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More SYRG Info
CORPORATE OVERVIEW
Synergy is an oil and gas exploration and production company with properties located in the
Wattenberg Field, a sub area within the Denver-Julesburg Basin (DJ). The company began
operations in September 2008, when it reversed merged into a shell and agreed to acquire leases from
Petroleum Management (PM) and Petroleum Exploration and Management (PEM) two companies
controlled by the principal officers of Synergy, Ed Holloway and Bill Scaff. In short order, the
company contracted to manage and participate in 2 Kerr-McGee wells, acquired leases through
auctions and initiated a drilling program.
Investors, who originally funded the shell, were interested in tapping into the experience that
Holloway had accumulated by drilling 350 wells in the DJ basin over a 25 year period and Scaff had
developed in executive positions at Dresser Industries and TOTAL Petroleum. In 1997, the two cofounded
Petroleum Management (PM) and in 2001, Petroleum Exploration and Management (PEM),
a company that is now under non-binding letter of intent to be acquired by Synergy.
A relatively mature field, the multiple layered shale deposits within the DJ Basin has drawn
increasing interest as technology for hydraulic fracturing technology to stimulate production has
revitalized the area. In addition direction drilling has opened up the ability to drill multiple wells
from one platform and access deposits under built up or ecologically sensitive areas, while horizontal
drilling has been used to create a lateral well bore, which can more full exploit the reserves within
tight formations. Finally, producers are finding that the repeated “refracing” of wells has had the
result of improving production back up to and in some cases above prior levels, with a more gradual
rate of decline, thus giving new life to older wells as illustrated in Chart 1 on the following pages.
With the success of recent financings and a sale of leases, the company is in the throes of a $27.0m
investment program, $12.0m of which is for acquisitions including 8 wells purchased in FY Q1 and
for the pending deal with PEM. The other $15.0m is for the continuation of drilling and for the
hydraulic fracture stimulation of new wells to open additional zones of production and to revitalize
older wells acquired from PEM.
Wattenberg began producing in the early 1970’s and ranks as the 7th largest producing area in the
U.S. Returns are more moderate as compared to newer fields like the Bakken Shale of North Dakota,
but risks are considerably less and the success rate in drilling new wells is high. Moreover, new
technology has given the area new life.
Synergy Resources, Inc. OTC: SYRG.OB - $3.10
Independent Exploration and Production Oil & Gas
Synergy Resources continues an aggressive growth strategy to expand production
in the Denver Julesburg Basin with an initial focus on the Wattenberg Field.
With a 25 year history in the DJ Basin, drilling 350 wells and profitably selling two
operating companies, Synergy’s management is now seeking to exploit the revival
of the DJ Basin brought about by technological advances in fracture stimulation of
hydrocarbon deposits in shale. Existing wells can now be fracture stimulated multiple
times, resulting in improved flow rates sometimes exceeding original production, while
flattening the decline curve, increasing recoverable reserves and extending well life. In
addition, directional drilling allows for multiple in-fill wells to be drilled from one
platform, allowing for a fuller exploitation of reserves in built-up and developed areas.
This is particularly important in the Wattenberg Field, which lies under the I-25 urban
corridor north of Denver.
The company began FY 2010 with 2 productive wells and drilled another 22 during
the year. In Q1 FY 2011 another 14 wells were completed and 8 purchased and by
the end of December 2010, the company counted 50 gross wells (29 net). At the end
of Q1 FY 2011, the company had reserves of 661M Bbls of oil and 4.4BCF of gas. So
far in Q2, 11 of these wells have been fracture stimulated to open new production zones
resulting in increased production rates. This sequential “fracing” of production zones is
a strategy that is expected to maximize recovery.
With an $18.0m equity financing and a $5.6m lease sale during January combined
with $4.7m in cash at the end of the November 2010 quarter, the company has the
funds required to carry out a $27.0m capital spending program for fiscal 2011.
This is expected to include the acquisition of Petroleum Exploration and Management
(PEM) owned by company management which is under a non-binding letter of intent.
This purchase should increase the well count by 175% to 138 gross wells and lease
holdings by 40% to an estimated 15,000 net acres. The price is expected to be between
$14.0m to $17.0m in stock, cash and debt based upon a fairness opinion to be
determined by a third party. The company also has a letter of intent to issue 2.25m
shares to acquire leases on 110,000 acres in the eastern DJ Basin. Finally, the company
plans to spend $15.0m on its drilling and well re-fracturing program.
In Q1 the company posted $1.4m in revenues and generated $0.6m in earnings
before interest and non-cash charges. We expect revenues by the end of the year to
ramp to a $5.0m quarterly run rate and generating an EBITDA in excess of $2.0m.
These gains will come from a continuation of the drilling and “fracing” program, and
the addition of production from PEM wells.
We are initiating coverage with a Buy rating and a price target of $5.00 per share.
This is based upon the rising value of DJ Basin leaseholds and our estimate for the
company’s PV 10 Reserve value at year end to be in the $40.0m and command a
Price/Reserve multiple of 4.4x, which compares to a 7.5x ratio for its peers
SYRG - Bobwins - My Pee-Dinker EXPLODED today!
Did you ever look at it?
Here is today's news:
Synergy Resources Adds Over 85,000 Gross Acres to Its Lease Position in the Denver-Julesburg Basin
--------------------------------------------------------------------------------
Mon Feb 28 06:00:00 2011 EST
DENVER, Feb. 28, 2011 /PRNewswire via COMTEX News Network/ --
Synergy Resources Corporation (OTC Bulletin Board: SYRG), a domestic oil and
gas exploration and production company focused in the Denver-Julesburg Basin, today
announced that it has closed on outstanding letters of intent to acquire 80,558
gross lease acres (78,738 net) in the Denver-Julesburg Basin. All leases are a 10
year paid up term. The lease acreage all lies within the Eastern portion of the
D-J Basin Niobrara play.
Synergy also acquired 5,724 acres in Larimer, Park and Yuma Counties at the
February 17, 2011 Colorado state oil and gas auction. Synergy has a gross acreage
position in the D-J Basin of 122,833 gross (113,021 net) acres, making Synergy one
of the larger D-J Basin acreage holders.
Ed Holloway, CEO of Synergy, stated, "We are thrilled to announce the closing
of these lease acquisitions. The ability to assemble over 80,000 gross acres is
quite an accomplishment given the current competitive environment in the D-J Basin
where bonuses for leases are going for nearly $2,000 per acre. We are excited about
the potential of the leases and look forward to continue leveraging our relationships
and expertise in the D-J Basin."
About Synergy Resources Corporation
Synergy Resources Corporation is a domestic oil and natural gas exploration
and production company.Synergy's core area of operations is in the Denver-Julesburg
Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska.The Wattenberg
field in the D-J Basin ranks as the 7th largest field in the U.S. in terms of proved
gas reserves and 9th in production. Synergy continues to increase its acreage position
in the Denver - Julesburg Basin with 122,833 gross acres and 113,021 net acres under
lease. Synergy's corporate offices are located in Platteville, Colorado.More company
news and information is available at www.SYRGinfo.com.
This press release may contain forward-looking statements.The actual results
could differ materially from a conclusion, forecast or projection in the forward-looking
information. Certain material factors or assumptions were applied in drawing a conclusion
or making a forecast or projection as reflected in the forward-looking information.
SOURCE Synergy Resources Corporation
kipp440 Share Monday, February 14, 2011 2:13:34 PM
Re: None Post # of 8180
Breakwater Presentation
Here is a link to Breakwater's recent presentation:
http://www.breakwater.ca/Theme/Breakwater/files/BWR%20Presentation%20TD.ppt#316,1,BWR Investor Presentation
About half of the revs come from zinc, the rest is lead, copper, silver and gold. They are going to open another mine that has been on C and M.
I own it and sleep well at night. It is a steady buy and mold if you believe in both base and precious metals and an ever declining $USD.
O/T - I find the budget debate a horrific mess that makes me want to puke! No mention of entitlements, unions, pensions, bankrupt states, interest on the debt. PUKE, PUKE, PUKE, then go out and put your $USD in something tangible!
Don't forget your sweetheart today!
Kipp
OOPS, wrong board. Sorry about that.
Breakwater Presentation
Here is a link to Breakwater's recent presentation:
http://www.breakwater.ca/Theme/Breakwater/files/BWR%20Presentation%20TD.ppt#316,1,BWR Investor Presentation
About half of the revs come from zinc, the rest is lead, copper, silver and gold. They are going to open another mine that has been on C and M.
I own it and sleep well at night. It is a steady buy and mold if you believe in both base and precious metals and an ever declining $USD.
O/T - I find the budget debate a horrific mess that makes me want to puke! No mention of entitlements, unions, pensions, bankrupt states, interest on the debt. PUKE, PUKE, PUKE, then go out and put your $USD in something tangible!
Don't forget your sweetheart today!
Kipp
Brand New MEDUSA Presentation
http://media3.marketwire.com/docs/673486.pdf
Good info here on $186/ounce cash cost gold miner wit a plan!
Good Luck!
Kipp
PVG.TO - Presentation/Interview
Here is the website: (The "V" is for "Value")
http://www.pretivm.com/s/Home.asp
I have been studying Pretium this morning. Here is the latest presentation:
http://www.pretivm.com/i/pdf/CorporatePresentation.pdf
Here is an interview with Robert Quartermain and Jim Puplava that starts at the 40 minute mark. It sounds like they are focused on building shareholder value. There is a lot riding on the Brucejack drilling results. I feel good about longer term gains for Pretium.
Kipp
PVG.TO looking like AUMN II !!!!
MERC - THANKS cl001 and Nuts!
It took a while for the market to understand the under valuation of pulp stocks. I think we have a tiger by the tail here! I think earnings are reported Monday.
The chart says it all:
http://stockcharts.com/freecharts/gallery.html?MERC
Good Luck!
Kipp
AMY.V - Amer. Manganese PP $.30
They can sell shares at $.40. Will be interesting to see if they hold or sell.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/25/11) - American Manganese Inc. ("American Manganese" or the "Company") (TSX-V:AMY - News)(PINK SHEETS:AMYZF - News) announces an increase of its proposed non-brokered private placement to $4,215,689.10 through the issuance of 14,052,297 Units at a price of $0.30 per Unit.
This private placement has been fully subscribed.
Each Unit is comprised of one common share in the capital of the Company plus a two year share purchase warrant (the "Warrant"). Each warrant entitles the holder to purchase one common share at a price of $0.40 for two years from the date of issue.
This private placement could be subject to finders' fees which will be paid in accordance with the TSX Venture Exchange policies and is subject to the approval of the regulatory authorities.
The proceeds of this private placement will be used towards pre-feasibility, pilot plant, drilling, baseline environmental work and general working capital.
About American Manganese Inc.
American Manganese Inc. is a diversified specialty and critical metal Company focusing on potentially becoming the lowest cost producer of electrolytic manganese from its Arizona Manganese Project.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh, President and Chief Executive Officer
ALLANA DD - RISK
I had to dig hard to find an old post I made on Allana's board. I caught heck for it but I think it is still a valid risk. Has anyone seen a technical report that would shed light on the ore type Sylvite vs. Kainite Ore??? It makes a huge difference in conventional vs. solution mining.
Here is my old post from when I made my small investment November 2009.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43579170
Allana Risk - Sylvite vs. Kainite Ore ????
I went into the Dundee report and copied and pasted the parts dealing with ore quality. One big question in my mind is how much of the resource will be identified as Sylvite and how much is Kainite? This one sentence gave me serious heartburn:
"While conventional mining and processing of kainite is a proven process, Allana will need to test for its suitability for solution mining." 2/3rds of the reserve are listed as Kainite and they are basing everything on a solution mine? They have no idea if Kainite can be recovered????
And then there is this part, but no mention of what form the ore is: "Though very little remains of these holes, Parsons record’s show that the company intersected a roughly 45m thick potash horizon at 680m below the surface (see Exhibit 7)."
??????????????????????????
Allana’s Current Resource The Danakhil evaporite basin is one of the largest evaporite basins in the world, roughly twice the size of Russia’s Ural basin with similar geology. Allana’s NI 43-101* performed by Ercosplan (a reputable German engineering firm who specializes in potash engineering) showed an Inferred Mineral Resource of 105.2 million tonnes of potash mineralization with a composite KCL grade of 20.8% or 22 million tonnes of KCL equivalent. The Inferred Resource is broken into two sections:
• Sylvite: 31.3 million tonnes with a KCL grade of 25.4%
• Kainite: 73.9 million tonnes with a kainite grade of 61.7% (18.8% KCL grade)
In general, the assumptions used by Ercosplan are fairly conservative and only infer a resource for a radius of 750 meters from each drill hole whereas those for the potash
juniors in Saskatchewan range all the way up to 5,000 meters. The NI 43-101 only covered 10% of Allana’s property as it only used the historic drill holes from the northwest of Allana’s property (see Exhibit 5). Allana will be drilling to upgrade its inferred tonnes to measured and indicated and does expect to expand the section’s resources, the NI 43-101 suggests there could be as much as 10 times more. This would be enough to support a solutionmining operation (seeAppendix E), and is the
company’s primary focus. Allana is also targeting a much larger strike in the center of its property, discussed in the “Allana’s Potential Resource Section” on page 9.
Description of Current Inferred Resource
Potash is a general term used to describe various potassium-bearing ores. For a detailed explanation please refer toAppendix C.Allana’s current inferred resource is primarily a combination of sylvite and kainite. Ores are typically described in terms of their K2O content (a measure of the purity of the potassium contained within the ore).
Sylvite* is the most common form of potash ore and has a K2O grade of ~63%. Because of its high K2O concentration it is the most desirable potassium-bearing ore. Kainite is another form of ore with a much lower K2O concentration (~19%). It can
be found in parts of Europe and Russia. In fact, in earlier days, the German potash industry used tomine kainite due to its relatively low processing requirements.While conventional mining and processing of kainite is a proven process, Allana will need to test for its suitability for solution mining. Kainite will likely be used to produce potassium sulphate or SOP, used for the cultivation of chlorine-sensitive cash crops
(tobacco, fruits & vegetables) which can be burnt by conventional potash or MOP (muriate of potash).
Allana’s Potential Additional Resource Two previous drill holes (drilled by Parsons’ in the 60s) in the center of Allana’s
concessions are extremely promising. Though very little remains of these holes, Parsons record’s show that the company intersected a roughly 45m thick potash
horizon at 680m below the surface (see Exhibit 7). Given that potash deposits are typically found along long layers as they are the vestiges of land locked bodies of water long since evaporated, it is reasonable to assume that the deposit is a continuous layer. Allana is planning on performing seismic 2D surveys* of the potential site in 2010 and drilling thereafter to see if the deposit is a favorable alternative to their
current location.
APPENDIX E: SOLUTION MINING / SOLAR
EVAPORATION PROCESS
There are currently three solution potash mines in production (Belle Plaine [Mosaic],
Patience Lake [Potash Corp], Intrepid Moab [Intrepid Potash]) and four companies
which use solar evaporation (Israel Chemicals, Arab Potash Company, Sociedad
Quimica y Minera de Chile and Intrepid). In solution mining, water is saturated with
salt and the resulting brine is pumped through injection wells into the underground
mine workings. The injected brine dissolves potash below the surface. As the brine
dissolves the potassium, the double saturated potassium and salt brine becomes
heavier than the salt saturated brine causing it to sink to low points in mining caverns.
Extraction wells are installed at the lowpoints to pump the potash rich brine to the
surface.
This is when the solar evaporation takes places. The potash rich brine is then placed
into evaporation ponds. Blue dye, similar to food coloring, is added to the evaporation
pond brines, to aid in absorption of sunlight. The water then evaporates leaving only
potash and salt behind. The evaporation process, requiring only solar energy, is
highly environmentally friendly. Evaporation ponds are generally lined with a synthetic
rubber to prevent the valuable brine from escaping the ponds. The end result of the
evaporation process is a bed of potash and salt crystals that is harvested using
scrapers adapted from the earth-moving industry. The crystals from the ponds are
then sent to a mill where the potash is separated from the salt by a flotation process.
The potash and salt are then dried, sorted, and processed into various agricultural,
feed, and industrial products.
USDA Just Cut Global Corn Supply 10%!
If anyone had any doubt about corn prices and all grain prices holding up through planting season, the nails just got pounded in their coffin! Demand for fertility products will be greater than we have seen in farmer’s lifetimes.
Kipp
Here is a summary of what was reported this morning:
Feb. 9 (Bloomberg) -- U.S. stockpiles of corn before the next harvest will be 9.4 percent smaller than estimated last month, a bigger drop than expected, because of increased ethanol production, the government said.
The surplus on Aug. 31, the end of the marketing year, will be 675 million bushels, down from 745 million forecast in January and less than 1.708 billion on hand a year earlier, the U.S. Department of Agriculture said today in a report. Analysts surveyed by Bloomberg News expected 729 million bushels, on average. Corn prices have jumped 89 percent in the past year.
“The function of the market could be to trade higher to ration demand,” Dan Cekander, the director of grain research for Newedge USA LLC in Chicago, said before the report. The rally also will help to “encourage a large expansion in planted acreage,” he said.
Corn futures for March delivery fell 1 cent yesterday to close at $6.7375 a bushel on the Chicago Board of Trade. The price has surged in the past year as adverse weather reduced global production.
The ratio of U.S. corn inventories to usage will drop to 5 percent, matching a low set in the 1995-1996 marketing year, the USDA said.
Reduced corn supplies may increase expenses for meat companies such as Tyson Foods Inc. and Smithfield Foods Inc. Makers of corn-based ethanol such as Valero Energy Corp., Poet LLC and Archer Daniels Midland Co. may see margins squeezed.
Ethanol Production
A record 4.95 billion bushels will be used to make ethanol, up from 4.568 billion last year, the department said. In January, the USDA forecast ethanol production would consume 4.9 billion bushels.
About 1.95 billion bushels will be exported in the marketing year that ends Aug. 31, unchanged from January’s estimate and less than the 1.987 billion in the previous marketing year, the USDA said.
The amount of corn used in livestock feed will rise to 5.2 billion bushels from 5.14 billion estimated for the 2009-2010 year, the department said.
The USDA estimated world production in the 2010-2011 season, which began Oct. 1, at 814.26 million metric tons, down from 816.01 million forecast in January because of dry weather in Argentina. That compares with a record 812.34 million tons harvested last season.
China Production
China, the second-largest producer, will harvest 168 million tons, unchanged from last month, the USDA said. The forecast for China’s imports was left unchanged at 1 million tons, compared with 1.3 million tons last year.
Global consumption will reach 836.9 million tons, up from 836.12 million estimated last month and more than 815.01 million last year, the USDA said. It would be the second straight year world consumption exceeds output.
World inventories before next year’s harvest will total 122.51 million tons, down from 127 million estimated in January and from 145.16 million last year. Analysts surveyed by Bloomberg News expected stockpiles of 125.4 million, on average.
--Editors: Daniel Enoch, Patrick McKiernan.
POE Update
Big production hit may cause heartburn. Lots of high risk exploration slated for Indonesia. I may add on any sell off.
Here is the report:
-- Firm capital program of $71 million allocated $44 million to Thailand and $27 million to Indonesia. -- Thailand drilling program to include 37 wells comprised of 11 exploration wells and 26 development or appraisal wells intended to grow current production for average 2011 oil sales of 5,000 to 6,000 BOPD. -- Indonesia drilling program to include 6 high impact exploration wells, commencing in mid March 2011 with three wells at Batu Gajah.
INDONESIA OPERATIONS
Batu Gajah PSC (Pan Orient 90% Working Interest and Operator)
Steady progress was made through the latter part of 2010 on the land purchase, location construction, contract awards and approvals for the three well exploration program at the Batu Gajah PSC. Construction is approximately 50% and 80% complete on the SE Tiung-1 and Betano-1 locations, and has just commenced on Tuba Obi Utara-1 location. The Tuba Obi Utara-1 well will be the first well drilled in the program and is expected to commence on approximately March 15, 2011 and take approximately 21 days to total depth. The Tuba Utara-1 well will be immediately followed by wells at SE Tiung-1 and Betano-1.
Front end work also continues on a contingent three well program at Batu Gajah that would commence in late 2011 targeting new prospects and / or an appraisal of any success in the initial three well program. Another contingent item currently being worked on and being steered through the approval process includes 400 square kilometers of 3D seismic.
Citarum PSC (Pan Orient 69% Working Interest and Operator)
Work at the Citarum PSC is currently focused on the purchase of land for three drilling locations selected and approved in 2010. The current time table for the commencement of drilling the first of three wells is late in the third quarter or early in the fourth quarter of 2011.
THAILAND OPERATIONS
Thailand Production
Thailand oil sales averaged 2,249 BOPD (net to Pan Orient) in January 2011, and there is approximately 1,800 BOPD (net to Pan Orient) of additional production capability currently shut in at the WBEXT-1A, WBEXT-1, and WBEXT-1B wells until the award of a new production license by the Thailand Department of Mineral Fuels ("DMF") which is anticipated within the next 20 days. The 950 BOPD decrease in production from the last production update on January 6, 2011 is almost entirely attributed to an increase in the water cut at the WBEXT-1C well, which has now stabilized at 83%.
Wells at NSE-E4 and L53-C are currently testing or about to test, and a third well at WBEXT-1D will be perforated over two additional sandstone intervals. Two drilling rigs are currently operating for Pan Orient in Thailand with one at Concession L44 and another one at Concession L53. The base capital program for 2011 of 37 wells and associated production guidance is based on one drilling rig operating in Concessions L44 and L33 throughout the year and a second rig at Concession L53 for part of the first quarter of 2011. The second drilling rig will complete the firm three well program at Concession L53 and depending on results, it will be released. Depending on circumstances, including corporate production levels and the level of exploration and development success, the second rig may be utilized throughout all, or a large portion, of 2011.
Thailand Drilling
Concession L44 - Pan Orient Energy 60% and Operator)
WBEXT-4 Appraisal Well (Wichian Buri Extension Field)
The WBEXT-4 well was drilled from a surface pad approximately 1 kilometer north of the WBEXT-1 surface pad and 300 meters south of the Concession L33 / Concession L44 boundary. At approximately 414 meters true vertical depth ("TVD") the well encountered very good oil and gas shows within a sandstone zone approximately 14 meters thick and located within what is designated fault compartment II. The decision was made to stop drilling and test the zone which resulted in an initial rate of 40 BOPD (gross) of 22 degree API oil and a water cut of approximately 12%, mainly consisting of load fluid. Subsequently, the fluid rate dropped and the well was shut-in for observation to allow the fluid level to rise. It is suspected that the low degree API, waxy crude at this shallow depth (low temperature) is highly viscous under reservoir conditions resulting in the low fluid influx. The well is currently producing at approximately 30 BOPD (gross) with a water cut of 0.6%.
Fault compartment II was located due west of fault compartment I which had been proven oil bearing in the sandstone zone by the WBEXT-1B well. With fault compartment II, now shown to be oil bearing by the WBEXT-4 well, future wells will target this sand at a deeper depth where the oil is anticipated to be less viscous, and a horizontal well is being considered to possibly improve rates from this very good quality sandstone reservoir containing viscous 22 degree API oil.
WBEXT-1D Appraisal Well (Wichian Buri Extension Field)
The WBEXT-1D well was drilled due east of the WBEXT-1 well pad with the primary objective of testing the multiple oil bearing sandstones encountered in the WBEXT-1B well at a subsurface location approximately 400 meters to the south. Drilling was terminated at a depth of 700 meters TVD after encountering good to excellent oil shows over 12 separate sandstone intervals between 421 and 700 meters. Drilling fluid losses of 250 barrels in one sandstone interval indicate high permeability. Wire line log data was only achieved over the interval of 583 to 596 meters due to unstable wellbore conditions in this highly deviated well.
Testing has now been completed in two sandstone reservoirs with the lower most zone from 925 to 960 meters TVD testing gas at a maximum rate of approximately 0.7 million cubic feet per day (gross). A second shallower zone perforated from 760-790 meters TVD is currently producing 35 degree API oil at approximately 37 BOPD (gross) with a water cut of 0.05%. Two additional sandstone intervals between 620-650 and 560-590 meters TVD will be perforated within the next five days and commingled with the zone currently on production.
NSE-E4 Exploration Well
The NSE-E4 exploration well was drilled from the NSE-E well pad across a large bounding fault to the east targeting a potential volcanic reservoir underlying the main NSE Central volcanic reservoir. A 30 meter thick volcanic was encountered at a depth of 1088 meters TVD exhibiting good oil shows and high mud gas readings over the top 10 meters of this interval. High penetration rates were observed over this interval of oil shows and high mud gas readings suggesting the presence of fractures despite no indication of drilling fluid losses. Testing is anticipated to commence within the next 5 days.
L44-F Exploration Well
The L44-F exploration well will commence drilling within the next four days and is targeting both conventional sandstone and unconventional volcanic reservoirs within a large, approximately 11 square kilometer maximum structural closure at the sandstone reservoir level and approximately 13 square kilometer structural closure at the volcanic target reservoir level. The well is vertical and located approximately 4.2 kilometers southwest of the Wichian Buri oilfield and 1.8 kilometers due west and 100 meters up structure from the POE-7 well drilled by Pan Orient in 2006 that encountered over 50 meters of high quality sand at the L44-F sandstone target level, with oil shows interspersed throughout.
The L44-F prospect is located on a broad north-south trending ridge that is believed to be the focal point for hydrocarbon migration within the entire western portion of the L44 concession. At the sandstone reservoir level the ridge is segmented into three possibly independent fault bound structural closures totaling 22 square kilometers in maximum areal extent, the southern most closure at 11 square kilometers, being L44-F.
Concession L33 - Pan Orient Energy 60% and Operator
L33-2ST1 Appraisal Well (Wichian Buri Extension Field)
The L33-2ST1 appraisal well was targeting the WBV1 volcanic reservoir at a subsurface location that is 682 meters north east and up structure from the WBV1 volcanic at L33-2 (which was shut in after starting to produce significant quantities of water). The target was in a region that is currently defined as prospective resources in Gaffney Cline and Associates' recent third party resource report that was part of the L33 production license application.
The primary volcanic reservoir was encountered at a depth of 677 meters TVD, 28 meters high to the L33-2 discovery well, and exhibited high mud gas reading and oil shows over the upper 5 meters of a 37 meter thick volcanic section. Due to the lack of drilling fluid losses, the well was sidetracked approximately 60 meters east, a location interpreted to be closer to the main bounding fault and more highly fractured. Unfortunately, the wellbore intersected to main bounding fault prior to encountering the top of the volcanic target as a result of poor fault resolution on the 2D seismic data that this well was drilled on. The well is currently suspended and will be sidetracked to a location up-dip and in close proximity to the original L33-2 well. The target location for this well (L33-2st1) will be drilled from one of four recently approved locations that will be under construction shortly.
Concession L53 Pan Orient Energy 100% and Operator
L53-A1 Development well
The L53-A1 development well is currently drilling ahead at a depth of 1,010 meters TVD, approximately 30 meters above the K40-A sandstone zone, the first of three primary sandstone objectives which this well is targeting. Drilling is anticipated to be competed in the next 7 days, at which time the rig will move to the L53-B appraisal well location located approximately 2 kilometers north of the L53-A1 location.
L53-C Exploration Well
The L53-C exploration well was targeting multiple stacked sandstone reservoirs within an approximately 11 square kilometer structural closure. Oil shows were observed during drilling in sandstones over a gross 180 meter interval. Wire line logs, combined with oil shows observed while drilling, indicate approximately 9 meters of possible oil pay over the gross interval of 958 to 977 meters TVD. Testing will be required to confirm any hydrocarbon potential in this well and is anticipated to commence within the next seven to eight days when the service rig is anticipated to arrive from concession L44 to test both L53-C and L53-A1.
Bobwins - SYRG
I bought a few shares in a local driller. You might want to give it a 5 minute look see.
Kipp
DENVER, Jan 19, 2011 (BUSINESS WIRE) --
Synergy Resources Corporation (OTCBB: SYRG), a domestic oil and gas
exploration and production company, announced today that it has fracture
stimulated an additional zone (the Codell) in seven wells with the
following results:
24 Hour Test Rates
Well Name SYRG Oil Gas Barrels of Oil Initial
Current
Working (bbls) (mcf) Equivalent Rate Producing
Producing
Interest (BOE) Formation
Formation(s)
Meyer # 4 62.50% 82.6 794.1 215.0 J-Sand
Codell
Meyer # 7 62.50% 82.7 576.4 178.8 J-Sand
Codell
Northridge 11-4D 62.50% 265 1,239.3 471.6 J-Sand
Codell
Northridge 21-4D 62.50% 76.8 410.4 145.2 J-Sand
Codell
SRC Weideman 34-32 62.50% 177.5 444.6 251.6 J-Sand
Codell
Meyer # 2 62.50% 69.4 573.4 165.0 Niobrara
Niobrara & Codell
Northridge 4KD 31.25% 67.9 442.9 141.7 Niobrara
Niobrara & Codell
Ed Holloway, CEO of Synergy stated, "The initial flow rates of these
seven wells with the addition of the Codell zone show encouraging
results. In particular, the Northridge 11-4D well's initial results are
quite remarkable. We have now successfully opened additional zones in 11
wells drilled as part of our initial 36 well program. Exploiting the
potential of the multi-zone is an essential component of our business
strategy as we continue to increase cash flow for our stakeholders while
increasing proven reserves."
About Synergy Resources Corporation
Synergy Resources Corporation is a domestic oil and natural gas
exploration and production company. Synergy's core area of operations is
in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming,
Kansas, and Nebraska. The Wattenberg field in the D-J Basin ranks as the
7th largest field in the U.S. in terms of proved gas reserves and 9th in
production. Synergy continues to increase its acreage position in the
Denver--Julesburg Basin with 21,578 gross acres and 13,633 net acres
under lease. Synergy's corporate offices are located in Platteville,
Colorado. More company news and information is available at www.SYRGinfo.com.
This press release may contain forward-looking statements. The actual
results could differ materially from a conclusion, forecast or
projection in the forward-looking information. Certain material factors
or assumptions were applied in drawing a conclusion or making a forecast
or projection as reflected in the forward-looking information.
SOURCE: Synergy Resources Corporation
Company Contact:
Synergy Resources Corporation
William Scaff
Tel (970) 737-1073
or
Investor Relations:
GVC Advisors
Jon Kruljac
Tel (720) 488-4711
Email jkruljac@gvcadvisors.com
Copyright Business Wire 2011
--------------------------------------------------------------------------------
SYRG, SYRGE,
CO-SYNERGY-RESOURCES, biz, BUSINESS, csta+stories, ENERGY, financenews, financenews+select, hedge+funds, PETROLEUM, PUBCO+SELECT, PUBLIC+COMPANIES, WALL+STREET,
This content is for use with Interactive Data products by authorized persons only. Any reference, link, frame, or other use of this material without the explicit permission of Interactive Data is prohibited.
**STORYSRVR-B-01(WEBSTORY-B-02)(BIZ019b0474)
FECOF
eom7,
Do you know how many total shares are issued in FECOF. I got a 100k and will take the flyer with you guys.
I got a 10 share YES 10 share fill today at $00.024 then it took off!
Thanks,
Kipp
AUMN Support
AUMN support should be strong at $18.50, the price of the recent offering. I think a bid a little above $19 has a chance of getting filled. I sold 1/3rd of my shares north of $27 and plan to buy them back. Stop loss orders could get hit hard and fast!
Kipp
URG Upgrades coming out today on news.
*DJ Ur-Energy Target Raised To C$3.90 From C$3.50 By Raymond James >URG
--------------------------------------------------------------------------------
Thu Jan 13 07:17:55 2011 EST
(END) Dow Jones Newswires (212-416-2400)
01-13-11 0717ET
Copyright (c) 2011 Dow Jones & Company, Inc.
07:17 011311
URG News Yesterday.
This license has been years in the making. This has been my best stock since buying it for $.84 October 15, 2010. I think it will be a solid long term prospect as uranium prices rise and demand grows.
Ur-Energy Receives Draft NRC License for Lost Creek ISR Project
Littleton, Colorado (Marketwire – January 12, 2011) Ur-Energy Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or the “Company”) is pleased to announce that the United States Nuclear Regulatory Commission (NRC) has issued the draft Source and Byproduct Materials License Number SUA-1598 for its Lost Creek in-situ recovery project located in Sweetwater County, Wyoming. Issuance of this document is a milestone in obtaining the final NRC Source Materials License and is an indication that the licensing action is nearing completion.
In accordance with standard NRC practice, the Company has been granted a brief amount of time to review the Draft License and supply suggested changes to the NRC prior to the document becoming final. The NRC also continues its work towards issuance of the final Supplemental Environmental Impact Statement. The Company anticipates the NRC will issue the final Safety Evaluation Report with the final License. The issuance of the final License will conclude the NRC’s review and licensing process.
Wayne Heili, President of the Company’s subsidiary Lost Creek ISR, LLC, stated “We are very pleased that the NRC has reached a decision to move forward with the issuance of the Draft License based on their exhaustive safety and technical review of the license application. The NRC’s decision demonstrates that the Lost Creek Project is technically sound, protective of the environment, and that the NRC licensing process is nearing conclusion.”
MLL.TO Medusa
There wasn't much reaction one way or anotherr to this recent news. Do any of you want to share thoughts on Medusa. They are a low cost producer with cash flow and potential new deposits.........
Kipp
Medusa Mining Limited: Saugon Drilling Expands High-Grade Gold-Silver Potential
MLL.TO 6.66 -0.02
{"s" : "mll.to,mml.ax,mml.l","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: Medusa Mining Limited On Wednesday December 1, 2010, 4:06 am EST
COMO, WESTERN AUSTRALIA--(Marketwire - Dec. 1, 2010) - Medusa Mining Limited (TSX:MLL - News; ASX:MML - News; LSE:MML - News; "Medusa" or the "Company") through its Philippines operating company Philsaga Mining Corporation ("Philsaga"), advises that drilling at the Saugon Project's First Hit Vein Prospect has confirmed previous results from 2004 and extended the mineralised gold-silver zones to approximately 200 metres of strike and open along strike and at depth.
Highlights include:
---------------------------------------------------------------------------Hole Number Width (metres) Gold (g/t gold) Silver (g/t silver)---------------------------------------------------------------------------SDDH 37 2.15 13.30 179.85---------------------------------------------------------------------------SDDH 40 3.90 9.63 125.13---------------------------------------------------------------------------SDDH 41 3.35 11.71 154.23---------------------------------------------------------------------------SDDH 42 0.75 28.07 413.60---------------------------------------------------------------------------SDDH 43 1.50 15.81 232.50---------------------------------------------------------------------------SDDH 44 1.40 27.65 398.00---------------------------------------------------------------------------SDDH 64A 4.55 9.75 Not available---------------------------------------------------------------------------
Geoff Davis, Managing Director of Medusa, commented:
"These new high-grade gold-silver drilling results, whilst confirming and extending significantly the 2004 results, have the hallmarks of a substantial mineralised structure. The mineralisation is hosted by epithermal quartz breccias, stockworks and veins which may be linked to a porphyry copper system as indicated by the large coincident argillic alteration area and aeromagnetic low or demagnetised zone.
The deepest high grade intersection of 3.35 metres at 11.71 g/t gold and 154 g/t silver at approximately 180 metres vertically below outcrop and the robust new northern zone intersections indicate scope for substantial increases to this mineralisation. Work is on-going to further evaluate its potential to develop as a new deposit".
FIRST HIT VEIN
Background
Figure 1 shows the Saugon Project located approximately 28 kilometres by road from the Co-O Mill, and Figure 2 shows the regional geology, the location of the First Hit Vein and the Paradise & Mabas Prospects. Figure 3 shows the location of the First Hit Vein drill holes.
Figures 4 and 5 show interpreted cross-sections through the First Hit Vein and Figure 6 shows gram per metre contours projected onto a vertical plane looking northwest.
Work in 2004 involved drilling at the First Hit Vein (holes SDDH 1 to 35) in conjunction with underground development via a 30 metre deep inclined winze down the vein-breccia to assist in understanding the mineralisation.
The 2004 drilling indicated a well developed central zone (First Hit Vein) with two possible splays partly developed as footwall and hanging wall zones. Further details are contained in the announcement dated 20 April 2010.
Drilling
Drilling of 34 new drill holes totalling 7,493 metres (SDDH 36 to 68 inclusive) has been completed at the First Hit Vein. Assay results for holes SDDH 55, 57, 60, 62, 63, 65 and 68 are awaited.
The aim of the drilling was to repeat the 2004 un-surveyed holes in order to establish the geometry of the mineralised system and to gain a better understanding of the mineralisation. Drilling is continuing.
The results broadly confirm the 2004 drill holes with some wider intersections with mid-range grades as well as narrow zones of high grades. The style of mineralisation appears to be quite variable, from some well formed veins to hydrothermal breccias to stockworks. Strong silver values and base metals, particularly lead and zinc appear to correlate reasonably consistently with the main vein.
To view Table I. First Hit Vein drill hole results greater than 1 g/t gold and greater than 0.2 metres downhole, please visit the following link: http://media3.marketwire.com/docs/medusa_12_01_2010_table.pdf.
MART Resources
I added more MART last week. It reminds me of Pan Orient in the early stages. If the results from UMU-6 gush.....so will the share price! Here is the latest presentation from late June:
http://www.martresources.com/wp-content/uploads/2010/07/14/MART_Presentation_0629102.ppt#296,1,Slide 1
Here is the website: http://www.martresources.com/?page_id=404
I see they have a partner but it was not obvious who that partner is???
Kipp
Nuts - Would you mind summarizing your favorite holdings going into year end?
I am cooking a 24 pound turkey for my extended family today. It takes about 5 hours so I am looking over my investments and thinking of the best way to position for the 4th Q earnings reports (between bastings!). I am with you on Breakwater and Mercer, I also have Tembec, Alexco, First Majestic, and Golden Minerals. I have URG as a Uranium speculative flyer.
I do not have any fracing stocks, nor do I hold any of the dividend paying royalty/trusts I see you mention.
I would be thankful to hear your ideas on the overall markets as well.
Thanks in advance!
Kipp
AXU - Good Management
Cl001, AXU is another example of what happpens with a well managed miner. CS.TO Capstone comes to mind.
Can you take a minute to list your favorite mining stocks and a couple sentences on why you like them.
Have you heard anything from AUMN?
Good Luck!
Kipp
AXU - Alexco Updates Progress on Bellekeno Mine and Mill Commissioning
.
Companies:Alexco Resource Corp.Alexco Resource Corporation.Related Quotes
Symbol Price Change
AXR.TO 7.07 +0.42
Press Release Source: Alexco Resource Corp. On Friday November 19, 2010, 8:18 am EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/19/10) - Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to report on the progress of mill commissioning at the Bellekeno mine. The concentrator is now running at design capacity and has produced silver/lead and zinc concentrates. By design, the initial commissioning has used low grade material to identify normal deficiencies and bottlenecks which have been systematically addressed. The current focus of mill operations is to optimize lead/silver/zinc recovery and to increase efficiency of the milling equipment and process flowsheet, and the grade of the ore being processed from the Bellekeno mine is now being progressively increased. Updated photographs of the mill in operation are available on Alexco's website.
"It is notable that from the initiation of Bellekeno's mine development and mill construction, production has been achieved in less than a year. This success is a testament to the skill and dedication of Alexco's people and partners," commented Clynton Nauman, President and Chief Executive Officer of Alexco.
Keno Hill Silver District History
Between 1921 and 1988, the Keno Hill Silver District produced more than 217 million ounces of silver with average grades of 40.5 ounces per ton silver, 5.6% lead and 3.1% zinc (Yukon Government's Minfile database). The historical production grades would rank Keno Hill in the top 3% by grade of today's global silver producers. The Keno Hill district is the second-largest historical silver producer in Canada.
New Medusa Presentation
Big growth plans/low cash cost:
http://www.medusamining.com.au/newsroom/asx/101101_presentation.pdf
LYNAS Corp LYC.AX - LYSCF.PK
Rare Earth Metals
http://www.lynascorp.com/
Presentation: http://www.lynascorp.com/content/upload/files/Lynas_Corps_J_P_Morgan_Presentation_September_New_York__FINAL.pdf
China Pledges Rare Earth Supplies, Signals Exports May Rebound
By Bloomberg News - Oct 20, 2010 China pledged to maintain supplies of rare earths and signaled exports of the ingredients used in electronics, wind turbines and smart bombs may rise next year.
The Commerce Ministry denied reports in the New York Times and China Daily that the government plans further export cuts and has extended an embargo of Japan to include the U.S. and Europe. “China will continue to supply rare earth to the world,” the ministry said in a faxed response today.
“China might raise the production cap and export quota slightly next year,” said Wang Caifeng, until last week the deputy director at the Ministry of Industry and Information Technology who oversaw the sector, adding that it was her personal opinion. She is now in charge of setting up the ministry-affiliated China Rare Earth Industry Association.
More than 90 percent of the rare earth produced worldwide is mined in China, which cut its second-half export quota by 72 percent this year, spurring a trade dispute with the U.S. and raising tensions with Japan. The Chinese government said it aims to shut polluting and loss-making mines and ensure it can meet domestic demand as the nation tries to stem environmental damage and develop more value-added industries.
“To protect exhaustible resources and ensure sustainable development, China will continue to implement restrictions on the mining, production and export of rare earth,” the Commerce Ministry said.
Rare earths are a group of 17 chemically similar metal elements, including lanthanum, cerium and neodymium, that are used in relatively small amounts in a range of applications, including Boeing Co. helicopter blades, Raytheon Co. missiles, Toyota Motor Corp. hybrid cars and wind turbines.
Growing Competition
Communist Party leaders meeting in Beijing this week outlined plans to build a fairer society through investing in technology industries such as alternative energy, and by conserving natural resources and tackling pollution. That’s likely to increase competition with developed economies such as the U.S. and Japan for resources needed to fuel this growth.
China invested $34.5 billion in low-carbon energy technologies last year, according to Bloomberg New Energy Finance. The U.S. spent $18.6 billion.
The U.S. is considering making a case at the World Trade Organization over China’s aid to its clean-energy producers, acting on a complaint from the United Steelworkers union that says the assistance violates global trade rules.
‘Bit Hypocritical’
“There’s no need to politicize the issue” of rare earth exports, Wang said. “It’s also a bit hypocritical for the developed countries to ask China to reduce carbon emissions and reduce energy consumption, while criticizing China’s move to consolidate the rare earth industry to preserve its own environment.”
China has already cut the number of rare earth companies this year, said Li Zhong, deputy general manager of Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co.
“There used to be many smaller miners and producers, but this year, after China tightened production rules, all of them were forced out of business,” he said at a conference on the minerals in the northeastern Chinese city of Xiamen today. “We are the sole producer now in” Inner Mongolia.
By 2015 the government wants to reduce the number of rare earth oxide producers from 90 to 20, he said.
China set the production cap at 89,200 metric tons this year, while slashing its export quota to 22,300 tons, according to estimates by Guosen. “The reduction of output and exports this year was to prevent raw materials being sold too quickly and too cheaply,” Peng said by phone from Shenzhen today, adding that rising prices may lead to higher exports.
Getting Rarer
Domestic rare earths deposits dropped to 27 million metric tons by the end of 2009, or 30 percent of total known global reserves, from 43 million tons, or 43 percent of the world total, in 1996, Chao Ning, section chief of foreign trade at the Commerce Ministry said on Oct. 16 at a Beijing conference.
China hasn’t resumed exporting rare earth minerals to Japan after shipments were curtailed last month during a territorial dispute, Chief Cabinet Secretary Yoshito Sengoku said today in Tokyo. “The situation with regard to Japan hasn’t changed.”
Japanese officials said supplies were cut after a Chinese fishing trawler collided with two Coast Guard boats in the East China Sea near islands claimed by both countries. Restrictions disproportionately affect Japan because it accounts for 65 percent of Chinese rare earth metal exports, according to a Sept. 24 report by Macquarie Group Ltd.
Plan B
“We’re focusing on the domestic market and we haven’t been trying to get government export licenses lately,” John Jiang, a sales manager in charge of exports at Hong Kong-listed China Rare Earth Holdings Ltd., said today. The company exports 30 percent of its products to Japan, Jiang said in an interview on Sept. 28. He declined to comment today.
The Japanese government has set aside $150 million to help find alternatives to rare earths and source supplies from other countries, Shigeo Nakamura, president of Advanced Material Corp., said at today’s conference.
Toyota Tsusho Corp., a trading company affiliated with Toyota Motor Corp., has formed a joint venture with Sojitz Corp. and a Vietnamese state-run mining company to export the metals to Japan from 2012, spokesman Katsutoshi Yokoi said. The company acquired Tokyo-based rare earth metal importer Wako Bussan Co. in December 2008, which will import from India from next year.
Showa Denko K.K., the world’s second biggest hard-disk maker, opened a rare earth plant in Vietnam in May this year.
“Most well-run companies have stocks of materials and they are not going to be impacted in the short term,” said Dudley Kingsnorth, chief executive officer of Perth-based Industrial Minerals Co. of Australia. “In the longer term, there are a number of projects coming through.”
Sydney-based Lynas Corp. is building a A$550 million ($532 million) rare earth minerals project in Australia.
Carnarvon CVN.AX Presentation
http://www.carnarvon.com.au/docs/Oct%202010%20Investor%20Presentation.pdf
Here is the latest presentation from Carnarvon. This looks solid to me and I am with nutsabout golf that the new wells in Thailand are a "game changer". Stock has gone from $.35 to $.50 since they reported new find. Should test old highs in the $.80's on strong oil price and new production.
Kipp
URG - Uranium taking off.
http://stockcharts.com/charts/gallery.html?urg
I bought this stock at $.84 now it is breaking out. Maybe we need to look at uranium miners.
Kipp
O/T - USD Breaking Down Tonight
Are you seeing this meltdown tonight?
http://quotes.ino.com/chart/index.html?s=NYBOT_DX&t=&a=&w=&v=i
ATPG Brand New Presentation
I gotta go to work so no time to look at this until later this morning.
Here it is: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjU4Njh8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Good Luck!
Kipp
ATPG is scheduled to present on Wednesday, October 13th at IPAA’s OGIS San Francisco. The live webcast by Chief Financial Officer Al Reese, Jr. begins at 4:10 pm PT at www.atpog.com and http://www.investorcalendar.com/CEPage.asp?ID=161726. The slides accompanying the presentation will be posted prior to the market open on Wednesday at the company’s website at www.atpog.com.
The focus of the investor presentation includes the recent increase in production at ATP’s 100% owned Telemark Hub, ATP’s consistent growth in reserves not only at individual deepwater projects but across the company’s history, an analysis of ATP’s liquidity as a result of the recent ATP Titan monetization and the significance of the Gulf of Mexico deepwater to the energy supply of America. Independents hold a majority interest in 81% of producing leases, 66% of all Gulf of Mexico leases and 52% of deepwater leases.
In addition to the presentation, ATP is scheduled to meet individually in one-on-one sessions with interested investors, shareholders and bondholders. Contact Mr. Reese at the conference or email sthornton@atpog.com for individual meeting requests.
OT Hugo Chavez nationalized a large U.S. and Italian-owned fertilizer factory on Sunday, just days after vowing to radicalize his state-led revolution in the aftermath of elections last month.
The government will take over Fertinitro, one of the world's main producers of nitrogen fertilizer and part-owned by private U.S. company Koch and Saipem (SPMI.MI), a subsidiary of Italy's Eni (ENI.MI), Chavez said.
During 12 years in power, the 56-year-old former soldier has put large swathes of the OPEC member country's economy into state hands. On Sunday, he also announced the nationalization of Venezuelan motor lubricants company Venoco.
"Expropriate it." Chavez said in a live TV broadcast from a farm the government bought two years ago. He then said the government will take control of almost 200,000 hectares (494,000 acres) of land owned by British meat company Vestey Foods Group on October 20. The government has been in talks for months to buy the Vestey cattle ranches. [ID:nN28113405]
"It's a friendly agreement, I am very thankful to the owners of the English company, which has been here for more than 100 years," Chavez said, on the six-hour TV show.
In 2005, the government nationalized four Vestey cattle ranches, turning the land over to hundreds of peasant farmers who grow mainly vegetables, maize and beans.
The president also said he was sending a bill to parliament that will allow the government to expropriate unused urban land and stalled construction projects, in a bid to speed up new home builds.
A shortage of quality housing is a serious problem that Chavez has struggled to tackle, with many of the country's more than 28 million people living in precarious city slums prone to collapse in the rainy season. The housing deficit is exacerbated by a fast-growing population.
Chavez has stepped up nationalizations since his Socialist Party won a reduced majority in a legislative election in September. Last week the government took over agricultural supplies firm Agroislena.
When the new parliament is formed in January, the Socialist Party will not have the two-thirds majority needed to pass some major legislation, such as the urban land bill, which will likely be passed before then.
Venezuela's state petrochemicals firm Pequiven holds 35 percent of Fertinitro, a Koch Industries subsidiary holds 35 percent and Saipem holds 20 percent. Another 10 percent is owned by Venezuela brewer and food firm Polar.
The affected companies did not immediately respond to requests for comment.
Last month, Fitch Ratings maintained Fertinitro Finance's $250 million 2020 bonds at 'CCC' on rating watch negative.
"Fertinitro, located in the Jose Petrochemical Complex in Venezuela, ranks as one of the world's largest nitrogen-based fertilizer plants, with nameplate daily production capacity of 3,600 tonnes of ammonia and 4,400 tonnes of urea," the Fitch report said. (Reporting by Eyuanir Chinea; Writing by Frank Jack Daniel; editing by Christopher Wilson)
cl001 - ATPG Chart
Looks Great! Fireworks a real possibility. I don't think I have ever owned a stock that had a 50% short position!!
http://stockcharts.com/charts/gallery.html?ATPG
When do your call options expire?
Kipp
ATPG - Everything Coming Together!
I am tempted to buy more. It seems like a lot of risk has been mitigated with recent financing, new production, and now the iminent lifting of the drilling ban.
I hope the regulators invested in anti-porn surfing software for the bozos in charge of implementing the new rules and regs!
Kipp
Please use "OT" and/or put ticker symbols in front of your posts.
This board is getting sloppy with a lot of Off Topic posts and folks not using ticker symbols at the beginning of posts. There are plenty of other boards available to chat about where you think the macro world is headed.
Thanks!
Kipp
Breakwater Resources Ltd. (TSX:BWR - News; TSX:BWR.WT.A - News) -
Unionized workers voted to accept a new contract at the Toqui mine in southern Chile today. It is expected that normal mining and milling activities will resume in the next several days.
The contract was renewed for a period of three years. At an annual rate of production of 520,000 tonnes per annum the new contract will add just over US$1.00 to the current annualized per tonne milled costs.
With this investment in its workers and the recent investments in the property, Breakwater can continue to pursue its aim of having a vibrant, profitable, sustainable operation in southern Chile which will continue to provide rewarding, long term employment for the region.
ATPG Shorts
50% of the shares short! WOW! You would have to be nuts to stay with that trade after the recent financing and getting these new wells hooked up. All with the backdrop of a sinking dollar and higher oil prices. There could be some real old fashioned fire works on a short squeeze. I think a lifting of the drilling ban, more wells getting hooked up, and strong oil prices spell doom for short sellers!
Good Luck,
Kipp
ATPG
The main concern has been whether or not they were going broke. Approx. additional cash flow from this new well of $575,000 per day translates to $51,660,000 per month and will keep them operating. They have more wells coming that can be hooked up and I think they are in the clear as far as bk being a possibility. The drilling ban will be lifted as importing $80-100/bbl dollar imported oil will be political hot potato.
The 42% short interest will come in to play at some point as they continue to produce cash flow.
My 2 centavos.
Kipp
TLH.TO - TLTHF.PK Trading
Does anyone know if the US pink sheet trades today if the Canadian market is closed?
Thanks,
Kipp