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tmcc- excellent news
both for financial stocks and for sub-penny/penny stocks!!!!!!!!!!!!!!!
Ike Robs Houston of Drinking Water, Prompts Curfew
By Demian McLean and Tom Korosec
Sept. 14 (Bloomberg) -- Hurricane Ike left Houston without drinking water today and severed power to millions after ripping through America's fourth-largest city yesterday, flooding homes, shattering office windows and shutting oil refineries.
City police declared a nighttime curfew through next weekend, warning of downed power lines, broken traffic signals and water-filled roads. Power crews worked to restore electricity to the region, a task that could take a month, said utility CenterPoint Energy Inc.
``We need to be patient; it can't be done in a day,' Houston Mayor Bill White said in a televised press conference. He asked residents to boil tap water, as flooding may have tainted it with bacteria.
Ike, the first hurricane to hit a major U.S. metropolitan area since Katrina in 2005, scattered 2.3 million people in two states before making landfall yesterday. The storm weakened to a tropical depression as it moved inland today over Missouri and Illinois, prompting flood warnings.
Eight deaths were attributed to Ike, including five in Texas, two in Louisiana and one in Arkansas, the Associated Press reported.
About 2.2 million Texas homes -- mostly in the Galveston- Houston area -- were without power, said the U.S. Federal Emergency Management Agency. Many pumping stations were also down, leaving residents with no running water.
Oil and Power
President George W. Bush declared the state a major disaster area, offering federal assistance to those living in the 29 counties ravaged by Ike. He will travel to Texas on Sept. 16.
Many oil refiners along the Gulf of Mexico prepared to reopen their plants after shutting ahead of Ike's approach, reducing the nation's refining capacity by almost a fifth.
Valero Energy Corp., the largest U.S. refiner, said it found ``no significant structural damage' at three Houston-area refineries it had closed.
The Department of Energy said it would release 939,000 barrels of crude oil from its strategic reserves to help offset the closures.
Gasoline futures dropped more than 5 percent on the New York Mercantile Exchange.
No Hiding
Some residents from the Texas coast, under mandatory evacuation orders, rented rooms at Houston's Omni Westside. The hotel lost electricity and water running water today.
``You can't hide from the effects of this storm,' said Walter Hallam, a pastor from La Marque, Texas, as he dipped a wastebasket into the hotel swimming pool to replenish the empty toilet tank in his room.
Closer in to the heart of Houston, about 45 cars waited for gasoline at one of the city's few open service stations.
``I've got everything I need but water pressure,' David Raye, 59, a machinist, said as he filled up. He said his home was stocked with food, water and a gas-powered generator.
At a Whole Foods market in west Houston, almost 200 people waited in line to enter the store, where bottled water was in demand and ice was being rationed.
Ready-to-Eat Meals
``Two bags per person -- that's the limit,' said Seth Stutzman, a regional vice president for Whole Foods Markets Inc. who manned the door. Trucks were making a continuous loop from warehouses in Austin, the company's headquarters.
About 42,000 storm victims were in state- or charity-run shelters, Joe Becker, an American Red Cross senior vice president said in Washington. Some 5 million ready-to-eat meals and 3 million liters of water had been delivered, FEMA said.
The storm surge in coastal Galveston, predicted to be as high as 25 feet (7.6 meters) may have peaked at half that level, according to a National Weather Service tidal gauge.
``With the eye and the eye wall passing directly over Galveston, that was kind of their saving grace,' said Joe Bartosik, a meteorologist with WeatherBug.com. ``Even though they took the storm core, they escaped the really damaging side.'
Extensive Damage
Bartosik said areas along the Texas coast stretching into southwestern Louisiana received more water than Galveston. In Port Arthur, Texas, as much as 20 feet was recorded and the downtown of Beaumont, Texas, 78 miles (125 kilometers) northeast of Houston, has about 9 feet of water.
The storm may cost insurers between $6 billion and $18 billion, according to estimates from Oakland, California-based Eqecat Inc. and Boston-based AIR Worldwide, which predict the effects of disasters.
Bartosik said radar showed winds were blowing as high as 130 mph above the 10th floor of buildings in downtown Houston.
Houston's 75-story JPMorgan Chase Tower had windows on its west side smashed out, according to the local CBS affiliate, KHOU-TV. The Enron Building and Crown Plaza Hotel were also damaged, the station reported. The city's George Bush Intercontinental and William P. Hobby airports remained closed.
``Extensive damage' at Reliant Stadium forced the Houston Texans professional football team to reschedule this weekend's home game against the Baltimore Ravens for early November, according to the Ravens Web site.
Ike left more than 70 people dead in Haiti and killed four in Cuba as it swept through the Caribbean earlier this week. CNN reported at least four people have been killed in Texas.
Well, I'm hanging in there with a little help
from my friends. I get by, with a little help from my freieeends!
DD is a wonderful thing. It helps avoid being a bag holder. And it helps ya hang in there when things look the darkest. Instead of cursing the darkness, and those to provide it, it look to the East for dawn's early light. I'm sincerely hoping that next week will brighten our spirits and increase our net worth.
I can assure you that ECCI's technology works better in some conditions than others. The more metal in the chlorides, the better. The less metal, the worse it works. ECCI is not in the bottled water business. But there are deep pocket businesses that can profitably use ECCI's coagulation technology. Not everybody can, but some can. So, I'm happy to be sitting on more shares than I can count. I hope next week proves me wise and I can retire somewhere other than the Vancouver poor house. The long hard wait is just about over, for better or worse. Battle stations early next week!
http://www.wwdmag.com/Electrocoagulation-Technology-Keeps-Site-In-Operation-Meets-Regulatory-Requirements-article1562
http://www.rrc.state.tx.us/divisions/og/wateruse_barnettshale.html
http://www.aapg.org/explorer/2002/07jul/barnett_shale.cfm
Water recycling debate has many sides
BY JOHN-LAURENT TRONCHE
http://www.fwbusinesspress.com/display.php?id=7232
Natural gas operators are examining water recycling as a method to curtail their water usage and demand, but current technology still renders the process less economical than the alternative of simply disposing of the post-drilling, contaminated fluid.
Spurred by residents’ concerns about pollution and water usages, and the industry’s desire to keep costs down, some area operators are pursuing new technologies with the hopes of recycling the water, which could eventually eliminate the need for disposal wells and expensive transportation while ensuring the operators a good standing in the community.
About 3.75 million gallons of water are used for each natural gas well, and what fluid doesn’t remain – or disappear – underground is recaptured either as flow-back water or produced water, both of which are chloride contaminated and need to be managed.
Traditionally, both fluids are inspected in saltwater disposal wells that send the fluids into underground rock formations, where they remain. There are more than 50,000 disposal wells across Texas that serve the more than 216,000 gas wells in the state, according to the Railroad Commission of Texas, which regulates the industry’s subsurface water use.
The saltwater disposal wells are controversial, however, because detractors argue the highly corrosive water could escape and pollute city-used water tables. In October 2007, the Fort Worth City Council enacted a moratorium on these wells, due to expire April 30. However, the city council is expected to extend the measure. Transporting the fluids to these wells is also expensive, representing one of the major costs gas operators incur during the process.
Washing the water
Oklahoma-based Devon Energy Corp. has used a Canadian water treatment technology since 2005 to reclaim and recycle some of the flow-back water and some of the produced water. Devon’s nine mobile heated distillation units, or NOMADs, reclaim and recycle about 24 percent of the 3.5 million gallons of water used during the fracing processes.
The NOMAD systems are designed and built by Aqua-Pure Ventures Inc., based in Calgary, Alberta, Canada, and operated by Granbury-based Fountain Quail Water Management, a subsidiary of Aqua-Pure. In short, the NOMADs use an evaporator and a compressor to treat waters up to saturation, or about 40,000 total dissolved solids, recycling about 80 percent of the inlet water.
“What we’re doing is boiling off the steam, and as the steam evaporates it’s ‘pured,’” said Pat Horner, an engineering team leader at Fountain Quail. “It leaves behind all the contaminants in a concentrate, so we can take that steam and just condense that into pure, distilled water, and take the concentrate away.”
Fountain Quail soon could find competition in another water treatment technology company looking to break into the lucrative Barnett Shale market, Utah-based 212 Resources.
Some Barnett Shale operators have toured 212 Resources’ Wyoming facilities, and the company hopes to sign contracts soon, said Robert Waits, 212 Resources’ executive vice president for business and government affairs, who declined to name the operators.
There are similarities in the Fountain Quail and 212 Resources platforms – both can be powered by on-site natural gas, both use evaporation and distillation technologies – but the latter currently uses a different method of heat transfer, allowing the machines to handle higher Total Dissolved Solids or T.D.S. content, which includes chlorides, and produce a higher concentration of salt brine, Waits said.
“There are technologies handling the flow-back water, and handling it very well,” Waits said. “[The flow-back water] has very low T.D.S. and is pretty good shape coming in, and that’s not to talk critically of other technology. Where we come in is the produced water. It has as much as three to four times the T.D.S. of the flow-back water and No. 1: most processes can’t even deal with it, and No. 2: they can’t concentrate it enough.
“Each technology has its best use, and we focus on these high T.D.S. waters that have the hydrocarbons in them, and we’re able to take it as high as it is, 110,000 parts per million, and concentrate it to 260,000.”
At the behest of Devon, however, Fountain Quail has been modifying the NOMADs for the past six months to enable the machines to reach for higher T.D.S. levels.
Another difference between the two technologies is the idea behind their existence. For example, 212 Resources’ PODs act as a miniature recycling facility, while Fountain Quail’s NOMAD system serves as a transportable and modular technology with a 20 foot by 60 foot footprint.
“It doesn’t make sense to build a permanent recycling facility because you’re going to have to move it in six months to a year,” said Horner, adding a central recycling facility to serve all wells wouldn’t remove the problem of transportation costs.
The PODs are a 40 foot by 60 foot, enclosed machine that represent a different theory behind how operators might recycle water.
“They’re transportable, but they’re not mobile,” Waits said. “They’re not intended to move more than once or twice a year, but we anticipate building fixed, central plants, but not necessarily in the Barnett Shale … The economies of scale has to do with how one gathers and redistributes the water, whether by trucks or by pipeline.”
The final difference between the two machines is their applicability in an urban gas drilling environment. Devon Energy has no plans to use the NOMAD systems in a neighborhood environment, due to the technology’s necessary and large, water-holding tank, piping and tubing to connect the two, and transport trucks to move the water to and from the site.
The POD systems could be used in an urban environment, however, even though the machines require the same tank, tubes and trucks, said Waits, adding the technology’s enclosed construction makes noise more bearable and manageable.
What it all costs
Fountain Quail and 212 Resources declined to disclose the machines’ daily operating costs, but according to Devon’s Jay Ewing, completion/construction supervisor, the Fountain Quail system costs about $3.35 per barrel, about 68 percent more than the $2 cost if post-fracing water is simply disposed of.
Waits said he could not provide a cost per barrel, and declined to name the Wyoming operator set to use the POD machine.
However the costs end up, persuading the industry to take a chance on these firms’ products is going to be a balancing act between environmental stewardship and bottom-line economics, said Robert Grable, a partner at Fort Worth-based Kelly Hart & Hallman.
“I think there is going to have to be a general understanding of the technology and how far it can go,” said Grable, “and an appreciation that the current technology is not static if the operator is willing to invest in something that won’t handle all of his water right now.”
Investing in the technologies today is a hope that in the future the costs will decrease and the efficiency will increase, said Grable, but he added if the operators view the technology as “grossly uneconomic,” they’re unlikely to buy into it.
In addition to cost, drillers must contend with the public’s perception of the industry.
Natural gas drillers have a responsibility to practice environmental stewardship and the community needs to get active to work with the industry, said James Samudio, a Fort Worth environmentalist and water conservation supporter.
“I was against urban drilling since the get-go,” Samudio said, “but now that they’re here, we need to be proactive and get behind the companies who can save our water.”
The industry recognizes that fact, too, Grable said.
“I think operators have a self interest in reducing potential conflicts with landowners in the broader community, and many – if not most – have a sense of public responsibility.”
Waits agrees.
“I see it as beyond [public relations], although there’s certainly a PR aspect to it,” Waits said, “but I think there really is a conscientious effort to try to conserve resources or to steward resources. And it takes some companies longer than others to get there, but we’ve found intense interest.
“I’ve not yet met a producer that says I don’t care,” he said.
Contact Tronche at jtronche@bizpress.net
Advertisement
Pure Biofuels in fast company,
in the company of fast and dangerous folks:
Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securi
Item 1.01. Entry into a Material Definitive Agreement.
On September 8, 2008, we entered into a WARRANT EXCHANGE AGREEMENT, (the "Agreement"), by and between PURE BIOFUELS CORP., a Nevada corporation (the "Company"), and YA Global Investments, L.P. (formerly known as Cornell Capital Partners, L.P.) ("PURCHASER"). Pursuant to the Agreement, PURCHASER as holder of
(i) Warrant No.: PBOF-1-1 (the "July Warrant") to purchase 704,082 shares of Common Stock at an exercise price of $0.98 and (ii) Warrant No.: PBOF-1-2 to purchase 704,082 shares of Common Stock at an exercise price of $0.98 (the "April Warrant" and together with the July Warrant, the "Warrants") exchanged all of the Warrants for 938,776 shares of Common Stock of PURE BIOFUELS CORP. (the "Exchange Shares"). Upon issuance of the Exchange Shares to PURCHASER, the Warrants were rendered null and void and of no further force or effect.
The Agreement is filed as an exhibit to this Form 8-K and should be referred to in its entirety for complete information concerning the Agreement.
Jimmy Mac: true to date,
but what about next week? Or tomorrow?
CaliFla- you mean my retirement investment is
in a scam? I sure hope not. I can't work FOREVER!
The future of water recycling:
The future is now:
http://www.fwbog.com/index.php?page=article&article=18
And make a list of the Production Players in this article below.
A name or two on the list may be in the next ECCI press release:
http://www.fwbog.com/index.php?page=article&article=35
Jimmy Mac has a good point,
Electrical power is different in the United Kingdom:
COUNTRY-- VOLTAGE-- FREQUENCY-- PLUG-- COMMENTS--
United Kingdom - 230 V* - 50 Hz - G - *Outlets typically controlled by adjacent switch. Though nominal voltage has been officially changed to 230 V, 240 V is within tolerances and commonly found.
United States of America 120 V- 60 Hz- A & B- No comments
http://www.kropla.com/electric2.htm
Women who travel with hairdryers have known about all this for decades. Did ECCI's management know in advance? LOL
My stock filter is important,
but my poster filter is even more useful. Finding the right stock and ignoring the propagandist is crucial to making a profit. ECCI has had a little positive movement and the negative posters suddenly come out of the woodwork. Ever wonder why???
Propaganda is a concerted set of messages aimed at influencing the opinions or behaviors of large numbers of people. As opposed to impartially providing information, propaganda in its most basic sense presents information in order to influence its audience. Propaganda often presents facts selectively (thus lying by omission) to encourage a particular synthesis, or gives loaded messages in order to produce an emotional rather than rational response to the information presented. The desired result is a change of the cognitive narrative of the subject in the target audience to further a political OR ECONOMIC agenda.
Propaganda is the deliberate, systematic attempt to shape perceptions, manipulate cognitions, and direct behavior to achieve a response that furthers the desired intent of the propagandist.
TRANSLATION: THEY MAKE MONEY GETTING OTHERS TO DO WHAT IS SELF DESTRUCTIVE. And they do it under the guise of public service, truth and generosity. UGLY!!!
co pilot- give up your negativity,
it is never based upon facts or research. It is sad to see your despair, even in times of hope. Give it up! You contribute only baseless criticism. Now, if you could post negative facts and data, then there would be value. Pumpers and bashers without substance do not contribute to the goals of making money or avoiding losses. Get it?
Like I said today at 2M vol.,
great time to accumulate. LOL
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31786925
And at 5 million volume today: short squeeze dead ahead:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31788045
How did I know? A little bird told me so. After Labor Day, all hell breaks loose here...in a good sense.
"iacta alea est"..."The die is cast". Julius Caesar Suetonius Div Julius 32
No turning back Upon crossing the Rubicon...Also written as "Alea iacta est".
Short squeeze dead ahead.../eom
This is a great level to accumulate
cheap shares. Grey Sheet stocks sell at this price level. Contracts will be announced in September, IMHO, and then it will be less possible to play the multiples game as we shoot to .01 pps.
2,000% gain? More?
Potential customers for ECCI pilot plant:
See first link below:
Royce and Michael Ward had strong connections to Tidelands Oil. But the ECCI customers could be anyone of the ten listed in the link just below...unless this is a scam, of course.
http://maps.google.com/maps?hl=en&client=firefox-a&channel=s&rls=org.mozilla:en-US:official&um=1&ie=UTF-8&q=%22Carrizo+Springs,+Texas%22.+gas+producers&fb=1&view=text&sa=X&oi=local_group&resnum=1&ct=more-results&cd=1
Ecoloclean Industries Sets Up Pilot Plant
Tuesday June 24, 7:00 am ET
FORT WORTH, Texas, June 24, 2008 (PRIME NEWSWIRE) -- Ecoloclean Industries, Inc. (Other OTC:ECCI.PK - News) is moving forward with plans to open a pilot plant in Carrizo Springs, Texas. The operation will treat flowback water from drilling operations. Company COO, John Adams is on the ground in Carrizo Springs, implementing the completion of the pilot plant with his team and a licensed operator of disposal wells in Texas...
http://biz.yahoo.com/pz/080624/145193.html
The last press release implied this pilot plant is "a go" in September:
Monday August 25, 7:00 am ET
FORT WORTH, Texas, Aug. 25, 2008 (GLOBE NEWSWIRE) -- Ecoloclean Industries, Inc. (Other OTC:ECCI.PK - News) announced today that its E-C WaterPure(tm) units have arrived back from the UK. While Ecoloclean is very pleased with the results of the tests completed in conjunction with the South Crofty and Wheel Jane mines, various operational and logistical concerns with the project have resulted in the decision to return the units home to the U.S. The determination to bring the units back was part of Ecoloclean's strategic review which identified the application of EC technology in the U.S. Oil and Gas Industry as its most promising opportunity. The units have cleared Customs and are being delivered to Crystal City, TX where they will receive a full maintenance check and be readied for deployment in September.
utvols- storm track:
http://www.nhc.noaa.gov/graphics_at2.shtml?5day#contents
tmcc- that would be true
IMO too.
I can hold my shares,
and still be critical of the way the news is written by this company. Did you notice that management did not even say in today's press release HOW MANY units have been shipped back to the USA? That is a total lack of respect for current and potential shareholders.
Sill, I hold my shares and do not encourage anyone to buy or sell. This is just free speech.
The news is vague and incomplete,
like some wartime news release that is obscure to protect the troops- or in this case management. For example, see the highlighted words below that are BS:
"While Ecoloclean is very pleased with the results of the tests completed in conjunction with the South Crofty and Wheel Jane mines, various operational and logistical concerns with the project have resulted in the decision to return the units home to the U.S."
All this time in England and there were only "tests"? Why no operations? What were the "operational" concerns? What were the "logistical" concerns?
The last sentence of the PR is enticing but obscure too. What "deployment" in September?
Also note: this PR seems to indicate the units were past testing:
Electrocoagulation Unit Operational in England
Sunday, July 29, 2007
CRYSTAL CITY, Texas (July 30, 2007) Ecoloclean Industries, Inc. (ECCI/PK) announced today that the Electrocoagulation Unit that was delivered to England on July 2, 2007 is operational and treating contaminated water from the South Crofty Tin Mine at Cambourne, England.
Mr. Royis Ward, President and CEO stated today that in spite of difficulties experienced after the unit arrived at the mine, electrical problems have been corrected and the unit is up and processing contaminated water. "After being adapted and reprogrammed, the unit began treating the contaminated mine water and the results were immediately observed as successful. To increase volume to the optimal level the mine will be installing a larger pump. The pump that was installed by the mine owners was too small to deliver the volume of water for the Electrocoagulation Unit to continually operate. A new pump will be in-place by Monday, July 30, 2007 and the unit will become fully operational on 1st August, 2007. The mine and Sivex Ltd, our United Kingdom associates, informed us that the unit will be fully operational operating at full capacity."
Electrocoagulation (EC) - Science and Applications
By Dr. Abe Beagles
May 2004
The Author is the President of Cal-Neva Water Quality Research Institute, Inc. in Newcastle, California.
Although electrocoagulation is an evolving technology that is being effectively applied today for wastewater treatment, the paucity of scientific understanding of the complex chemical and physical processes involved is limiting future design and hindering progress in the mining and industrial sector of this country. The objective of this review and explanation is to explain the Haivala Targeted Water Fusion Technology and how it applies to already existing treatment process being used around the world and to bring the chemistry and physical processes involved into prespective.
1. Introduction
One of the major challenges facing mankind today is to provide clean water to a vast majority of the population around the world. The need for clean water is particularly critical in Third-World Countries. Rivers, canals, estuaries and other water-bodies are being constantly polluted due to indiscriminate discharge of industrial effluents as well as other anthropogenic activities and natural processes. In the latter, unknown geochemical processes have contaminated ground water with arsenic in many counties. Highly developed countries, such as the US, are also experiencing a critical need for wastewater cleaning because of an everincreasing population, urbanization and climatic changes. The reuse of wastwater has become an absolute necessity. There is, therefore, an urgent need to develop innovative, more effective and inexpensive techniques for treatment of wastewater. A wide range of wastewater treatment techniques are known which includes biological processes for nitrification, denitrification and phosphorous removal; as well as a range of physico-chemical processes that require chemical addition. The commonly used physico-chemical treatment processes are filtration, airstripping, ion-exchange, chemical precipitation, chemical oxidation, carbon adsorption, ultrafiltration, reverse osmosis, electrodialysis, volatililization and gas stripping. A host of very promising techniques based on electrochemical technology are being developed but are not yet to the commercial stage. One more process has been developed to the commercial stage and is being used in city wastewater treatment plants all over Europe and a few US cities have adopted parts of this technology. This process is known as the Harness Targeted Electric Water Fusion Technology or Electrocoagulation, we will refer to it as EC for simplicity in this review. One Man has patented this technology and to this day, the Finnish Scientist Erkki Haivala is the only man who really understands all of the processes that are occuring within the cells as they do their job. The scientific community has yet to understand this process and there has been very little consideration of the factors that influence the effective removal of ionic species, particularly metal ions, from wastewater by this technique. In the brief review, we wish to address these issues.
2. Technology
Treatment of wastewater by EC has been practiced for most of the 20th century with limited success and popularity. In the last decade, this technology has been increasingly used in South America and Europe for treatment of industiral wastewater containing metals. It has also been noted that in North America EC has been used primarily to treat wastewater from pulp and paper industries, mining and metal-processing industries. In addition, EC has been applied to treat water containing foodstuff waste, oil wastes, dyes, suspended particles, chemical and mechanical polishing waste, organic matter from landfull leachates, defluorination of water, synthetic detergent effluents, mine wastes and heavy metal containing solution.
3. Coagulation and Electrocoagulation
Coagulation is a phenomenon in which the charged particles in colloidal suspension are neutralized by mutual collision with counter ions and are agglomerated, followed by sedimentation. The coagulant is added in the form of suitable chemical substances. Alum [Al2(SO4)3.18H2O] is such a chemical substance which has been widely used for ages for wastewater treatment. The mechanism of coagulation has been the subject of continual review. It is generally accepted that coagulation is brought about primarily by the reduction of the net surface charge to a point where the coloidal particles, previously stabilized by electrostatic repulsion, can approach closely enough for van der Waal´s forces to hold them together and allow aggregation. The reduction of the surface charge is a consequence of the decrease of the repulsive potential of the electrical double layer by the presence of an electrolyte having opposite charge. In the EC process, the coagulant is generated in situ by electrolytic oxidation of an appropriate anode material. In this process, charged ionic species - metals or otherwise - are removed from wastewater by allowing it to react with an ion having opposite charge, or with floc of metallic hydroxides generated withing the effluent.
The EC technology offers an alternative to the use of metal salts or polymers and poly-electrolyte addition for breaking stable emulsions and suspensions. The technology removes metals, colloidal solids and particles, and soluble inorganic pollutants from aqueoues media by introducing highly charged polymeric metal hydrozide species. These species neutralize the electrostatic charges on suspended solids and oil droplets to facilitate agglomeration or coagulation and resultant separation from the aqueous phase. The treatment prompts the precipitation of certain metals and salts. The advantages and disadvantages of EC technology are discussed below.
4. Advantages of EC
1. EC requires simple equipment and is easy to operate with sufficient operational lattitutde to handle most problems encountered on running.
2. Wastewater treated by EC gives palatable, clear, colorless and odorless water.
3. Sludge formed by EC tends to be readily settable and easy to de-water, because it is composed of mainly metallic oxides/hydroxides. Above all, it is a low sludge producing technique.
4. Flocs formed by EC are similar to chemical floc, except that EC floc tends to be much larger, contains less bound water, is acid-resistant and more stable, and therefore, can be separated faster by filtration.
5. EC produces effluent with less total dissolved solids (TDS) content as compared with chemical treatments. If this water is reused, the lowTDS level contributes to a lower water recovery cost.
6. The EC process has the advantage of removing the smallest colloidal particles, because the applied electric field sets them in faster motion, thereby facilitating the coagulation.
7. The EC process avoids uses of chemicals and so there is no problem of neutralizing excess chemicals and no possibility of secondary pollution caused by chemical substances added at high concentration as when chemical coagulation of wastewater is used
8. The gas bubbles produced during electrolysis can carry the pollutant to the top of the solution where it can be more easily concentrated, collected and removed.
9. The electrolytic processes in the EC cell are controlled electrically and with no moving parts, thus requiring less maintenance.
10. The EC technique can be conveniently used in rural areas where electricity is not available, since a solar paned attached to the unit may be sufficient to carry out the process.
5. Disadvantages of EC
1. The sacrificial electrodes are dissolved into wastewater streams as a result of oxidation, and need to be regularly replaced.
2. The use of electricity in many places may be expensive.
3. An impermeable oxide film may be formed on the cathode leading to loss of efficiency of the EC unit. However, this does not occur in the Haivala unit for the process water is forced into turbulance and this oxide is never allowed to form.
4. High conductivity of the wastewater suspension is required. This is compensated for in the Haivala unit.
6. Description of the Technology
In its simplest form, an electrocoaglating reactor may be made up of an electrolytic cell with one anode and one cathode. When connected to an external power source, the anode material will electrochemically corrode due to oxidation, while the cathode will be subjected to passivation. But, this arrangement is not suitable for wastewater treatment, because for a workable rate of metal dissolution, the use of electrodes with large surface area is required. This has been achieved by using cells with monopolar electrodes either in parallel or series connections. A simple arrangement of an EC cell with a pair of anodes and a pair of cathodes in parallel arrangement is shown in Fig. 1.
Figure 1
Figure 1
It essentially consists of pairs of conductive metal plates placed between two parallel electrodes and a dc power source as shown in Fig. 1. This setup requires a resistance box to regulate the current density and a multimeter to read the current values. The conductive metal plates are commonly known as "sacrificial electrodes". The sacrificial anode lowers the dissolution potential of the anode and minimizes the passivation of the cathode. The sacrificial electrodes may be made up of the same or of different materials as the anode.
An arrangement of an EC cell with monopolar electrodes in series is shown in Fig. 2. As can be seen from Fig. 2, each pair of sacrificial electrodes is internally connected with each other, and has no interconnections with the outer electrodes.
Figure 2
Figure 2
This arrangement of monopolar electrodes with cells in series is electrically similar to a single cell with many electrodes and interconnections. In series cell arrangement, a higher potential difference is required for a given current to flow because the cells connected in series have higher resistance. The same current would, however, flow through all the electrodes. On the other hand, in parallel arrangement the electric current is divided between all the electrodes in relation to the resistance of the individual cells.
In one of the setups of the Haivala cell bipolar electrodes with cells in parallel have been used. In this instance the sacrificial electrodes are place between the two parallel electrodes without any electrical connections. Only the two monopolar electrodes are connected to the electric power source with no interconnections between the sacrificial electrodes. This cell arrangement provides a simple set-up, which facilitates easy maintenance during use. When an electric current is passed through the two electrodes, the neutral sides of the conductive plate will be transformed to charged sides, which have opposite charge compared to the parallel side beside it. The sacrificial electrodes in this case are also known as bipolar electrodes.
Thus, during electrolysis, the positive side undergoes anodic reactions, while on the negative side, cathodic reaction is encountred. Consumable metal plates, such as iron or aluminum, are usually used as sacrificial electrodes to continuously produce ions in the system. The released ions neutalize the charges of the particles and thereby inititate coagulation. The released ions may remove the undersirable contaminants either by chemical reaction and precipitation, or by causing the colloidal materials to coalesce and then be removed by electrolytic flotation. In addition, as water containing colloidal particulates, oils, or other contaminants move through the applied electric field, there may be ionization, electrolysis, hydrolysis, and free-radical formation which may alter the physical and chemical properties of water and contaminants. As a result, the reactive and excited state causes contaminants to be released from water and destroyed or made less soluble. Inert electrodes, such as titanium and the passage of alternating current, have been observed to remove metal ions from solution and to inititate coagulation of suspended solids. To ensure more effective removal of the undersirable ions, wastewater may be passed through a series of cells containing electordes made up of various metals. In such cases, the contaminated wastewater is passed through the annular spaces between the electrodes and is exposed to sequential positive and negative electrical fields. To optimize the removal efficiencies, the water characteristics such as pH, oxidation-reduction potential, and conductivity can be adjusted for specific contaminants.
In the EC process, an electric field is applied to the medium for a short time, and the treated dispersion transferred to an integrated clarifier system where the water-contaminant mixture separates into a floating layer, a mineral-rich sediment, and clear water. The aggregated mass settles down due to gravitational force. The clear water can be extracted by conventional methods.
7. AC versus DC Electrocoagulation
The direct current electrocoagulation (DCE) technology is inherent with the formation of an impermeable oxide layer on the cathode as well as deterioration of the anode due to oxidation. This leads to the loss of efficiency of the EC unit. In the Haivala cell this effect has been eliminated by the design of the cell inself and the addition of small holes drilled in the electrodes with the addition of a pressurized chamber on the outside of the electrodes so that a small jet of pressurized process water is constantly introduced into the process water flow creating a turbulence within the flow of the process water that continually washes the sides of the electrodes and prevents the buildup of this oxide. This in itself has eliminated the need to use AC current in the Haivala Cell.
8. Alternating Current Electrocoagulation (ACE)
The US EPA has applied ACE technology for remediation of aqueous waste streams at Superfund Sites all over the United States. The ACE separator consists of either a paralled electrode unit in which a series of vertically oriented aluminum electrodes form a series of monopolar electrolytic cells through which the effluent stream passes, or a fluidized bed unit with nonconductive cylinders equipped with nonconsumable metal electrodes between which a turbulent fluidized bed of aluminum pellets is maintained. Compressed air is introduced into the EC cell to maintain a turbulent fluidized bed and to enhance the aluminum dissolution efficiency by increasing the anodic surface area. The basic flow diagram for the ACE separator with fluidized bed of alumimum alloy pellets entrained between a series of noncomsumable metal electrodes is shown in Fig 3. As can be seen from Fig. 3, an AC electric field is applied to the aqueous strem as it flows through the unit. As a result, a low concentration of aluminum dissolves from the fluidized bed and neutralizes the charges on suspende or emulsified particles. Once the charge species are electrically neutraized, they tend to coagulate and separate from the aqueous phase. The treated water is then transferred to a product separator where the water and solid phases are removed separately for reuse, recycling, additional treatment or disposal.
Figure 3
Figure 3
In a recent publication, (D. Mills, Am. Water Works Association 92 (2000)), describes what he calls a new process for electrocoagulation which is another prototype cell of the Haivala process. He states, the unit is made up of a ladder series of electrolytic cells containing iron anodes and stainless-steel cathodes. The electrolytic cells are constructed in such a way that a narrow concentric gap is maintained between the central anode and the surrounding cathode. Wastewater is allowed to flow through the ladder of cell, by way of a labyrinth of holes in the cathodes. Application of a low-voltage DC source to the cells produces iron hydroxide flocculant. This is the method that Haivala uses when treating water that is laden with Arsenic or Cynaide.
9. Conclusions
The fact that electrocoagulation is now being successfully applied to contanimated water around the world is testament to its potential which is yet to be fully realized here in the US. The Haivala cell has clearly preformed some of the more complex requirements needed to totallly remove a wide range of contaminents from water. Some of these are: Hydrogen evolution has been controlled by the size of the cathodic reaction area and the electrode overpotential of hydrogen evolution. At the same time an anode has been designed to carry out several fundamental processes at the highest possible efficiencies. These include a corrodable part, that supplies the polyvalent coagulant ions to the solution at the lowest overpotential, a part that is efficient as an lectro-oxidation catalyst to form charged organics by partial oxidation, and an oxygen evolution part, that generate the oxygen at the highest efficiency bit in controlled amounts. The latter has been achieved by limiting the oxygen evolution electrode area. Electro-oxidation catalysts are available for shallow oxidation. These may be achieved by composite electrodes or unique multi-electrode arrangements. In addition the presence of sacrificial surfactants at low concentration is helpful to improve the efficiency of the coagulation process and ad/absorption processes. In addition the ionic make up of the solution is adjustable for optimization of the processes involved.
Currently tests are being conducted to increase the Haivala Targeted Water Fusion Technology applications on Superfund sites and other environmentally sensative sites around the US. To see if your problem can be addressed by this technology you may call Dr. Beagles at 916-434-7880.
http://www.eco-web.com/editorial/050526.html
Good luck to you too
we can rise or fall with class and dignity. One world!
South Texas news tomorrow? We are all ready for something good to be announced. Why not tomorrow? Pleeeeeese!
No thanks, co pilot
I'm holding at least until it hits five cents per share.
"According to Mr. Adams, ``The current growth in the exploration and production experienced by the O & G industry had been driven by the evolution of drilling and production technologies such as horizontal drilling and hydraulic fracturing (fraccing). As a market for remediation services, treating water generated by the O & G industry is in its infancy. Up to this point most of the wastes have been disposed by utilizing injection wells or land farming. With more than 50,000 permitted oil/gas injection and disposal wells in Texas*, we are certain that the placement of our resources here are prudent. More aggressive efforts to reclaim fracturing waters are a somewhat recent development. Droughts as well as environmental impact have brought more focus on utilization and recovery.'
``As we have reported, our focus has been to develop markets for our E-C WaterPure(tm) units in Texas, and specifically the Barnett Shale field. Setting up our pilot plant will provide not only revenues for ECCI, but also an exceptional platform to highlight our technology and the value of our company. Clearly we are focused and will establish our company throughout the conventional oil and gas business sectors, as well as the Oil Shale and Coal Bed Methane segments,' stated Royis Ward, Chairman of Ecoloclean Industries."
PR, yes, b/c Fay will not do it:
"Fay, the sixth storm of the 2008 Atlantic season, was slowing down early Monday and moving erratically, but forecasters still expected it to strengthen slowly to a hurricane. Fay has already killed at least five people after battering Haiti and the Dominican Republic with weekend torrential rains and floods.
"There could be some supply disruption issues there, so the market is watching this closely," said Mark Pervan, senior commodity strategist at ANZ Bank in Melbourne.
Oil giant Royal Dutch Shell has evacuated about 360 staff from the Gulf of Mexico over the past two days.
Fay was centered about 275 kilometers (170 miles) southeast of Havana and 375 kilometers (235 miles) south-southeast of Key West, Florida, according to the U.S. National Hurricane Center in Miami.
It had maximum sustained winds near 85 kph (50 mph) and was moving west-northwest at 17 kph (10 mph).
Forecasters expected the storm to begin moving more to the northwest later on Monday. Current models show the storm moving up the western coast of Florida, although forecasters still didn't know exactly where it will make landfall.
So far during this year's hurricane season in the Atlantic Ocean, no storm has significantly damaged oil installations in the Gulf."
I'm looking for that PR by this Weds.or sooner:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31396476
NEWS confirmation to the DD:
http://biz.yahoo.com/bw/080818/20080818005391.html?.v=2
Jimmy Mac-
Do you know much about the relative effectiveness of ESPH vs. ECCI technologies in the specific area of the removal of chlorides from frac water? I do not. ECCI is not transparent on that subject.
But I do happen to know from exhaustive research that the relative efficiency of ESPH vs. ECCI technologies in the specific area of the removal of chlorides from frac water greatly favors ECCI. That is, ECCI can "clean" much greater volumes at significantly lower price per volume than ESPH.
So why did ESPH get the most recent pilot project with Devon? Effectiveness?
ECCI financing model:
(One way to do it)
"On May 21, Ecosphere Technologies Inc. (OTCBB: ESPH), announced that its wholly-owned subsidiary, Ecosphere Energy Solutions, Inc., had granted an option to Bledsoe Capital to form a new company, owned by Bledsoe Capital and Ecosphere Energy Solutions on a 50/50 basis, to acquire an exclusive worldwide license for the use of the Ecosphere Ozonix™ technology in the energy business. Upon exercise, Bledsoe is committed to $50 million for the purchase of an exclusive license, of which $10 million would be paid upon closing to Ecosphere Energy Solutions and the balance of which would be used to fund the working capital of the new company, according to an Ecosphere Technologies news release. “Upon the successful completion of Ecosphere's 90 day pilot program with a major energy company in the Barnett Shale area of Texas, Bledsoe Capital may exercise its purchase option,” the company’s announcement stated.
“The exclusive application of Ecosphere's technology is for the treatment of industrial waste waters generated during the exploration, production, refining and distribution of energy from natural resources,” the announcement continued. The terms of the purchase option require Bledsoe Capital to form a new Delaware, limited liability company with Ecosphere Energy Solutions as co-owner and to pay $10 million as a licensing fee. The remaining $40 million of capital commitments will be used to facilitate the building of additional Ecosphere Ozonix™ equipment, as well as to fund marketing and operations, to take advantage of new opportunities in the energy business. The agreement also provides for Ecosphere Energy Solutions to build the equipment for the new company,” the news release continued.
Additionally, Bledsoe Capital recently completed the funding of the first $1 million of a $5 million credit facility that will allow Ecosphere to build equipment for its first water recycling pilot program in the Barnett Shale. Construction has already begun to build the initial Ecosphere's Ozonix™ mobile water treatment plant capable of treating 7,000 barrels (294,000 gallons) of water per day, according to the release."
http://www.fwbog.com/index.php?page=article&article=18
I sent a recent college grad on her way to Peru on a side trip to see the Lima port facility.
mick- Did management have to raise money?
Yes, I believe they do. And I believe they decided to do it with restricted equity financing through a single 3rd party and not with shareholder unfriendly general dilution. The money would be needed to build a stationary unit in the North of Texas and two improved mobile units, one going in the Barnett and one in the South of Texas to supplement an old E-C WaterPure plant already there for a contract executed with gas exploration companies.
I think we will hear more about those south Texas deals within the week and about a Barnett Shale contract around September 1st.
I have read about steps being taken to squeeze the naked shorts too. This is one company that can short squeeze like no other for reasons soon to be displayed. Until then, I will stop speculating here and keep accumulating at .0004/.0005 FWIW. OCICBW
Remember this?:
"Work and negotiations continue with companies on the Barnett Shale, outside of Fort Worth, Texas. According to Mr. Adams, ``Our results have been positive in a relatively short period of time. In little more than two months we are testing the E-C WaterPure System(tm) with key industry and community stakeholders. We utilized excellent established contacts of our company and we are building strong new relationships with people who will utilize our technology. We anticipate positive outcomes from these efforts. As our team at Ecoloclean Industries, Inc. moves forward, we are narrowly focused on creating the best results for our customers and the communities that we serve. We are taking steps to improve the efficiencies of our manufacturing and our administration. On the manufacturing front, we must maintain quality while we increase the speed and efficiency of producing E-C WaterPure System(tm) units. The raw costs per unit are currently very good and the time required to produce each unit is quite fast and better than acceptable. But as demand increases, we will maintain quality, increase speed and drive to decrease our cost per unit. This commitment is shared by our entire team and it will make the difference between producing a viable operating system, and making our company a success. We are all committed to reaching an optimal level of operational efficiencies which in turn will deliver good results.'
Rather than dilution, short interest
may be the cause of the dips and high volume like at the end of March/April:
From Pinksheets.com on ECCI Short Interest Tab:
and: http://www.nasdaqtrader.com/trader.aspx?id=RegSHOThreshold
Short Interest
Date Short Interest % Change Avg. Daily Share Volume Days to Cover Split New Issue
Jul 15, 2008 5,000 -92.12 4,756,669 1.00 No No
Jun 30, 2008 63,432 -46.48 10,006,261 1.00 No No
Jun 13, 2008 118,525 -46.59 7,179,264 1.00 No No
May 30, 2008 221,899 2,118.99 8,742,322 1.00 No No
May 15, 2008 10,000 -90.91 12,105,127 1.00 No No
Apr 30, 2008 110,000 -63.27 8,820,750 1.00 No No
Apr 15, 2008 299,473 -72.48 8,963,547 1.00 No No
Mar 31, 2008 1,088,338 7,581.66 13,899,926 1.00 No No
Mar 14, 2008 14,168 -71.66 731,633 1.00 No No
Feb 29, 2008 50,000 -19.97 2,358,619 1.00 No No
mustangs- I am not an apologist
for this company. I hope you get all your answers soon. This company still has huge growth potential if they do not self destruct first.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29701660
ECCI Mobile Unit Valuation Consideration…
"The earlier valuation I posted was derived from considering the rates of water treated to be 100 gallons per minute for the mobile unit and 1,000 gallons per minute for the stationary unit at a price of .02 per gallon:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=28970733
From their 15 May 08 PR, ECCI stated that their mobile units will generate 500 gallons per minute per mobile unit and 5,000 gallons per minute per stationary unit:
http://biz.yahoo.com/pz/080515/142803.html
With the thoughts below, I will primarily focus on the ”ECCI potential” derived from their mobile units.
The earlier ECCI valuation consideration was derived in effort to try to determine a fair valuation for ECCI from some of the variables mentioned in the posts below courtesy of Tkcomputer9999 and the PR above considering if any of the contracts expected are awarded:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29287902
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=28927851
Before we can list the variables to consider, we must first derive the ECCI per minute amount of Income to be generated from each unit through logical deduction. I say Income because from my understanding and research, the money generated from the units will be pure profit. The Expenses have already been taken into account as evident from the units being purchased. Since ECCI have not been previously generating any Revenues, taxes and other Expenses will not be considered for keeping these derivations simple. Please further consider the thoughts below, but I highly recommend reading all of the attached links above to fully understand the following thoughts:
************************************************************************
Mobile Unit Rate of Water Treated
500 = gallons per minute for mobile units
.02 = cost per gallon
500 x .02 = $10.00 per gallon per minute
$10.00 x 60 minutes = $600.00 per hour
$600 x 24 hours = $14,400 per day
In summary, each ECCI mobile unit will provide water treatment at a rate of 500 gallons per minute at the cost of .02 per gallon which equates to Income of $10.00 per gallon per minute which equates to $600.00 per hour which equates to ECCI generating Income of $14,400 per day.
************************************************************************
************************************************************************
ECCI Presumed Variables to Consider:
** 1 mobile unit running per day
** ECCI $14,400 Net Income per day per mobile unit as derived above
** Worse case scenario Outstanding Shares (OS) amount of 350,000,000 shares
Revenues – Expenses (Net) = Net Income.
Net Income ÷ Outstanding Shares (OS) = Earnings Per Share (EPS)
************************************************************************
************************************************************************
$14,400 = 1 mobile unit x $14,400 Net Income per day per 1 mobile unit
$14,400 x 30 days = Net Income per month per 1 mobile unit
$430,000 = Net Income per month per 1 mobile unit
$430,000 x 12 months = Net Income per year per 1 mobile unit
$5,184,000 = Net Income per year per 1 mobile unit
It is expected that they will have 5 mobile units per operation as a minimum. So, that would multiply the total amount above by 5 to equate below:
$5,184,000 x 5 = Net Income per year per 5 mobile units
$25,920,000 = Net Income per year per 5 mobile units
From my understanding, the money generated from the units will be considered pure profit since Expenses would have already had been captured as evident from the existence of the units and from the thoughts I explained earlier above. Now let’s derive an Earnings Per Share (EPS).
Net Income ÷ OS = EPS
$25,920,000 ÷ 350,000,000 (OS) = EPS
.074 = EPS
Since we are not quite sure just yet what Sector or Industry ECCI would trade under, it is a little difficult to determine a finite PE Ratio to use as its growth multiple to multiply with the EPS to determine its fair trading price. Because of this, it is generally accepted to use 12 as a conservative PE Ratio. The share price below would give us the ECCI trading price of where ECCI could ”potentially” be trading if given a contract as what many of us are expecting to be announced any day now:
12 Conservative PE Ratio x .074 EPS = .89 per share
This means that given if the above variables that were mentioned as a consideration comes to fruition to be true as expected, ECCI would logically, fundamentally, and conservatively be worth somewhere in the area of .89 per share.
This also means that the .89 per share represents per increments of 5 units. So…
.89 x 2 units of 5 (10 total units) = $1.78 per share
.89 x 3 units of 5 (15 total units) = $2.67 per share
Let’s add that it’s no secret that Devon Energy is the largest and primary company that is highly interested in using the ECCI technology which is why all of them are there at the Barnett Shale. Devon Energy trades on the NYSE at $116.00+ per share under the ticker of DVN. Is doesn’t get much better than that for establishing a customer/partner for utilizing your patented technology. I have also confirmed that there are a few other NYSE stocks/companies that are interested in utilizing the ECCI technology.
I also have sound reason to know that the price of .02 per gallon that I used with my thoughts above is not even half the price that the major market companies are willing to pay for contracting with ECCI for them utilizing their patented technology. However, I used the .02 per gallon price to also remain conservative. Here’s another reason why DVN logically wants to use ECCI versus what they are doing now courtesy of Waverider110 which further adds to the .02 per gallon being conservative:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29690208
Please understand that the above thoughts are not the gospel. These thoughts should only be used to gage what could be considered as ”potential” ECCI valuation if they consummate a contract with a major company as from what they had PR-ed as part of their plans. Again, this is considering that the variables that were used to derive the calculations for these figures are first officially released then we can use the thoughts above to use as a gage to measure the ”actual” ECCI valuation. So far, a good piece have been ”officially” released which allowed me to be able to calculate the above ”potential” ECCI valuation.
Now here’s the trick with determining the valuation for the use of the ”stationary” units. If the mobile units generate 500 gallons per minute and the stationary units generate 5,000 gallons per minute per gallon, then simply take those share price amounts above I derived and multiply them by 10 to get the ”potential” ECCI valuation if 5 stationary units were used instead of 5 mobile units which is what we think will be primarily used. I hope people see the magnitude and the ”potential” that resides here with ECCI. I think it’s worth taking the risk, especially at these levels."
v/r
Sterling
ECCI Chart: The best I can say is:
it looks like if there is a place to turn up, a bottom is the most likely place! LOL The stochastic shows that best. OBV shows how bad it has become.
I do not know if the chart settings (indicators) will hold on this "Big Chart" after several hits. But I hope it is helpful.
Incidentally, I do not see any obvious sign of dilution in April with the possible exception of the last week in April and the sharp dip in May. FWIW
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=nubv&time=&freq=
Jimmy Mac- I will confess
that I bought some shares yesterday. And I agree with the rest of your post just below. It is dicey, but "roll 'em".
P.S. I just hope any equity financing that might come along is not with Cornell Capital Partners or one of those types. ESPH seems to have a good financing agreement, for example.
No, I have not spoken to anyone at the company.
From reading posts here, it sounds like everyone is treated the same.
$3,500 worth of selling today has
brought this stock down 33% to a new all time low: .0004! PATHETIC!
How many shares will ECCI have to sell to hire a good defense lawyer or two? 8 to 10 million shares per day should do it, as long as ECCI does not drop to .0002! Then you would need to double those numbers. Good thing the authorized share number went up. PATHETIC!
Jimmy Mac- you were right:
You wrote: "IF it takes 3 billion shares to get machines and contracts to raise company value back to 5-10 mil. SO BE IT!"
Today's press release advises:
The A/S increase was to "enact incentive plans and to make possible the issuance of equity in the event of a financing."
What they have not said yet is that they have two contracts ready to sign- one in South Texas and one big one in North Texas that require a stationary plant in the North and two more improved mobile units- one in North and one in the South that all require financing to build. Royce refuses to use his new found wealth from selling Regency Energy to build these plants!
In this credit crunch the banks will not lend the money to build them, so equity funding on a "Rule 504 restricted share basis" (no immediate dilution) may be the only way to exploit the new future contracts. IMHO
Devon Energy says 2nd-quarter profit up 44 percent on high oil prices and better production
Surging oil prices push Devon 2Q profits up 44 pct
Wednesday August 6, 8:41 am ET
OKLAHOMA CITY (AP) -- Devon Energy Corp., the largest U.S.-based independent oil and gas producer, reported a 44 percent jump in second-quarter profits Wednesday, easily beating Wall Street expectations.
The company cited increased oil and gas sales at higher prices and an increase in production.
Devon posted a net income of $1.3 billion, or $2.88 per share, in the second quarter, compared with $904 million, or $2 per share, in the same period last year.
Revenue climbed 21 percent to $3.55 billion from $2.93 billion in the year-ago quarter.
There were a number of one-time charges and gains, including an unrealized $912 million pretax loss on oil and natural gas derivatives, a $312 million income tax expense and a $736 million pretax gain on divestitures of assets in Africa.
Excluding those items, Devon said it earned $1.5 billion, or $3.39 per share.
Analysts surveyed by Thomson/IFR, on average, expected profits of $3.28 per share on higher revenue of $4.06 billion. Analysts typically exclude one-time items from their estimates.
In premarket trading, company shares rose 35 cents to $89.25.
Devon said its net exit-rate production from the Barnett Shale field in north Texas reached almost 1.1 billion cubic feet of natural gas equivalent per day. The company said it brought 189 new Barnett Shale wells online during the second quarter and it plans to drill more than 650 wells in the area during the year.
Devon said it has now completed substantially all of its planned divestitures in Africa.
You will have a slight profit by Friday,
I think so. The crude oil "correction" will be reflected here. That should be over by Monday.
Thanks, Roger/eom
There will be traction here
when they start making money.