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Funny how that works out. ;)
BP Shuts 100,000 Barrels of Output in Prudhoe Bay for a 'Few Days' Due to Water Pipeline Leak
WASHINGTON (AP) -- BP said Tuesday it will shut down 100,000 barrels, or one quarter, of its Alaskan oil production for a "few days" after discovering a water pipeline leak.
Analysts said the temporary loss of output at Prudhoe Bay should not have a dramatic impact on world oil markets, but with supplies already tight and crude futures trading near $66 a barrel, any snag in the industry tends to make energy traders jittery.
Light sweet crude for June delivery fell 32 cents to $65.95 a barrel in electronic trading on the New York Mercantile Exchange.
London-based BP said the leak was discovered Monday in a 12-inch pipe that collects water separated from the oil and gas it produces.
"We're putting together inspection and repair plans to return the facility to normal operations," BP spokesman Neil Chapman in Houston said.
Alaron Trading Corp. analyst Phil Flynn downplayed the significance of the event for U.S. energy consumers.
"It's not that (this lost production) can't be made up elsewhere in the world," he said, "but we would like to get production here rather than elsewhere."
U.S. refiners convert more than 15 million barrels a day of crude oil into gasoline, diesel and other liquid fuels -- and about two-thirds of that oil comes from abroad. The country imports an additional 2.6 million barrels a day of refined products, according to recent Energy Department statistics.
BP's Prudhoe Bay shutdown was disclosed late Monday by Rep. Bart Stupak, D-Mich., who has been critical of the company's maintenance practices in Alaska, where two separate leaks occurred last year. BP confirmed the shutdown Tuesday morning.
Internal company documents released at a hearing chaired by Stupak last week suggested that budget cuts by BP had put pressure on managers to ignore corrosion prevention at the oil company's North Slope pipelines.
Corrosion, much of it hidden by development of high amounts of sludge, caused a leak and spill on a feeder line in March 2006, followed by another leak in August at a second line. After the second incident, the company shut down the affected lines, resulting in Prudhoe Bay production being cut in half. The company now is spending $250 million to replace 16 miles of questionable pipes.
Robert Malone, chairman of BP America Inc., BP Plc's U.S. subsidiary, acknowledged at the hearing that there were "extreme budget pressures at Prudhoe Bay" because of a sharp decline in production from the North Slope. But Malone disputed that the budget cuts were to blame for the pipeline breaks.
Shares of BP dropped 52 cents to $68.92 in morning trading.
BP Shuts 100,000 Barrels of Output in Prudhoe Bay for a 'Few Days' Due to Water Pipeline Leak
WASHINGTON (AP) -- BP said Tuesday it will shut down 100,000 barrels, or one quarter, of its Alaskan oil production for a "few days" after discovering a water pipeline leak.
Analysts said the temporary loss of output at Prudhoe Bay should not have a dramatic impact on world oil markets, but with supplies already tight and crude futures trading near $66 a barrel, any snag in the industry tends to make energy traders jittery.
Light sweet crude for June delivery fell 32 cents to $65.95 a barrel in electronic trading on the New York Mercantile Exchange.
London-based BP said the leak was discovered Monday in a 12-inch pipe that collects water separated from the oil and gas it produces.
"We're putting together inspection and repair plans to return the facility to normal operations," BP spokesman Neil Chapman in Houston said.
Alaron Trading Corp. analyst Phil Flynn downplayed the significance of the event for U.S. energy consumers.
"It's not that (this lost production) can't be made up elsewhere in the world," he said, "but we would like to get production here rather than elsewhere."
U.S. refiners convert more than 15 million barrels a day of crude oil into gasoline, diesel and other liquid fuels -- and about two-thirds of that oil comes from abroad. The country imports an additional 2.6 million barrels a day of refined products, according to recent Energy Department statistics.
BP's Prudhoe Bay shutdown was disclosed late Monday by Rep. Bart Stupak, D-Mich., who has been critical of the company's maintenance practices in Alaska, where two separate leaks occurred last year. BP confirmed the shutdown Tuesday morning.
Internal company documents released at a hearing chaired by Stupak last week suggested that budget cuts by BP had put pressure on managers to ignore corrosion prevention at the oil company's North Slope pipelines.
Corrosion, much of it hidden by development of high amounts of sludge, caused a leak and spill on a feeder line in March 2006, followed by another leak in August at a second line. After the second incident, the company shut down the affected lines, resulting in Prudhoe Bay production being cut in half. The company now is spending $250 million to replace 16 miles of questionable pipes.
Robert Malone, chairman of BP America Inc., BP Plc's U.S. subsidiary, acknowledged at the hearing that there were "extreme budget pressures at Prudhoe Bay" because of a sharp decline in production from the North Slope. But Malone disputed that the budget cuts were to blame for the pipeline breaks.
Shares of BP dropped 52 cents to $68.92 in morning trading.
I think that there is only one left, Tyche USA.
WRNW question from last PR.
"I am meeting next week with an oil services company in west TX and other prospects are under consideration. I am in initial discussions with perspective buyers for the lease assets."
Does Rees mean that he is meeting with someone who wants to buy the leases, or that he is in disscusion with prosptective buyers of the leases but seperately ALSO meeting with a service company as another possible aquisition. I'm leaning towards the latter but not certain. TIA.
Another explanation of what Biomerk technology does...
"Biomerk has developed a method for predicting cancer sensitivity or resistance to various single and combination standard and novel chemotherapy agents. "
http://www.techjournalsouth.com/news/article.html?item_id=3176
I saw this yesterday.
Nigerian oil unions threaten to strike
20/05/2007 13:58 LAGOS, May 20 (AFP)
Nigerian oil unions threatened Sunday to launch a strike next week to protest against the planned sale of two government-owned oil refineries to private investors.
Representatives of the PENGASSAN and NUPENG oil workers unions told a joint press conference in Lagos that the strike against the proposed sale of the installations in the oil city of Port Harcourt would begin on Thursday.
The refineries, which have a combined production capacity of 210,000 barrels of crude per day, are subsidiaries of the state-owned Nigerian National Petroleum Corporation (NNPC) that employs some 4,000 workers.
PENGASSAN representative John Elibe said the fate of workers in the poorly-run refineries, particularly payment of their benefits, was not being considered in the privatisation talks.
"We urge the BPE (government Bureau of Public Enterprises) to settle the issue of workers' welfare and pay before going ahead with the proposed sale.
"Unless this is done, Nigerians should brace up for another crippling workers' strike from Thursday," he warned.
NUPENG's William Inko told reporters the strike would only involve NNPC workers "for now" but added that the entire oil industry might join "unless the government does something about our demands".
"It will be a full blown strike that will paralyse loading and exports of petrol and crude oil," he warned.
Oil-rich Nigeria is Africa's biggest producer, accounting for 2.6 million barrels per day of crude, but a quarter of that figure is currently lost to unrest in the restive oil-producing south.
The west African country also has a history of oil strikes, which usually disrupt domestic supply of petrol and exports of crude.
In June? Last one was 3/19. Looks like the deal was made strictly with restricted shares. Good news.
duplicate post.
And I believe that they now have $2MM in cash. CSBR has $1.6MM accordig to it's last PR, and Biomerk has about $475k.
Nice order going through.
I just looked at some of the other old Tyche PRs and it looks like *all* of the properties and wells Tyche gained are assets that they had already owned along with BIGN, so they did aquire them from BIGN rather than adding new assets or buying out other partners.
Oklahoma may be owned by Tyche US and thus not mentioned.
Got to drive to work and I don't have time to post links, they are all there.
There is one old PR which shows some of the properties.
http://www.tycheenergy.com/press.php?id=22
Nigerian oil unions threaten to strike
20/05/2007 13:58 LAGOS, May 20 (AFP)
Nigerian oil unions threatened Sunday to launch a strike next week to protest against the planned sale of two government-owned oil refineries to private investors.
Representatives of the PENGASSAN and NUPENG oil workers unions told a joint press conference in Lagos that the strike against the proposed sale of the installations in the oil city of Port Harcourt would begin on Thursday.
The refineries, which have a combined production capacity of 210,000 barrels of crude per day, are subsidiaries of the state-owned Nigerian National Petroleum Corporation (NNPC) that employs some 4,000 workers.
PENGASSAN representative John Elibe said the fate of workers in the poorly-run refineries, particularly payment of their benefits, was not being considered in the privatisation talks.
"We urge the BPE (government Bureau of Public Enterprises) to settle the issue of workers' welfare and pay before going ahead with the proposed sale.
"Unless this is done, Nigerians should brace up for another crippling workers' strike from Thursday," he warned.
NUPENG's William Inko told reporters the strike would only involve NNPC workers "for now" but added that the entire oil industry might join "unless the government does something about our demands".
"It will be a full blown strike that will paralyse loading and exports of petrol and crude oil," he warned.
Oil-rich Nigeria is Africa's biggest producer, accounting for 2.6 million barrels per day of crude, but a quarter of that figure is currently lost to unrest in the restive oil-producing south.
The west African country also has a history of oil strikes, which usually disrupt domestic supply of petrol and exports of crude.
Thanks, I was wondering why it hit $65 so quickly.
I saw that too, I think they are selling off leases that need reworking and will look to buy operations companies that already have producing wells and a staff to manage them.
edit: Andy Goodell has been promoted to VP, I believe he was managing the operations on our current leases.
Happy birthday!
Lots of new accounts today. Must be a coincidence.
The first mention of Tyche CORP I see is in their 12/04/06 PR, so it appears that BIGN had to own Tyche INC, so it is the BIGN shares they bought.
I don't own any Tyche shares, do the shares you guys own say CORP?
Thanks.
Happy birthday.
Who would have figured that the cash to close the LOIs would come from Tyche. I figured Royal shares would pay for it. If this is how it works out then I for one have been blindsided, lol. This is good news either way.
Maybe so BIGN can release a PR on Monday morning. NAH, not our luck, lol.
I called Gary but he isn't there, maybe everyone is in Canada cutting deals and drinking Labatt. ;)
I didn't realise till now that there were 2 Tyches, do you know which BIGN owns? Thanks.
I guess we'll have to ask. Even if it were, wouldn't BIGN be getting some serious cash? TYEG PPS has held well since it has been out.
In that case it's good timing! Congrats, I'll be adding next week. No powder here. Maybe we'll see TYEG move up next week.
Yes, from today's PR.
" We have developed relationships with investment banking institutions that will allow us access to capital on attractive terms to complete the acquisitions."
Yes, very nice. 3 more producing wells have been added plus some not currently producing. Wish they gave out flowrates.
Weird timing for the PR though.
NEWS -
Tyche Energy Corp. Update on Acquisition of Ontario Oil & Gas Assets
DALLAS, May 18 /PRNewswire-FirstCall/ -- Tyche Energy Corporation (OTC: TYEG; Frankfurt: T2Y) -- is pleased to report that as a result of its successful bid for the outstanding shares of Tyche Energy Inc., it has acquired varying working and royalty interests in producing and non-producing oil and gas properties located in southwestern Ontario and northeastern B.C.
Producing lands acquired include an 85% operated WI in one (l) gas well located in Harwich Township Kent County, a 38.48% non operated WI in one (I) producing gas well located in Sombra Township, Lambton County, and a 1.95 % gross overriding royalty interest in one (1) producing horizontal oil well located in Romney Township Kent County.
Non producing interests acquired include a 50% non-operated WI in approximately 5,900 acres adjacent to a horizontal oil well, a 48.97% operated WI in approximately 1,200 acres of leases in Sombra Township, Lambton County and a 10% non-operated WI in approximately 2,500 acres of exploration licenses in the Caribou-Sikanni area of northern BC.
Website: www.tycheenergy.com
About Tyche Energy Inc.
Tyche Energy Inc. operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Lambton, and Kent, Counties, Ontario. In addition to its main operating focus, the Company is actively exploring projects in the Appalachian and Michigan Basins.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward- looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
SOURCE Tyche Energy Corporation
Source: PR Newswire (May 18, 2007 - 4:00 PM EDT)
News by QuoteMedia
www.quotemedia.com
NEWS - TYEG
Tyche Energy Corp. Update on Acquisition of Ontario Oil & Gas Assets
DALLAS, May 18 /PRNewswire-FirstCall/ -- Tyche Energy Corporation (OTC: TYEG; Frankfurt: T2Y) -- is pleased to report that as a result of its successful bid for the outstanding shares of Tyche Energy Inc., it has acquired varying working and royalty interests in producing and non-producing oil and gas properties located in southwestern Ontario and northeastern B.C.
Producing lands acquired include an 85% operated WI in one (l) gas well located in Harwich Township Kent County, a 38.48% non operated WI in one (I) producing gas well located in Sombra Township, Lambton County, and a 1.95 % gross overriding royalty interest in one (1) producing horizontal oil well located in Romney Township Kent County.
Non producing interests acquired include a 50% non-operated WI in approximately 5,900 acres adjacent to a horizontal oil well, a 48.97% operated WI in approximately 1,200 acres of leases in Sombra Township, Lambton County and a 10% non-operated WI in approximately 2,500 acres of exploration licenses in the Caribou-Sikanni area of northern BC.
Website: www.tycheenergy.com
About Tyche Energy Inc.
Tyche Energy Inc. operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Lambton, and Kent, Counties, Ontario. In addition to its main operating focus, the Company is actively exploring projects in the Appalachian and Michigan Basins.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward- looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
SOURCE Tyche Energy Corporation
Source: PR Newswire (May 18, 2007 - 4:00 PM EDT)
News by QuoteMedia
www.quotemedia.com
News was out today.
Significandly is from Feb. to June, 8 weeks is nothing.
Leases from the PRs...
Feb. 12, 2007
Liston Lease
Gas
Pennsylvania coal seem
Birdsell well + 14 additional drilling locations
Feb. 12, 2007
785 acre lease
Rogers county
Oil
# wells not listed
4000/BPM from 1960 to1985
Begin drilling next 60 days
Feb 13, 2007
320 acre lease
Rogers county
Oil
Bartlesville sand was the primary producing horizon
Max. of 9000/BPM during the 1970s.
119 wells drilled between 1917 and 1979
Feb 27, 2007
NE. Oklahoma
Gulley lease
Oil
rework of 21 wells
drilling of 2 new wells in the Upper Arbuckle Formation
I agree.
"We have also initiated the process of raising additional equity capital of between $1 million and $5 million. We anticipate being in a position to raise this capital within the next 3 to 4 months."
"Our goal is to acquire as many quality businesses that meet our criteria as possible over the next several years."
Obviously the game plan is growth. Rees is doing what he does buest. Anyone who doesn't see this as a short and long term buy is blind.
NEWS..................
Well Renewal Issues Open Letter to Shareholders
TULSA, Okla., May 18, 2007 (PrimeNewswire via COMTEX) -- Well Renewal, Inc.
(Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional operator
specializing in oil and gas exploration, enhanced recovery methods of abandoned
and low-production oil properties, and oil field services, releases an open
letter to its' shareholders from its CEO, David Rees:
Dear Well Renewal Shareholder:
As you know, I became Chief Executive Officer of Well Renewal in
mid-March this year. I wanted to take this opportunity to introduce
myself and to update you on the progress and direction of Well
Renewal.
I have spent the majority of my career involved in mergers and
acquisitions and structuring financial transactions. After graduating
from law school at NYU I worked at a large New York City law firm,
Skadden Arps. I have since worked with several companies, assisting
them with raising capital and growing their businesses both
organically and through acquisitions.
The opportunity for us to become profitable in the oil and gas
business at Well Renewal is exceptionally promising. Our primary
focus is acquiring quality businesses and entering into joint ventures
with companies that have substantial history in the industry. We are
reviewing a number of companies in the industry, both on the
production and services side of the business, that fit our criteria.
Our focus as a management team is to locate these businesses and to
bring them into the Well Renewal family.
I am looking forward to putting my background in mergers and
acquisitions to work. The senior management team at Well Renewal
also includes Harry Martin our Chief Financial Officer. Harry's
financial background includes serving as the Controller for
multi-million dollar ($500,000,000 and $200,000,000) companies, both
publicly traded companies. As Chief Financial Officer of a multi-
million dollar public company, he was instrumental in acquiring and
merging six companies into the entity. In addition, Andy Goodell is
our Executive Vice President of Operations. Andy has over thirty
years of experience in technical, administrative and management
positions within the oil and gas industry. This experience provides a
solid base for his role to assess the operations of our acquisition
targets, as well as the ability to integrate them into Well Renewal.
In the past six weeks we have entered into two binding letters of
intent. The first with Team Services of Michigan. Team has a
incredibly experienced management team, headed by Don and Tim Tinker.
Team should generate approximately $14 million in revenue in 2007,
resulting in approximately $4 million in EBITDA. We are very excited
about integrating Team, as well as utilizing Don and Tim's vast
knowledge and experience at Well Renewal.
The second letter of intent executed is with Cementer's Well Service
in Colorado. Like Team, Cementer's is run by an exceptionally
experienced and skilled senior management team, headed by Rose and
Jack Stoller. Rose and Jack have been running the business for 30
years. Again, we are excited to work closely with them and
integrating them into the Well Renewal fold.
We are currently conducting an audit of Team. Audits for Cementer's
have already been completed. We have been informed by our investment
bankers that we should be in a position to close each of Team and
Cementer's within the next six to eight weeks.
As illustrated by Team and Cementer's, our criteria for acquisitions
involves finding a proven business, with a sustainable model, headed
by an experienced, highly competent and ethical management teams. We
have developed relationships with investment banking institutions that
will allow us access to capital on attractive terms to complete the
acquisitions. Our goal is to acquire as many quality businesses that
meet our criteria as possible over the next several years. We invite
each of you to present us with opportunities you may be aware of at
any time. We are always on the lookout for quality companies.
Further, our board has determined WRNW will sell all of its owned
lease assets (oil and gas) and concentrate on continued M&A activity
for continued growth. Therefore, I ceased all drilling activity and am
preparing appraisals for the assets to be sold. I am meeting next week
with an oil services company in west TX and other prospects are under
consideration. I am in initial discussions with perspective buyers for
the lease assets.
Financial Update
As you know, we are currently trading on the pink sheets as a
non-reporting company. The primary reason that we are not trading on
another exchange is that we do not yet have audited financial
statements. We are currently working on remedying this, and
anticipate having audited financial statements before the end of 2007.
At that time, we will make application to move to another exchange.
We have also recently completed a net equity capital raise of
approximately $800,000 for the company. During the course of our
equity capital raise we obviously needed to issue significant amounts
of stock. The number of shares currently outstanding is approximately
562,000,000.
We have also initiated the process of raising additional equity
capital of between $1 million and $5 million. We anticipate being in
a position to raise this capital within the next 3 to 4 months.
All of us at Well Renewal are especially excited about the prospects
for our industry. The opportunities that we are currently reviewing
are substantial and, more importantly, very achievable. I look
forward to your continued support as we take Well Renewal to the next
level.
D. Rees
CEO
About Well Renewal, Inc.
Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally engaged in
oil and gas exploration as well as enhancement and recovery of abandoned and low
production oil properties, oil field services and petrochemical distribution.
Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of historical facts
may be forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking information
is inherently subject to risks and uncertainties, and actual results could
differ materially from those currently anticipated due to a number of factors,
which include but are not limited to, risk factors inherent in doing business.
Forward-looking statements may be identified by terms such as "may," "will,"
"should," "could," "expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential," or "continue," or similar
terms or the negative of these terms. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements. The company has
no obligation to update these forward-looking statements.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Well Renewal, Inc.
By Staff
CONTACT: Well Renewal, Inc. D. Rees, CEO 918-585-5101 drees@wellrenewal.com
(C) Copyright 2007 PrimeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Energy Industries
SUBJECT CODE: ENERGY
OIL
Product Services Announcement
WRNW is a non reporting company, why would they file an 8k. Your not making any sense.
Howabout the oil refinery in Montana?
Uh, nope.
Niceo of you to pop in. Why do you disappear when you are asked questions? Give it up, pal.
POST YOUR FACTS.
These guys have no information so they post sensationalistic nonsense. LMAO.