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Exxon says govts should open access to oil reserves
MADRID, July 1 (Reuters) - A tight oil market could be loosened if resource holders removed restrictions to investment, the Chief Executive of Exxon Mobil (XOM.N: Quote, Profile, Research) said on Tuesday, adding that in the United States the public mood was moving against environmental bars on drilling.
Rex Tillerson said many governments who said they were not happy with the current oil supply-demand situation could improve it by giving access to international oil companies to exploit their oil fields.
Tillerson added that he understood Alaskans were disappointed when the U.S. Supreme Court overturned a $2.5 billion punitive award related to the Exxon Valdez oil spill but hoped the decision would not mar the company's relationship with the state. (Reporting by Tom Bergin; Editing by Erica Billingham)
Oil rises above $141 a barrel, may spike further on persistent supply concerns
Oil rises above $141 a barrel, may spike further on persistent supply concerns
Oil rose above $141 a barrel Wednesday, with analysts warning that prices may spike further amid persistent concerns over tight supply and tensions in the Middle East.
Oil prices were kept in check by a slightly stronger U.S. dollar, which gained against the Japanese yen and stood its ground against the euro.
"The bullish sentiment remains," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "Until we see global demand easing, the supply side concerns will keep pricing bubbling."
By midday in Europe, light, sweet crude for August delivery was up 26 cents to $141.23 a barrel in electronic trading on the New York Mercantile Exchange.
Prices rose as high as $143.33 a barrel Tuesday, just 34 cents shy of Monday's trading record, before settling at $140.97.
In London, Brent crude futures were up 93 cents to $141.60 on the ICE Futures exchange.
Shum said the advance was fueled by an International
Oil Jumps on Fears Iran Could Be Attacked
Crude futures were gaining ground Tuesday, buoyed by persistent weakness in the dollar and heightened tension between Israel and Iran that some Pentagon officials believe is careening toward a military conflict.
West Texas crude for August delivery was recently trading $2.66 higher at $142.66 a barrel at the New York Mercantile Exchange, and Brent crude was gaining $2.51 at $142.34 a barrel.
Reformulated gasoline is up 5 cents at $3.55 a gallon, heating oil is trading 8 cents higher at $3.98 a gallon, and near-term natural gas is up 17 cents at $13.52 per million British thermal units.
The dollar continued its slide in overnight trading in Asia in Europe, breaching $1.58 against the euro, 105 yen, and testing $2 against the British pound -- all considered major resistance levels.
“The chances of Exxon and Chevron getting a major field, a production sharing agreement are zil; I’ll go to my grave saying that I don’t care what (Iraqi Oil Minister Hussein) Shahrastani does,” says Robert Baer, a former CIA agent with extensive experience in the Middle East.
“There is no way the Iraqis are going to, in the long run, cede sovereignty for US bases, or oil production, it will be a killer for any government,” he said.
Some analysts insist the recent deals--which were supposed to be inked yesterday but were not--suggest Iraq has turned the corner and that by summer’s end Westerners will be upgrade rickety Iraqi oil fields. (They will be doing this remotely though, outside the country, directing Iraqi petroleum engineers, at least initially, just as oil executives met with Iraqi officials in Amman.)
But Baer insists this is an attempt by the Bush Administration to suggest Iraq’s return to normalcy and that increased oil revenues might finally start paying for America's continued presence, as Washington promised since the war’s beginning.
war in Iraq was largely over oil, as former Federal Reserve chairman Alan Greenspan essentially admitted, Western oil companies might have done better had they convinced the Bush Administration not to do them any favors.
This despite the recent news that Iraq is now prepared to offer technical support contracts for major Western firms including ExxonMobilEXXON MOBIL CORPXOM
88.35 0.22 +0.25% NYSE
Quote | Chart | News | Profile
[XOM 88.35 0.22 (+0.25%) ], Shell, BPBP P L CBP
68.17 -1.40 -2.01% NYSE
Quote | Chart | News | Profile
[BP 68.17 -1.40 (-2.01%) ], ChevronCHEVRON CORPCVX
99.08 -0.05 -0.05% NYSE
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[CVX 99.08 -0.05 (-0.05%) ] and France’s Total, along with a few smaller firms.
The realities on the ground in Iraq nowadays, after a bitter five year occupation, are such that this may be the very best the oil companies can expect. The really big money which could be earned in production sharing agreements are probably no longer possible, if they ever were in a truly independent and intensely nationalistic Iraq.
A Big-Oil Iraqi Invasion
Five years after the U.S. military moved into Iraq, it's beginning to look like the nation may be moving toward a boost to its oil output. And it stands to do so by encouraging a second western wave, this one made up of big oil companies.
Kill the Oil Speculators: Raise Margin Requirements, Force Physical Delivery
TransCanada's bid for Alaska pipeline debated
Tuesday July 1, 5:12 pm ET
By Steve Quinn, Associated Press Writer
Alaska lawmakers debate TransCanada's bid for natural gas pipeline
BARROW, Alaska (AP) -- Alaskan lawmakers on Tuesday resumed the debate on whether TransCanada Corp. should be issued an exclusive state license to build a pipeline to carry natural gas from the nearby North Slope to Midwestern markets.
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The natural gas fields, where the proposed multibillion dollar project would be anchored, are about 300 miles away.
Lawmakers chose Barrow for the hearing because for 30 years, the region has produced the oil flowing down the trans-Alaska pipeline system. That oil is currently responsible for about 90 percent of the state's treasury, but the fields are dwindling at about 6 percent production a year.
A natural gas pipeline is seen as a key component to keeping state coffers solvent, and a potential boost to this region's economic development.
Lawmakers have until Aug. 2 to either support or reject TransCanada Corp.'s bid for a state license, but a vote is expected much sooner.
TransCanada is proposing a line that would travel 1,715 miles from the North Slope southeast to a pipeline hub in Calgary, Alberta, that connects to all the major markets on the continent.
But ConocoPhillips and BP PLC said they are moving forward with a competing pipeline, called Denali, outside the state's bid-requirement law that would afford TransCanada up to $500 million in seed money.
For some folks in Barrow, the gas line debate was a secondary topic because North Slope gas isn't expected to be in any pipeline for at least 10 years.
Many residents and community leaders instead wanted to talk about more immediate issues: soaring energy costs; jobs; how offshore drilling will effect the whaling industry.
Property taxes from the trans-Alaska pipeline system have helped the North Slope Borough keep power costs down over the years, but it's still expensive compared the state's more urban areas.
Visitors are getting a taste of that sticker shock this week, especially when perusing local stores for perishable and dry goods. The costs are more than twice what people in other regions of Alaska pay, like shelling out $10 for a gallon of milk.
"Every time something costs a dollar in Anchorage, it costs a $1.89 in Barrow," said Debby Edwardson, who chairs the North Slope Borough school board.
"It's good they are here; this is where the resources come from. It's not often we are at the discussion table."
Lawmakers traveled to Barrow from as far away as Ketchikan, the Aleutian Islands region and from within the North Slope Borough.
Getting here took as many as three flights for some lawmakers. Some arrived Sunday, when they began mingling with 4,000 plus residents, most of whom are of Inupiat Eskimo descent. Part of the local festivities this week included a whaling festival.
Some lawmakers have questioned the costs of taking the hearings on the road to Barrow, estimating that it could push the cost of special sessions past $2 million.
Lawmakers will return to Juneau for a second special session July 9 and are expected to quickly take a vote on Palin's recommendation to award TransCanada a license to proceed with a gas line project.
India's Iranian Pipeline Deal
Maha Atal 07.01.08, 7:20 PM ET
India, Pakistan and Iran will sign a deal this month to build a natural gas pipeline to help feed the subcontinent's desperate need for energy, a major blow to American sanctions against Tehran and a defeat for U.S. influence in South Asia.
The $7.5 billion, 1,700-mile Peace Pipeline (IPI) project would bring gas from the South Pars Gas Fields through Balochistan (in Western Pakistan) into India. The project has stalled multiple times since first proposed in 1994 due to political tensions, changing governments, conflicts over prices, and most recently, the weight of American opposition.
The agreement comes amid growing tension between the United States and Iran, which the U.S. has sought to isolate from the world community. But rising fuel prices and a soaring Indian economy seem to have outweighed America's desires--as well as a rival plan for a U.S.-backed pipeline from Turkmenistan.
Though Iran and Pakistan finalized a deal earlier this spring, India remained noncommittal. IPI advocates say the reluctance is due to American pressure: The 2006 U.S.-India nuclear agreement puts pressure upon India to cooperate with American foreign policy goals, and bolstering the Iranian economy through oil imports is hardly on Washington's to-do list.
NEW YORK (MarketWatch) - Natural gas and oil service shares stocks moved higher Tuesday but oil producers fell as the sector kicked off the second half of 2008 with a mixed performance, despite higher oil prices.
Crude futures rose 97 cents to $140.97 a barrel on jitters over a possible conflict between Iran and Israel. See full story.
The Amex Oil Index (XOI:amex oil index
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Last: 1,530.12-5.05-0.33%
6:18pm 07/01/2008
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XOI 1,530.12, -5.05, -0.3%) fell 0.3% to 1,530 points. Component BP (BP:BP p.l.c.
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Last: 68.17-1.40-2.01%
4:00pm 07/01/2008
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BP 68.17, -1.40, -2.0%) fell 2% to $68.17 a share on the possibility employees at its Russian TNK-BP joint venture may be denied visas needed to remain in the country.
Chevron (CVX:Chevron Corp
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Last: 99.08-0.05-0.05%
4:02pm 07/01/2008
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CVX 99.08, -0.05, 0.0%) said Tuesday it'll resume oil production within days at its Escravos loading terminal in Nigeria after an attack by militants last week. The attack cut output by 120,000 barrels a day. Agbami, a field about 70 miles offshore, will start production in a few weeks and eventually reach a peak target of 250,000 oil-equivalent barrels a day after several months, a Chevron official said. Shares fell 5 cents to $99.08.
One bright spot in the Amex Oil Index was Occidental Petroleum (OXY:Occidental Petroleum Corporation
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Last: 91.46+1.60+1.78%
4:00pm 07/01/2008
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OXY 91.46, +1.60, +1.8%) , up nearly 1.8% to $91.44. On Monday, the oil producer said it would invest more than $1 billion to boost production in the mature Permian Basin in Texas.
The Amex Natural Gas Index (XNG:amex natural gas index
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Last: 757.19+7.65+1.02%
6:18pm 07/01/2008
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XNG 757.19, +7.65, +1.0%) rose 1% to 757 points. Component Questar (STR:Questar Corporation
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Last: 73.38+2.34+3.29%
4:05pm 07/01/2008
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STR 73.38, +2.34, +3.3%) led the index with a rise of 3.3% to close at $73.38.
The Philadelphia Oil Service Index ($OSX:Philadelphia Oil Service Sector Index
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Last: 356.76+2.61+0.74%
12:00am 07/01/2008
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$OSX 356.76, +2.61, +0.7%) rose 0.7% to 356.8, reversing its downward course from earlier in the session.
The International Energy Agency said in its Medium-Term Oil Market Report Tuesday that structural demand growth in developing countries and ongoing supply constraints continue to paint a tight market picture, despite a cut in its global demand forecast due to weaker economic growth and high prices.
The IEA cut its global demand estimate for 2008 by 1.4 million barrels a day to 86.87 million barrels.
The U.S. is in an "energy crisis," presidential candidate Sen. John McCain said late Monday, speaking to residents of a small Pennsylvania community and outlining his plans to boost nuclear, solar and other forms of alternative energy. McCain, reaching out to swing voters in Pennsylvania, also said the U.S. is winning the war in Iraq but can't bring troops home according to a set date
Tight Supply Pushes Oil Prices Higher
Lionel Laurent, 07.01.08, 6:45 PM ET
LONDON - Even with OPEC pumping oil at record levels oil supplies are tight, sending already-high oil prices soaring despite sliding demand in the U.S. and Europe.
Although demand for oil is on the decline in most developed countries, as economic growth and higher fuel prices take their toll, the Paris-based International Energy Agency warned on Tuesday that supply constraints and fast-growing emerging markets would keep the balance tight over the medium term.
U.S. Treasury Secretary Henry Paulson agreed. During a visit to Berlin he said "there don't seem to be any obvious short-term solutions" to soaring oil prices.
As for the OPEC oil-exporting cartel--which has staunchly refused to hike production significantly--don't expect its position to change anytime soon. The organization's president, Chakib Khelil, said that concerns about demand destruction meant that it might think twice about investing to expand production capacity.
Ongoing tensions in the Middle East pushed oil prices higher as well.
Light, sweet crude for August delivery rose 97 cents to settle at a new high of $140.97 per barrel, from $140 per barrel, at the close in New York. The European Brent crude benchmark lifted to $141.34, from $139.31 per barrel.
Ahead of the Bell: Oil Inventory Report
Wednesday July 2, 6:12 am ET
Analysts expect crude-oil inventories fell last week after unexpected gain in prior period
WASHINGTON (AP) -- Government data scheduled for release Wednesday is expected to show that crude-oil inventories fell last week after an unexpected gain in the prior period.
The Energy Department's forecasting arm, the Energy Information Administration, publishes petroleum inventory data for the week ended June 27 at 10:35 a.m. EDT.
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Analysts expect oil stockpiles fell last week by 1.2 million barrels, according to a survey by Platts, the energy research arm of McGraw-Hill Cos. For the week ended June 20, crude-oil inventories rose by 800,000 barrels, or 0.3 percent, to 301.8 million barrels, which were 14.4 percent below year-ago levels.
Meanwhile, gasoline inventories fell by 100,000 barrels to 208.8 million barrels, which were 2.3 percent above year-ago levels. Analysts expect stockpiles of the motor fuel fell by 500,000 barrels last week.
Demand for gasoline over the four weeks ended June 20 was 2.1 percent lower than a year earlier, averaging nearly 9.3 million barrels a day.
At the same time, U.S. refineries ran at 88.6 percent of total capacity on average, a drop of 0.7 percentage point from the prior week. Analysts expect capacity rose by 0.5 percentage point last week.
Inventories of distillate fuel, which include diesel and heating oil, rose by 2.8 million barrels to 119.4 million barrels for the week ended June 20. Analysts expect distillate stocks rose by 2.4 million barrels last week.
At the pump, gas prices rose less than a penny overnight to a record-high national average of nearly $4.09 a gallon, and are well above the year-ago average of about $2.96 a gallon, according to AAA and the Oil Price Information Service.
Light, sweet crude for August delivery rose 97 cents to settle at $140.97 on the New York Mercantile Exchange Tuesday.
Energy Sector Roundup: Crude Ends Near $141
Tuesday July 1, 3:59 pm ET
Oil higher on Mideast tension, gasoline pump demand still lower, IEA sees strong oil demand
NEW YORK (AP) -- Following is a summary of top stories in the energy sector Tuesday afternoon.
Crude on the Rise Again
Oil prices pushed higher again on worries about tight supplies and mounting tension in the Middle East.
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Light, sweet crude for August delivery rose 97 cents to settle at $140.97 a barrel on the New York Mercantile Exchange, after spending much of the session above $142 a barrel.
In other Nymex trading, heating oil futures added 3.35 cents to settle at $3.9435 a gallon, while gasoline futures gained 1.43 cents to settle at $3.5134 a gallon. Natural gas futures jumped 15.2 cents to settle at $13.505 per 1,000 cubic feet.
Pump Demand Still Trails Last Year
Gasoline demand at the pump last week fell 2.1 percent compared with the same week a year ago, according to a survey by MasterCard SpendingPulse.
The average retail price for a gallon of regular gasoline fell by a penny, but is 36.2 percent higher than one year ago.
Michael McNamara, vice president research and analysis for MasterCard Advisors said the regional year-over-year view shows all regions but the Midwest are consuming less gasoline when compared to a similar week in 2007.
"It is worth noting that the Midwest has some the cheapest gasoline prices," said McNamara.
Year-to-date gasoline assumption is down about 2 percent compared with the same period in 2007, according to the survey.
A macro-economic indicator, SpendingPulse reports on national retail sales and is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance
Bankruptcy or Receivership, Triggering Events That Accelerate or Increase
http://biz.yahoo.com/e/080429/vrsoq.pk8-k.html
Mortgage application volume falls 9.3 percent
Wednesday June 25, 7:23 am ET
Mortgage application volume falls to lowest level of the year even as interest rates decline
WASHINGTON (AP) -- Mortgage application volume fell 9.3 percent during the week ended June 20, according to the trade group Mortgage Bankers Association's weekly application survey.
The MBA's application index hit its lowest point of the year, falling to 461.3, down from 508.4 a week earlier.
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Refinance volume fell 12.1 percent during the week, while purchase volume declined 7.4 percent. Refinance applications accounted for 36.3 percent of total mortgage applications, compared with 37.4 percent the previous week.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 461.3 means mortgage application activity is 4.613 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume fell despite a drop in interest rates. The average rate for traditional 30-year fixed-rate mortgages fell to 6.39 percent from 6.57 percent a week earlier.
The average rate for 15-year fixed-rate mortgages, often a popular option for refinancing a home, fell to 5.95 percent from 6.14 percent.
Rates for one-year adjustable-rate mortgages fell to 7.09 percent from 7.22 percent.
Unfortunately, APWR is heading for $21.
I will buy back then.
Upgrades & Downgrades
19-Jun-08 Dawson James Downgrade Buy Neutral
Comcast and Cisco Announce Successful Live Network Demonstration of the World's First 100GE Router Interface
Thursday June 26, 10:30 am ET
PHILADELPHIA--(BUSINESS WIRE)--Comcast Corporation (Nasdaq: CMCSK - News, CMCSA - News), the nation’s leading provider of entertainment, information and communications products and services, today announced it has successfully completed a 100 Gigabit Ethernet (GE) technology test over its existing backbone infrastructure between Philadelphia and McLean, VA using the industry’s first 100GE router interface developed for the Cisco CRS-1 routing system. This demonstration is another example of Comcast’s commitment to technology that supports the rapid growth of new applications and services.
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The Cisco CRS-1 100GE interface uses Comcast’s existing optical infrastructure to enable transmission of 100GE over DWDM fiber optic networks. Utilizing this type of technology will enable companies, like Comcast, to increase bandwidth per wavelength by a factor of 10 over the initial deployed capability. It also creates efficiencies by simplifying routing and operations through the use of statistically multiplexed 100GE links, in comparison to carrying the same amount of traffic split over more commonly used 10GE links.
“This demonstration is another important step in the future of 100GE networking and we’re pleased with Cisco’s latest advancements,” said John Schanz, Executive Vice President of National Engineering and Technical Operations for Comcast Cable. “Comcast’s single converged core IP network already carries more video, voice, and data traffic than any other, and this new achievement will allow us to scale for tomorrow, while continuing to drive capital and operational efficiencies today.”
“The Cisco CRS-1 was purpose-built to deal with the exploding growth in IP traffic that has been fueled by video-based services,” said Kelly Ahuja, Cisco vice president and general manager of core routing business unit. “By developing a 100GE interface for the Cisco CRS-1 platform, providers like Comcast can take advantage of economies of scale, flexibility and increase the quality of service delivery as they move towards 100G IPoDWDM networks.”
The implementation tested by Comcast and Cisco is consistent with the emerging IEEE 802.3ba 100GE standard and validates the use of 100GE and IPoDWDM technologies over Comcast’s own production network, which was the first, and is currently the world’s largest 40G IPoDWDM network.
Company Officers
Muhammad J. Shaheed, CEO, President
Sandra Salim, Dir., Compliance Officer
Transfer Agent
Signature Stock Transfer, Inc.
2301 Ohio Drive
Plano, TX 75093
Estimated Market Cap
32,914 as of Jun 25, 2008
Outstanding Shares
387,221 as of Jun 4, 2008
AUGRID Global Holdings Corporation Retains Lucks Media Group to Create Marketing Plan for Citrus Company
HOUSTON, TX, Jun 24, 2008 (MARKET WIRE via COMTEX) -- AUGRID Global Holdings Corp. (PINKSHEETS: AGHO), a holding company dedicated to acquiring and managing ownership interests in a diverse range of businesses, retained Lucks Media Group to create a marketing plan for Citrus Company.
AUGRID Global Holdings has chosen Lucks Media Group to create and implement a new look and feel for Avatar design and manufacturing. AUGRID's latest acquisition, the company, manufactures citrus and vegetable juicing machines. Avatar design and manufacturing will design its image and marketing plan around conducting business under "Citrus OP J." Avatar design and manufacturing will remain the company's official name.
Lucks Media Group brings the experience of creating early stage marketing solutions for start-up companies with the vision of becoming corporate giants. Lucks Media Group offers website development, hosting, maintenance along with corporate branding services. Scott Lucksanalamai president of Lucks Media Group, said, "We here at Lucks Media Group are excited to be given the role of developing the image of Citrus OP J. We are confident that over the next several months as people see the logo through increased web presence via our network of affiliates, people will become familiar with the logo, brand and the high quality of the product it represents."
The website addresses of www.citrusopj.com and www.citrusopj.net have been secured. The sites are currently under construction. We anticipate their completion around the second week of July 2008.
AUGRID's vision is clear: superior products, aggressive market share tactics and future expansion into consumables, while delivering results to our valued shareholders.
AUGRID Global Holdings Corporation is a holding company that seeks to increase its asset base and shareholder value through the acquisition of private companies in diverse industries that have proven revenue generation abilities, defensible business plans, and a product or service to which its target market has demonstrated receptiveness.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding AUGRID Corporation in this release that are not historical in nature, particularly those that utilize terminology such as "may," "should," "likely," "expects," "anticipates," "estimates, "believes" or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which AUGRID Corporation has derived from the information currently available to it. These forward-looking statements involve known and unknown risks and uncertainties that may cause our results to be materially different from results implied in such forward-looking statements. Important factors known to AUGRID Corporation that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in AUGRID Corporation's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and AUGRID Corporation undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Investor relations :
ATG Capital Solutions
Amanda Flores
5847 San Felipe Rd
Houston, TX
Telephone: (858) 764-4427
SOURCE: AUGRID Global Holding Corporation
Only link i can find any information on GOV SCADA
SCADA is the abbreviation for Supervisory Control And Data Acquisition. It generally refers to an industrial control system: a computer system monitoring and controlling a process. The process can be industrial, infrastructure or facility based as described below:
Industrial processes include those of manufacturing, production, power generation, fabrication, and refining, and may run in continuous, batch, repetitive, or discrete modes.
Infrastructure processes may be public or private, and include water treatment and distribution, wastewater collection and treatment, oil and gas pipelines, electrical power transmission and distribution, and large communication systems.
Facility processes occur both in public facilities and private ones, including buildings, airports, ships, and space stations. They monitor and control HVAC, access, and energy consumption.
Federal Signal Corporation develops reliable SCADA systems
http://www.a-power-energy.com/
Ford Ethanol Vehicles
Research Ford's Line of Ethanol Powered Vehicles. Ford. Drive one.
http://www.usbioenergy.mobi/
All Crap!
Occasionally it only takes a modest push to get out of the mud!
Rex I did not ignore your post. I used my 15 posts for Sun.
His name appeared on YAHOO Finance.
http://finance.yahoo.com/q?s=PGPM.PK
The Short % Increase of 2191.91 % is what got my attention.
I have seen this used as a lever before.
http://shortsqueeze.com/?symbol=pgpm&submit=Short+Quote
Post concerning Darrel Uselton. Where does it say he has been convicted. In the U.S.A you are innocent until proven Guilty.
On that note, he is in the hot seat and needs all the cash he can get his hands on to pay his legal bills. The Gov has deep pockets.
Finally my thought process could be flawed and I will lose my ass.
Fib Analysis Fibonacci analysis evaluates the short term (30 days) intermediate term (60 days) and long term trends (120 days) and retracements. Stocks that retrace 38.2% or less of a trend will usually continue the trend. Retracements exceeding 61.8% indicate a reversal. Alerts will include ABC's up/down (multiple 38% retracements) and various reversal signals.
Time Fram Trend 38.2% 50% 61.8%
Long 0.0035 to 0.0006 . . 0.0035 (100.00%)
Intermediate 0.0006 to 0.0035 . . 0.001 (86.21%)
Short 0.0007 to 0.0035 . . 0.001 (89.29%)
Fib Analysis Fibonacci analysis evaluates the short term (30 days) intermediate term (60 days) and long term trends (120 days) and retracements. Stocks that retrace 38.2% or less of a trend will usually continue the trend. Retracements exceeding 61.8% indicate a reversal. Alerts will include ABC's up/down (multiple 38% retracements) and various reversal signals.
Time Fram Trend 38.2% 50% 61.8%
Long 0.0035 to 0.0006 . . 0.0035 (100.00%)
Intermediate 0.0006 to 0.0035 . . 0.001 (86.21%)
Short 0.0007 to 0.0035 . . 0.001 (89.29%)
Pilgrim Petroleum Announces Boost Oil Production and Progress Update in Operations for Q1 2008
Monday February 25, 10:55 am ET
DALLAS, TX--(MARKET WIRE)--Feb 25, 2008 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News) announces its oil production levels increased by an average of approximately 15% over the last two months, after completion of four additional re-activated wells.
The company estimated these additional wells would increase production by approximately 10-12 bpd per well, adding at least 5% more to the portfolio, or 1,500 barrels per month, upon full completion. In addition, the company will apply for drilling authorization from RRC of Texas in Wichita and Archer County, and we will complete well designs and procurement for two well program in 2008; Lock#2, Lock#4. Pilgrim will complete on July 2008, a design for extensive 9 wells on the same area.
* Commenced construction of new road and new drill site location for Archer
county properties.
* Contract 3D seismic survey to identify potential reservoir objectives on
the basis of seismic attributes.
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Pilgrim Petroleum Vice President of Operations, Jerry Schilling, said, "Pilgrim's Reactivation Program has shown significant progress since its implementation. This year, operations will continue to bring back more inactive wells into production and optimize our existent oil & gas production through reduced production cost, improved production rates and increased ultimate recovery."
About Pilgrim
KEY EXECUTIVES
Mr. Rafael A. Pinedo ,
Chief Exec. Officer, Pres, Sec., Assistant Treasurer
Mr. Olushola Johnson ,
Fin. Director
Mr. Jerry Schilling ,
Acting VP of Operations
Mr. Burt Lambert ,
Sr. VP of Drilling & Exploration
Mr. Darrel Uselton , 41
Key Advisor