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There seems to be one other property still held that they did not mention,(there were 3, now 2, including BV), but I am not sure which one had the most value, the one they sold, or this one:
Mississippi: Ford's Creek Prospect - additional acreage
* 1,270 net leasehold acres in Western Mississippi
* same general geological region as the Buena Vista Project
* previous well from 1980's-- According to data received by the Company, there is a gas zone at approximately 15,000 feet that had good porosity and mud log shows.
* There are three to four different Tuscaloosa oil zones between 13,000 feet and 14,000 feet that had good mud log shows and porosity.
* All the zones calculate to be potentially productive.
* The 1270 net acres would support two gas wells at the depth of 15,000 feet.
* In the event the oil zones are productive, they could support as many as 15 to 16 locations on each of the four oil bearing zones.
Major news out today on LaFarge ( MVTG Pilot Plant partner)!!!!
http://www.durabilityanddesign.com/news/?fuseaction=view&id=6743&nl_versionid=1513
This could be very good news for MVTG longs, as it puts more pressure on Lafarge to go green!!!!! Hell they may even decide to fund the PP, after this EPA hosing, using an EPA enviro project out of the settlement? They will push hard to make EPA happy on all fronts!!!
I have asked Larry if he has any comments at this time.
here is the EPA settlement agreement:
http://www.epa.gov/compliance/resources/cases/civil/cwa/lafargenorthamerica.html
IIRC, the Pilot plant will be at Lafarge in Canada (not a US plant), the first one, so not sure this US EPA issue will have much effect, except to keep the pressure on Lafarge corporate to get the ERC pilot plant built ASAP!!
There will be great news flow over the next 3-6 months as the new battery plant is completed (any day now IIRC), and sales go up even higher due to the production expansion!!!
BOSTON, Nov. 30, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (OTCBB:COIND), a leading manufacturer of organic liquid fertilizers, and the operator of three lines of business involving converting organic wastes to fertilizer, recycling industrial waste waters, and vertical farming, provided an update on its senior convertible note.
The aggregate unpaid principal balance of the note, originally $3.8 million as of October 1, 2011, has declined to $2.9 million as of November 28, 2011. To date, the total of $900,000 in principal has been converted into 28 million common shares.
"We are pleased to report the status of the reduction in the principal amount of the convertible debt," said Edward Gildea, President of Converted Organics Inc. "The proceeds raised under this note allowed us to finance our operations and invest in the development of the TerraSphere vertical farming business. Retiring the convertible note is an important step in positioning the company for additional transactions. In addition, we plan on returning some value to our shareholders through the planned spin off of a portion of the TerraSphere business to our shareholders in the future."
ROTFLMA!!!! Good one Dog!!!
To the others asking, we hit .32 today on a second, rapid sell off, when .40 failed to hold, and .32 is a fib number (may turn into the ultimate bottom being a fib number). Next round numbers for support, if it fails are .25 and .20, but there seems to be plenty of buying right now for .32 to possibly hold.
The close today and the first few minutes of trading tomorrow, will tell us if we have the bottom at .32 or not. If you want to buy, I would place bids now at .21 and .26, and see if you get lucky. This could run back .65/.70 today, but then back to .40, just depends on how many real sellers there are, and flipper/daytrader volume.
To the person that mentioned thhe rising MACD, I do not have a working chart source today, if you do, is it public, and did the MACD diverge when we dropped from .40 to .32????
I tripled my original ABAT holdings this morning. Looking to double my share count again if the price is right. For those that think this will die here, look at CRTP (they make lead acid batteries and UPS systems)), a similar China stock on grey heets, with NO MM's and NO news or 10-Q reports for 6 months now, that is still trading between .50 and .90/share since it told Nasdaq to K off and went to the grey sheets, with no quotes, and no MM's!!! People are still trading it and the shares I bought the day it started trading again are up 100%!!!
Near as I can tell, Nasdaq has not officially delisted ABAT (yet). And ABAT has said nothing about it yet either. So did the CEO decide to let this move to pink sheets so people could trade while they finish the 10-Q Nasdaq is waiting on? Stay tuned for answer!!!!
Last I heard this was still Nasdaq stock, why are you talking about Pinky's?
If you want to buy, expect an opening dip by MM's and shorts to try and steal shares in the first minute. I am going to place some bids tonight all the way from $1 to .10/share and hope I get lucky during the 60 second opening raid!!! The watch for shorts to cover like mad and run it to $1.50
LOL
16 cent MNLU bargains at AEXP right now!!! get em while you can!
You might want to try reading the intro page for ABAT on Ihub:
http://www.zqpt.com/en/Product/ProductList.aspx?type=Category&CategoryID=4
Found here:
http://investorshub.advfn.com/boards/board.aspx?board_id=3751
Before you panic next time.
Wow, that looked more like getting slapped with mud in the eye, than a wink, another million shares dumped when the asked got slapped. Ouch! Looked like it tripped another huge share sale dump. 3/4ths sell volume today.
Here comes the kamikazi nose dive of death crash. Now at .0009 pre R/S and falling.
Seems the COIND CEO (Ed) has perfected the method of burning through 20 million a year in cash, and now perfected the process of crashing the stock price by 99.9999%.
Just wondering why it got so quite here all of sudden, every one too busy jumping over board now? What happened to all those predictions of .20 /share rally?
A few more 25 to 50% off discount days as they dump shares and it will time for 1000:1 R/S. Buy now and avoid the crowds, LOL!
Wish I could sell tickets and popcorn to the side show still.
I thought the NY plant was finished and fully operational over 6 months ago. What is this you keep saying about finishing the plant? They PR'd full scale operation at least 6 months ago.
Absolutely!!!! I am still long here, and I have been oh so tempted to add here as well, but I want to have cash for any deep fire sales if Europe blows up some time soon.
So who the hell is TG Theraputics, and who is try to buy who here, and why?
Who is on first, LOL?
http://ir.manhattanpharma.com/secfiling.cfm?filingid=1144204-11-67200
Item 1.01. Entry Into A Material Definitive Agreement.
On November 23, 2011, Manhattan Pharmaceuticals, Inc. ("Manhattan") entered into a Letter of Intent ("LOI") with Opus Point Partners ("Opus") and TG Therapeutics, Inc. (“TG Therapeutics”) pursuant to which Opus will exchange (the "Exchange Transaction") its shares in TG Therapeutics for shares of preferred stock in Manhattan ("Manhattan Preferred Stock"). Certain licensors of TG will also be entitled, at their option, to exchange their shares in TG Therapeutics for Manhattan Preferred Stock on the same basis as Opus. The Exchange Transaction becomes effective on the date on which the last condition to the Exchange Transaction has been satisfied, or such other date as may be mutually agreed by the Manhattan and TG Therapeutics (the "Closing Date").
The LOI also sets forth that Opus will allow Manhattan, subject to certain conditions, to draw down on a line of credit of up to $120,000 to continue its current day-to-day operations, through February 15, 2012. The borrowings under the line of credit will be convertible at the option of Opus and is subject to a mandatory conversion feature as well under certain conditions..
The LOI contains a provision under which Manhattan has agreed to deal exclusively with TG Therapeutics with regard to any merger, sale of assets or sale of capital stock. Any breach of that provision will give TG Therapeutics the right to demand payment of all of their out-of-pocket costs, and further, should Manhattan enter into a similar transaction within twelve months, a further penalty of $1 million shall be payable to TG Therapeutics.
Finally, the transactions are contingent upon the accomplishment of customary closing conditions which Manhattan can give no assurance will be completed.
I was looking at the TTEG chart again earlier. It looks like someone(s) dumped about 1 million shares into a rally a few months ago (1-2 months back?) it was a one day 1000% volume increase over the rest of the years daily average), and we have trended lower ever sense. It may be the price for those new shares dumped all at once on retail, as the volume has been very low ever sense, and the day traders that bought the rally and volume may still be unloading, or the last of the fidgety retailers are dumping now, along with year end tax selling.
I am still adding as and if it hits the lows, or new lows, and I am holding for the long term. Way to low to sell here, even if Europe and the Euro blow up. Funny but most of my penny stocks did better on Friday than today, while my bank stocks and blue chips did better today than Friday. So maybe we get some life here in a day or two if the market rally holds.
One thing I have learned is not to second guess my self to death. I have enough real stuff to worry about, like KIDS! LOL
I knew it would be a rough ride for a good year or so when I bought this knife.
I doubt the government will go that rout this time. 2008-09 partial take overs of AIG, GM and C, was a special bail out case of being too big to fail, BCONQ is not too big.
If this
The sale process is expected to recover a fraction of that loan amount. Beacon Power spokesman Gene Hunt pointed out that the company valued the plant at about $12 million in its most recent quarterly filing.
Talk about being in the eye of the GHG storm today! Time for some one to grab those .034 shares, before I do!!!
By ARTHUR MAX
Associated Press
(AP:DURBAN, South Africa) With heat-trapping carbon at record levels in the atmosphere, U.N. climate negotiations opened Monday with pressure building to salvage the only treaty limiting greenhouse gas emissions.
The U.S., Europe and the developing countries laid out diverging positions at the outset, signaling tough talks ahead even as South African President Jacob Zuma called for national interests to be laid aside "for a common good and benefit of all humanity."
As if to illustrate the effects of global warming, a fierce storm on the eve of the talks flooded shack settlements and killed at least five people in the port city hosting the international gathering. In a statement, municipal officials said the toll could go as high as 10, based on unconfirmed reports. The climate talks were not affected, though the roof of the sprawling center where the conference was being held was damaged.
Scientists say such unusual weather has become more frequent and will continue to happen more often as the Earth warms, although it is impossible to attribute any individual event to climate change.
The talks face a looming one-year deadline with the expiry next December of the commitment by 37 industrial countries to cut carbon emissions, as required under the Kyoto Protocol. At issue is whether those countries would accept another period of greater emission reductions.
As the talks opened, Canadian television reported that Ottawa will announce its formal withdraw from the Kyoto accord next month. Canada, joined by Japan and Russia, said last year it will not accept new commitments, but renouncing the accord would be another setback to the treaty concluded with much fanfare in 1997.
Canadian Environment Minister Peter Kent said he would neither confirm or deny the report.
"This isn't the day. This is not the time to make an announcement," he said.
"Countries are running away from the Kyoto Protocol," said Artur Runge-Metzger, the chief negotiator for the European Union.
Canada's withdrawal would not immediately affect the Durban talks, he said. But doubts about the Kyoto deal were one reason the EU was conditioning its acceptance of new commitments on an agreement in Durban from China, India and other major emitting countries that they will adopt legally binding commitments by 2015.
Developing countries say Kyoto is the only instrument that binds wealthy countries to specific targets.
The protocol was "the cornerstone of the climate regime, and its second commitment period is the essential priority for the success of the Durban conference," Chinese delegate Su Wei told the inaugural session.
U.S. chief delegate Jonathan Pershing said the United States, which shunned Kyoto as unfair, would accept legally binding emissions limits in the future as long as all major emitters took on equal legal obligations.
But the U.S. wants to know exactly what such an agreement would contain before it agreed to the principle of a legal treaty _ which would require the endorsement of two-thirds of the U.S. Senate.
"Putting the form of the action before the substance doesn't make a great deal of sense," Pershing told reporters.
Opposition in Congress, which includes outspoken climate skeptics and a Republican majority generally considered climate-unfriendly, has prompted a widespread belief that U.S. negotiators are foot-dragging on emissions issues.
Christiana Figueres, the U.N.'s top climate official, said Kyoto's future is "the defining issue of this conference." She said an extension of Kyoto targets is linked to pledges that developing countries must make to join the fight against climate change.
The task is daunting, she said, then she quoted anti-apartheid legend and former President Nelson Mandela: "It always seems impossible until it is done."
In his address opening the conference, Zuma said global warming already is causing suffering and conflict in Africa, from drought in Sudan and Somalia to flooding in South Africa.
"For most people in the developing world and Africa, climate change is a matter of life and death," said the South African leader.
Zuma said Sudan's drought is partly responsible for tribal wars there, and that drought and famine have driven people from their homes in Somalia. Floods along the South African coast have cost people their homes and jobs, he said.
"Change and solutions are always possible. In these talks, state parties will need to look beyond their national interests to find a global solution for a common good and benefit of all humanity."
One of the greatest threats of global warming is to food supplies.
In its first global assessment of the planet's resources, the U.N. Food and Agriculture Organization estimated that farmers will have to produce 70 percent more food by 2050 to meet the needs of the world's expected 9 billion-strong population.
But most available farmland is already being farmed, and in ways that decrease productivity through practices that lead to soil erosion and wasting of water, the FAO said in a report released Monday in Rome.
Climate change compounded problems caused by poor farming practices, it found. Adjusting to a changing world will require $1 trillion in irrigation water management alone for developing countries by 2015, the FAO said.
___
Associated Press writers Nicole Winfield in Rome and Rob Gillies in Toronto contributed to this report.
Do you follow the Chinese company / US traded stocks, or is this your first venture into the sector? This one has done far better under short attacks, than all but 2-3 others that I know of, DEER and Harbin being the two others, and Harbin is going private at something like a 500% premium to the lows, and DEER has done quite well at fighting the shorts, including suing the shorts now!!!!
You sound way too emotional to be playing a stock like this one?
I was convinced this was a great long term buy three years ago, and waited for a sell off like we have seen, before I bought. I plan to hold this one for 3-5 years, and buy more if I get the chance at any lower prices, or sell what I have if it gets to $10/share sooner than my 3-5 year target. The only scam, is the Wall street shorts and their wolf packs IMHO.
If I could sell tickets to this discussion here today, I could probably make some money, LOL! I am working on a plan to sell COIND shares for re-use as fertilizer next season (and GO-GREEN, LOL) buy them up cheap once they go BK and the stock crashes to .0001 after the next R/S!!!
LOL, I disagree, I think this stock has great potential!!!!
.................for use as fertilizer real soon, after BK!
ABC did a special report on the ND jobs at the Bakken field last week, on the prime time news series they just started up.
Time for MNLU to break out and rally!!!
Very interesting news today on ABAT. A letter to ABAT shareholders from the CEO.
http://ih.advfn.com/p.php?pid=nmona&article=50205656&symbol=ABAT
Hard to find any upbeat news of any kind today (other than shopping riots, LOL), but here is one!!!!
http://news.ino.com/headlines/?newsid=6898297819790
Let's hope MNLU and AEXP are part of the good news soon!
(AP:YOUNGSTOWN, Ohio) A rare sight in hard-luck Youngstown, a new industrial plant, has generated hope that a surge in oil and natural gas drilling across a multistate region might jump-start a revival in Rust Belt manufacturing.
The $650 million V&M Star mill, located along a desolate stretch that once was a showcase for American industry, is to open by year's end and produce seamless steel pipes for tapping shale formations.
It will mean 350 new jobs in Youngstown, a northeast Ohio city that is struggling with 11 percent unemployment.
V&M Star's parent company Vallourec, based in Boulogne-Billancourt, France, hopes increased interest in shale formations will produce a ready-made market.
Vast stores of natural gas in the Marcellus and Utica shale formations have set off a rush to grab leases and secure permits to drill. Industry estimates show the Marcellus boom could offer robust job numbers for 50 years.
Similar hopes are alive in Lorain, Ohio, where U.S. Steel will add 100 jobs with a $100 million upgrade of a plant that makes seamless pipe for the construction, oil-gas exploration and production industries. Erin DiPietro, a company spokeswoman in Pittsburgh, said the expansion will make the Lorain operation more competitive and help it tap into expanding shale developments.
The mayors of both Ohio cities see a chance to revive manufacturing through shale drilling.
"For every manufacturing job there are between five and seven ancillary jobs created within the community that support those manufacturing jobs," said Lorain Mayor Tony Krasienko. His city has a 10.6 percent unemployment rate.
Companies are trying to spin off more work from shale development, and every bit will be a plus, according to Youngstown Mayor Charles Sammarone. "I just know this: the money they will spend will help the economy," he said.
Those benefiting from shale development include American Railcar Industries of St. Charles, Mo., with an order backlog that is the largest since 2008. The company, with operations across the U.S, was helped by demand for freight cars used in the shale industry.
One of the biggest manufacturing projects on the shale developing horizon is the plan for a multibillion-dollar Shell Oil Co. petrochemical refinery. Pennsylvania, Ohio and West Virginia are competing for the plant, which would convert natural gas liquids to other chemicals that go into everything from plastics to tires to antifreeze.
"What they're talking about at this stage is, you're looking at the next gold rush," said Martin Abraham, science-engineering dean at Youngstown State University.
One study backed by the oil and gas industry predicted developing oil and gas reserves could create or support more than 200,000 jobs in the next four years just in Ohio, where Hess Corp. recently made a series of mineral-rights purchases worth $750 million.
But the project is not without controversy.
Susan Helper, a Case Western Reserve University professor who studies manufacturing issues, said such job projections are suspect, in part because the estimate of natural gas reserves may be inflated.
She said the industry and politicians have a self-interest in rosy projections. "It's a way of saying to environmentalists and others that say slow down, `Gee, you're preventing all this potential great job growth here'," she said.
V&M Star, with production locations in Youngstown, Houston and Muskogee, Okla., will ramp up production over the next year, creating seamless pipe to bring gas or oil to the surface.
"Not only do we have an experienced workforce but ... our market is in our backyard," said Joel Mastervich, the company's president and chief operating officer.
Rick Mazza, 52, who has experienced the industrial decline firsthand, likes the initial boost that V&M Star has generated for his commercial-residential heating and cooling business. He's hired two more workers in the past year.
"It's going to be a good spillover for us, especially with this depression or recession, whatever we're in now," said Mazza, who was laid off repeatedly in the 1980s at the General Motors Corp. plant in nearby Lordstown.
The Youngstown-Warren region has lost more than 28,000 jobs in the past 10 years, two-thirds of them in manufacturing. The Youngstown population has declined to about 67,000, less than half of what it was some 40 years ago, and the city is aggressively bulldozing dilapidated houses to reconfigure itself as a smaller city.
The city has a center that nurtures small-business development and has worked to upgrade the neighborhood around Youngstown State University, an important job source with more than 2,000 employees.
Despite the efforts, there was renewed evidence of the city's decline in a Nov. 3 Brookings Institution report that said Youngstown has the nation's highest concentration of poverty among the 100 biggest metro areas.
Boosters in the region cite additional evidence of an improving manufacturing climate, including a mechanical engineering firm that expanded from Michigan to Youngstown and the hot-selling Chevrolet Cruze built in Lordstown.
In August, the U.S. Geological Survey said the Marcellus Shale region from New York to Ohio contains some 84 trillion cubic feet of undiscovered, recoverable natural gas, far more than thought nearly a decade ago. Some geologists have put the figure even higher, but those estimates are controversial .
The Utica formation covers much of eastern Ohio and crosses through New York, New Jersey, Pennsylvania, Maryland, West Virginia, Kentucky and Tennessee.
Permits allowing hydraulic fracturing in Ohio's portion of the Marcellus and the deeper Utica Shale have risen from one in 2006, to four in 2009, to at least 32 this year, state records show. Pennsylvania has nearly 3,500 Marcellus wells sunk, most since 2008, and more than 500 permits have been issued this year in West Virginia.
Environmentalists are critical of the process, which utilizes chemical-laced water and sand to blast deep into the ground and free the shale gas. Critics fear the process itself or the drilling liquid, which can contain carcinogens, could contaminate water supplies, either below ground, by spills, or in disposed wastewater.
Mark Brownstein, an attorney with the Environmental Defense Fund, said it's up to regulators and drillers to make sure shale industry jobs are created while protecting the environment.
At a family-owned tavern in Youngstown managed by Larry Maffitt, the talk is focused on a brighter jobs future.
Steel workers coming off shifts around the clock had the place packed three deep years ago, but there were just 10 people on a recent day.
With the new plant across the road, the community's morale "is all positive," said Maffitt, 59. "Every day we've got something to look forward to."
It is huge compared to most public companies.
IIRC, Clemenson told me their auditor is scrambling to finish and file the quarterly report, because the CFO retired before the latest report got finished. My guess is they want to release that report (and Nasdaq is probably waiting on it as well), before the stock trades again. There really is no need for news while trading is halted. News costs money, why spend it if it can move the stock (which is halted). The quarterly is only about 4-5 weeks late.
ABAT should be close to turning on the lights on the brand new battery plant as well!!!!
CEO owns 8.85 million shares, about 10%. Net insider ownership is 11.7%
I can't help but wonder if ABAT (not Nasdaq) stopped trading from resuming themselves. Perhaps they want to PR some updates on the Nasdaq reversal, or get something updated to investors before they resume trading (so we can help squeeze the remaining shorts, LOL), or perhaps they need to arrange new MM's before trading resumed. I think it is very interesting that Nasdaq PR'd a trade resumption so quickly, and then nothing happened. I think they must have gotten the bank statement proof to have tried to resume trading so soon again.
That is very significant and bullish from the standpoint that the smart shorts that started the article writing attacks have covered their shorts and moved on, leaving either fewer shorts left to cover by them, or not so smart shorts getting in late (followers not leaders, not so smart money getting in too late). It means the smart money does not think it is going lower!!!
Tuesdays volume buying took that volume out in no time and MNLU closed higher than AEXP, and broke out and stayed above .20 Wednesday, so .05 on AEXP may get taken out fast if that buy is here again today.
China's defense ministry announced Thursday that the country's navy will conduct regular exercises in the Pacific Ocean in the coming days. The announcement came amidst prevailing tensions over maritime disputes between Beijing and several other nations in the region.
"China's People's Liberation Army navy will conduct exercises in the western Pacific ocean at the end of November. China's freedom of navigation and other legal rights should not be obstructed," the ministry said in a brief statement.
"This is a routine drill arranged under an annual plan, does not target any particular country or target, and complies with relevant international laws and international practice," the statement added.
Last week, US President Barrack Obama announced Washington's plans to deploy about 2,500 US Marines in northern Australia, saying: "I have directed my national security team to make our presence and missions in the Asia-Pacific a top priority."
Obama made the announcement during a visit to Australia as part of a week-long tour of the Asia Pacific region. The move is aimed at advancing diplomatic efforts for asserting the United States as a power in the region to balance China's rising influence. Beijing remains wary of the increasingly active role Washington is playing in Asia and the Asia-Pacific.
The developments come amidst tensions in the region over territorial disputes involving China and several other nations. China has been aggressive lately with claims of its rights over almost all of the South China Sea. As a result, it has ongoing problems with Japan, Philippines, Vietnam, Malaysia, Brunei and Taiwan, all putting up stiff resistance against Chinese claims.
Such claims by China have brought to focus the 1982 United Nations Convention on the Law of the Sea (UNCLOS), which China now seems to be rejecting. Although China claims its unquestionable sovereignty over the South China Seas, the other five nations bordering the South China Sea too have asserted their legal claims to its waters and several islands as per the UNCLOS.
http://news.ino.com/headlines/?newsid=112420110387
This might be interesting to ESPH shareholders since it is about the business ESPH has targeted, and it is free:
Please join: BSI Management Systems, Eviance and Environmental Protection
Topic: SuperCast - 3 Environmental Webinars in One Day!
Date: Wednesday December 7, 2011
Time: 11:00AM (EST) - 10:00AM (CST) - 8:00AM (PST)
Register FREE for this 3 webinar SuperCast! The latest information about UV water treatment, gas producers' on-site treatment of frack water, and a new global initiative to ensure chemicals are made and used as safely as possible.
Webinar: Cleaning Frack Water On Site Benefits Environment and Business
1:00PM (EST) - 12:00 (CST) - 10:00AM (PST)
This webinar will discuss the benefits of on-site wastewater treatment, how these integrated mobile treatment services work and how this business model can cut the average cost of treating produced water by as much as 50 percent, while allowing drillers to focus their efforts and manpower on generating oil and gas profits, rather than on water treatment.
Register today at: http://click.1105info.com/?qs=d173d6ab749ebe5c329869a048ce0ff5af207b36fdfa49f79214eed668b24cd2af285882d1d87cd0
What word would you prefer I use? LOL.
Frankly I was a fool to stick around last year and early this year in COIND. But to buy it now, as a long (verus as a day trade flipper) is just not a sign of sanity, or is a sign of someone not having done their DD on this one.
More bullish NG news for AEXP and merger partner MNLU:
TPG Backing Natural-Gas Venture With as Much as $1 Billion
Q
By Beth Jinks and Jim Polson - Nov 9, 2011 9:03 AM PTWed Nov 09 17:03:02 GMT 2011
TPG Capital, the private-equity firm run by David Bonderman, committed as much as $1 billion to buy and operate conventional natural-gas fields in partnership with Dan Allen Hughes Jr. and Thomas M. Hart III.
The new company, Maverick American Natural Gas, will acquire North American gas fields at a time when “other companies divest them to raise capital,” Hart said today in a statement.
Gas futures have fallen almost 70 percent to average $4.14 a million British thermal units this year on the New York Mercantile Exchange from a peak of $13.69 on July 2, 2008. The decline reflects the impact of the economic slowdown and a 15 percent increase in energy demand and production, according to the Energy Department. The U.S. government yesterday lowered its forecasts for 2011 production, price and gas consumption.
TPG, based in Fort Worth, Texas, and rival private-equity firms including KKR & Co. and Blackstone Group LP (BX) are increasing gas investments in anticipation prices will rise as the gap to the cost of oil narrows. The firms are raising money to buy mature oil and gas fields that energy companies are shedding to finance new exploration.
“It’s a price bet,” William Weidner, chief executive officer of Weidner Advisors, an oil and gas investment-consulting firm with offices in Boston and Houston, said in a telephone interview. “The strategy is to take advantage of what could be the bottom of the natural gas price cycle.”
Selling Oil Fields
The value of deals in the energy industry this year has climbed almost 75 percent from a year earlier to $22 billion, according to data compiled by Bloomberg. The value of global leveraged buyouts fell 33 percent to $23.2 billion in the third quarter from the second, as banks hesitated to finance deals amid Europe’s debt crisis and slowing U.S. economic growth.
Producers including Oklahoma-City based Chesapeake Energy Inc. have sold gas fields or stakes in gas fields to finance acquisition and drilling of deposits that yield oil, which is more valuable in current markets, and petroleum liquids, whose price is tied to the cost of oil. On an energy-equivalent basis, oil was worth 4.4 times more than gas at yesterday’s closing prices, well above the historic average.
Hughes, who is chairman of the San Antonio-based TPG Maverick venture, is also chief executive officer and president of Dan A. Hughes Co. and Hupecol Operating Company LLC., with more than 30 years in the exploration and production industry. Hart, who is president of the new venture, has worked in energy transactions for 20 years and was formerly with El Paso Corp.
KKR, Blackstone
TPG Capital and KKR led a 2007 acquisition of Energy Future Holdings Corp., then known as TXU Corp., in the largest buyout in history with a value of $43.2 billion.
Blackstone, the world’s biggest private-equity firm, is seeking as much as $3 billion for its first energy fund, people familiar with the New York-based firm’s plans said last month. It has raised commitments of $1 billion, President Tony Jamessaid an Oct. 20 conference call.
KKR this month hired energy-industry bankers Claire Scobee Farley and David Rockecharlie as it expands oil and gas investments. KKR is in exclusive talks to buy Samson Investment Co., a Tulsa, Oklahoma-based oil and gas producer, people with knowledge of the matter have said.
Earlier TPG energy bets include Alinta Energy Ltd., Beta Renewables, Belden & Blake Corp., Copano Energy LLC, Denbury Resources Inc., Greenko Group Plc, Hong Kong Energy Holdings Ltd., Northern Tier Energy LLC, Petro Harvester Oil & Gas LLC, Texas Genco Holdings Inc. and Valerus Compression Services Ltd.
More bullish NG news for MNLU and merger partner AEXP:
TPG Backing Natural-Gas Venture With as Much as $1 Billion
Q
By Beth Jinks and Jim Polson - Nov 9, 2011 9:03 AM PTWed Nov 09 17:03:02 GMT 2011
TPG Capital, the private-equity firm run by David Bonderman, committed as much as $1 billion to buy and operate conventional natural-gas fields in partnership with Dan Allen Hughes Jr. and Thomas M. Hart III.
The new company, Maverick American Natural Gas, will acquire North American gas fields at a time when “other companies divest them to raise capital,” Hart said today in a statement.
Gas futures have fallen almost 70 percent to average $4.14 a million British thermal units this year on the New York Mercantile Exchange from a peak of $13.69 on July 2, 2008. The decline reflects the impact of the economic slowdown and a 15 percent increase in energy demand and production, according to the Energy Department. The U.S. government yesterday lowered its forecasts for 2011 production, price and gas consumption.
TPG, based in Fort Worth, Texas, and rival private-equity firms including KKR & Co. and Blackstone Group LP (BX) are increasing gas investments in anticipation prices will rise as the gap to the cost of oil narrows. The firms are raising money to buy mature oil and gas fields that energy companies are shedding to finance new exploration.
“It’s a price bet,” William Weidner, chief executive officer of Weidner Advisors, an oil and gas investment-consulting firm with offices in Boston and Houston, said in a telephone interview. “The strategy is to take advantage of what could be the bottom of the natural gas price cycle.”
Selling Oil Fields
The value of deals in the energy industry this year has climbed almost 75 percent from a year earlier to $22 billion, according to data compiled by Bloomberg. The value of global leveraged buyouts fell 33 percent to $23.2 billion in the third quarter from the second, as banks hesitated to finance deals amid Europe’s debt crisis and slowing U.S. economic growth.
Producers including Oklahoma-City based Chesapeake Energy Inc. have sold gas fields or stakes in gas fields to finance acquisition and drilling of deposits that yield oil, which is more valuable in current markets, and petroleum liquids, whose price is tied to the cost of oil. On an energy-equivalent basis, oil was worth 4.4 times more than gas at yesterday’s closing prices, well above the historic average.
Hughes, who is chairman of the San Antonio-based TPG Maverick venture, is also chief executive officer and president of Dan A. Hughes Co. and Hupecol Operating Company LLC., with more than 30 years in the exploration and production industry. Hart, who is president of the new venture, has worked in energy transactions for 20 years and was formerly with El Paso Corp.
KKR, Blackstone
TPG Capital and KKR led a 2007 acquisition of Energy Future Holdings Corp., then known as TXU Corp., in the largest buyout in history with a value of $43.2 billion.
Blackstone, the world’s biggest private-equity firm, is seeking as much as $3 billion for its first energy fund, people familiar with the New York-based firm’s plans said last month. It has raised commitments of $1 billion, President Tony Jamessaid an Oct. 20 conference call.
KKR this month hired energy-industry bankers Claire Scobee Farley and David Rockecharlie as it expands oil and gas investments. KKR is in exclusive talks to buy Samson Investment Co., a Tulsa, Oklahoma-based oil and gas producer, people with knowledge of the matter have said.
Earlier TPG energy bets include Alinta Energy Ltd., Beta Renewables, Belden & Blake Corp., Copano Energy LLC, Denbury Resources Inc., Greenko Group Plc, Hong Kong Energy Holdings Ltd., Northern Tier Energy LLC, Petro Harvester Oil & Gas LLC, Texas Genco Holdings Inc. and Valerus Compression Services Ltd.
The crazy part is all the fools buying all those worthless shares in hopes of a bounce!
Seems the brokers are letting customers sell CCME, but most (maybe all?) will not let them buy due to the lawsuit and other issues going on with the company.....So guess what happens when you sell a few shares when no one can buy? Yep, it crashes!!!! My guess is the only permitted buyers are prior short sells that got trapped when trading was initially halted, and they want to cover their shorts now, but looks like they all covered already, or got smart and pulled their bids. Either way, I would like to a find a broker that will sell the shares. Fidelity will not let me buy.
You all ever run across this before?