remaining 5.625% working interest.
West Douglas Project
State Deep 7-16 well: Completion operations are currently underway in the Mowry formation, the primary objective in the State Deep 7-16 well. Test results from deeper formations yielded minor quantities of oil and natural gas, and information obtained from these deeper formations will assist with future drilling plans in the project area. The State Deep 7-16 well location was chosen to maximize the potential of the Mowry, however completion and testing programs are also planned for several prospective formations above the Mowry in the coming weeks.
Pursuant to the agreement with RTA, 100% of the cost to drill and complete the State Deep 7-16 well is being funded by RTA. American owns a 45% carried working interest in this test well and will retain a 45% working interest in the approximate 47,000 net (55,000 gross) acre West Douglas project area. Halliburton is project manager.
Pat O'Brien, CEO of American commented, "We are currently active on a number of wells in our Douglas and West Douglas project areas and are very pleased with the progress that is being made. RTA is expending the time, money and manpower necessary to gain as much geological and reservoir information as possible from the numerous formations these large acreage positions hold. This time and money will greatly optimize drilling and completion procedures in future wells. Of particular significance in the current program is the production history we are now getting from the Sims well, and will soon receive from the Hageman and Wallis wells, that will allow us to compare the economic and reserve recovery potential from a single zone horizontal well to that of vertical well with multiple formation completions. We look forward to providing additional updates as more information becomes available."
Krejci Project
Krejci Family Trust 32-1H Well: Drilling operations at the Krejci project have recently recommenced with the Krejci Family Trust 32-1H well following an extensive evaluation and study of the various drilling and completion methods used on prior wells. This well is currently at a measured depth of approximately 7,700 feet. Casing has been run through the turn and drilling is currently underway in the horizontal lateral section in the targeted Mowry formation. American owns a 45% working interest in the Krejci Family Trust 32-1H well and in the approximate 127,000 net (132,000 gross) acre Krejci project.
Goliath Project
Solberg 32-2 Well: In November, 2007, the Solberg 32-2 well tested at a restricted flow rate of approximately 2.1 million cubic feet of natural gas and 408 barrels of condensate per day (over 750 barrels of oil equivalent per day) from one interval within the Red River formation. Additional potentially productive intervals within the Red River formation could be tested and if productive, produced at a later date. The Solberg 32-2 well is currently shut-in and waiting on completion of a nearby natural gas processing plant and a pipeline that will connect the well, both of which are expected to be completed and operational before the end of the first calendar quarter of 2008.
American and other joint interest owners in the Goliath project have recently completed a 10.5 square mile 3-D seismic program in the area around the Solberg 32-2 well and are currently processing and interpreting the data. Information obtained from this seismic program will assist in the selection of additional Red River offset locations to the Solberg 32-2 well, and may identify additional Red River targets in this trend.
The Solberg 32-2 well is located within American's approximate 89,000 gross acre Goliath project in Williams County, North Dakota. American owns a non-operated 11.9% working interest (a net revenue interest of approximately 9.5%) in the Solberg 32-2 well. American's working interest in future wells will vary, and could be as high as 50%.
American Oil & 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 & Gas, Inc. can be found at the Company's website: http://www.americanog.com.
This release and the Company's website referenced in this release contain forward-looking statements regarding American Oil & 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, the Company's dependence on future drilling success, 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. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the issuance of this press release or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of any unanticipated events. This press release may include the opinions of American Oil & Gas, Inc. and does not necessarily include the views of any other person or entity.
Contact:
Andrew Calerich, President Neal Feagans, Investor Relations
303.991.0173 Fax: 303.595.0709 Feagans Consulting, Inc
1050 17th Street, 303.449.1184
Suite 2400 -- Denver, CO 80265
Profit from the Next Oil Crisis!
by Sean Brodrick 01-09-08
Recently, I told you that I expected oil prices could spike to $150 per barrel in 2008. But, if anything, that target might be too low! In fact, the head of the International Energy Agency just said that demand growth just from China and India alone could cause prices to rise to $150 per barrel.
So imagine what other factors such as geopolitical disruptions would do to prices! Indeed, the fastest-growing bet in the oil market these days is that the price of crude will double to $200 a barrel by the end of this year.
You can see why I've been combing through obscure industry journals, poring over government energy statistics, and scrutinizing supply and demand data to find the best ways to profit from oil's next major move.
What I came up with are five smoking-hot stocks and two red-hot funds that will blast off from the coming surge in oil prices. More on them in a moment.
First, I want to tell you ...
Why We Are Careening Toward The Next Major Energy Crisis
America is the world's largest consumer of oil, guzzling more than 7.5 billion barrels per year. We import more than half the oil we use, and that amount is rising, which is why America is described as being "addicted to oil."
But that's not all ...
More than 81% of the world's discovered and usable oil reserves come from just 10 countries. Most of them don't like us much. And 30% of the world's oil is in three countries — Iraq, Kuwait and Saudi Arabia. Saudi Arabia, home to 15 of the 19 9/11 hijackers and a major source of funds for Islamic terrorists, is the world's "Central Bank of Oil."
The world consumes 173 billion barrels of oil — about 14 Prudhoe Bays — every 2.4 years. At the same time, we find enough new oil to supply just 3% of that.
2008 is when the world will start using oil at a rate of more than 1,000 barrels PER SECOND! According to the International Energy Agency, global oil demand will average 87.8 million barrels per day (bpd) in 2008, which equals 1,016 barrels per second — a sonic boom of energy use.
Just to keep prices stable, in the next decade, we're going to have to find a couple more fields the size of Ghawar — the biggest oil field in Saudi Arabia ... and the world.
The U.S. is running scared!
5 Must-Read Stories in Oil and Alternative Energy
posted on: January 14, 2008
1. GM investment may hit ethanol stocks. General Motors (GM) announced that it has purchased an equity stake in ethanol producer Coskata. GM CEO Rick Wagoner says that Coskata has three competitive advantages over corn-based ethanol producers: (1) Coskata can produce ethanol from renewable sources like garbage and crop waste, (2) those materials are available anywhere in the U.S., a crital advantage over corn-based ethanol which cannot be transported from the corn belt to areas of gasoline demand in existing pipelines; and (3) its production process requires less electricity and natural gas, and therefore generates less carbon than production of corn-based ethanol, and can hit a production price below $1 a gallon. The stock implications aren't clear for GM: it didn't disclose the size of its equity stake, Coskata hasn't begun commercial production, and some analysts say GM should focus on its core competency of building cars. But the implications for ethanol stocks are clearer: This deal will reinforce concerns that corn-based ethanol is not economically or environmentally viable, and presages increased future competition for today's ethanol producers. That's a net negative for the (largely corn-based) ethanol "story" stocks, such as Aventine Renewable Energy (AVR), Cosan Ltd. (CZZ), Andersons Inc. (ANDE), Archer-Daniels-Midland Co. (ADM), Pacific Ethanol (PEIX) and VeraSun (VSE) .
2. China's energy price freeze will raise demand for oil. After Chinese refineries cut production in the face of rising oil prices combined with caps on the price of own output, the Chinese government raised gasoline prices by 10% in November. Now, after growing public anxiety about inflation, the Chinese government has announced that it will once again freeze energy prices. Keeping energy prices below market rates increses demand for energy and oil, while sudden step increeases in the price of gasoline keep the refineries committed to maximum production. The net effect is to exacerbate demand for energy from China's manufacturers, even those that are uncompetitive. What a mess. Unless you own the oil ETFs.
3. A $420 billion solar plan. The current issue of Scientific American features a grand plan for massive U.S. spending on solar energy, in a bid to supply 69% of the country's electricity and 35% of its total energy by 2050. The authors advocate hundreds of square miles of solar farms in the Southwest, the construction of underground caverns to store energy as compressed air, and the creation of a new transmission network to get the power to urban arease in the rest of the country. The cost? $420 billion.
4. Solar stocks at risk. Markos Kaminis says that hype over solar has reached a crescendo, and the solar stocks are ripe for a correction. After the huge run up in 2007, investors may sell the stocks now that the tax year is over. And econonic weakness in the U.S. is driving down the price of oil, weaking the case for solar energy. The stocks at risk of "a momentary eclipse", he says, are First Solar (FSLR), Trina Solar (TSL), Evergreen Solar (ESLR), JA Solar (JASO), Suntech Power (STP), and LDK Solar (LDK).
5. IBM, the alternative energy stock? A research project by the Pacific Northwest National Laboratory of the Energy Department equipped 112 homes in the Olympic Peninsula, west of Seattle, with digital thermometers and controllers attached to water heaters and clothes dryers. Pulling real time electricity prices from a live marketplace whose software and analytics were designed by IBM (IBM), the homeowners were able to monitor the cost of electicity at different times of day and choose their usage levels. The result: peak load electricity demand was cut by 15%. Perhaps software will provide a greater role in solving energy and climate change problems than green investors realize.
Energy Sector Roundup: Oil Still Sliding
Friday January 11, 5:47 pm ET
Energy Futures Settle Lower, United Adds New Fuel Surcharge,
NEW YORK (AP) -- Following is a summary of top stories in the energy sector Friday afternoon.
Oil and Gas Contracts End Lower
A swooning stock market and continuing worries about recession and falling demand for oil and gas sent energy futures lower.
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Light, sweet crude for February delivery slipped $1.02 to settle at $92.69 a barrel on the New York Mercantile Exchange. February heating oil futures fell 2.14 cents to settle at $2.5359 a gallon on the Nymex while February gasoline lost 3.98 cents to settle at $2.3203 a gallon.
Natural gas futures fell 4.9 cents to settle at $8.210 per 1,000 cubic feet.
United Tags Fuel Surcharge on Fares
United Airlines, the second-largest U.S. carrier, raised its fuel surcharge on all domestic flights to $25 one-way in an effort to offset surging fuel costs.
The move represents the biggest effective systemwide fare increase by a major carrier in months. Airlines have increasingly tried to raise fares as energy costs have risen, but most recent increases have been more limited.
United began adding a fuel charge to tickets on most routes late last year. Before Friday's increase, that surcharge had been as high as $10, spokeswoman Robin Urbanski said.
Urbanski said every penny increase in the price of a gallon of jet fuel costs the industry $195 million annually.
Last week, United raised domestic fares by $5 to $10 one-way, also citing fuel costs. The increase was quickly matched by competitors.
S&P Wary of Airline Tie-ups
As the board of Delta Air Lines met to consider whether to begin formal talks with Northwest Airlines and UAL Corp. about a possible merger with one of them, Standard & Poor's Ratings Services issued a report on the pros and cons of such unions.
S&P pointed out that while the benefits of airlines partnering to reduce capacity and improve pricing have been touted, airline buyouts have a checkered past.
The report said that while revenues may improve, operating expenses often do as well. In the case of a Delta tie-up with either Northwest or United parent UAL, labor costs will be a major consideration since current contract will reopen. And how the deal is financing will also be important.
"Announcement of a proposed merger involving Delta and a partner (or, for
that matter, between any two airlines of similar size) would very likely
result in our placing ratings on both companies on CreditWatch," said Standard
& Poor's credit analyst Philip Baggaley.
S&P said the CreditWatch implications would likely be either negative or developing, depending on the particulars of the proposal.
TransCanada Pipeline Gets State Dept. Approval
A proposed oil pipeline that would deliver Canadian crude to U.S. refineries passed another regulatory hurdle.
TransCanada Corp. received a Final Environmental Impact Statement from the State Department that says its planned Keystone Pipeline project would result in limited adverse environmental impacts.
The company expects a decision in February on a presidential permit authorizing the construction and operation of the facilities at the U.S.-Canada border. The Final Environmental Impact Statement is a requirement for the presidential permit process.
TransCanada plans to start construction this spring on the 590,000-barrel-a-day Keystone pipeline. Its 2,148-mile route will pass through North Dakota, South Dakota, Nebraska, Kansas and Missouri on the way to terminals in Illinois and Oklahoma.
Calyon Backs Solar Sector
Some solar-power stocks rebounded following a recent sell-off sparked by lower oil prices and fears of a recession.
Akeena Solar Inc. led the sector, with shares advancing 40 cents, or 3.8 percent to $11.03 in afternoon trading.
Calyon Securities analyst Kelly Dougherty reiterated "Buy" ratings on SunPower Corp., First Solar Inc., and Evergreen Solar Inc. in a note to investors -- saying SunPower and Evergreen have long-term silicon supply contracts and First Solar does not rely on the expensive solar-panel component.
Dougherty also kept a long-term positive view on the sector, saying that the effect of lower oil prices is "psychological, not material, to the fate of the solar industry."
But some anxious investors headed for the door, as shares of SunPower dropped $1.50 to $109.21, First Solar fell $5.85, or 2.6 percent to $220.12 and Evergreen Solar lost 47 cents, or 3 percent, at $15.12.
Solarfun Polysilicon Supplier Falls Short
Solarfun Power Holdings Co. signed two new contracts for polysilicon supplies, but also reported trouble with a subsidiary's supplier that delivered far less product than it said it would last year.
Wacker Schott Solar GmbH agreed to deliver 140 megawatts worth of solar wafers in a long-term agreement starting this year. In addition, EDF Energies Nouvelles agreed to deliver 17 megawatts of modules, with an option for another 5 megawatts' worth.
One megawatt enough to power 778 average households for a year, according to the Department of Energy.
Solarfun also said Jiangsu Zhongneng PV Technology Development Co. delivered only little over half the supplies it agreed to last year to Jiangsu Yangguang Solar Technology Co., in which Solarfun holds a 52 percent stake.
Solarfun added that amounts for 2008 and 2009 may be "significantly less."
Zhongneng agreed to deliver 50 tons of polysilicon in 2007, 700 tons in 2008 and 1,200 tons in 2009. The actual amount delivered in 2007 was 27 tons.
Solarfun shares fell $1.30, or 4.7 percent, to $26.36 in afternoon trading.
Consol Still on Road to Mine Reopening
Coal miner Consol Energy Inc. plans to restart ventilation fans at its Buchanan mine near Mavisdale, Va., on Jan. 20.
The mine stopped production in July, when it was evacuated after several roofs fell in and damaged ventilation controls. There were no reported injuries.
Consol sealed the mine in November in response to a safety agency requirement. The company said the date to restart the fans has been approved by Virginia's Department of Mines, Minerals and Energy and by the federal Mine Safety and Health Administration, but the mine's atmosphere must remain in its current, stable condition at the time of the startup.
Consol said it has established more than 100 monitoring stations that sample the mine's atmosphere. It also drilled about 50 boreholes to allow water or inert gases to be pumped into areas where combustion could take place.
The mine employs about 520 people and produces about 5 million tons of high quality metallurgical grade coal a year, Consol said.
--Compiled by AP Business Writer Greg Stec. Questions or comments can be directed to gstec@ap.org.
ALTI: How To Build A Quick-Charging Electric Battery
Andy Stone 01.12.08, 3:11 PM ET
No one promised that going green would be easy. Just look at the up and down story of technology innovator Altair Nanotechnologies.
Altair (other-otc: ATCD - news - people ) makes a nano-particle compound used by Boeing (nyse: BA - news - people ) to coat the wings of its stealth fighters and by paint maker Sherwin-Williams (nyse: SHW - news - people ) to make pigments with fewer toxic residues. But Altair has grander plans: It aims to make batteries that can power an electric car for 150 miles and recharge in the same amount of time it takes to fill up a gas tank and grab a Big Gulp.
The technology seems to be getting close to practical application. Phoenix Motorcars, a Rancho Cucamonga, Calif.-based electric vehicle start-up, plans this year to start selling a small electric pickup truck with drive batteries based in part on the Altair technology. That said, precisely how many Phoenix will buy isn't clear. (Phoenix reported in November that it was scaling back its plans to purchase at least $16 million of batteries from Altair.)
Altair's designers say that the key advantage of their battery is that it can in principle be recharged in an unprecedented 10 minutes. Making this a reality, however, depends on building out a network of high-voltage charging stations. That may be easy for one of Phoenix Motor's first customers, namely Pacific, Gas & Electric (nyse: PCG - news - people ). PG&E owns its grid. Others, however, may find setting up the logistics for recharging stations more daunting.
Still, enthusiasm is high within Altair, which raised $40 million from Dubai investment company Al Yousuf in November, even as Altair reported operating losses of $17 million for the first nine months of 2007.
Altair has staked its future on 40-nanometer-size particles of lithium and titanium. It uses the particles to make a coating that covers a battery's anode, an aluminum bar that carries electricity to and from the vehicle's motor. By contrast, most hybrid cars, including Toyota's (nyse: TM - news - people ) Prius, use a graphite coating, in conjunction with nickel metal hydride or lithium ion batteries.
The difference is material: When a battery operates or recharges, ions pass through the coating of the anode. Graphite isn't very porous, so the ions literally deform the material as they force their way through.
"This builds up stress and over time the graphite cracks, leading to high resistance and short life," says Altair Chief Executive Alan Gotscher. Altair's nano-titanate coating, by contrast, has a large surface area. That means fewer ions try to force their way through at any given point, lowering resistance and minimizing damage.
By bypassing the graphite design, Altair also avoids dangerous overheating--or thermal runaway-–that can plague large lithium ion batteries. Thermal runaway became a buzzword in 2006 when a Dell (nasdaq: DELL - news - people ) laptop computer spontaneously caught fire in a Japan office, an event captured on videotape and instantly shared via YouTube.
Gotscher says his nano-titanate battery lasts for 20,000 full recharge cycles. That's about 20 years, four times the life span of a comparable NIMH or lithium ion battery.
Altair started out as a materials research lab of mining giant BHP Billiton (nyse: BBL - news - people ). In 1998, during a downturn in the mining industry, BHP sold the lab to Altair, at the time a shell company.
Tim Spitler, a former DuPont (nyse: DD - news - people ) chemical engineer in that lab, spent the next four years learning how to use lithium-titanate to improve batteries. He and his colleagues devised a method to heat treat, mill and spray the material, which looks like a fine white powder, onto the bare aluminum anodes. That gave Altair a way to use lithium-titanate on a commercial scale. But the work didn't dovetail with plans by bigger companies, and the project was shelved.
When Gotscher joined Altair in 2004 he figured the company had a shot at making batteries fully in house. He raised $3.5 million in a secondary stock offering and hired a team engineers to build a working product. Last year Altair made 130 tons of raw lithium-titanate powder at the old BHP lab in Reno. It assembles 35-kilowatt batteries for the likes of Phoenix Motorcars at its factory in Anderson, Ind.
Then there's the challenge of where to get the big dose of power to recharge the batteries.
Phoenix recharges its electric truck battery in 10 minutes with a 440-volt charger--four times the amount of energy in a home wall socket. Scaling that operation, however, would be a challenge: Existing electric grids couldn't easily handle the power drain of rapidly recharging millions of such electric batteries.
So in early January Altair also built its first pair of industrial 1-megawatt batteries--each about the size of a freight car--designed to store excess electricity produced at night. The Virginia power utility AES (nyse: AES - news - people ) plans to use the mega-batteries to warehouse power for use during peak consumption times.
Such batteries could help Altair offer 10-minute recharges to the masses. Futuristic filling stations might feature massive batteries below ground, replacing the gasoline storage tanks of today.
Without such infrastructure, going green will certainly take more time. “Five-hour charges would be the fastest possible for residential drivers,” admits Bryon Bliss of Phoenix motorcars.
Thanks Ant...Looks interesting
GS, if you include wind energy here... You may want to look at WWEI. After a couple of years since they ventured into this sphere they are expecting a power purchase agreement soon.
http://www.marketwatch.com/news/story/welwind-announces-grid-connection-intent/story.aspx?guid=%7B2C1A32DA%2D6E60%2D4F3C%2DBEC8%2DAC818217BC79%7D&newsid=914245934&&dist=bigchartssymb=WWEI&sid=2452863
5N Plus Inc. increases Q2 profit to $1.21-million
2008-01-08 19:06 ET - News Release
Mr. Jacques L'Ecuyer reports
5N PLUS INC. REPORTS RECORD SALES AND EARNINGS FOR THE SECOND QUARTER OF 2008
5N Plus Inc. has released financial results for the second quarter of fiscal 2008 ended Nov. 30, 2007. Net earnings for the second quarter of 2008 reached a record level of $1,219,548 (four cents per share), which represents a 40.6-per-cent increase over net earnings of $867,255 (three cents per share) for the second quarter of the previous fiscal year. Sales for the quarter also reached a record level of $6,795,743, up by 39.0 per cent compared with sales of $4,889,938 for the second quarter of the previous fiscal year. EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 49.2 per cent for the second quarter of fiscal 2008 to a record level of $2,318,111, up from $1,553,343 during the second quarter of the previous fiscal year.
For the six-month period ended Nov. 30, 2007, net earnings increased by 49.3 per cent to $2,318,804 (eight cents per share) and sales by 34.7 per cent to $13,190,216. This compares with earnings of $1,553,581 (five cents per share) and sales of $9,793,091 for the same period of the previous fiscal year. EBITDA also increased by a similar amount, 49.7 per cent, up from $2,946,905 during the six-month period ended Nov. 30, 2006, to $4,411,869 during the six-month period ended Nov. 30, 2007.
"We are very pleased to report our second quarter results to our shareholders, our employees and other stakeholders as we take on the challenges of a publicly traded company and the associated opportunities," commented Jacques L'Ecuyer, president and chief executive officer. He added: "These results reflect our increasing penetration of the solar cell market where we expect growing demand for our products. We are making significant investments to address this forecasted growth in demand, which include our new Eisenhuttenstadt plant in Germany and additions to our Montreal facility aimed at increasing capacity and improving efficiency. Our recent successful initial public offering, which yielded net proceeds of approximately $31.5-million, will enable us to pursue our investment program as planned."
Mr. L'Ecuyer concluded: "We are also pleased to welcome to our board of directors two new independent members, namely Mr. Jean-Marie Bourassa, CA (managing partner of Bourassa Boyer Inc.), who will chair our audit committee, and Mr. Pierre Shoiry (chief executive officer of Genivar (TSX: GNV-U)). Both will bring valuable experience and knowledge that will strengthen our largely independent board of directors chaired by Mr. Dennis Wood."
Webcast information
The company will host a conference call at 10 a.m. Eastern Time on Wednesday, Jan. 9, 2008, with financial analysts to discuss the second quarter financial results. All interested parties are invited to participate to the live broadcast on the company's website. A replay of the webcast and a recording of the Q&A will be available until Jan. 23, 2008.
Western Wind Energy names Salama as subsidiary CEO
2007-12-11 03:50 MT - News Release
Mr. Jeffrey Ciachurski reports
APPOINTMENT OF NEW PRESIDENT OF SOLAR GENERATION INITIATIVE
Western Wind Energy Corp. has named George Salama as president and chief executive officer for its new subsidiary Western Solargenics Inc. Western Solargenics is a wholly owned subsidiary of Western Wind Energy, developing over $250-million of solar projects in California, USA, and Ontario, Canada. The projects are utility-size projects with prospective customers such as Southern California Edison and Ontario Power Authority. The subsidiary's unique approach of integrating the wind and solar technology distinguish Western Wind Energy and assures a very desirable generation profile for its projects, while maximizing the land use.
Over the past 15 years, Mr. Salama has led the development of over 2,000 megawatts of power projects in the United States, Canada and around the globe. Prior to joining Western Solargenics, Mr. Salama was with Southern California Edison where he led the negotiation of over 140 megawatts of renewable power projects including solar, wind, geothermal and biomass.
Mr. Salama is a professional electrical engineer and has extensive experience in power generation development with several major corporations such as Kansas City Power & Light, Westinghouse Power Generation, and other majors.
Granting of stock options
Western Wind Energy wishes to announce that it has granted stock options to an officer of the company to purchase 275,000 options exercisable at a price of $1.32 for a period of five years from the date of grant.
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