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appreciate you sharing!
agreed!
TORCHLIGHT ENERGY TO HOST 1Q 2014 UPDATE CALL 5/15/14 $TRCH
PLANO, TX–(Marketwired – May 08, 2014) -Torchlight Energy Resources, Inc. (TRCH)(“Torchlight Energy” or “the Company”), a rapidly growing mid-continent oil and gas company,announced today that management will host a conference call and webcast to discuss its first quarter 2014 financial results and provide an update on its operations.
Date: Thursday, May 15, 2014
Time: 4:15 pm ET
Dial-in (US): 877-941-1429
Dial-in (Intl.): 480-629-9857
Conference ID: 4683113
Webcast: http://public.viavid.com/index.php?id=109217
A replay of the call will be available after 7:30 pm ET May 15, 2014. To access the replay, use 877-870-5176 for U.S. callers and 858-384-5517 for international callers. The PIN number is 4683113.
About Torchlight Energy
Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company currently holds interests in Texas, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. For additional information on the company, please visit www.torchlightenergy.com.
Contact:
Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email: dgradwell@mzgroup.us
Web: www.mzgroup.us
ABRAXAS ANNOUNCES 1Q 2014 RESULTS $AXAS
Abraxas Petroleum Corporation (AXAS) today reported financial and operating results for the three months ended March 31, 2014.
Financial and Operating Results for the Three Months Ended March 31, 2014
The three months ended March 31, 2014 resulted in:
Production of 377 MBoe (4,189 Boepd)
Revenue of $25.9 million
Adjusted EBITDA(a) of $16.1 million inclusive of Raven Drilling
Adjusted discretionary cash flow(a) of $15.6 million inclusive of Raven Drilling
Net income of $4.7 million, or $0.05 per share
Adjusted net income(a), excluding certain non-cash items and inclusive of Raven Drilling of $6.3 million, or $0.07 per share
(a) See reconciliation of non-GAAP financial measures below.
Net income for the three months ended March 31, 2014 was $4.7 million, or $0.05 per share, compared to a net income of $0.6 million, or $0.01 per share, for the three months ended March 31, 2013.
Adjusted net income, excluding certain non-cash items, for the three months ended March 31, 2014 was $6.3 million, or $0.07 per share, compared to an adjusted net income, excluding certain non-cash items, of $2.3 million or $0.02 per share for the three months ended March 31, 2013. For the three months ended March 31, 2014 and 2013, adjusted net income excludes the unrealized loss on derivative contracts of $0.9 million and $0.6 million, respectively. Included in adjusted net income for the quarters ended March 31, 2014 and March 31, 2013 is the net income from our subsidiary, Raven Drilling, LLC of $0.6 million and $1.1 million, respectively.
Pursuant to SEC Regulation S-X, no income is recognized for Raven Drilling, LLC. Contractual drilling services performed in connection with properties in which Abraxas holds an ownership interest cannot be recognized as income, rather it is credited to the full cost pool and recognized through lower amortization as reserves are produced.
Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815, “Derivatives and Hedging,” as amended and interpreted, and require Abraxas to either record an unrealized gain or loss based on the calculated value difference from the previous period-end valuation. For example, NYMEX oil prices on March 31, 2013 were $97.23 per barrel compared to $101.58 on March 31, 2014; therefore, the mark-to-market valuation changed considerably period to period.
Comments
Bob Watson, Abraxas’ President and CEO, commented, “The first quarter of 2014 meaningfully surpassed our initial expectations and guidance. Importantly, lease operating expenses per Boe of production showed considerable improvement despite incurring the remaining costs on the Nordheim 2H work-over. We expect this trend of lower lease operating expenses per Boe of production to continue for the remainder of 2014. Our financial position remains the strongest in our corporate history. Leverage remains low and cash flow growth is meaningfully accelerating on the back of high margin, oil weighted production growth. Looking into the second quarter of 2014, the addition of three 76% working interest wells in the Bakken and four 100% working interest wells in the Eagle Ford promises to bring a step change in production and cash flow growth to Abraxas.”
Conference Call
Abraxas Petroleum Corporation (AXAS) will host its first quarter 2014 earnings conference call at 11 AM ET on May 8, 2014. To participate in the conference call, please dial 888.713.4215 and enter the passcode 76658290. Additionally, a live listen only webcast of the conference call can be accessed under the investor relations section of the Abraxas website at www.abraxaspetroleum.com. A replay of the conference call will be available until June 8, 2014 by dialing 888.286.8010 and entering the passcode 23355101 or can be accessed under the investor relations section of the Abraxas website.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release.
Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.
(a) See reconciliation of non-GAAP financial measures below.
(a) Excludes current maturities of long-term debt and current derivative assets and liabilities in accordance with our loan covenants.
ABRAXAS PETROLEUM CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
To fully assess Abraxas’ operating results, management believes that, although not prescribed under generally accepted accounting principles (“GAAP”), discretionary cash flow and EBITDA are appropriate measures of Abraxas’ ability to satisfy capital expenditure obligations and working capital requirements. Discretionary cash flow and EBITDA are non-GAAP financial measures as defined under SEC rules. Abraxas’ discretionary cash flow and EBITDA should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company’s profitability or liquidity. As discretionary cash flow and EBITDA exclude some, but not all items that affect net income and may vary among companies, the discretionary cash flow and EBITDA presented below may not be comparable to similarly titled measures of other companies. Management believes that operating income calculated in accordance with GAAP is the most directly comparable measure to discretionary cash flow; therefore, operating income is utilized as the starting point for the discretionary cash flow reconciliation.
Discretionary cash flow is defined as operating income plus depreciation, depletion and amortization expenses, non-cash expenses and impairments, cash portion of other income (expense) less cash interest. Adjusted discretionary cash flow is defined as discretionary cash flow, plus gas derivative monetization and cash flow from Raven Drilling’s operations. Accounting rules do not permit the inclusion of the net income and other components of Raven Drilling’s operations to be included in our consolidated results of operations and cash flow, instead, the results of Raven Drilling’s operations are credited to the full cost pool. Accordingly, for purposes of adjusted discretionary cash flow, Raven Drilling’s cash flow is added back. The following table provides a reconciliation of discretionary cash flow and adjusted discretionary cash flow to operating income for the periods presented.
EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. Adjusted EBITDA includes all of the components of EBITDA plus Raven Drilling’s EBITDA. Accounting rules do not permit the inclusion of the net income and other components of Raven Drilling’s operations to be included in our consolidated results of operations, instead, the results of Raven Drilling’s operations are credited to the full cost pool. Accordingly, for purposes of Adjusted EBITDA, Raven Drilling’s EBITDA is added back. The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income for the periods presented.
Contact:
This release also includes a discussion of “adjusted net income, excluding certain non-cash items,” which is a non-GAAP financial measure as defined under SEC rules. The following table provides a reconciliation of adjusted net income, excluding ceiling test impairment and unrealized changes in derivative contracts and net income related to Raven Drilling, LLC capitalized to the full cost pool, to net income for the periods presented. Management believes that net income calculated in accordance with GAAP is the most directly comparable measure to adjusted net income, excluding certain non-cash items.
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President – Chief Financial Officer
gking@abraxaspetroleum.com
www.abraxaspetroleum.com
RING ENERGY ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2014 $REI
Ring Energy, Inc. (NYSE MKT: REI) (“Ring”)(“Company”) announced today record financial results for the first quarter ended March 31, 2014. For the three month period ended March 31, 2014, Ring had oil and gas revenues of $5,970,452 compared to $1,151,957 for the quarter ended March 31, 2013, a 418% increase and net income of $1,163,689, or $0.05 per diluted share, compared to net loss of $965,280 or $0.07 loss per diluted share, for the same period in 2013, a 221% increase.
The revenue increase was due to increases in production volumes, primarily due to development activity. For the three months ended March 31, 2014, oil sales volume increased to 63,944 barrels, compared to 14,245 barrels for the same period in 2013, a 349% increase and gas sales volume increased to 8,617 MCF (thousand cubic feet), compared to 5,757 MCF for the same period in 2013, a 50% increase. The remaining production that was not sold by March 31, 2014, was held in storage and sold in the second quarter. The average commodity prices received by Ring were $92.71 per barrel of oil and $4.88 per MCF of natural gas for the quarter ended March 31, 2014, compared to $88.62 per barrel of oil and $3.77 per MCF of natural gas for the quarter ended March 31, 2013.
Lease operating expenses for the three months ended March 31, 2014 were $11.79 per barrel of oil equivalent (“BOE”). Depreciation, depletion and amortization costs were $23.40 per BOE, and general and administrative costs, which included a $659,468 charge for stock based compensation, were $23.93 per BOE.
Net cash flow from operations for the three months ended March 31, 2014 was $4,061,171,or $0.16 per diluted share, compared to net cash flow of $205,544, or $0.01 per diluted share for the same period in 2013 (1).
Ring’s Chief Executive Officer, Mr. Kelly Hoffman, stated, “We continue to ramp up our 2014 development program. Our first quarter resulted in 24 development wells drilled and one re-completion on an existing well on our Permian Basin properties, where we continue to have a 100% success rate on newly drilled development wells. We now have two rigs drilling full time in Texas. We currently have a third rig drilling in Kansas and hope to announce the results of the initial five wells drilled in Kansas by mid-June. We plan to drill as many as 35 new wells in Texas in the second quarter, while continuing the re-stimulation of selected existing wells. We have increased our credit facility to a maximum of $50,000,000, with an immediate initial borrowing base of $25,000,000.
We are in a position to maintain an aggressive development program, while continuing to seek additional acquisitions.”
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and Kansas.About Ring Energy, Inc.
www.ringenergy.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2013. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.
K M Financial, Inc.
Contact: Bill Parsons, 702-489-4447
OSAGE’S FIRST WOODFORD WELL DRILLED AHEAD OF SCHEDULE AND UNDER BUDGET $OEDV
SAN DIEGO–(BUSINESS WIRE)–Osage Exploration and Development, Inc. (OTCBB:OEDV), announced today that it reached Total Depth nine days ahead of schedule on the Whitten 1-2WH, the Company’s first operated horizontal Woodford well. Osage reached Total Depth for the well in just 14 days as opposed to the 23 day plan, resulting in substantial cost savings in the drilling phase. Hydraulic fracture treatment for the Whitten 1-2WH and the Whitten 1-3MH is scheduled for late May.
Management Comments
“From the outset of its operated drilling program earlier this year, Osage has had a laser focus on efficient, high-quality operations,” stated Jack Zedlitz, Vice President of Corporate Development. “In order to achieve the best results, we hand-picked a top-tier core operating team with over ninety years of experience.
“Reaching Total Depth on our first Woodford well nine days ahead of schedule while keeping the wellbore exactly where we planned speaks to the skill of our team. Specifically, after drilling to a total measured depth of 10,455 feet, we were within 1.5 inches vertically of our proposed target.
“At the end of the day, what matters most is putting oil in the tank in a highly economic manner. We believe that we are on our way to doing so with our first two operated wells, and we expect that those results will be repeatable.”
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma City, Oklahoma, Osage Exploration and Development, Inc. is an independent exploration and production company with interests in oil and gas wells and prospects in the U.S. http://www.osageexploration.com
Safe Harbor Statement
The information in this release includes certain forward-looking statements as defined by the Securities and Exchange Commission that are based on assumptions that in the future may prove not to have been accurate. Those statements and Osage Exploration and Development, Inc. are subject to a number of risks, including production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others.
Contact:
Osage Exploration and Development, Inc.
VP of Corporate Development
Jack Zedlitz, 405-270-0989
jzedlitz@osageexploration.com
or
President and CEO
Kim Bradford, 619-677-3956
kbradford@osageexploration.com
or
http://www.osageexploration.com
MAGELLAN MIDSTREAM $MMP GENERATES RECORD FINANCIAL RESULTS IN FIRST QUARTER
INCREASES ANNUAL DISTRIBUTABLE CASH FLOW GUIDANCE TO $810 MILLION FOR 2014
Magellan Midstream Partners, L.P. (MMP) today reported record quarterly operating profit of $275.1 million for first quarter 2014, an increase of $132.6 million, or 93%, compared to $142.5 million for first quarter 2013.
Net income more than doubled to a quarterly record of $242.6 million for first quarter 2014 compared to $113.0 million for first quarter 2013, and diluted net income per limited partner unit increased to a record $1.07 in first quarter 2014 versus 50 cents in the corresponding 2013 period. Diluted net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-generally accepted accounting principles (non-GAAP) financial measure, of $1.07 for first quarter 2014 was higher than the 70-cent guidance provided by management in Feb. 2014 primarily due to stronger-than-expected refined products and crude oil transportation volumes and rates, more favorable product overages and the sale of additional volumes from the partnership’s butane blending activities.
Distributable cash flow (DCF), a non-GAAP financial measure that represents the amount of cash generated during the period that is available to pay distributions, increased to a quarterly record of $253.2 million for first quarter 2014, more than double the first-quarter 2013 DCF of $123.9 million.
“Magellan kicked off 2014 with exceptional strength, generating record quarterly financial results due to strong performance from all aspects of our business, including fee-based transportation and terminal assets and commodity-related activities,” said Michael Mears, chief executive officer. “Further, we continue to build the framework for Magellan’s future growth, achieving significant progress on crude oil projects currently under construction and launching new projects for critical energy infrastructure that will sustain our growth trajectory.”
An analysis by segment comparing first quarter 2014 to first quarter 2013 is provided below based on operating margin, a non-GAAP financial measure that reflects operating profit before general and administrative (G&A) expense and depreciation and amortization:
REFINED PRODUCTS
Refined operating margin was $255.0 million, an increase of $94.8 million and a quarterly record for this segment. Transportation and terminals revenue increased $44.9 million between periods due to higher shipment volumes and average tariffs. Shipments grew primarily as a result of strong demand for gasoline and distillates in the markets served by the partnership, in part due to the seasonal reversal of a portion of the partnership’s Oklahoma system to deliver refined products south into Texas, start-up of Magellan’s recently-constructed pipeline from the partnership’s El Paso, Texas terminal to a new locomotive fueling facility in New Mexico and shipments through a new connection to a third-party pipeline for further distribution to other markets. Higher tariff rates were mainly driven by the partnership’s 4.6% tariff increase in mid-2013 and longer-haul movements to meet increased demand. Revenues also benefited from operating results from a New Mexico pipeline system acquired in July 2013 and a Rocky Mountain pipeline system acquired in Nov. 2013.
Operating expenses increased between periods primarily due to expenses related to the recently-acquired New Mexico and Rocky Mountain pipeline systems. Increased property taxes, power expenses and personnel costs on the partnership’s legacy pipeline system were primarily offset by more favorable product overages (which reduce operating expenses).
Product margin (a non-GAAP measure defined as product sales revenue less cost of product sales) increased $54.8 million between periods primarily due to improved profitability of the partnership’s butane blending activities as a result of significantly lower butane costs in the current period and higher sales volumes. The increased volume was attributable to selling additional blended product carried over from the partnership’s fourth-quarter 2013 blending activities as well as more blending opportunities during first quarter 2014 in part due to higher gasoline demand.
Crude oil. Crude operating margin was $63.3 million, an increase of $40.6 million. Transportation and terminals revenue increased $44.7 million primarily due to crude oil shipments on the Longhorn pipeline, which began operation during second quarter 2013, and higher pipeline volume on the partnership’s Houston crude oil distribution system. Operating expenses increased between periods as costs related to operation of the Longhorn pipeline in crude oil service, including higher personnel costs, power and integrity spending, were partially offset by more favorable product overages (which reduce operating expenses).
Marine storage. Marine operating margin was $28.4 million, an increase of $3.1 million. Revenue increased between periods primarily due to storage fees from newly-constructed tanks placed into service at the partnership’s Galena Park terminal over the last year, and expenses declined slightly due to less spending for maintenance projects during the current period. Product margin increased due to timing of product sales.
Other items. Depreciation and amortization increased primarily due to recent expansion capital expenditures, and G&A expenses increased due to more personnel costs as a result of additional headcount and higher accruals for the partnership’s annual bonus and equity-based incentive compensation programs as a result of higher payout expectations and an increasing unit price.
Net interest expense increased primarily due to borrowings from the partnership’s recent debt offerings to fund capital spending. As of March 31, 2014, the partnership had $2.9 billion of debt outstanding and $196.6 million of cash on hand.
EXPANSION CAPITAL PROJECTS
Magellan continues to make significant progress on its expansion opportunities and recently announced plans to construct a fee-based condensate splitter at its Corpus Christi, Texas terminal and to deliver refined products to Little Rock, Arkansas by extending the reach of the partnership’s pipeline system from Ft. Smith, Arkansas to the Little Rock market.
The Longhorn pipeline continues to increase crude oil volume and averaged approximately 200,000 barrels per day (bpd) during the first quarter of 2014. Magellan has received regulatory approval to increase the capacity of the pipeline to 275,000 bpd and expects to average approximately 240,000 bpd during the second quarter of 2014 and 250,000 bpd during the second half of 2014.
The partnership continues to make significant progress on tank and pipeline construction for the BridgeTex pipeline joint venture. Initial linefill is expected to occur during late second quarter, with pipeline movements expected to begin mid-third quarter to deliver crude oil from the Permian Basin to the Houston Gulf Coast area.
Based on the progress of expansion projects already underway, the partnership currently plans to spend approximately $700 million in 2014 with additional spending of $325 million in 2015 and $75 million in 2016 to complete its current slate of construction projects.
In addition, Magellan continues to evaluate well in excess of $500 million of potential growth projects in earlier stages of development as well as possible acquisitions, both of which have been excluded from the partnership’s spending estimates.
FINANCIAL GUIDANCE FOR 2014
Management is raising its 2014 DCF guidance by $80 million to $810 million primarily as a result of strong financial results to date and remains committed to its goal of increasing annual cash distributions by 20% for 2014 and 15% for 2015. For DCF purposes, BridgeTex is expected to have minimal impact to 2014 results due to the timing of the pipeline’s start-up and the timing of cash distribution payments from the joint venture to Magellan, which will be paid in arrears on a quarterly basis.
Including actual results so far this year, net income per limited partner unit is estimated to be $3.25 for 2014, with second-quarter guidance of 72 cents. Guidance excludes future MTM adjustments on the partnership’s commodity-related activities.
EARNINGS CALL DETAILS
An analyst call with management regarding first-quarter results and outlook for the remainder of 2014 is scheduled today at 1:30 p.m. Eastern. To join the conference call, dial (888) 466-4462 and provide code 1956876. Investors also may listen to the call via the partnership’s website at www.magellanlp.com/webcasts.aspx.
Audio replays of the conference call will be available from 4:30 p.m. Eastern today through midnight on May 12. To access the replay, dial (888) 203-1112 and provide code 1956876. The replay also will be available at www.magellanlp.com.
NON-GAAP FINANCIAL MEASURES
Management believes that investors benefit from having access to the same financial measures utilized by the partnership. As a result, this news release and supporting schedules include the non-GAAP financial measures of operating margin, product margin, adjusted EBITDA, DCF and net income per unit excluding MTM commodity-related pricing adjustments, which are important performance measures used by management.
Operating margin reflects operating profit before G&A expense and depreciation and amortization. This measure forms the basis of the partnership’s internal financial reporting and is used by management to evaluate the economic performance of the partnership’s operations.
Product margin, which is calculated as product sales revenue less cost of product sales, is used by management to evaluate the profitability of the partnership’s commodity-related activities.
Adjusted EBITDA is an important measure utilized by management and the investment community to assess the financial results of an entity.
DCF is important in determining the amount of cash generated from the partnership’s operations that is available for distribution to its unitholders. Management uses this performance measure as a basis for recommending to the board of directors the amount of cash distributions to be paid each period and for determining the payouts under the partnership’s equity-based incentive plan.
Reconciliations of operating margin to operating profit and adjusted EBITDA and DCF to net income accompany this news release.
The partnership uses New York Mercantile Exchange (NYMEX) futures contracts to hedge against price changes of petroleum products associated with its commodity-related activities. Most of these NYMEX contracts do not qualify for hedge accounting treatment. However, because these NYMEX contracts are generally effective at hedging price changes, management believes the partnership’s profitability should be evaluated excluding the unrealized NYMEX gains and losses associated with petroleum products that will be sold in future periods. Further, because the financial guidance provided by management generally excludes future MTM commodity-related pricing adjustments, a reconciliation of actual results to those excluding these adjustments is provided for comparability to previous financial guidance.
Because the non-GAAP measures presented in this news release include adjustments specific to the partnership, they may not be comparable to similarly-titled measures of other companies.
ABOUT MAGELLAN MIDSTREAM PARTNERS, L.P.
Magellan Midstream Partners, L.P. (MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation’s refining capacity, and can store more than 90 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
FORWARD-LOOKING STATEMENT DISCLAIMER
Portions of this document constitute forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. believes any such statements are based on reasonable assumptions, actual outcomes may be materially different. Among the key risk factors that may have a direct impact on the partnership’s results of operations and financial condition are: (1) its ability to identify growth projects or to complete identified projects on time and at expected costs; (2) price fluctuations and changes in demand for refined petroleum products, crude oil and natural gas liquids, or changes in demand for transportation or storage of those commodities through its existing or planned facilities; (3) changes in the partnership’s tariff rates or other terms imposed by state or federal regulatory agencies; (4) shut-downs or cutbacks at major refineries or other businesses that use or supply the partnership’s services; (5) changes in the throughput or interruption in service on pipelines owned and operated by third parties and connected to the partnership’s terminals or pipelines; (6) the occurrence of operational hazards or unforeseen interruptions; (7) the treatment of the partnership as a corporation for federal or state income tax purposes or if the partnership becomes subject to significant forms of other taxation; (8) an increase in the competition the partnership’s operations encounter; (9) disruption in the debt and equity markets that negatively impacts the partnership’s ability to finance its capital spending; and (10) failure of customers to meet or continue contractual obligations to the partnership. Additional information about issues that could lead to material changes in performance is contained in the partnership’s filings with the Securities and Exchange Commission, including the partnership’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2013 and subsequent reports on Form 8-K. The partnership undertakes no obligation to revise its forward-looking statements to reflect events or circumstances occurring after today’s date.
CONTACT:
Paula Farrel
918-574-7650
paula.farrell@magellanlp.com
HOUSTON, Apr 22, 2014 (BUSINESS WIRE) — Horizon Energy Corporation (otcqb:HORI) announces its initial due diligence is favorable and it will soon be ready to move forward with final negotiations on its option agreement for leases known as the Holmes Oil Unit Number 1 in the East Texas counties of Cherokee and Rusk. The agreement is with Ponta E&P LLP, a Texas partnership involved in oil and gas exploration and production in the area.
The land under consideration, 83 acres located in the Pettit formation close to the town of Rusk, the Cherokee county seat, is the second project in Horizon’s ongoing efforts to identify prospective opportunities for the exploration, development and production of domestic oil and gas.
Earlier this year, Apache Corporation APA +0.43% identified East Texas and Louisiana as areas of interest in its quest for the next big find. Throughout East Texas, producers such as Anadarko Petroleum Corporation APC +1.22% and EOG Resources, Inc. are returning to fields that were considered played out and applying new technology. This mirrors initial activities in the Permian basin on the state’s western side, where producers revisited previously drilled fields, successfully employing horizontal drilling and hydraulic fracturing.
“Oil companies are vying to establish new fields in light of rapidly declining output in some areas, and East Texas, which gave birth to the modern oil age, is an excellent prospect,” said Robert Bludorn, President and CEO of Horizon Energy Corporation. He added, “Our initial research is showing a geology in Cherokee County that validates a renewed drilling program.”
About Horizon Energy Corporation
Horizon Energy Corporation was incorporated in the state of Wyoming in 2010. Its business model and scope of operation includes traditional and nontraditional energy sector opportunities. It is currently in the business of acquiring, discovering and developing oil and gas properties. Details can be found at www.horizonenergyusa.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipates,” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release only speaks as of the date of its distribution.
SOURCE: Horizon Energy Corporation
Horizon Energy Corporation
Robert Bludorn, 228-822-4708, President and CEO
Thanks for the pick SS, lets see this run continue.
Hey SS, just doing my DD now there's some pretty good products here. It's on my radar!!!
SMKG looks like a bargain at this price, some news and it could really start to move.
Looks like the pps has climbed nicely since the bottom, lots of good consolidation periods.
This thing just keeps going up, no reason for it to stop here.
I would think so, with the technology they have i would think its still very undervalued.
Some nice gains today, lets keep them coming.
Stranger things have happened lol
That makes a lot of sense. Piracy is huge right now, can anyone honestly say they don't know someone who gets music or movies for free. And i'm sure the companies that want to stop piracy will pay quite a bit to protect themselves.
Nice Stock Surgeon, looks like they are starting to bring themselves current on pinksheets.
The style around the US is heading more that direction, they are on top of it.
The word is starting to get out. This thing is taking off.
Ya but even if oil pulls back to $100 its still way higher than it was around this time last year.
Ya spikes like this are hard to stabilize if they go to high, but its not impossible to hold on to a lot of the gains if the volume is there.
Ya i've been watching it for a little bit, its good to see it start to really move.
All signs point to profit for BANI
I think that was some great news, it will help them focus their efforts. Thanks for the pick stock surgeon, things are looking up.
I like the fact that the major backers are pretty wealthy, so they have no reason to scam investors. Not to mention they could support the company for years without hurting themselves too much.
Unfortunately people that know how to run a public company are few and far between nowadays
I'm hoping quite a bit lol
Interesting product here, and the markets shaping up. Might have to pick some up when i can.
I picked up a few shares last week, do you guys think we will see a bottom bounce pretty soon?
BANI and RGRP- Stocksurgeon alerted both of those to me last week. BANI looking to climb much further IMO, volume seems to picking up nicely as well. I cant wait to see what both stocks have in store for us over the next couple weeks.
rgrp- .40
bani- 1.67
Your right blue, the volume on this is rising big time and the chart is climbing perfectly!! Monday morning should pretty green for us.... gl.
WFYW looks like a pretty sold bottom bounce IMO..We should be climbing up the chart this next week. I hope to see a PR on this and BANI very shortly .0039 100k -vol http://stockcharts.com/h-sc/ui?s=wfyw
Great board you guys got going here!! Ill stop by when i can to post a few. I added a few on BANI a couple days ago since StockSurgeon alerted me on it..Ill be watching the stock very closely and picking up a few more shares when i can.
Thx for the pick.
Minneapolis-based Jostens, founded in 1897, is a leading provider of products, programs and services that help people celebrate important moments, recognize achievements and build affiliations. The company's products include yearbooks, class rings, graduation products and products for athletic champions and their fans.
I think coming into the graduation time, getting just a portion of Jostens sales would be quite a bit. Which shouldn't be hard considering this kind of style is in. And if all else fails their partners have some deep pockets lol
This company has a good product here for a public vehicle. Not only will advertising never go away, but they can promote their company for free.
Does anyone know what the approximate float is? Just wondering.
Well considering there is supposedly less than 1.3 million shares in the float, 200k would be quite a bit for this company.