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Do you know if the jump in June was due to developments or promotion or both? Just wondering what the catalyst would be for it to make another move like that.
I'm not a technical trader but chart is looking good here, seems a $0.02 might be on the big screen soon?
Rumors have been circulating too but still trying to find some supporting DD.
Great DD thanks for the updated post. Interested to see what they do next.
I simply love the M & A space. LEGGO!
And you what they say, the only ones getting paid in law suits are the lawyers LOL
Thanks DEEDOG for the links I will have fun going through the DD. All it takes is a cheap stock with the right management and small fortunes can be made :)
Do they have the financing to advance or are they raising capital?
TIA
Your telling me. I feel like we are shopping at Value Village lol.
Hey slow and steady win the race. However financing, developing and unlocking production is what drives the price. Doing more DD and will check out the website. Thanks for your feedback.
Western Refining Announces $200 Million Stock Repurchase Program
Declares Third Quarter Dividend of $0.08 Per Share
Jul 18, 2012 5:00:00 AM
2012 GlobeNewswire, Inc.
EL PASO, Texas, July 18, 2012 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that its Board of Directors has authorized a share repurchase program of up to $200 million. The share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors.
Additionally, the Company's Board of Directors approved a cash dividend of $0.08 per share of common stock for the third quarter of 2012. The dividend will be paid on August 13, 2012, to shareholders of record at the close of market on July 27, 2012.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "We have made tremendous progress in strengthening the Company's balance sheet and these actions demonstrate our commitment to delivering value to our shareholders. This share repurchase, in part, is to address potential shareholder dilution related to our convertible notes which mature in 2014. In addition to the share repurchase program, we are pleased to be able to double the cash dividend for the third quarter."
Stevens continued, "Given that we have significantly reduced our debt and have confidence in the sustainability of the current margin environment, we are pleased to increase the level of cash being returned to shareholders through this dividend."
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes stand alone refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, and Virginia. More information about the Company is available at www.wnr.com.
The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward looking statements under the Private Litigation Securities Reform Act of 1995. The forward-looking statements contained herein include statements about possible repurchases of shares under the share repurchase program, shareholder dilution relating to our convertible notes, future cash dividends, and the sustainability of the current margin environment. These statements are subject to the general risks inherent in our business. Our expectations may or may not be realized. Some of our expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could materially affect Western's financial condition, results of operations and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission to which you are referred. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
(602) 286-1530
Media Contact:
Gary Hanson
(602) 286-1777
Source: Western Refining, Inc.
Penn Virginia Corporation Announces the Sale of Appalachian Assets for $100 Million
Jul 17, 2012 8:05:00 AM
Copyright Business Wire 2012
RADNOR, Pa.--(BUSINESS WIRE)-- Penn Virginia Corporation (NYSE: PVA) today announced that it has entered into a definitive agreement to sell substantially all of its Appalachian assets, with the exception of the Marcellus Shale, to an undisclosed buyer for gross cash proceeds of $100 million. This sale is expected to close before mid-August and is subject to customary purchase price adjustments and other customary closing conditions. The effective date of the sale is January 1, 2012. We intend to use the net proceeds from this sale to help fund our 2012 capital expenditure plan.
The properties to be sold include vertical and horizontal coalbed methane and conventional properties, as well as royalty interests. The properties had net production of approximately 20 million cubic feet of natural gas equivalent per day during June 2012, almost 100 percent of which was natural gas. As a result of the divestiture, our 2012 production will decrease by an estimated 2.9 billion cubic feet of natural gas equivalent (Bcfe). Estimated proved reserves associated with the divested properties, as determined by our third party engineers at year-end 2011, were 105.7 Bcfe, 96 percent of which were proved developed and 100 percent of which were natural gas.
RBC Richardson Barr served as PVA’s financial advisor in connection with the transaction.
H. Baird Whitehead, President and Chief Executive Officer, stated, “The divestiture of these non-core natural gas assets will substantially reduce our indebtedness, improve our liquidity and fund further investment in our oily Eagle Ford Shale play in which we have had continuing success. In addition, as a result of this divestiture, we plan to close our Canonsburg, Pennsylvania office, which will reduce our general and administrative expenses.
“We had previously discussed the potential sale of our Mid-Continent assets. However, the preliminary bids we received for those assets were unacceptable, due likely to the recent substantial declines in natural gas liquids (NGL) and oil prices. With the higher operating income, cash flow and drilling opportunities associated with our Mid-Continent properties as compared to Appalachia, we are pleased to retain our Mid-Continent assets.”
Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas company engaged primarily in the development, exploration and production of natural gas and oil in various domestic onshore regions including Texas, Appalachia, the Mid-Continent and Mississippi. For more information, please visit our website at www.pennvirginia.com.
Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for natural gas, natural gas liquids NGLs and oil; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of natural gas, NGLs and oil; reductions in the borrowing base under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling and operating risks; our ability to compete effectively against other independent and major oil and natural gas companies; uncertainties related to expected benefits from acquisitions of oil and natural gas properties; environmental liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequate financial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; changes in governmental regulation or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic and international economic and political conditions; and other risks set forth in our filings with the Securities and Exchange Commission (SEC).
Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Penn Virginia Corporation
James W. Dean, 610-687-7531
Vice President, Corporate Development
Fax: 610-687-3688
invest@pennvirginia.com
Source: Penn Virginia Corporation
----------------------------------------------
Penn Virginia Corporation
James W. Dean
610-687-7531
Vice
President
Corporate Development
Fax: 610-687-3688
invest@pennvirginia.com
Someone got some cheap shares today.
Glad to have caught up with this one when it was only bottom feeders. News today is encouraging and appears to be better things to come.
Noble Corporation Reports Second Quarter 2012 Earnings of $0.63 per Diluted Share
Jul 18, 2012 4:01:00 PM
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ZUG, Switzerland, July 18, 2012 /PRNewswire/ -- Noble Corporation (NYSE: NE) today reported second quarter 2012 earnings of $160 million, or $0.63 per diluted share, versus $120 million, or $0.47 per diluted share, for the first quarter of 2012. Earnings for the second quarter of 2011 were $54 million, or $0.21 per diluted share. Contract drilling services revenues for the second quarter of 2012 were $848 million versus $746 million for the first quarter of 2012, an increase of approximately 14 percent. For the second quarter of 2011, contract drilling services revenues totaled $590 million. Second quarter 2012 results included a non-recurring after tax net gain of $0.04 per diluted share related to the final settlement of certain Hurricane Ike claims, partially offset by the impairment of two submersible rigs and certain corporate assets.
David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation, stated, "Quarterly results, when compared to the first quarter, include improvements in revenues, margins and cash from operations. These improvements are the result of continuing strength in the offshore drilling business. Furthermore, our fleet mix has begun to shift with the addition of the ultra-deepwater drillships Noble Bully I, Noble Bully II and Noble Globetrotter I. Revenues from our floating rig fleet accounted for approximately 65 percent of contract drilling services revenues in the quarter, including an estimated 33 percent of revenues from our ultra-deepwater fleet of rigs. These contributions are expected to grow further as we add the remaining five ultra-deepwater drillships to our active fleet. Finally, we have seen some early benefits from a number of operational and process improvements, which have led to fewer unpaid downtime days across the fleet, a figure that declined to under 3 percent in the quarter."
Net cash from operating activities increased to $435 million in the second quarter of 2012, up from $101 million in the first quarter. Average dayrates across the fleet increased 9 percent in the second quarter to $181,700 from $167,100 in the first quarter.
Debt as a percentage of total capitalization was unchanged from the first quarter at approximately 35 percent. Capital expenditures in the first six months of 2012 totaled $665 million, including $162 million (excluding capitalized interest) related to Noble's fleet transformation program. The Company continues to expect capital expenditures for 2012 to total an estimated $1.9 billion, including approximately $618 million for newbuild construction programs.
Operations Highlights
At the end of the second quarter of 2012, approximately 79 percent of the Company's available rig operating days were committed for the remainder of 2012, including 79 percent of the floating rig fleet and 84 percent of the jackup fleet. For 2013, an estimated 61 percent of operating days are committed, including 80 percent of the floating rig days and 55 percent of jackup days. Total backlog at June 30, 2012 was approximately $14.4 billion, which excludes the recent contract award for the newbuild drillship Noble Bob Douglas.
Williams added, "The first half of 2012 was highlighted by the commencement of operations on our first new ultra-deepwater drillships and the award of a contract for the first of our newbuild jackups, the Noble Regina Allen, a JU3000N high-specification unit. Also, as previously reported, in early July, we were awarded a three-year term contract for the second of our new ultra-deepwater drillships under construction at Hyundai Heavy Industries Co. Ltd., the Noble Bob Douglas, representing a total contract value of approximately $677 million. These contracts are evidence of the strong customer demand for drilling rigs with advanced technical specifications and operational efficiencies, and we continue to evaluate high quality opportunities for the remaining uncontracted drillships and jackups in our fleet expansion program."
In the U.S. Gulf of Mexico, the Company recorded a full quarter of operations from the ultra-deepwater drillship Noble Bully I. Also, following the conclusion of the second quarter, the ultra-deepwater drillship Noble Globetrotter I completed customer acceptance testing and is now operating at its contracted dayrate of $422,000.
In Mexico, three of the Company's jackup rigs received contract extensions: the Noble Sam Noble, to late October 2014 at a dayrate of $90,000, versus $81,000 on the previous contract, the Noble Earl Fredrickson, to early September 2014, at a dayrate of $85,000, up from $58,000 on the previous contract, and the Noble Tom Jobe to early May 2015 at a dayrate of $85,000, unchanged from its previous contract. The Company now has all 12 of its jackup rigs in Mexico under contract into late 2012 or beyond.
In the North Sea, jackup fleet utilization remained at 100 percent in the second quarter, while the Company continued to benefit from steady customer demand, supporting an improving dayrate environment. The Noble George Sauvageau was awarded a one-year contract at $140,000 per day, up from $115,000 per day on the previous contract. The semisubmersible rig Noble Ton van Langeveld was awarded a contract to early October 2014 at a dayrate of $275,000, up from a previous dayrate of $247,500. The Noble Ton van Langeveld, along with four of the Company's eight jackups in the region, are now contracted through mid-2013 or beyond. In the Eastern Mediterranean, the semisubmersible rig Noble Homer Ferrington received a letter of intent for additional work at $500,000 per day, extending commitments on the rig to mid-2013.
In the Middle East and India, fleet utilization declined slightly in the second quarter of 2012 compared to the first quarter, due in part to downtime on the jackup Noble Kenneth Delaney, which in May incurred leg damage while moving on location and will undergo repairs. The rig is expected to resume its contract in India during the fourth quarter of 2012. The Noble Chuck Syring was contracted during the quarter to perform accommodation work until mid-September at $58,000 per day. Additionally, the drillship Noble Duchess began in mid-May its three-year contract at $180,000 per day offshore India.
In West Africa, the Company signed one-year contracts on the Noble Percy Johns and the Noble Ed Noble, both commencing in early July 2012 at rates of $149,000 and $142,000, respectively.
In closing, Williams commented, "Despite economic uncertainty and the corresponding pressure on commodity prices during the second quarter, we remain confident in the long-term outlook for our business. Our backlog continues to expand and we are benefitting from growing visibility into the latter part of this decade. The offshore drilling business is characterized by continued successes in exploration drilling and expanding geographies, a building portfolio of field development projects, interest in frontier locations and attractive commodity prices. This is especially true for the deepwater sector of our business, where we continue to see exceptional opportunities offshore the U.S. Gulf of Mexico, Africa, Brazil and throughout Asia Pacific. I believe Noble is well positioned to benefit from this active business environment given the availability in our existing fleet of floating and jackup rigs, and through our fleet expansion program."
About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 79 offshore drilling units (including five ultra-deepwater rigs and six jackup drilling rigs currently under construction), located worldwide, including in the U.S. Gulf of Mexico, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India and the Asian Pacific. Noble's shares are traded on the New York Stock Exchange under the symbol "NE." Additional information on Noble Corporation is available on the Company's Web site at http://www.noblecorp.com.
Atlas Energy, L.P. Announces Distribution of $0.25 Per Common Unit for the Second Quarter 2012
Jul 17, 2012 3:15:00 PM
Copyright Business Wire 2012
PHILADELPHIA--(BUSINESS WIRE)-- Atlas Energy, L.P. (NYSE: ATLS) announces today that it has declared a quarterly distribution for the second quarter 2012 of $0.25 per common unit. The second quarter distribution is payable Friday, August 17, 2012 to holders of record as of Tuesday, August 7, 2012.
Atlas Energy, L.P. (NYSE: ATLS) is a master limited partnership which owns all of the general partner and incentive distribution rights and an approximate 64% limited partner interest in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P. Additionally, Atlas Energy owns and operates the general partner of its midstream oil & gas subsidiary, Atlas Pipeline Partners, L.P., through all of the general partner interest, all the incentive distribution rights and an approximate 11% limited partner interest. For more information, please visit our website at www.atlasenergy.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.
Atlas Energy, L.P.
Brian Begley
Vice President - Investor Relations
877-280-2857
215-405-2718 (fax)
Source: Atlas Energy, L.P.
----------------------------------------------
Atlas Energy
L.P.
Brian Begley
Vice President - Investor
Relations
877-280-2857
215-405-2718 (fax)
Anadarko Announces Discovery Offshore Ghana
Jul 18, 2012 1:00:00 AM
HOUSTON, TX -- (Marketwire) -- 07/18/12 -- Anadarko Petroleum Corporation (NYSE: APC) today announced the Wawa-1 exploration well, located in the Deepwater Tano Block offshore the Republic of Ghana, discovered approximately 43 net feet (13 meters) of oil pay and 65 net feet (20 meters) of gas-condensate pay in Turonian-aged reservoirs. Samples from the well show the oil is of good quality, between 38 and 44 degrees API, and pressure data indicate the Wawa discovery is a separate and distinct accumulation from the adjacent TEN (Tweneboa, Enyenra and Ntomme) complex.
"The Wawa discovery extends the presence of hydrocarbon-bearing formations more than 6 miles (10 kilometers) to the north of the Enyenra-3A well," said Anadarko Sr. Vice President, International and Deepwater Exploration, Bob Daniels. "The discovery enhances the value of the TEN complex, which is advancing toward submission of a plan of development. The partnership plans further exploration of the Deepwater Tano Block with additional wells scheduled at our Okure and Sapele prospects later this year."
The Wawa-1 exploration well is located in approximately 1,926 feet (587 meters) of water. The well was drilled to a total depth of approximately 10,899 feet (3,322 meters). Once operations are complete, the well will be suspended for possible future use in appraisal and development operations.
Anadarko has an 18-percent working interest in the Deepwater Tano Block. Partners in the block include Tullow Oil plc (49.95-percent working interest and operator), Kosmos Energy (18-percent working interest), Sabre Oil & Gas Holdings Ltd (4.05-percent working interest) and the Ghana National Petroleum Corporation (10-percent carried interest).
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2011, the company had approximately 2.54 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to drill, develop and commercially operate the drilling prospects identified in this news release and to successfully submit a plan of development for the TEN complex. See "Risk Factors" in the company's 2011 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Source: Anadarko Petroleum Corporation
Transocean Ltd. Provides Fleet Status Report
Jul 18, 2012 3:15:00 PM
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ZUG, SWITZERLAND -- (Marketwire) -- 07/18/12 -- Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a comprehensive Fleet Status Report which provides current status and contract information for the company's entire fleet of offshore drilling rigs. Since the June update, backlog associated with new contracts or extensions is approximately $1.5 billion and 2012 estimated out of service time increased by a net 16 days.
Highlights are as follows:
Discoverer Deep Seas - Awarded a three-year contract for work in the U.S. Gulf of Mexico at a dayrate of $595,000 ($652 million contract backlog). The rig's prior contract dayrate was $450,000.
GSF Arctic III - Awarded a 17-well contract for work in the U.K. sector of the North Sea at a dayrate of $313,000 ($205 million contract backlog), consistent with the rig's recently-signed, three-month prior contract.
GSF Jack Ryan - Customer exercised a one-year option for work offshore Nigeria at a dayrate of $425,000 ($155 million contract backlog).
Transocean Marianas - Awarded a 280-day contract for work offshore Namibia at a dayrate of $530,000 ($148 million contract backlog). The rig's prior dayrate was $450,000.
Transocean Searcher - Customer exercised a one-year option in the Norway North Sea at a dayrate of $386,000 ($141 million contract backlog).
Trident 15 - Awarded a two-year contract extension for work offshore Thailand at a dayrate of $139,000 ($101 million contract backlog). The rig's prior dayrate was $100,000.
GSF Rig 103 is currently held for sale. The rig was previously stacked.
This report also contains the company's initial forecast of planned 2013 out of service time. The estimated 2,657 days (impacting 50 rigs) comprises 824 days (31%) for High-Specification Floaters, 872 days (33%) for Midwater Floaters, and 961 days (36%) for Jackups. This compares with estimated 2012 out of service time of 3,931 days (impacting 58 rigs) consisting of 1,212 days (31%) for High-Specification Floaters, 717 days (18%) for Midwater Floaters, and 2,002 days (51%) for Jackups. Included in the 2013 forecast, the company anticipates performing extensive well control equipment work scope on 12 floaters.
These estimates are subject to change due to a variety of factors, including changes in business plans as well as customers' requirements and new contracts. It is not uncommon for unplanned or exceptional shipyards to significantly increase estimates of out of service time. Since the company cannot predict such shipyards, they are not included in the Fleet Status Report.
The fleet update summary can be accessed at www.deepwater.com by clicking on the Fleet Status Report link found in the toolbar.
Forward-Looking Statements
Statements regarding the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out of service time, sales of drilling units, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. We own or have partial ownership interests in and operate a fleet of 129 mobile offshore drilling units consisting of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, 10 High-Specification Jackups, 43 Standard Jackups and one swamp barge. In addition, we have two Ultra-Deepwater Drillships and three High-Specification Jackups under construction. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.
For more information about Transocean, please visit the website at www.deepwater.com.
Source: Transocean Ltd.
Suncor Energy releases 2012 Report on Sustainability
Jul 18, 2012 11:15:00 AM
CALGARY, ALBERTA--(Marketwire - July 18, 2012) -
Editor's Note: There is a video and a photo associated with this release
Suncor Energy announced today the release of its 2012 Report on Sustainability - a comprehensive review of the company's environment, social and economic performance for the year. The report, themed "Perspectives: Creating our energy future together," outlines the issues and trends we face as a company and in our industry, as well as what we're doing and where we're headed.
"At Suncor, we've always seen this report as more than just a corporate document; our hope is that it can also stimulate constructive dialogue on the challenges associated with energy development," said Steve Williams, president and CEO. "The genius of sustainable development is that it forces everyone to consider energy challenges and opportunities from multiple perspectives."
The report outlines Suncor's four environmental performance goals and updates the company's progress on achieving them.
Suncor's Goals:
-- Reduce fresh water consumption by 12% by 2015
-- Increase reclamation of disturbed land area by 100% by 2015
-- Improve energy efficiency by 10% by 2015
-- Reduce air emissions by 10% by 2015
All of the proposed reductions are absolute, except for energy efficiency which is intensity-based. The base year for the planned improvements is 2007.
Highlights from the 2012 report include:
-- Progress in reducing fresh water demand at our oil sands mining operations: Suncor's gross fresh water withdrawal from the Athabasca River has declined by 50% since 2004.(i) Water withdrawal is below 1998 levels, even though bitumen production has nearly tripled.
-- Improvements in how Suncor manages tailings: Suncor is targeting a 100% increase in land area reclaimed by 2015.(ii)
-- Momentum on reducing greenhouse gas (GHG) emissions: Suncor's climate change action plan has contributed to a 53% decrease in GHG emissions intensity at our oil sands operation from 1990 levels.(i)
-- Steady investment in communities in which we operate: Suncor and the Suncor Energy Foundation (SEF) launched a bold new approach to investing in communities in 2011. Since 1998, Suncor and the SEF have invested $130 million in communities where we live and work.
-- Significant contribution to the economy: Suncor spent $10.9 billion(iii) on goods and services in 2011, with vendors in all 10 Canadian provinces as well as the Northwest Territories and Yukon.
Additional Quotes:
"We all basically want the same things - to build a strong society with vibrant communities, a healthy environment and educational and job opportunities for our kids. When it comes to our shared energy future, we need to get beyond our differences to what unites us. We need to build bridges rather than walls."
- Gord Lambert, vice president, Sustainability
"We need to move beyond seeing climate change simply as an environmental issue; it's about transforming an energy system that links us all. The challenges are complex, but the good news is that progress is possible."
- Fiona Jones, director, Energy and Climate Change Policy
Table of Contents:
About Suncor:
-- What Guides Us
-- CEO's Message
-- Performance Goals & Progress
Environment:
-- Renewable Energy
-- Air
-- Water
-- Land and Biodiversity
-- Oil Sands Tailings
-- Climate Change
Social
-- Safety, Health and Security
-- Social Responsibility
-- Community Investment
Economic
-- Contribution to the Economy
Performance Measures
Suncor created the 2012 Report on Sustainability using the Global Reporting Initiative (GRI) GR3 guidelines to the GRI A+ reporting level - an internationally recognized standard in sustainability reporting. As in previous years, Suncor enlisted the guidance of Ceres, a network of investors, labour, environmentalists and other public interest groups in developing the report.
The web-based report, which includes articles, photos, data tables, charts and graphs, as well as a summary PDF document and a video featuring Suncor stakeholders, partners and employees, is now available at www.suncor.com/sustainability. Readers are encouraged to submit feedback on the report by visiting the website or emailing info@suncor.com. A printed magazine-style 2012 Summary Report on Sustainability will be mailed to stakeholders in late July.
(i) As at December 31, 2011
(ii) Reclaimed lands have not been certified as such by government regulators. For further details on what we mean by reclaimed, please see below.
(iii) Excludes spend on goods and services in Libya and Syria
This news release contains certain forward-looking statements and other information based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of its experience and its perception of historical trends, including: expectations and assumptions concerning the accuracy of reserves and resources estimates; commodity prices and interest and foreign exchange rates; capital efficiencies and cost savings; applicable royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and third-party approvals. All statements and other information that address expectations or projections about the future, and other statements and information about Suncor's strategy for growth, expected and future expenditures, commodity prices, costs, schedules, production volumes, operating and financial results and expected impact of future commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like "expects", "guidance", "anticipated", "estimated", "plans", "scheduled", "belief", "projects", "could", "outlook", "target", "objective", and similar expressions. Forward-looking statements in this news release include references to Suncor's environmental goals, including reducing fresh water consumption, increasing reclamation, improving energy efficiency and reducing air emissions.
Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.
Suncor's Management's Discussion and Analysis dated April 30, 2012, Annual Information Form/Form 40-F dated March 1, 2012, Annual Report to Shareholders and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071, or by email request to info@suncor.com or by referring to the company's profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Reclamation at Suncor is a carefully monitored process with two distinct components: (i) transformation of the area, including tailings ponds, into a solid material that can support vegetation, wildlife and landscape restoration, which includes landform design and oil placement; and (ii) re-vegetation in a way that the reclaimed landscape can support vegetation and wildlife as a self-sustaining ecosystem. When Suncor claims that it has reclaimed land or plans to reclaim land, the reclaimed land will have met or is intended to meet the two distinct components identified in this paragraph.
Suncor Energy is Canada's premier integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. While working to responsibly develop petroleum resources, Suncor is also developing a growing renewable energy portfolio. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information about Suncor Energy please visit our web site at www.suncor.com or follow us on Twitter @SuncorEnergy.
To view the "2012 Report on Sustainability Video" video associated with this release, please visit the following link:
Vista Partners Updates Coverage on Acorn Energy, Inc.; Increases Target Price to $17.50
Portfolio Companies Poised for Growth, First Commercial Orders for USSI Shipped, Short Squeeze Candidate
Jul 18, 2012 8:15:00 AM
SAN FRANCISCO, CA -- (Marketwire) -- 07/18/12 -- Vista Partners announced today that it has updated coverage on Acorn Energy, Inc. (NASDAQ: ACFN) ("The Company" or "Acorn"); and raises its twelve month target price from $14.00 to $17.50. Ross Silver, Principal Analyst at Vista Partners, stated, "Acorn stands out amongst small cap growth stocks due to its current portfolio of companies focused on digital energy infrastructure management solutions. Each portfolio company may be poised for significant growth in these large addressable and growing security and energy markets. Acorn offers a quarterly dividend and management has successfully sold two portfolio companies in just a five year period, thus proving the business model." Mr. Silver continues, "It was encouraging to see one of Acorn's portfolio companies, US Seismic Systems, Inc. ('USSI'), ship their first commercial orders. USSI announced at the beginning of July that it shipped the world's largest commercial high temperature down-hole fiber-optic seismic array which provides substantially higher performance with an 80-90 percentage reduction in cost as compared to legacy systems and enables operators to cost-effectively monitor 100% of their fracking initiatives. USSI also built and shipped an Ultra High Sensitivity fiber-optic based marine seismic array for oil & gas exploration at the end of June." Mr. Silver concludes, "Since Acorn joined the Russell 2000 & 3000 at the end of June, the percentage of shares short has increased dramatically which is typical for new entrants to these indexes. At the end of June, 19.2% of the float of Acorn was short which is very high and fortunately the share price has been relatively unaffected over the past month. Considering the limited number of shares in Acorn's float and the size of the Acorn short position, which would likely take close to a month to unwind, we may experience a short squeeze should both small and large investors continue to acquire Acorn shares. Should we experience a short squeeze, Acorn's share price may move considerably higher in the near term."
To download a FREE copy of the Acorn Energy, Inc. research report, please visit http://www.vistapglobal.com and click the "download research" icon to gain access to the report.
About Vista Partners:
Vista Partners LLC, founded in 2005, is a Registered Investment Advisor in the States of California and Oregon. The firm's professional staff has backgrounds in finance, corporate communications and investment banking. Vista Partners LLC has built a name for itself in the small cap space due to its selection of profitable investment ideas.
Disclaimer & Disclosure:
For a full list of disclaimers and disclosures, please visit our website www.vistapglobal.com or click here.
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Contact:
Vista Partners LLC
877.215.4813
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Source: Vista Partners LLC
Halliburton Declares Dividend
Jul 18, 2012 1:57:00 PM
Copyright Business Wire 2012
HOUSTON--(BUSINESS WIRE)-- Halliburton (NYSE: HAL) announced that its board of directors has declared a 2012 third quarter dividend of nine cents ($0.09) a share on the company’s common stock payable September 26, 2012, to shareholders of record at the close of business on September 5, 2012.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With nearly 70,000 employees in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s website at www.halliburton.com.
Halliburton
Kelly Youngblood, 281/871-2688
Investor Relations
investors@halliburton.com
or
Beverly Blohm Stafford, 281/871-2601
Corporate Affairs
PR@halliburton.com
Source: Halliburton
----------------------------------------------
Halliburton
Kelly Youngblood
281/871-2688
Investor Relations
investors@halliburton.com
or
Beverly
Blohm Stafford
281/871-2601
Corporate Affairs
PR@halliburton.com
Halliburton Declares Dividend
Jul 18, 2012 1:57:00 PM
Copyright Business Wire 2012
HOUSTON--(BUSINESS WIRE)-- Halliburton (NYSE: HAL) announced that its board of directors has declared a 2012 third quarter dividend of nine cents ($0.09) a share on the company’s common stock payable September 26, 2012, to shareholders of record at the close of business on September 5, 2012.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With nearly 70,000 employees in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s website at www.halliburton.com.
Halliburton
Kelly Youngblood, 281/871-2688
Investor Relations
investors@halliburton.com
or
Beverly Blohm Stafford, 281/871-2601
Corporate Affairs
PR@halliburton.com
Source: Halliburton
----------------------------------------------
Halliburton
Kelly Youngblood
281/871-2688
Investor Relations
investors@halliburton.com
or
Beverly
Blohm Stafford
281/871-2601
Corporate Affairs
PR@halliburton.com
Investors love confidence, success and management that know what they are doing. (As rare as it seems to happen)
I would have to agree with Duke at this point, management changes are to be expected and unless it created some outcome that really hindered the company I don't know that it holds water. However I think the shareholder / lawyers just want to push them hard enough to get a settlement.
Looks like the rally was short lived. If there is some developments announced to support that email this could get its momo back, what do you think ?
Certainly you can't win them all. I look forward to sharing DD and ideas going forward on oil & gas stocks. You certainly seem to be posting on many of the stocks I like.
Wow what a story, I really must beef up on my DD here. Your knowledge of the sector is impressive and appreciated.
Yep and she's falling like a rock. Do you see potential going forward here?
Guess we will see what happens soon enough :)
I too am not favorable of coal at this time. My investments are focused 90% on oil but feel that natural gas may be entering into a bull market over the next couple years. Doing more DD here, could be a good shorting opportunity.
Right, I noticed that part of it. I have seen many CEO's or affiliates transfer assets into public companies to the favor of the shareholders, usually because they have a lot of shares.
However the markets reaction may not see this as a positive step. How the company unlocks the additional production / reserves will be the critical component to return on investment for the company. JMHO
I am very familiar with rework technologies like enhanced oil recovery methods. In many cases these wells were shut in due to low oil prices and marginal production was not economical.
New stimulation techniques such as fracing, water flooding, co2 etc. are all effective methods depending on the formation and what has been successfully used in these types of formations.
Don't have enough information to make any determinations here yet but interested to find out more.
Yeah that is what I saw in my initial DD which is why I was surprised to see such a number. Will keep digging around. If they can close some deals and start to develop them this could be and interesting opportunity.
Yeah figured it may be a good bounce play.
Seems to be a positive step in the right direction. MM play a roll but fundamentals will be the driver behind the price in the coming months IMO.
Thanks for the heads up. Does look to be an interesting opportunity.
Peabody Energy And Kinder Morgan Enter Into Long-Term Gulf Coast Coal Export Agreements
Jul 17, 2012 7:00:00 AM
ST. LOUIS, July 17, 2012 /PRNewswire/ -- Peabody Energy (NYSE: BTU) and Kinder Morgan Energy Partners L.P. (NYSE: KMP) today announced long-term agreements to secure and expand the Gulf Coast export platform for Peabody's Colorado, Powder River Basin and Illinois Basin coal products.
Under the multi-terminal agreements, Peabody would gain additional access to export coal at Kinder Morgan's Deepwater Terminal and Houston Bulk Terminal (HBT) near Houston, and its International Marine Terminal (IMT) in Myrtle Grove, La., through 2021 and 2020, respectively. This would increase Peabody's Gulf Coast export capacity to approximately 5 million – 7 million tons of coal per year between 2014 and 2020.
Peabody has also secured a rail service agreement with Union Pacific Railroad (UPRR) to transport the company's Colorado coal to Kinder Morgan's Houston terminals.
The agreements allow for throughput flexibility among Kinder Morgan's Gulf Coast export terminals to serve Peabody's international customer base. The additional capacity also supports the planned expansion of Kinder Morgan's Gulf Coast coal handling facilities and Peabody's development of the Sage Creek extension of the Twentymile Mine.
Kinder Morgan will invest, including previously announced projects, approximately $400 million to expand its Gulf Coast terminal network. After completion of all of the export expansion projects, Kinder Morgan's Gulf Coast terminal network will have a coal export nameplate capacity of approximately 27 million short tons per year.
"Peabody is securing a large-volume, sustainable U.S. export platform to meet growing global seaborne coal demand," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "These new throughput agreements further strengthen Peabody's ongoing partnership with Kinder Morgan as we continue to expand our long-term Gulf Coast capacity in line with emerging export opportunities for our competitive and reliable coal products."
"We look forward to expanding our partnership with Peabody into new markets," said Kinder Morgan Terminals President Jeff Armstrong. "Export coal demand continues to grow around the country and Kinder Morgan is well positioned with our network of terminals to serve our customers' needs in multiple locations."
Peabody has extended its existing contract with KMP's HBT and will begin exporting Colorado and Powder River Basin coal products from the Deepwater facility beginning in 2014.
Peabody's Illinois Basin, Colorado and Powder River Basin coal will be exported through KMP's expanded IMT in New Orleans from 2014. An existing agreement at the Cora river terminal in Illinois will be extended through 2018 to facilitate exports through IMT as well as domestic sales.
The Gulf Coast export platform is one of a number of ways in which Peabody accesses seaborne coal markets, including its global trading and brokerage activities, export coal from its growing Australian thermal and metallurgical coal position, export coal from its growing set of Indonesia supply sources, interest in developing a major West Coast export terminal, and ownership of a 38 percent interest in the DTA terminal in Virginia.
Peabody Energy is the world's largest private-sector coal company and a global leader in sustainable mining and clean coal solutions. The company serves metallurgical and thermal coal customers in more than 25 countries on six continents. For further information, go to PeabodyEnergy.com and CoalCanDoThat.com.
Kinder Morgan is the largest midstream and the fourth largest energy company in North America with a combined enterprise value of over $90 billion. It owns an interest in or operates approximately 75,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. Kinder Morgan, Inc. (NYSE: KMI) owns the general partner interest of Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and El Paso Pipeline Partners, L.P. (NYSE: EPB), along with limited partner interests in KMP, Kinder Morgan Management, LLC (NYSE: KMR) and EPB. For more information please visit www.kindermorgan.com.
American Energy Development Provides Update on Michigan Operations and Activities
Jul 17, 2012 7:30:00 AM
Copyright Business Wire 2012
NEW YORK--(BUSINESS WIRE)-- American Energy Development Corp. (AED) (OTCBB:AEDC) an emerging energy company involved in the acquisition, exploration, development and production of established oil and gas basins, is pleased to provide an update on Michigan operations, and other industry news within the state.
AED drilling a well on the Dansville Prospect. (Photo: Business Wire)
Dansville Prospect
Located in Ingham County, Southern Michigan, the Dansville Prospect contains 3 potential Niagaran reef formations. To date, two of the identified reef prospects have been drilled with the first well, Brown 2-12, on production and yielding cash-flow to AED. The well site locations for the drilling program were selected using AED's high resolution 3-D seismic isochrones, which we believe define the heart of the anomalies.
Production from the first well, Brown 2-12, continues to show no decline with zero water production. We expect with the well maturing, production stability will increase which will subsequently lead to increased production. Since start-up, daily production has increased by 14.6%, with AED commissioning Netherland, Sewell & Associates Inc. to undertake a reserve report on the well, which we hope should enable AED to book proven oil reserves under SEC reporting guidelines.
The second well, the Cremer 1-1, was cement plugged following geophysical logging for density, porosity and water saturation, in order to determine reservoir size, quality and deliverability. It has been determined that during drilling stage, the flank of the structure was encountered, with the presence of salt plugging in the drilled area of the formation. AED and its operating partner are currently evaluating completion and development opportunities for the well, which include sidetracking.
Data from drilling the first two wells, along with AED's 12,300 acre database of high resolution 3-D seismic data, are being re-evaluated, with special focus on salt formations and properties for the prospective third well, the Bowen well.
"The Brown 2-12 continues to yield cashflow to AED and is proving to be a reliable producer for us, delivering premium oil and zero water," noted Joel Felix, CFO of AED. "We are continuing to develop the Dansville prospect with the goal to increase our near-term revenues."
White-tail Prospect
With the expansion into Northern Michigan, AED has increased its presence in the state's prolific Niagaran reef play, and brings the company's total Michigan acreage to more than 5,300 acres.
Located on approximately 4,000 acres in Northern Michigan, the White-tail prospect is found in an area which contains over 110 oil fields with reserves larger than 1 million barrels, with the average size of these fields being approximately 2.4 million barrels recoverable. The largest reefs drilled in the area are the Chester 18A field, with 14 million barrels of recoverable oil, drilled by Royal Dutch Shell, and the Grant 13 field, which has approximately 47 billion cubic feet of recoverable natural gas.
Data from the initial seismic survey on the acreage has identified 5 separate reef prospects. AED plans on initiating the new high resolution 3-D seismic survey to clearly define prospective well sites. The company and its partners will define future well sites using the latest geological, geophysical, and environmental technology to minimize risk for the subsequent drilling program.
Herold Ribsskog, CEO of AED, commented: "AED and its operating partner are in the process of going out to tender for the high resolution seismic shoot. Following the seismic shoot, we aim to replicate the same success on White-tail as we have had on the Dansville drilling program."
Michigan Activities
According to the USGS report on the basin, the recoverable reserves are in excess of 1.8 billion barrels of oil and 17 trillion cubic feet of natural gas. There are a total of 4,212 wells that have reported production from the Niagaran reefs in Michigan. These reefs have produced a total of 472 million barrels oil and 2.8 trillion cubic feet of natural gas. Royal Dutch Shell (NYSE: RDS.A) has been a major player in the state having drilled and produced from over 490 wells.
Players in Michigan include Devon Energy (NYSE:DVN), which has amassed 240,000 net acres, and according to the company has 1.54 billion BOE in unrisked resources. The company recently signed a $2.2 Billion Transaction with Sinopec International Petroleum Exploration & Production Corporation (NYSE:SNP) to drill and develop Devon’s asset base. Other players in Michigan include Encana (NYSE:ECA) with 430,000 net acres, who drilled two horizontal wells in 2011, Chesapeake Energy (NYSE: CHK) with 450,000 acres, and the recently acquired Atlas Energy, owned by Chevron (NYSE:CVX), with over 380,000 net acres.
To receive further information about American Energy Development Corp., telephone (855) OIL-AEDC or email ir@aed-corp.com
About American Energy Development Corp.
American Energy Development Corp. is an independent US energy company, committed to creating American energy independence through the development of acreage in established oil and gas basins. Using the latest geological, geophysical, and environmental technology, the Company's goal is to locate, drill, and produce oil and gas in the United States and secure regions. American Energy Development's focus is on the development of Niagaran oil reefs in Michigan and the underexplored onshore basins in the United Kingdom.
Duke Energy to Release Second Quarter 2012 Earnings Aug. 2
Jul 17, 2012 7:30:00 AM
CHARLOTTE, N.C., July 17, 2012 /PRNewswire/ -- Duke Energy (NYSE: DUK) will release its second quarter 2012 earnings results at 7 a.m. ET on Thursday, Aug. 2.
Duke Energy Corporation and Progress Energy Inc. completed their merger on July 2, 2012. In connection with the merger, Progress Energy has become a wholly owned direct subsidiary of Duke Energy. Therefore, the operations of Progress Energy will be included in Duke Energy's consolidated results beginning with third quarter 2012. The results of Progress Energy for the first and second quarters of 2012 will not be included in Duke Energy's results.
Duke Energy will also release second quarter 2012 earnings results for Progress Energy at 7 a.m. ET on Thursday, Aug. 2.
An earnings conference call for analysts is scheduled for 11 a.m. ET Thursday, Aug. 2 to discuss Duke Energy's financial performance for the second quarter 2012 and the recent finalization of the merger with Progress Energy, among other matters. The conference call will be hosted by Jim Rogers, chairman, president and chief executive officer, and Lynn Good, executive vice president and chief financial officer.
The call can be accessed via the investors' section (http://www.duke-energy.com/investors/) of Duke Energy's website or by dialing 800-930-1344 in the United States or 913-312-0652 outside the United States. The confirmation code is 9404035. Please call in 10 to 15 minutes prior to the scheduled start time. A replay of the conference call will be available until midnight ET, Aug. 12, 2012, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 9404035. A replay and transcript also will be available by accessing the investors' section of the company's website.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
Zacks Bear of the Day:
Miller Energy Resources Reports Fourth Quarter and Year End Results
Jul 16, 2012 5:31:00 PM
Copyright Business Wire 2012
Fiscal 2012 Revenues Increase 55% to $35.4 Million
KNOXVILLE, Tenn.--(BUSINESS WIRE)-- Miller Energy Resources, Inc. (“Miller” or the “Company”) (NYSE: MILL) today reported its results for the fourth quarter and fiscal year ended April 30, 2012. Revenues for fiscal 2012 rose 55% to $35.4 million compared to $22.8 million in fiscal 2011. Miller reported a net loss attributable to common stockholders of $19.5 million, or $0.48 per diluted share, in fiscal 2012 compared to a loss of $3.9 million, or $0.11 per diluted share, in fiscal 2011.
Fourth quarter revenues rose 38% to $8.9 million in fiscal 2012 compared to $6.4 million in the fourth quarter of fiscal 2011. Net loss attributable to common stockholders for the fourth quarter of fiscal 2012 was $8.4 million, or $0.20 per diluted share, compared to a loss of $1.4 million, or $0.05 per diluted share, in the fourth quarter of fiscal 2011. The 2011 results included a $6.9 million gain on acquisitions.
“Miller’s growth benefited from the success of new wells that we recompleted in Alaska during the past year,” stated Scott Boruff, CEO of Miller Energy Resources. “Our oil revenues increased 57% from the prior year and our Alaskan operations accounted for almost 96% of the total. We expect to accelerate our drilling activity in Alaska during fiscal 2013 with the addition of Rig 35 on the Osprey platform. The new rig is substantially complete and we expect to receive final certification in the near future. Rig 35 will be tasked initially with repairing, recompleting and redeveloping key wells on the Osprey platform.
“We believe our strategy to restore existing wells to production and further develop our Alaskan properties will be the key factor that drives Miller’s future revenues and profit growth. With the recent signing of a new $100 million credit facility, we are very positive about having the resources to pursue our capital development activities in fiscal 2013.”
Full release: http://www.alphatrade.com/news/stories/AM/2012-07-16/BIZ/201207161831BIZWIRE_USPR_____BW6483.html
Ecosphere Announces Delivery of Two Ozonix EF80 Units to Hydrozonix
Production Underway for Units 9 and 10 of the Initial 16 Unit $45 Million Order
Jul 17, 2012 7:30:00 AM
2012 GlobeNewswire, Inc.
STUART, Fla., July 17, 2012 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering, technology licensing and environmental services company, today announced that the Company and its majority-owned subsidiary, Ecosphere Energy Services, LLC, have recently completed manufacturing, acceptance and delivery of two Ozonix EF80 units to Hydrozonix, LLC. Following the delivery of units 7 and 8, Ecosphere has commenced production of units 9 and 10.
"I am pleased to announce another successful delivery to Hydrozonix under the initial two-years of our long term contract," stated Charles Vinick, Chairman and CEO of Ecosphere Technologies. "Hydrozonix will now have eight EF80 units in the field, serving the wastewater treatment requirements of their U.S. oil and gas customers. Hydrozonix has already treated approximately 9 million barrels, or 378 million gallons of water to date using our patented Ozonix technology. We look forward to their continued growth in the U.S. onshore hydraulic fracturing water recycling market."
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a diversified water engineering, technology licensing and environmental services company that designs, develops, and manufactures wastewater treatment technologies for a variety of industrial markets. The company provides environmental services and technology solutions for large-scale, sustainable applications across industries, nations and ecosystems.
Ecosphere is currently driving clean water innovation with its patented Ozonix advanced oxidation technologies and mobile, low-maintenance water treatment systems. Ecosphere's patented Ozonix technology is a high-volume, advanced oxidation process designed to recycle water while reducing liquid chemicals used during water treatment applications. A recipient of Frost & Sullivan's 2012 North American Product Leadership Award in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment, Ecosphere has enabled oil and gas customers to recycle and reuse over 1.8 billion gallons of water on approximately 530 oil and natural gas wells in major U.S. shale plays since 2008.
For more information, please visit www.EcosphereTech.com.