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So any thoughts on the Q4 coming out next week? Going to be good or bad?
Emerald Oil, Inc. Increases Production Guidance and Capital Expenditure Budget
1 hours 57 minutes ago - Marketwire via Comtex
Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") announces increased production guidance and capital spending budget in conjunction with its signed definitive agreement with White Deer Energy ("White Deer"). Emerald intends to use the proceeds from the $50 million investment by White Deer to purchase additional working interests in its operated drilling spacing units ("DSUs") in McKenzie County, North Dakota and increase the Company's 15-month capital expenditure budget.
Increased Production Guidance
Emerald has increased its production guidance to produce approximately 2,600 barrels of oil equivalent per day ("BOEPD") by year end 2013, which is up from the Company's previous guidance of approximately 2,000 BOEPD.
Increased Capital Expenditure Budget
Emerald has increased its 15-month budget from October 1, 2012 through December 31, 2013 to approximately $110 million, up from previous guidance of $72.5 million. The Company intends to spend approximately $10 million to acquire additional working interests in its operated DSUs in McKenzie County, North Dakota. Emerald intends to increase its average working interest on these operated wells to approximately 75%, up from previous guidance of 50%. As a result, the Company has now budgeted $82.5 million to drill and complete 10 gross (7.5 net) operated wells, up from previous guidance of $55.0 million for 10 gross (5.0 net) operated wells. Emerald maintains its previous guidance of spending $7.5 million to participate in the drilling and completion of 1.9 net non-operated wells over the 15-month period ending December 31, 2013.
Operations Update
During the fourth quarter of 2012, the Company averaged and is currently producing approximately 1,100 BOEPD from its non-operated program. Emerald has successfully drilled two operated wells and is in the process of drilling its third operated well with its continuous 1-rig drilling program in McKenzie County, North Dakota. The first three operated wells are scheduled to be batch completed by the end of the first quarter 2013.
At December 31, 2012, the Company had approximately $10.2 million cash on hand and $23.5 million borrowed under its existing credit facility.
Management Comments
McAndrew Rudisill, Emerald's President, stated, "We are excited to partner with White Deer. Their expertise and experience should prove a significant asset and the additional capital will allow us to increase our interest in our operated wells and accelerate our production growth in the Williston Basin."
About Emerald
Emerald is a Denver-based independent exploration and production company focused primarily on the development of its approximate 47,000 net acres in the Williston Basin in North Dakota and Montana, prospective for oil in the Bakken and Three Forks formations. Following the completion of a pending transaction to sell approximately 31,000 net acres in the Sand Wash Basin in southwest Wyoming, Emerald will hold approximately 14,000 net acres in the Sand Wash Basin in northwest Colorado, prospective for oil in the Niobrara formation, and holds approximately 33,500 net acres in central Montana, prospective for oil in the Heath formation. For more information, visit the Company's website at www.emeraldoil.com.
Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements regarding the Company's expectations regarding the successful closing of and the amount of proceeds from transactions; expectations regarding the Company's operational, exploration and development plans; expectations regarding the nature and amount of the Company's reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.
Contact
Emerald Oil, Inc.
McAndrew Rudisill
President
or
Marty Beskow
Vice President of Finance / Capital Markets
(303) 323-0008
info@emeraldoil.com
www.emeraldoil.com
SOURCE: Emerald Oil, Inc.
mailto:info@emeraldoil.com
http://www.emeraldoil.com
White Deer Invests $50 Million in Emerald Oil, Inc.
2 hours 1 minutes ago - Marketwire via Comtex
Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") today announced it has signed a definitive agreement with White Deer Energy ("White Deer"), an energy private equity firm based in Houston and New York, to issue and sell $50 million of Perpetual Preferred Stock ("Preferred Investment") to White Deer.
Preferred Investment
The Preferred Investment is structured as follows:
-- 10% Perpetual Preferred Stock.
-- Detachable warrants, exercisable for 5,114,633 shares of Emerald common
stock, attached to voting rights for approximately 19.9% (approximately
16.6% pro forma following the Preferred Investment) of Emerald's
outstanding common stock. The warrants are exercisable at $5.77 per
share, the 10-day volume weighted average price of Emerald's common
stock prior to entering into the definitive agreement.
-- Upon closing the investment, Thomas J. Edelman (see Bio below), a
Managing Partner at White Deer, will be added to Emerald's board of
directors, which will expand from 7 to 8 members.
-- White Deer has agreed not to enter into any short sales or hedge
transactions relating to the Emerald common stock.
-- Closing and funding is scheduled to occur on February 19, 2013.
-- Johnson Rice & Company L.L.C. acted as advisor to Emerald.
-- For more information on the Preferred Investment please see the
Company's 8-K when available at www.sec.gov.
Thomas J. Edelman Bio
Thomas J. Edelman, a co-founder of White Deer, will join the Emerald Board of Directors upon closing of the Preferred Investment. Prior to forming White Deer, Mr. Edelman founded or co-founded a series of independent energy companies including Snyder Oil Corporation (now part of Devon Energy), Range Resources and Patina Oil and Gas (now part of Noble Energy). He also co-founded Bear Paw Energy (now part of ONEOK Partners) and Bear Cub Energy (now part of Regency Energy Partners), two mid-stream companies based in Denver.
About Emerald
Emerald is a Denver-based independent exploration and production company focused primarily on the development of its approximate 47,000 net acres in the Williston Basin in North Dakota and Montana, prospective for oil in the Bakken and Three Forks formations. Following the completion of a pending transaction to sell approximately 31,000 net acres in the Sand Wash Basin in southwest Wyoming, Emerald will hold approximately 14,000 net acres in the Sand Wash Basin in northwest Colorado, prospective for oil in the Niobrara formation, and holds approximately 33,500 net acres in central Montana, prospective for oil in the Heath formation. For more information, visit the Company's website at www.emeraldoil.com.
Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements regarding the Company's expectations regarding the successful closing of and the amount of proceeds from transactions; expectations regarding the Company's operational, exploration and development plans; expectations regarding the nature and amount of the Company's reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.
Contact
Emerald Oil, Inc.
McAndrew Rudisill
President
or Marty Beskow
Vice President of Finance / Capital Markets
(303) 323-0008
info@emeraldoil.com
www.emeraldoil.com
SOURCE: Emerald Oil, Inc.
mailto:info@emeraldoil.com
http://www.emeraldoil.com
I think the charts are looking good. Bands are tights, slow stoch. showing just above oversold. Any thoughts?
I think the charts are looking good. Bands are tights, slow stoch. showing just above oversold. Any thoughts?
Looking for a higher low now. Lets see if EOX can do it.
Any ideas on how much longer this will run for? My thinking is, it is about to (within 1-2 days) pull back a little. Im my opinion It's starting to show as overbought. But I'm still trying to learn how to read charts better. So any insight will help.
Very nice open this morning. Too bad I had to work all night won't be able to watch it today.
I'm thinking it will do as it did the last run up to this range. Will push above 6 if the momo is still there. But What I did notice is that it found a good support level in the +/- 5.50 range. I like what I'm seeing over the last couple months EOX makes nice runs up then settles back to higher lows each time. I would like to see it test those 6's again this week. Then pull back to a higher low. 2 steps forward 1 step back seems to be its trend lately.
I'm hoping it starts to test that 6.25 again like it did Thursday. the Bollinger Bands have tightened nicely. But I suck at TA...lol
I'm looking forward to see EOX is gonna do this week. Held the PPS nicely Thursday and Friday.
I thought that is why they brought in Crane. In any case I'm holding for news. Waited this long already.
I think if they would file everything that needs updated and filed this would move a lot better. Allowing it to drop tiers and not being current is really hurting them (and us).
What happened to Occam's razor? I believe that there is another deal or some kind of partnership in the works. Using only what we know from the 8k and the updated email from today. Far less assumptions. Just my opinion. (Which has been proven wrong a time or two.)
Glad I decided to get in when I did. And picked up a few more in the 5.50 range.
Ok we need that PR to come out now. With some good explanations.
Good morning. What's the L2 looking like.
I would hope we get a PR per-market but who knows.
Thoughts on the 8-k anyone?
So it's not good news I take it.
Bid/Size
0.0081 / 19,500
Ask/Size
0.0099 / 38,800
Good Luck to you as well.
Good morning. I figured since we are waiting for news on GLTV I would share a quote. “Patience is bitter, but its fruit is sweet.” ? Aristotle
The most educated and best post about the delay of news I have seen so far. Well put sir.
I am "least expecting" news then...lol
Who's holding this at or under .008?
.008 are up!
Good morning board. Looking good here at GLTV land.
That was a nice hit on the ask!
Just got an email from advantag. Saying what others on here have said. Don't know how to post a screen shot though. Either tell me how or I can email it to someone who can.
I've been in since November. Added a few extra along the way. Ready for GLTV to start 2013 off right.
Can't wait to see what kinda legs GLTV has on her. She is structured to run that's for sure.
Thanks, I have been watching EOX since I posted that post and have done some DD. Picked up a small position last week.
I sent an email today as well. No response yet. But if I do I will take a screen shot of it and post it.
21,270 left at .0058
Yesterday morning it was taking 20 minutes to fill orders. As per one of the posters on the board.
Agreed after those .006 get bought up It's pretty thin. Looking for a good close today.
Good morning. It's a good day to be in GLTV. Next week will be even better. :)
"Penny stock dream" just sent an alert for GLTV. Tomorrow should be even better. IMO
"Penny stock dream" just sent an alert for GLTV. Tomorrow should be even better. IMO