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Waitedg, I strongly disagree with you on FASC....but, if you said you were buying AMEP a couple of months ago, I would have disagreed with you on that and called you crazy to boot!!! LOL!!! Anything can happen in OTC-ville!!! Good luck to you, buddy.....you deserve it!!
Waitedg, I like the new, improved Trader Waitedg!!!!
XWG may be worth a look at $10, pop to $15 on next earnings???
Very low floater and nice growth....
http://finance.yahoo.com/q?s=XWG&d=t
curious_joy, the "worry" is...separating the nano tubes may not be that simple and they may never find a cost-effective way to do it. In the meantime, no sales to nano customers until they can determine the quality, cost, etc. of the separation process. To date, they have not indicated any progress in the separation studies.
Classic pump and dump...one for the textbooks, and the DD pumpers are back under their rocks until the next PR. The over 10-cent bagholders will hold down any new spike rushing to the exits, IMO. Read the filings, they tell the story.
Doubloon, I'm still holding my TDYH position and being VERY patient!!! Hope we get an update soon.
DJ Volatile Reaction To Bullish EIA Gas Storage Data
By Spencer Jakab
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Natural gas futures traders on the New York Mercantile
Exchange sent gas futures on wild ride Thursday in the aftermath of a
closely-watched report on gas storage by the Energy Information Administration.
November natural gas futures soared 30 cents and then plunged 50 cents per
million British thermal units within several minutes of the report, which was
ostensibly bullish relative to expectations.
"This market's just a roller coaster," said Tom Saal, a gas futures trader at
Commercial Brokerage Corp. "I think the market's just very thin and a lot of
people got surprised by yesterday's move."
The reported build of 53 billion cubic feet was 10 bcf less than the
consensus in a Dow Jones Newswires survey and six bcf below the implied result
in a closely-watched auction of options by ICAP Energy and Nymex on the
report's outcome. It follows two consecutive reports that saw surprisingly
large builds relative to market expectations given production losses from Gulf
of Mexico hurricanes.
The week contained in the report had production losses of about 32 bcf and
the current week should have losses of 50-55 bcf since it mostly encompasses a
period after Hurricane Rita's landfall. The combined losses from the two storms
of 180 bcf have already surpassed in five weeks what Hurricane Ivan curtailed
in five months spanning 2004 and 2005.
In order to reach the benchmark of 3.2 trillion cubic feet of storage for the
start of the heating season on Nov. 1, average storage builds for the next five
weeks must be at least 63 bcf. This compares to a five-year average for this
period of below 60 bcf. In light of ongoing outages in the Gulf of Mexico, this
may be challenging or at least may force up spot gas prices as storage buyers
are forced to outbid more economically sensitive customers.
-By Spencer Jakab, Dow Jones Newswires; 201-938-4377;
spencer.jakab@dowjones.com
beigledog, the 500 tons was actually mined and delivered? That's like 25-30 truck loads!!!
Doubloon....UNB.V...can't get a quote on Scottrade, is there a different symbol to use? I can purchase through Fidelity, do you know if those shares would convert over to OTC listing when UNB.V gets that listing completed? No big deal, just curious if you've had that experience before with a Canadian stock.
How many tons of biomass to do the same thing??
Doubloon, UNB.V...found this "Moly" board at Silicon Investor site....UNB.V is linked and discussed....
http://www.siliconinvestor.com/subject.aspx?subjectid=55222
That's the problem, the nano tubes can't be separated economically, IMO, plus the impurities to deal with. I bet they end up selling the clay for traditional purposes unless the impurities are still a problem. Those who sold the mine "cheap" sure didn't see any nano potential or they would have continued to lease it or held out for more....just common sense.
palacian, I didn't see any value on the grant in the PR so I just did a search on Cornell grants. Thanks for the correct link. What's the "truth" on when ALMI is going to sell anything or are they still filling the 5000 ton "order"???
Is the grant like this one???? Doesn't seem like much to me.
"The needle quest begins with an easy, one-page application. Companies awarded an Exploratory Grant will contribute $2,500 for up to $10,000 worth of university expenses associated with faculty time, research efforts, materials and facilities services. Then the grant recipient, CCMR program staff and faculty members put their heads together to determine the scope of the discovery efforts and develop a project plan."
http://www.ccmr.cornell.edu/news/news.html?id=96
Doubloon...volume and pps have been picking up on UNB.V, has it been hitting any newsletters or is it just company PR's??
SMSI...steady up. Sold my LU too soon...was supposed to be a long term buy and hold, but I had second thoughts...what a dumbass I am...stick to the plan!!! LOL!!!
Any ideas on the GOOG/SUNW deal?? SUNW has been up on the speculation....I guess we'll find out today.
"Sun Microsystems Inc. Chief Executive Scott McNealy and Google Inc. Chief Executive Eric Schmidt will host a press conference on Tuesday in Mountain View, Calif., to outline what Sun called a "collaborative effort" between the Silicon Valley icons. Hopes for what the conference would reveal sent Sun shares up nearly 7 percent on Monday."
Spam email, FWIW.....SVNP.PK
MLC, Newsletter presents
777 Sports Entertainment Corp.
Ticker: SVNP.PK
Current Price: 1.19
Current OS: 13,346,796 issued and outstanding. Of these shares issued,
12,060,637 shares are restricted under Rule 144.
Corporate profile
777 Sports Entertainment Corp. (OTC Pink Sheets: SVNP) is a
Nevada-based company that has acquired a 49% interest, with an agreement to own up
to 60%, in the United Kingdom company 777 Sports Entertainment Limited.
777 Sports Entertainment Limited holds a license to operate an Internet
casino and sports book, using the Chimera 2 suite of products,
platforms and applications. The company operates its i-gaming services as
www.777betz.com with all day-to-day operations provided through
E-Network de Costa Rica S.A.
777 Features
The world-class sportsbook-wagering platform allows members to wager on
all major sporting events worldwide. Players are able to place bets in
confidence; and the software provides a comprehensive and easily
utilized reporting platform for players to track their wagers and/or to view
completed transactions.
The online casino games are delivered to the players in a Java format,
with a Flash application to be implemented soon offering additional
games by year-end. The programs have been developed with ease-of-use in
mind, with realistic graphics and no download required. The suite of
games presently available include: Baccarat, Blackjack, Caribbean Poker,
American Roulette, Craps, Super Slots, Outer Space Slots, Crazy Reel
Slots, Wanted Slots, and of course, the all-time favorite, Jacks or Better.
The horseracing platform provides access to major North America horse
tracks and will be upgraded by year-end to include tracks from Europe
and Asia. The platform features a user-friendly interface with live lines
that include the track name, race-odds, betting limits, bet types, the
purse, horse name, and the name of the jockey. The payout is based on
track prices and automatic updates of real-time odds, scratches and pool
information is provided. The online capability enables members to make
wagers up to post time.
Achievements
Even while www.777betz.com was implementing many of the new features
for the Site to become operational, they enjoyed gross handling figures
in excess of US $2 million dollars for the month of July 05’. In August
2005, the sites first full month of operations, www.777betz.com handled
in excess of US $7 million dollars, representing a 300% increase over
July volumes. Another benchmark, new Member registrations in August were
more than twice the business plan projections.
Mobile Play
In October 2005, 777 will launch a mobile gaming platform to provide
access to all gaming platforms on a play for fun, or real play modes,
through cell phones and other mobile devices such as PDA’s, as previously
announced. Players will access the various platforms to be played
through www.777betz.com. As with players who access the website on a PC, the
mobile platform will provide access to all gaming options, including
the multi-table/tournament poker platform with the highly popular Texas
Hold-em, as well as Chinese Poker, Big 2 and Pan, which appeal to the
Company’s Asian members. This will provide SVNP other distribution
channels to generate possible revenue.
~~~If you feel that you have received this message in error pleases
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"Biophan has enjoyed significant visibility and strong support from European institutional investors during our developmental period," said Mr. Weiner. "This trip will give us an opportunity to meet with new institutional investors throughout Europe who are also interested in Biophan."
http://biz.yahoo.com/bw/051003/36142.html?.v=1
Aren't European institutions listed as holders??? I can't find any listed at Yahoo.
http://finance.yahoo.com/q/mh?s=BIPH.OB
This could be interesting...Google, Sun Micro to make announcement
Monday October 3, 3:04 pm ET
SAN FRANCISCO (Reuters) - Google Inc. (NasdaqNM:GOOG - News) and computer maker Sun Microsystems Inc. (NasdaqNM:SUNW - News) plan on Tuesday to announce a "collaborative effort" in Silicon Valley.
Sun issued a media advisory on Monday saying that the two companies will hold a press conference hosted by Sun Chief Executive Scott McNealy and Google Chief Executive Eric Schmidt at the Computer History Museum in Mountain View, California.
A Sun spokesman confirmed the press conference, but declined to elaborate on the announcement. A Google spokesperson was not immediately available to comment.
Schmidt, who was once chief executive of network software maker Novell Inc. (NasdaqNM:NOVL - News), also led the development of the Java programming language at Santa Clara, California-based Sun Microsystems, where it was invented.
Schmidt also helped to define Sun's software strategy and served as the company's chief technology officer.
Google, the leader in Internet search, has been on somewhat of a tear in Silicon Valley and neighboring San Francisco in recent weeks.
On Friday, marking its biggest step into the wireless communications market to date, Google said it has proposed to provide free high-speed wireless Internet service across the city of San Francisco.
The Web search company said it had responded to a request for information by San Francisco, which has a population of more than 700,000, to test local Internet services via Wi-Fi, the short-range wireless technology built into most new laptop computers.
Also, Mountain View, California-based Google said on September 28 it would partner with U.S. space agency NASA on space research and would build a new campus at the agency's research center in the heart of Silicon Valley.
NGAS REPORTS 140% PRODUCTION GROWTH IN SECOND QUARTER 2005
Oil and Gas Production Revenues Increased 255%
LEXINGTON, KENTUCKY, August 15, 2005. NGAS Resources, Inc. (Nasdaq: NGAS) announced Monday that total revenues for the three months ended June 30, 2005 increased 37 percent to $11.4 million, compared to $8.3 million during the same quarter last year. The increase was driven by higher natural gas production and prices. Production volumes during the second quarter of 2005 increased 140 percent to 437.0 Mmcfe, compared to 182.3 Mmcfe during the year-earlier quarter. The Companyfs average natural gas sales price increased 45 percent to $7.97 per Mcf from $5.50 in the second quarter of 2004. Earnings (loss) per fully diluted share were ($0.03) for second quarter of 2005 compared to $0.01 in second quarter 2004.
Operational and Financial Highlights for 2Q 2005:
. Total production volumes were up 140% to 437.0 Mmcfe
. Average daily production was 4,800 Mcfe
. 27 gross (7.166125 net) wells were drilled
. 47.4 miles of pipeline added to gathering system
. Average natural gas prices in the quarter were $7.97/Mcf versus $5.50 in 2Q 2004.
. Oil and gas revenues increased 255% to $3.5 million, from $986 thousand in 2Q 2004
. Discretionary cash flow/share was $0.03 compared to $0.04 in 2Q 2004
. Capital expenditures totaled $7.3 million
Ongoing drilling success coupled with last year's acquisition of the Stone Mountain Energy assets enabled us to deliver another record quarter of production growth, with an increase of 140 percent,h commented William S. Daugherty, President and CEO of NGAS. Mr. Daugherty added, "I am also pleased with the significant progress we made on the extension of our gathering system, adding 47 miles of pipeline during the quarter. As a result, the construction of the main pipeline from our key Leatherwood Field is complete. We are now working on the installation of compression and dehydration units and connecting previously drilled wells to the system. Production from this field is targeted to commence late in the third quarter 2005, contributing to significant additional increases in production before year-end."
Twenty-seven wells were drilled in the quarter, with 7.166 wells net to the company. Contract drilling revenue of $7.6 million increased 8.5 percent over the prior year. Contract drilling margins in the quarter, however, were negatively impacted by cost overruns associated with downhole problems on three wells.
gAlthough contract drilling margins were significantly below our expectations, long term, we are still targeting margins around 25 percent,h said Michael P. Windisch, CFO.
Operational and Financial Highlights for the Six Months Ended June 30, 2005:
. Record production of 833.9 Mmcfe
. 76 miles of pipeline added to gathering system
. 84 wells drilled
. Record revenues of $31.4 million
. Capital expenditures of $14.6 million
Mr. Daugherty concluded, "This is an exciting period for us. We plan to drill up to 170 gross wells this year and expect average daily production to reach 7,000 Mcfe by year-end. We will also significantly extend our gathering system, increase our lease position and continue to seek strategic acquisitions. As a result, we expect production and reserve volumes to increase in future periods as we continue the execution of our business plan. To date, we have invested $14.6 million, or almost half of our $30 million capital expenditure budget for 2005. With these initiatives, as well as the groundwork we laid in 2004, we have further strengthened our position for playing a significant role in the development of the southern Appalachian Basin natural gas resources."
A conference call will be held at 10:00 a.m. (ET) on Tuesday, August 16, 2005 to discuss 2Q 2005 results. The conference call will have a live simulcast on the Internet and can be accessed by logging onto http://viavid.net/dce.aspx?sid=000027DC. A slide presentation, which highlights managementfs discussion points, will be available on the website. A replay of the conference call will be available on the Company's website for 30 days.
About NGAS Resources, Inc.
NGAS Resources is a natural resources company focused on natural gas development drilling and reserve growth. NGAS controls approximately 250,000 acres in the Appalachian Basin where it owns 154 miles of gas gathering lines and interest in over 575 wells. Based in Lexington, Kentucky, the Company specializes in developing its own geological prospects concentrated in the Appalachian Basin. Additional information about the company can be accessed on its website at: www.ngas.com.
This release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act relating to matters such as anticipated operating and financial performance and prospects. Actual performance and prospects may differ materially from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the company, including risks of production variances from expectations, volatility of product prices, the level of capital expenditures required to fund ongoing drilling initiatives and the ability of the company to implement its business strategy. These and other risks are described in the company’s periodic reports filed with the United States Securities and Exchange Commission.
NGAS RESOURCES, INC.
Doubledownga, AMEP??? Naaa....I bought NGAS instead. I generally don't buy stock in companies that don't bother to PR their "earnings" results!!!
)))
Doubledownga, when AMEP crashes and burns, it will make a 10 mile diameter meteor look small!!! But I didn't think it would get this high, amazing how important the sector is in selecting stocks. I hope you take the Hemit board out to dinner when you cash in!! LOL!!
BITS $2.73...low floater and OS, 8.68 million, and way oversold....36% increase in QTR revs and new record, won lawsuit: "Net Income for the three months ended June 30, 2005 would have been $316,000 without these non-recurring costs."
http://biz.yahoo.com/bw/050809/95877.html?.v=1
Good recent PR's:
http://finance.yahoo.com/q?s=BITS
Chart says BUY NOW! Maybe pop on next earnings, IMO....
Big Oil Doesn't Hate Hydrogen (Or green energy either!)
Tuesday September 27, 11:00 am ET
By Stephen D. Simpson, CFA
I rarely spend time on message boards other than the Fool's. Other boards tend to be pits of iniquity where the manic, semiliterate, and freakin' crazy come together to pat each other on the back or spit in each other's faces.
(LOL!!!)
That may not be enlightening, but I'll admit it can sometimes be entertaining.
I especially like to watch the reactions when anyone dares to challenge the viability of fuel cell companies like Hoku Scientific (Nasdaq: HOKU - News) or Ballard Power (Nasdaq: BLDP - News). Recently, I saw a few people pass around an amusing old conspiracy theory that I thought deserved a public debunking: the notion that energy companies are paying scientists, analysts, columnists, reporters, and others to badmouth and suppress fuel cell technology.
Like most conspiracy theories, there are numerous holes large enough to drive a diesel truck through, but we'll just pick out a few for today. I'm not saying it's impossible that the oil companies are all cahootenizing together to suppress new energy technologies. But there are several reasons why this particular theory falls a bit short of logical.
A long farewell to crude
Check the major oil companies' production figures. Many of them are struggling to maintain, let alone increase, crude oil production. U.S. oil production peaked long ago, and more than a few folks believe that we're close to a similar peak in global oil. That's bad news for the likes of ExxonMobil (NYSE: XOM - News), Chevron (NYSE: CVX - News), and other big boys who need oil to sell. They're increasingly turning to expensive ventures like deepwater drilling and oil sand extraction to keep the pipes full.
Now, if oil companies had a lot of surplus oil lying around, I could understand why they might be a bit nervous about fuel cells' effect on demand for oil. But for most of the past few decades, the United States' problem hasn't been demand, but supply. And even if gasoline demand falls, oil will still be needed for diesel and jet fuels and a host of chemicals that fuel cells can't replace.
The launch of the first hydrogen-powered car won't instantly send every gasoline-powered automobile to the scrap heap. Even if automakers put their full weight behind fuel cell vehicles, it would take a decade or two to replace the existing fleet. That's a long time for Big Oil to keep selling its dwindling product. Think about it this way: How willing would you be to engage in a huge, expensive, and most likely illegal conspiracy to protect a market for a product you're starting to run out of anyway?
Where ya gonna get your hydrogen?
There's a lot of cute talk about how fuel cells will break our dependence upon fossil fuels. Maybe, maybe not. See, usable hydrogen just isn't that common on Earth. Most of it is locked away in water, rock, or organic materials. For now, there are three viable means of producing hydrogen and no reason Big Oil can't get involved.
First, hydrogen can be liberated from hydrocarbons like coal, oil, and natural gas in a process not too conceptually different from refining. Second, hydrogen can be obtained from the electrolysis of seawater, but that requires electricity, most of which comes from burning fossil fuels. Lastly, it's at least scientifically possible to produce hydrogen from living critters (like bacteria). Although nobody has produced hydrogen this way in any volume, the basic notion of using wee creatures to produce things we want is well-established in products like alcohol and insulin.
What some people seem to forget is that the oil giants are energy companies, not gasoline-engine companies. If they can produce and sell hydrogen profitably, that's an opportunity for them, not a threat to them. Besides, let's not forget that much of our country's refining capacity is fairly old. Companies will have to decide over the next decade or two whether they want to replace and renovate old gasoline refineries or build new facilities -- facilities that could perhaps produce hydrogen.
Fill 'er up ... where?
Let's assume that engineers figure out a workable and economical fuel cell car. And let's also assume that somebody figures out a way to affordably produce the quantities of hydrogen needed to fuel those cars. Where ya gonna put it? We're not going to refuel our vehicles by pulling up to the doorstep of the hydrogen refinery or installing huge storage tanks under our garage. Instead, we'll do what we always do: Go to filling stations.
Not all big oil companies own gas stations, but most do. They understand the distribution system, and they have an infrastructure in place. Accordingly, I expect many of today's gas stations to remain active when fuel cell vehicles arrive. Maybe the oil companies will produce the hydrogen themselves, or maybe they'll partner with industrial gas companies. Either way, they know how to do the job of selling energy to consumers, and selling hydrogen could be just another opportunity for profit.
Japan, Inc.
America isn't the only country that consumes gasoline, nor is it the only country with skilled engineers. There's this country across the Pacific that you may have heard of: Japan. It's got plenty of talented scientists -- but no credible internal supplies of oil. Japan's dependence upon imported oil is a pretty big incentive to develop technologies to make oil and gasoline obsolete.
Now, how likely is it that the Japanese government would take bribes from foreign oil companies to suppress technology that could be quite literally a matter of national security? I'm the first to acknowledge that Japanese politics are about as corrupt as they come, but that stretches credulity pretty far.
Who was the first to introduce a viable hybrid auto to the U.S.? The Japanese -- specifically Toyota (NYSE: TM - News) and Honda (NYSE: HMC - News). Who's working harder than anyone else to make residential fuel cells a reality? The Japanese. Simply put, Big Oil or no, the Japanese are moving on, and they'll be more than happy to export to us, even if we don't develop our own technologies.
Titan vs. titan
Maybe you're still not convinced. Maybe you still think Big Oil is muscling out the little up-and-comers who would free us all from fossil fuels. Well, here's the thing: It's not just the little guys leading the charge toward alternative energy.
Some of the top fuel cell developers are huge companies in their own right. General Electric (NYSE: GE - News), United Technologies, Siemens, Toshiba, Toyota, and Honda are all working on the technology. All can stand toe-to-toe with Big Oil for lobbying and marketing. Maybe those mean columnists and oil bullies can push around small development-stage companies, but I don't think anybody can say the same about GE -- at least not with a straight face.
The bottom line
New energy technology is coming whether we like it or not. Heck, even gasoline was new technology at some point. (Fuel cells actually predate gasoline engines.) But whether we're all going to drive around in cars powered by liquefied coal, biodiesel, or hydrogen is still very much up in the air. So is the question of which research-stage companies will thrive, survive, or dive.
In the meantime, investors would do well to stop blaming the slow pace of discovery on shorts, skeptics, the government, or Big Oil. Instead, point those fingers at the real guilty parties: Promotional managers and their analyst hypesters. Remember that, for investors, energy tech is largely similar to biotech. The companies with good management (who own significant stakes), good technology, and access to capital are generally your best bets. Ignore the hype, investigate the technology, and invest accordingly.
Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).
zigbee, "the new big Ideco 8,000' Rig", I don't think it's that big except in your mind...check out Grey Wolf's list of land rigs. Only three rigs in that range, all others much larger, BTW, they have nineteen rigs in inventory if you need one instead of waiting 6-12 months.
http://www.gwdrilling.com/riglist.htm
Also what the GW CEO says about directional drilling, now 3000 HP is a BIG rig, 30,000 ft. I don't know for sure, but I think you need the horsepower for horizonal drilling.
We recently relocated a 3,000-horsepower rig from our Rocky Mountain division to West Texas, where customers are seeking equipment capable of complex horizontal drilling programs.
mnfats, every day there is buying AND selling...the buyers are winning!! LOL!!!
Texbanker, I know very little about drilling except it's very expensive and very amazing what they can do down hole be it directional drilling, fishing, or whatever. And I imagine the rig service companies are pretty responsive (if you pay your bills) considering 1000's of dollars for down-time.
Texbanker, thanks for the rumor info...hard to tell what is fact and what isn't. Seems a lot of info shows up on the boards from "phone calls to the CEO", and much of that "info" if true should be public info to ALL investors, IMO.
Lindy, all those investors getting a share of the well, won't they take all the money from the production and AMEP won't report any profits? What will be left for shareholders, more outstanding shares??? Great deal, invest in an oil well and the shareholders will pay all the drilling costs including the rig!! It can't be good for both groups, so who do you think will get screwed?? Nothing like a hot greedy momo pump and dump to dull people's reasoning!!! Flippers rule here!!!
Who's bashing? I asked some questions, do you have any answers? Or is it easier just to use the "basher line" to reply to non-pump posts? AMEP to the moon and beyond!!! Don't ask, don't tell!!!
When does the horizonal directional drilling take place? Do they have to buy all new drill pipe for that and hire Schlumberger for the directional drilling? Are drilling crews in short supply or is Bitters going to run the rig by himself 24/7? How far horizonally can an 8000' verticle rig drill?? Where will the money come from to do the drilling, is it expensive? Who repairs the rig when it breaks down, Bitters??
If "fishing" is required, can Bitters do that with his backhoe? Is it too late for me to buy in???
Where's all the Bashers??? Bashers only bash good stocks, you know!!!! LOL!!!!
From NGAS last earnings report....
"As a result, the construction of the main pipeline from our key Leatherwood Field is complete. We are now working on the installation of compression and dehydration units and connecting previously drilled wells to the system. Production from this field is targeted to commence late in the third quarter 2005, contributing to significant additional increases in production before year-end."
NGAS Reports 140% Production Growth in Second Quarter 2005
Monday August 15, 6:36 pm ET
Oil and Gas Production Revenues Increased 255%
LEXINGTON, Ky., Aug. 15 /PRNewswire-FirstCall/ -- NGAS Resources, Inc. (Nasdaq: NGAS - News) announced Monday that total revenues for the three months ended June 30, 2005 increased 37 percent to $11.4 million, compared to $8.3 million during the same quarter last year. The increase was driven by higher natural gas production and prices. Production volumes during the second quarter of 2005 increased 140 percent to 437.0 Mmcfe, compared to 182.3 Mmcfe during the year-earlier quarter. The Company's average natural gas sales price increased 45 percent to $7.97 per Mcf from $5.50 in the second quarter of 2004. Earnings (loss) per fully diluted share were ($0.03) for second quarter of 2005 compared to $0.01 in second quarter 2004.
Operational and Financial Highlights for 2Q 2005:
- Total production volumes were up 140% to 437.0 Mmcfe
- Average daily production was 4,800 Mcfe
- 27 gross (7.166125 net) wells were drilled
- 47.4 miles of pipeline added to gathering system
- Average natural gas prices in the quarter were $7.97/Mcf versus
$5.50 in 2Q 2004.
- Oil and gas revenues increased 255% to $3.5 million, from $986 thousand
in 2Q 2004
- Discretionary cash flow/share was $0.03 compared to $0.04 in 2Q 2004
- Capital expenditures totaled $7.3 million
"Ongoing drilling success coupled with last year's acquisition of the Stone Mountain Energy assets enabled us to deliver another record quarter of production growth, with an increase of 140 percent," commented William S. Daugherty, President and CEO of NGAS. Mr. Daugherty added, "I am also pleased with the significant progress we made on the extension of our gathering system, adding 47 miles of pipeline during the quarter. As a result, the construction of the main pipeline from our key Leatherwood Field is complete. We are now working on the installation of compression and dehydration units and connecting previously drilled wells to the system. Production from this field is targeted to commence late in the third quarter 2005, contributing to significant additional increases in production before year-end."
Twenty-seven wells were drilled in the quarter, with 7.166 wells net to the company. Contract drilling revenue of $7.6 million increased 8.5 percent over the prior year. Contract drilling margins in the quarter, however, were negatively impacted by cost overruns associated with downhole problems on three wells.
"Although contract drilling margins were significantly below our expectations, long term, we are still targeting margins around 25 percent," said Michael P. Windisch, CFO.
Operational and Financial Highlights for the Six Months Ended June 30, 2005:
- Record production of 833.9 Mmcfe
- 76 miles of pipeline added to gathering system
- 84 wells drilled
- Record revenues of $31.4 million
- Capital expenditures of $14.6 million
Mr. Daugherty concluded, "This is an exciting period for us. We plan to drill up to 170 gross wells this year and expect average daily production to reach 7,000 Mcfe by year-end. We will also significantly extend our gathering system, increase our lease position and continue to seek strategic acquisitions. As a result, we expect production and reserve volumes to increase in future periods as we continue the execution of our business plan. To date, we have invested $14.6 million, or almost half of our $30 million capital expenditure budget for 2005. With these initiatives, as well as the groundwork we laid in 2004, we have further strengthened our position for playing a significant role in the development of the southern Appalachian Basin natural gas resources."
A conference call will be held at 10:00 a.m. (ET) on Tuesday, August 16, 2005 to discuss 2Q 2005 results. The conference call will have a live simulcast on the Internet and can be accessed by logging onto http://viavid.net/dce.aspx?sid=000027DC. A slide presentation, which highlights management's discussion points, will be available on the website. A replay of the conference call will be available on the Company's website for 30 days.
About NGAS Resources, Inc.
NGAS Resources is an independent energy company focused on natural gas development drilling and reserve growth in the southern Appalachian Basin. The Company's financial information for the three months and six months ended June 30, 2005 and 2004 is provided below. Additional information, including the Company's report on Form 10-Q for 2Q 2005, can be accessed on its website at www.ngas.com.
This release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act relating to matters such as anticipated operating and financial performance and prospects. Actual performance and prospects may differ materially from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the company, including risks of production variances from expectations, volatility of product prices, the level of capital expenditures required to fund drilling and the ability of the company to implement its business strategy. These and other risks are described in the company's periodic reports filed with the United States Securities and Exchange Commission.
NGAS Resources, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. funds)
June 30, December 31,
2005 2004
(Unaudited)
ASSETS
Current assets:
Cash $15,446,431 $11,849,372
Accounts receivable 4,477,097 2,281,715
Prepaid expenses and other
current assets 3,087,087 2,152,174
Loans to related parties 119,920 142,718
Total current assets 23,130,535 16,425,979
Bonds and deposits 371,695 124,650
Oil and gas properties 80,379,629 68,156,790
Property and equipment 2,925,210 2,668,908
Loans to related parties 256,170 357,175
Investments -- 55,454
Deferred financing costs 1,256,566 1,024,810
Goodwill 313,177 313,177
Total assets $108,632,982 $89,126,943
LIABILITIES
Current liabilities:
Accounts payable 4,363,208 3,381,726
Accrued liabilities 5,766,697 3,537,576
Customers' drilling deposits 19,934,725 12,652,001
Long term debt, current portion 33,579 121,247
Total current liabilities 30,098,209 19,692,550
Future income taxes 2,661,302 2,053,432
Long term debt 31,342,195 25,870,498
Deferred compensation 587,011 368,935
Total liabilities 64,688,717 47,985,415
SHAREHOLDERS' EQUITY
Capital stock
Authorized:
5,000,000 Preferred shares,
non-cumulative, convertible
100,000,000 Common shares
Issued:
16,314,913 Common shares (December 31,
2004 - 15,605,208) 57,394,421 54,929,887
21,100 Common shares held
in treasury, at cost (23,630) (23,630)
Paid-in capital -
options and warrants 1,937,718 1,796,504
To be issued:
9,185 Common shares
(December 31, 2004 - 10,070) 45,925 50,350
59,354,434 56,753,111
Deficit (15,410,169) (15,611,583)
Total shareholders' equity 43,944,265 41,141,528
Total liabilities and
shareholders' equity $108,632,982 $89,126,943
NGAS Resources, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(U.S. funds) (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
REVENUE
Contract drilling $7,639,000 $7,040,250 $24,316,000 $21,366,375
Oil and gas
production 3,507,703 986,724 6,383,491 1,778,013
Gas transmission
and compression 289,016 300,195 746,474 748,663
Total revenue 11,435,719 8,327,169 31,445,965 23,893,051
DIRECT EXPENSES
Contract drilling 6,618,260 5,236,941 18,988,065 15,341,589
Oil and gas
production 890,694 392,379 1,649,515 670,087
Gas transmission
and compression 235,084 114,326 627,868 514,192
Total direct
expenses 7,744,038 5,743,646 21,265,448 16,525,868
OTHER INCOME (EXPENSES)
Selling, general
and
administrative (2,511,910) (1,744,546) (6,018,735) (4,930,064)
Options, warrants
and deferred
compensation (239,090) (202,972) (491,698) (233,046)
Depreciation,
depletion and
amortization (1,001,533) (255,475) (2,048,088) (508,604)
Interest expense (555,001) (107,535) (1,063,754) (196,703)
Interest income 48,386 81,344 86,126 168,206
Other, net 21,184 104,483 164,916 112,229
Total other
income
(expenses) (4,237,964) (2,124,701) (9,371,233) (5,587,982)
INCOME (LOSS) BEFORE
INCOME TAXES (546,283) 458,822 809,284 1,779,201
INCOME TAX EXPENSE
(BENEFIT)
Current -- 38,743 -- 149,159
Future (10,631) 211,696 607,870 654,418
(10,631) 250,439 607,870 803,577
NET INCOME (LOSS) (535,652) 208,383 201,414 975,624
DEFICIT,
beginning of
period (14,874,517) (16,456,043) (15,611,583) (17,223,284)
DEFICIT,
end of period $(15,410,169) $(16,247,660) $(15,410,169) $(16,247,660)
NET INCOME (LOSS)
PER SHARE
Basic $(0.03) $0.02 $0.01 $0.08
Diluted $(0.03) 0.01 $0.01 $0.06
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 16,005,158 13,877,212 15,848,386 12,964,698
Diluted 16,005,158 16,706,462 16,749,736 16,005,368
NGAS Resources, Inc.
Discretionary Cash Flow Reconciliation
Discretionary cash flow represents net income, as determined under generally accepted accounting principles ("GAAP"), with certain non-cash items added back. Although a non-GAAP measure, discretionary cash flow is widely accepted as a financial indicator of an oil and gas company's ability to generate cash that can be used to internally fund exploration and development activities and to service debt. This measure may also used in the valuation, comparison, rating and investment recommendations for companies in the oil and gas exploration and production industry. Discretionary cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities or as an indicator of cash flows or measure of liquidity.
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
NET INCOME (LOSS) $(535,652) $208,383 $201,414 $975,624
DD&A* 1,001,533 255,475 2,048,088 508,604
DEFERRED TAXES -- 211,696 607,870 654,418
DISCRETIONARY
CASH FLOW $ 465,881 $675,554 $ 2,857,372 $ 2,138,646
* Represents non-cash charges for depreciation, depletion and
amortization.
--------------------------------------------------------------------------------
Source: NGAS Resources, Inc.
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