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Haha fair enough! I can see your rational the area is some volatile in the first place I would be hesitant to even to venture into it due to any number of obstacles but ATGP management among others seem to know what they are doing.
CEO's Message
“ Thank you for investing in and following Rio Bravo Oil, Inc. We are a dynamic organization positioned to capitalize on opportunities in hydrocarbon resource development. Our team will bring to bear its significant geological and geophysical acumen, with ...
About Rio Bravo Oil
Rio Bravo Oil is a growth focused public E&P Company with a strategic focus on development of proved undeveloped reservoirs, and the expansion of fields through unconventional methods and resource development.
I hope there are some "holy" results from this report!
Yeah I agree, you know what they say about the law firms though, the only ones that make money are the attorneys. LOL
Frontier Oilfield Services announces another acquisition
Jul 10, 2012 7:00:00 AM
DALLAS, July 10, 2012 /PRNewswire/ -- Frontier Oilfield Services, Inc (OTCQB: FOSI) announces its intention to acquire Chico Coffman Tank Trucks, Inc ("Coffman"), including its wholly owned subsidiary, Coffman Disposal, LLC for the sum of $17,408,348.00 subject to certain negative and positive adjustments based upon the amount, at the time of closing, of Coffman's indebtedness, seller's expenses and EBITA adjustments.
Coffman is a salt water disposal company with its primary base of operations located in North Texas with its trade and service area being in the Barnett Shale oil and gas field located in North Central Texas.
Coffman had audited 2011 revenues on $40.5 million with an EBITA of $3,263,929. Coffman's assets are currently valued on its financials at $24 million and consist of accounts receivables, rolling stock (trucks and trailers), six permitted disposal wells and the headquarters real property.
Tim P Burroughs, President of Frontier Oilfield Services, stated, "We are pleased that Mr. JD Coffman will remain as President of Coffman Tank Trucks, Inc. under a five year employment agreement and assist us in the implementation of our future acquisition strategy."
ABOUT FRONTIER OILFIELD SERVICES, INC
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal has been selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in recent technology (the process by which shale oil and gas is extracted), exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of produced fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future.
Frontier Oilfield Services, Inc.'s Subsidiary Announces Record Results
Jul 5, 2012 7:00:00 AM
DALLAS, July 5, 2012 /PRNewswire/ -- Frontier Oilfield Services, Inc. (OTCQB: FOSI) announces the record results of Trinity Disposal and Trucking, LLC (TDT), its majority owned subsidiary. Income from operations during the production month of May 2012 reached $1,058,956.00 generating a corresponding EBITDA of $229,391.00.
Frontier acquired majority interest of TDT on June 6, 2012 as a result of a successful $5.5 million financing with Lonestar Income and Growth, LLC of Dallas, Texas. TDT's monthly gross operating revenue for 2012 is currently on a projected annual run rate of $9 million and has an estimated $15 million unaudited value in assets consisting primarily of the value of commercial disposal wells, trucks, customer contracts and its operational office and real property.
Kenneth Conte, Vice President and CFO of Frontier stated, "We are pleased with the results of TDT to date and are currently having updated appraisals completed for inclusion in the consolidated 3rd quarter 10Q. We are anticipating a smooth integration with our anticipated future acquisitions."
ABOUT TRINITY DISPOSAL and TRUCKING, LLC
TDT currently operates 8 permitted commercial disposal wells and 25 disposal tank trucks and trailers in a service area primarily located in East Texas and Northwestern Louisiana. There are approximately 4,000 producing wells within a 15 mile radius of TDT's disposal sites in Marion, Harrison and Panola Counties. Operational headquarters is located in Marshall, Texas and its administrative headquarters are located at FOSI's corporate offices in Dallas, Texas.
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal was selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in fracking technology (the process by which shale oil and gas is extracted) exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of, fracking fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future.
Frontier Engages Investment Banking Firm
Jun 28, 2012 2:46:00 PM
DALLAS, TX -- (Marketwire) -- 06/28/12 -- Frontier Oilfield Services, Inc. (OTCQB: FOSI) (PINKSHEETS: FOSI) announces that we have retained Burnham Securities Incorporated to assist in sourcing capital and to advise us in fulfilling our acquisition strategy and enhancing shareholder value and liquidity.
Frontier president Tim P. Burroughs stated, "We are pleased to engage the corporate finance professionals at Burnham Securities because they provide Frontier with exceptional advice and access to the capital markets in order to fund our growth in the oilfield services sector through our acquisition strategy."
ABOUT FRONTIER OILFIELD SERVICES, INC.
Frontier Oilfield Services, Inc.'s primary business focus on wastewater recovery and disposal was selected due to the recurring nature of the revenues, the relatively high margins and the strong barriers to entry by potential competitors because of the limited supply of state permitted commercial disposal wells. In addition, as a result of breakthroughs in fracking technology (the process by which shale oil and gas is extracted) exploration & production companies are faced with increasing volumes of, and thus challenges with regard to the disposal of, fracking fluids and saltwater. Frontier's acquisition strategy in this highly fragmented, decentralized and essential sector of the energy services market, positions Frontier for potentially rapid expansion and substantial growth in the future.
ABOUT BURNHAM SECURITIES INCORPORATED
Burnham Securities Incorporated is an independent broker-dealer which specializes in retail services, principal distribution of its mutual fund family, and corporate finance. Tracing its roots back to 1935 when legendary financier I.W. Burnham ll, founded Burnham and Company, the firm today continues an 80 year heritage that embraces the values of honesty and commitment and combines them with enterprise and innovation. With decades of experience behind them, Burnham's investment bankers enable clients to focus on running their businesses, providing senior level attention to every assignment while implementing creative and time-tested solutions for today's M&A and capital markets and strategies for enhancing liquidity and/or shareholder value.
Frontier Oilfield Services, Inc. Completes Key Milestone for Rollup in Saltwater Disposal Business
Jun 7, 2012 5:35:00 AM
DALLAS, TX -- (Marketwire) -- 06/07/12 -- Frontier Oilfield Services, Inc. (OTCQB: FOSI) (PINKSHEETS: FOSI) announced today that Lonestar Income and Growth, LLC -- an unrelated third party investor -- has completed the acquisition of Frontier Oilfield Services, Inc 2011 Series "A" 8% Preferred Stock. This completion will supply sufficient capital for Frontier Oilfield Services, Inc. to purchase a majority interest in Frontier Income and Growth, LLC and its wholly owned subsidiary, Trinity Disposal and Trucking, LLC, a saltwater transportation and disposal company in East Texas.
The move is considered pivotal in Frontier Oilfield Services' growth strategy. Trinity Disposal and Trucking, LLC currently operates eight permitted commercial disposal wells and 25 disposal tank trucks in a service area primarily located in East Texas and Northwestern Louisiana. There are approximately 4,000 producing wells within a 15 mile radius of Trinity's disposal sites situated in Marion, Harrison, and Panola Counties. Well proximity is crucial to maintaining efficient margins in the saltwater disposal business. Operational headquarters are located in Marshall, Texas and administrative headquarters will be located at Frontier Oilfield Services' corporate office in Dallas, Texas.
"This transaction completes the initial step of our new business plan, and sets the stage for Frontier Oilfield Services to continue expansion of our acquisition strategy into oilfield services, a key component of the energy sector," stated Tim P. Burroughs, President of Frontier Oilfield Services. "Monthly revenue from Trinity Disposal and Trucking, LLC has Frontier Income and Growth, LLC on a projected annual run rate of approximately $9,000,000 for 2012, with an estimated $15,000,000 unaudited value in assets. This is fantastic progress for our management team and shareholders."
Assets for Frontier Income and Growth, LLC consist primarily of Trinity Disposal and Trucking's commercial disposal wells, trucks, customer contracts, operations offices, and real property. Frontier Oilfield Services, Inc. will now purchase a majority interest of Frontier Income and Growth, LLC, which immediately enhances shareholder value for Frontier Oilfield Services, Inc. (OTCQB: FOSI).
Whats the next move here? Balance sheet is strong, production coming online?
Oh I already posted on that. I wasn't sure what the reference was being made toward the boot he got or the decisions management was making.
Large cap mergers = legal vultures above.
Right, patience is a virtue.
Thanks for the chart, I remain bullish here. More DD to come.
I will be continuing to dig into the DD, thanks I will check out the others!
I think we should watch for a break of the 0.15 support level. Any downturn could create further consolidation. The key as you pointed out a couple posts back is the need for funding. Does Lincoln Park cover their expansion plans?
So far as natural gas, I am pretty bullish but maybe not as much in the short term as the next guy. Localization (as I put it) still faces challenges since technology has increased supplies but getting it to broader markets is the ongoing issue (LNG exporting seems to be a possible answer).
LMAO I am going to have to agree with you here. Let me go m-wave some popcorn!
Interesting comparisons. I see your points clearly and as we know financing is key to unlocking reserves and production upside. It will be interesting to see what moves they make to improve the current outlook.
Yes that plus he is growing in the right area at the right time. SD is likely to be on of the better plays for 2013.
Thanks for the feedback, all valid points in my opinion.
I can't stress the level of confidence I have in natural gas from our current position. I think watching for expanding LNG infrastructure and government support will be a key indicator of NG prices gaining to respectable levels.
However the challenge for prominently NG balance sheets is the ability to unlock those reserves while keeping your margins strong enough to avoid additional financing.
Long and strong here.
Thanks for your sincerity and caution. I have been around the markets long enough to know my way around (LOL). I have been tracking this one from prior to its reverse merger / split days. Being a deal guy myself the underlying assets are what have my attention.
Yeah I believe it, I have been following since the Strategic American days and their progress has been impressive. However as we all know promotion inflation of the price has a short life in many cases. Once a bottom has formed it could be a good place to add. JMHO
Thanks I will be sure to check it out. Sounds very attractive the way it is spelled out. I will admit I don't play Canadian stocks but hey this one is in my backyard so might have to look them up.
Haha yeah agreed this would be a good long term hold regardless. Averaging down when the bottom seems clear is always a possible strategy. For now the stair step down seems to not be letting up anytime soon. Will be watching for entry.
The market has been pretty flat and hasn't reacted much to news. As you likely know these micro cap stocks often times are not influenced that much by news. My guess is that some investors waiting for the right update / push were hoping for the same reaction and may have sold on news causing the reaction. Interesting story and potential here so staying tuned here.
I may have missed some of the details. What concerns over management structure, do you happen to know?
Looks like it wants to go lower. Wouldn't mind getting some cheap shares here under $3 if I was so lucky.
TN-K Energy Group Inc. Completes $4.8 Million Transactions That Included the Sale of an Oil Lease and Acquires 5% Overriding Royalty Interest in 6 Leases Totaling Approximately 1200 Acres
Apr 23, 2012 6:53:00 AM
2012 GlobeNewswire, Inc.
TN-K Energy Group Inc. is proud to announce the completion of a $4.8 million two part transaction, which included the sale of its 27.5% Working Interest in the Clark leases and the acquisition of 5% Overriding Royalty interest in the Blaydes, Ervin, Hickerson, Simmons, Pansy Clark and JR Clark leases.
CROSSVILLE, Tenn., April 23, 2012 (GLOBE NEWSWIRE) -- TN-K Energy Group Inc. (OTCBB:TNKY) today announced that the company led the sales and negotiations, between the buyers and sellers, of a $4.8 million two part transaction. The first part of the transaction involved the sale of its own 27.5% working and operating interest in existing production and the checkerboard participation rights known as the J.R. Clark and Pansy Clark leases, of approximately 700 acres, in Green County, Kentucky. TN-K retained 5% overriding royalty interest in existing production and received a 30% drilling participation right of the total undeveloped acreage in which the Company previously had only a checkerboard agreement. (Checkerboard agreement means the rights to only every other well to be drilled)
The second part of the transaction, which TN-K led, TN-K received a substantial commission, acquired 5% overriding royalty interest in the Blaydes, Ervin, Hickerson, and Simmons leases existing production, and up to 30% drilling participation rights on all new wells to be drilled on these leases for only the cost of drilling. The leases are located in Green County, Kentucky and total approximately 500 acres.
Ken Page, C.E.O. & President of TN-K Energy Group Inc. expressed his excitement in the transaction by stating, "TN-K has substantially increased our working capital, retained and gained drilling rights to some of the most highly producing and proven areas in the state of KY. The company has estimated these acquired drilling rights, which were of no cost through these negotiations, at a significant value. When considering our transactions over the past four months, it is safe to say that TN-K is focused on establishing a good source of revenue and the funds to further develop and acquire new leases that can increase our production."
Interesting commentary on CHK. I am pretty bullish here.
The Good
In 2012, CHK plans to complete its "25/25" plan, which sets two-year production growth targets at 25% while targeting debt reduction of 25%. There is no doubt this company's fundamentals are compelling and if it can keep this trend the company will continue to be in great shape. Chesapeake is a deal maker with a strong track record, and has the largest leasehold and 3-D seismic inventory in the U.S. The company is optimally positioned for gas resource plays and is better leveraged to play natural gas prices than its competitors. This is not to mention its acquisitions that have strengthened the company's reserve, production and net acre positions.
Despite the pullback in crude oil prices since early May, analysts believe the oil & gas exploration & production (E&P) sub-industry is generating strong production growth, especially onshore U.S., which will help drive cash flow growth over the next several years. For fiscal year 2012, analysts estimate that CHK will earn $0.48, but in 2013, analysts estimate that CHK's earnings per share will grow by 254% to $1.70.
The stock has a three-star S&P rating with a bullish Moving Average Convergence/Divergence (MACD). The company is also trading higher than its ten-day moving average of $18.56, twenty-one day moving average of $18.22, and its fifty-day moving average of $17.13, which signals a bullish trend.
The Bad
Chesapeake has been in the news recently on growing concerns of its high debt levels, liquidity, aggressive capex and falling cash flow expectations. This is not to mention the recent high-level changes that come as current CEO and chairman Aubrey McClendon did not fully disclose loans from corporate lenders. Chesapeake's dangers also include weaker economic and operating conditions, a sustained decline in natural gas prices, funding concerns, and difficulty replacing reserves.
The company is expected to outspend cash flow by $4 billion in 2013, and if gas prices stay weak into 2013, it is likely the company will have to resort to further asset sales. Natural gas accounts for about 83% of CHK's production, therefore if the natural gas markets weaken, CHK's stock could underperform in comparison to its peers.
Further, Chesapeake's failure to create favorable joint partnerships may severely damage the company's ability to meet capital expenditure obligations, growth targets, and financial commitments. One last form ofuncertainty is Government policy and administration. There have been changes in the tax rates in various countries, especially in the regions the company operates.
Conclusion
Yes, the debt and uncertainty levels are very high. However, I am still bullish on this stock and the industry as a whole. I believe natural gas is essential to the success of our future. The U.S. has large quantities of natural gas and if the prices of oil start to rise again, pressure will mount to use other resources such as natural gas, which would place Chesapeake at an advantageous position, given it is the second largest producer of natural gas in the U.S.
Chesapeake's EPS is expected to grow substantially next year and in the following five years. There are also bullish expectations on the industry. However, I would not recommend jumping in right away, since I feel the stock is headed lower. I believe the stock will fall to $16, and will be a strong buy at those levels. I do not think this is a stock to ignore for long-term growth.
http://seekingalpha.com/article/708491-chesapeake-energy-buy-or-sell
The case for investing in Duke Energy is fairly simple. The merger makes sense, giving Duke a growth path and a very strong market position in the Southeast. Duke is now the largest energy utility in the country as judged by market cap.
The company now trades at under 15x 2013 earnings, which is low for a major utility in a safety-seeking environment. Duke just increased its dividend, the 8th consecutive year of increases. Continued pressure on the stock could send it down to the low 60s - at 61.2/share, the stock will hit the 5% yield barrier.
Almost 5% kicker today. Our Bakken exposure sets us up for a strong 2013. Cramer still have what it takes?
The stock moves on low volume. Any ideas what was the mover back in January?
Liberty Energy Completes Assignment of Oil and Gas Assets in Texas
Jul 9, 2012 8:00:00 AM
2012 GlobeNewswire, Inc.
HOUSTON, July 9, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce the completion of its acquisition of over 1,000 acres in Bastrop, Caldwell and Eastland Counties, Texas.
The acquisition falls in line with the Company's strategy of growing shareholder value through acquiring assets in proven onshore oil and gas play within the US. The leases are considered to be highly prospective, with a mixture of work-over potential and exploration and development drilling.
The Company is working to finalize geological and geophysical work plans to be completed on the new leases. All of the new leases are considered to be low risk being positioned within proven, multiple payzone, producing counties. The Company also intends to work with existing partners to investigate and further develop the new and existing leases.
Ian Spowart, Chief Executive Officer, commented: "Whilst our strategy is to expand aggressively, we are always looking to maximize returns and increase shareholder value. The new acreage is a great addition to our existing portfolio and we look forward to providing further information on geological and geophysical work to be carried out on the new leases in due course."
Bastrop County
Bastrop County is located in South Texas. The majority of production in Bastrop is attributed to the Austin Chalk and Navarro formations.1 The county presently houses over 1,700 wells and over 170 operators including; Texas Vanguard Oil Company, Chalker Operating Inc. and Petro-Gas Inc.2 The Eagle Ford Shale formation is in the oil maturity window and is present in Bastrop County. The play is 50 miles wide and an average of 250 feet thick at a depth between 4,000 and 12,000 feet. The oil reserves are estimated at 3 billion barrels of oil (BBO) with potential output of 420,000 barrels of oil per day (bopd).1 Major producers in the county include Anadarko, Exxon-XTO and PetroHawk. Liberty will, under the terms of the LOI, acquire five leases comprising approximately 630 highly prospective acres within the county.
Caldwell County
There are four main pay zones within Caldwell County, the Sepertine, Dale Lime, Austin Chalk and Edwards. There are currently 385 operators (including Eagle Ford Oil Co., Inc., Luling O&G LLC and Texas Petroleum Investment Co.) and nearly 9,000 wells in Caldwell County.3 From March 2010 to March 2011 the county produced over 1 million barrels of oil (MMBO).4 Liberty will, under the terms of the LOI, acquire two leases comprising approximately 300 greatly prospective acres within the county.
Eastland County
In addition to having the Marble Falls, Duffer and Mississippian formations, Eastland County is the westernmost extension of the Barnett Shale play and can be considered as part of the active Barnett Shale play area.5 The Bend Arch has had a significant effect on the Barnett Shale in regards to regarding its burial history and geo-thermal makeup. The Barnett is the source rock for the hydrocarbons produced from many of the shallower zones over the Bend Arch such as the Marble Falls and Duffer. There are currently 893 operators (including North Ridge Corporation, Sun Expl. & Prod. Co.-Abilene and B & B Oil, Inc.) and over 10,900 wells in Eastland County.2 Using a geology-based assessment methodology, the U.S. Geological Survey estimated a mean of 26.7 trillion cubic feet (TCF) of undiscovered natural gas, a mean of 98.5 MMBO undiscovered oil, and a mean of 1.1 billion barrels of undiscovered natural gas liquids (BBNGL) in the Bend Arch-Fort Worth Basin Province.6 Liberty will, under the terms of the LOI, acquire one lease comprising approximately 110 considerably prospective acres within the county.
ABOUT LIBERTY: Liberty Energy Corp. (OTCBB:LBYE) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, Liberty owns twelve leases based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low-sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of US fuel reserves while seeking out further opportunities for the global energy markets.
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
PXP Provides Second-Quarter Operational and Financial Updates
Jul 9, 2012 5:58:00 AM
HOUSTON, July 9, 2012 /PRNewswire/ -- Plains Exploration & Production Company (NYSE:PXP) ("PXP" or the "Company") announces 2012 second quarter preliminary operational and financial results.
OPERATIONAL UPDATE
PXP's 2012 second-quarter daily sales volumes averaged approximately 98 thousand barrels of oil equivalent (BOE) per day of which oil/liquids volumes represent approximately 61% of total volumes (oil 57%, natural gas liquids 4%) and natural gas 39% of total volumes. Daily oil sales volumes increased 17% compared to first-quarter 2012.
FINANCIAL UPDATE
For the three months ended June 30, 2012, PXP expects to report an approximate $220 million pre-tax gain on mark-to-market derivative contracts of which approximately $20 million is a pre-tax realized gain, an approximate $85 million pre-tax gain on its investment in McMoRan Exploration Co. common stock, and an approximate $5 million pre-tax loss on early extinguishment of debt.
For the second-quarter 2012, Brent crude oil price averaged $108.73 per barrel. PXP's 2012 second-quarter crude oil average realized price per barrel before derivative transactions was $99.29 per barrel, or approximately 91% of Brent. Including the impact of derivative transactions, the second-quarter average realized price was $99.94 per barrel, or approximately 92% of Brent. The oil/liquids average realized price per barrel before derivative transactions, which includes 4 thousand BOE per day net to PXP of natural gas liquids, was $95.50 per barrel, or approximately 88% of Brent. Including the impact of derivative transactions, the average realized price was $96.11 per barrel, or approximately 88% of Brent.
For the second-quarter 2012, NYMEX gas price averaged $2.22 per MMbtu. PXP's 2012 second-quarter natural gas average realized price before derivative transactions was $2.18 per MMbtu, or approximately 98% of NYMEX. Including the impact of derivative transactions, the average realized price was $2.93 per MMBtu, or approximately 132% of NYMEX.
CONFERENCE CALL
PXP is scheduled to release 2012 second quarter results on Thursday, August 2, 2012, before the market opens and will host its quarterly conference call that same day, Thursday, August 2, 2012, at 8:00 a.m. Central time. Investors wishing to participate in the conference call may dial 1-800-567-9836 or 1-973-935-8460. The conference call and replay ID is: 92628335. The replay can be accessed by dialing 1-855-859-2056 or 1-404-537-3406. A live webcast of the conference call will be available in the Investor Information section of PXP's website at www.pxp.com.
PXP is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana, and the Gulf of Mexico. PXP is headquartered in Houston, Texas.
ADDITIONAL INFORMATION & FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information regarding PXP that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements included in this press release that address activities, events or developments that PXP expects, believes or anticipates will or may occur in the future are forward-looking statements. These include statements regarding:
* production estimates,
* oil and gas prices,
* the impact of derivative positions,
* future financial performance,
* capital and credit market conditions,
* planned capital expenditures, and
* other matters that are discussed in PXP's filings with the SEC.
These statements are based on our current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K, for a discussion of these risks.
All forward-looking statements in this press release are made as of the date hereof, and you should not place undue reliance on these statements without also considering the risks and uncertainties associated with these statements and our business that are discussed in this press release and our other filings with the SEC. Moreover, although we believe the expectations reflected in the forward-looking statements are based upon reasonable assumptions, we can give no assurance that we will attain these expectations or that any deviations will not be material. Except as required by law, we do not intend to update these forward-looking statements and information.
SOURCE Plains Exploration & Production Company
Linn Energy, LLC (NASDAQ:LINE) posted a first -quarter profit of 25 cents per share on July 26, which came in 18 cents wider than the average forecast. The Zacks Consensus Estimate for 2012 fell to a profit of $1.60 per share from $1.77 over the past month with 3 out of 7 covering analysts slashed forecasts. Next year's forecasts slipped 23 cents to $1.89 per share in the same time span.
Market gave a 3% kicker today. I likkke that!
Baker Hughes Announces June 2012 Rig Counts
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77343522
Baker Hughes Announces June 2012 Rig Counts
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77343522
Baker Hughes Announces June 2012 Rig Counts
HOUSTON, July 9, 2012 /PRNewswire/ -- Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for June 2012 was 1,285 rigs. The June international rig count includes the addition of 79 rigs in Iraq. This is the first time Baker Hughes has included Iraq in its international rig count since 1990.
The June rig count of 1,285 rigs was up 60 from the 1,225 counted in May 2012, and up 127 from the 1,158 counted in June 2011. The international offshore rig count for June 2012 was 305 rigs, down 14 from the 319 counted in May 2012, and up 7 from the 298 counted in June 2011. The May 2012 and June 2011 rig counts do not include Iraq. The June 2012 rig count also reflects changes for five countries including Indonesia, Colombia, Venezuela, Algeria, and offshore China.
The average U.S. rig count for June 2012 was 1,972 rigs, down 5 from the 1,977 counted in May 2012 and up 109 from the 1,863 counted in June 2011. The average Canadian rig count for June 2012 was 227 rigs, up 94 from the 133 counted in May 2012 and down 9 from the 236 counted in June 2011.
The worldwide rig count for June 2012 was 3,484 rigs, up 149 from the 3,335 counted in May 2012 and up 227 from the 3,257 counted in June 2011. The May 2012 and June 2011 rig counts do not include Iraq.
Beginning this month, the international rig count file has been enhanced to include a data extract from the BHI rig count system together with an interactive table. This table provides users with improved analysis capabilities by providing the ability to cross reference international rig count by Geography (region and country), Location (land and offshore), and Drill for Type (oil, gas, and miscellaneous). This data set is an enhancement from previous publications which were far less dynamic.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 3, 2012, Patrick J. McDonie was retained as the Senior Vice President and Chief Operating Officer of Atlas Pipeline Partners GP, LLC (the "General Partner"), the general partner of Atlas Pipeline Partners, L.P. (the "Partnership"), effective on a mutually agreeable date on or before July 23, 2012.
Since 2008, Mr. McDonie, age 52, has been President of ONEOK Energy Services Company, a natural gas transportation, storage, supplier and marketing company. Before becoming President of ONEOK Energy Services Company, Mr. McDonie was its Senior Vice President of Origination and New Business Development. Before that, from 1997 to 2000, Mr. McDonie was Director of Trading and then, from 2000 to 2005, Vice President of Trading, for ONEOK Gas Marketing Company.
In connection with Mr. McDonie's employment, Atlas Energy, L.P. ("ATLS"), the parent of the General Partner, entered into an agreement with Mr. McDonie (the "Agreement"), under which he will serve as Senior Vice President and Chief Operating Officer of the General Partner. Mr. McDonie's employment is for a two year period, commencing as of the effective date of Mr. McDonie's employment (the "Initial Term"). His employment term will automatically renew for one year renewal terms unless ATLS gives prior written notice of non-renewal.
The Agreement provides for an annual base salary of $350,000, a one-time award of 70,000 phantom units of the Partnership and a one-time award of 20,000 phantom units of ATLS. The phantom units of the Partnership vest 25% per year over 4 years and the ATLS phantom units vest 25% on the third anniversary of the grant and 75% on the fourth anniversary of the grant. Upon vesting, the phantom units automatically convert to common units of the respective issuer. Mr. McDonie is also eligible for: (i) discretionary bonus compensation, which will be guaranteed for fiscal 2012 at $200,000; (ii) car allowance and country club dues; (iii) eligibility to receive subsequent grants of equity compensation; and (iv) participation in all employee benefit plans in effect during his employment.
The Agreement provides the following regarding termination and termination benefits:
-- ATLS may terminate Mr. McDonie's employment (i) for cause; (ii) without cause upon 60 days' written notice; (iii) for death or disability; or (iv) by non-renewal of the Agreement at the end of the term.
-- Mr. McDonie may terminate his employment for good reason or without good reason upon 60 days' prior written notice.
-- Upon termination of employment by ATLS without cause or by Mr. McDonie for good reason, Mr. McDonie will receive (i) his base salary paid through the end of the then-current term; (ii) pro-rated cash bonus for the year of termination, based on actual performance for the year; (iii) 100% accelerated vesting of his equity awards; and (iv) monthly severance pay in an amount equal to 1/12 of (x) his annual base salary and (y) the annual amount of cash bonus paid to Mr. McDonie for the fiscal year prior to his year of termination. For purposes of calculating the monthly severance payment upon termination of employment by ATLS without cause or by Mr. McDonie for good reason on or before December 31, 2012, the annual cash bonus paid to Mr. McDonie for the prior fiscal year is assumed to be $200,000. If Mr. McDonie's employment is terminated without cause or Mr. McDonie terminates his employment for good reason during the Initial Term, the monthly severance payments will be made for two years. If Mr. McDonie's employment is terminated due to a non-renewal for the first renewal period, the monthly severence payments will be made for one year and, if he is terminated thereafter, the monthly severence payments will be made for the unexpired term, as then in effect.
-- Upon termination of employment due to death or disability, Mr. McDonie will receive (i) his base salary paid through the termination date; (ii) pro-rated cash bonus for the year of termination, based on the bonus paid for the prior year (assumed to be $200,000 if Mr. McDonie's employment is terminated due to death or disability on or before December 31, 2012); and (iii) 100% accelerated vesting of his equity awards.
-- Upon termination of employment by ATLS for cause or by Mr. McDonie for any reason other than good reason in the first two years of employment, Mr. McDonie is subject to a one year non-competition covenant and will receive his base salary paid through the date of termination.
-- Mr. McDonie is also subject to confidentiality and non-solicitation covenants.