Hess Corporation to Acquire American Oil & Gas Inc.
Hess Corporation (NYSE: HES) and American Oil & Gas Inc. (NYSE-AMEX: AEZ) jointly announced today that Hess has agreed to acquire American Oil & Gas pursuant to a merger agreement approved by the Boards of Directors of both companies in an all-stock transaction. The acquisition will increase Hess’ strategic acreage position in the Bakken oil play in North Dakota by approximately 85,000 net acres.
Under terms of the agreement, Hess has agreed to issue 0.1373 shares of its common stock in exchange for each outstanding share of American Oil & Gas’ common stock. This represents a 9.4 percent premium to American Oil & Gas stockholders based on the closing stock prices of Hess’ and American Oil & Gas’ shares on July 27, 2010. It is expected that Hess would issue approximately 8.6 million shares for all outstanding American Oil & Gas shares and options on a net settlement basis.
Covenant Resources Abandons Early Stage Mining Property to Focus on Oil and Gas
Covenant Resources Ltd. (CVA - CNSX),(the "Company") wishes to announce that in order to focus on oil and gas opportunities, the Company has decided to allow the option on its early stage Piebiter mining property to lapse. Based on the difficult market conditions for junior exploration companies in the mining sector, and based on the limited success to date on the exploration of the Piebiter property, the Company felt that it was in the best interests of shareholders to suspend any further expenditures on the mining property. Covenant's board of directors determined that there were other superior opportunities available in the energy sector. The Company is currently in discussions with a private oil and gas company and expects a letter of intent to be drafted within the next couple of weeks.
Africa Oil Announces $20 Million Private Placement
Africa Oil Corp. (TSX VENTURE: AOI) ("Africa Oil" or "the Company") reports that it has agreed to sell on a non-brokered, private placement basis, an aggregate of up to 20 million common shares of the Company at a price of Cdn $1.00 per share for gross proceeds of up to Cdn $20 million.
A 5% finder's fee may be payable on a portion or all of the private placement.
Net proceeds of the private placement will be used towards the Company's ongoing work program in East Africa as well as for general working capital purposes. Shares issued pursuant to the private placement will be subject to a four month hold period.
Ivanhoe Energy successfully reaches total depth at second Ecuador well and provides update on first well
Santiago Pastor appointed Vice President, Operations for Ivanhoe Energy Ecuador
David Dyck, President and Chief Operating Officer of Ivanhoe Energy Inc. (TSX: IE, NASDAQ: IVAN), and David Martin, President and Chief Executive Officer of Ivanhoe Energy Latin America, announced today that the company's second well, IP-5b, located in the Pungarayacu field on Block 20 in Ecuador has successfully reached total depth and logging activities have commenced.
The company's operations in Ecuador are being led by Santiago Pastor, an important new addition to the Ivanhoe Energy Ecuador team. Mr. Pastor, newly appointed Vice President, Operations, joined the company from a senior position at Petrobras Ecuador.
Gamesa Selects Towers from Broadwind Energy for U.S. Wind Projects
Gamesa Technology Corp., a wholly owned U.S. subsidiary of Gamesa Corporación Tecnológica, a global manufacturer of wind turbine generators with headquarters in Spain and operations in the U.S., Europe, China and India has selected Tower Tech, Inc., a subsidiary of Broadwind Energy, Inc. (NASDAQ: BWEN), to supply structural wind towers for wind sites in the United States for installation in the second half of 2010.
Jim Buddelmeyer, vice president of purchasing at Gamesa stated, “Proven experience, flexibility and well-established competencies were key elements in our decision to select Broadwind’s Tower Tech subsidiary to construct our next-generation towers for these projects.”
“Tower Tech specializes in the production of heavier and more complex wind towers, with which turbine manufactures like Gamesa seek to expand the geographic footprint of wind power,” said Jess Collins, group president at Broadwind Energy. “We are delighted to extend our long, successful supply relationship with Gamesa through this project.”
Canoro Resources Ltd. Closes $13.9 Million Financing and Appoints New Directors Resident in India
Canoro Resources Ltd. ("Canoro" or the "Company") (TSX VENTURE:CNS) is pleased to announce the closing of its previously announced prospectus rights offering (the "Offering"). Under the fully subscribed Offering, the Company raised total gross proceeds of approximately CDN$13.9 million and issued 138,771,162 common shares of the Company ("Common Shares") to shareholders who exercised their Rights. Under the Offering, each eligible shareholder of the Company received one right ("Right") for each Common Share held and each Right was exercisable for one Common Share at a price of $0.10 per Common Share.
RockBridge Reports on Continuing Development of Oil & Gas Projects
RockBridge Resources Inc. (RockBridge - "RBE") (TSX VENTURE: RBE) announces that production at the Woodrush oil and gas project, located in the Peace River Arch of British Columbia, increased substantially for the month of May with the operator reporting gross revenues of $1.7 million and an operating netback of $1.08 million. The project, in which RockBridge has a minor interest, produced 1,083 barrels of oil equivalent per day during May. The 332% improvement over the average gross monthly production during Q1-2010 follows 2 recent discoveries and the plans are to accelerate field development with additional drilling later this year. RockBridge has interests in 2,880 acres in the prolific Pembina Cardium field located about 50 miles southwest of Edmonton, which includes 35.71% in 1,120 acres, with work continuing by the operator in preparation for a planned horizontal drilling program to commence later this year, plus a 50% interest in the other 1,760 acres in the Pembina field. The operator has in total, identified 14 low risk horizontal drilling locations on the properties for development over several years.
Tindalo-1 Oil Well in the Philippines Flows Over 18,500 bopd
TG World Energy Corp. (TSX VENTURE:TGE) ("TG World") has been advised by project operator, Nido Petroleum Limited ("Nido") that several days of production testing of the Tindalo-1 well located in SC54A in the Philippines is complete. Key highlights of the testing include:
-- Extended production flow test yields 27 degrees API oil at a maximum flow rate of 18,689 bopd -- Well put on production June 6, 2010 with oil loading into a Floating Storage Offloading Vessel ("FSO") -- 44 meters of Nido limestone reservoir was perforated and stimulated -- Strategy to complete additional discoveries and prospects totaling over 200 million barrels of oil in place ongoing
Geokinetics Announces $80 Million in New Projects Awards
Geokinetics Inc. (NYSE Amex: GOK) today announced that since the beginning of April, 2010, it has been awarded approximately $80 million in several new projects in South America, Central and West Africa and the United States. The company is also announcing the launching of its new Geotiger Series II highly transportable 4 component (4C) ocean bottom cable (OBC) crew to the Canadian Arctic.
Richard F. Miles, President and Chief Executive Officer, stated, "We are delighted to have secured this much new work in the past couple of months, which include acquisition projects in land, TZ shallow water and multi-client commitments in the Marcellus Shale play. These awards are in addition to the approximately $80 million in three shallow water OBC projects that we disclosed during the first quarter of 2010.
OMNI Energy Services Agrees to be Acquired by Wellspring Capital Management for $2.75 Per Share in Cash
OMNI Energy Services Corp. (Nasdaq:OMNI), a leading provider of environmental services and seismic services to the domestic oil and gas industry, today announced that it has entered into a definitive agreement under which an affiliate of Wellspring Capital Management LLC ("Wellspring") will acquire all of OMNI's outstanding shares for $2.75 per share in cash. The total value of the transaction is approximately $122 million, including assumption of debt.
The agreement has been unanimously approved by the OMNI Board of Directors following the recommendation of a special committee of independent directors. The cash consideration represents a premium of 29.7% over the closing price of OMNI shares on June 3, 2010.
FuelCell Energy to Supply Direct FuelCell Power Plants to California Utility
Enters Into Contract With PG&E to Deliver 2.8 MW
FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of high efficiency ultra-clean power plants using renewable and other fuels for commercial, industrial, government, and utility customers today announced that Pacific Gas and Electric Company (PG&E) has ordered two 1.4 Megawatt DFC1500 fuel cell power plants to install as utility-owned fuel cells on the campuses of California State University East Bay -- Hayward Hills (CSU -- East Bay) and San Francisco State University (SFSU). The total value of these contracts is approximately $12.6 million, which will include engineering, procurement and construction services for the installation of the power plants.
Arsenal Energy Inc. Releases Update on North Dakota Bakken Program
Arsenal Energy Inc. (TSX:AEI) (FRANKFURT:A1E) is pleased to provide an update on its six well drilling program in North Dakota. The program involves four Bakken horizontals at Stanley and two Three Forks horizontals at Lindahl.
At Stanley, the EOG operated Burke 26-18 well (14% WI) has been completed using multi-stage fracture technology and has been placed on production. The well is flowing at a 24 hour rate of 960 bbl/d and 500mcf/d of associated gas. The natural gas is producing into a sales line. The Murex operated James Philip well (Arsenal 35 %WI) is on pre-frac flow at a rate of 600 bbls/d. A multi-stage frac stimulation is scheduled for early June. Flow results will be released after the stimulation and testing. The Arsenal operated Amy Elizabeth (57% WI) and Brenlee (42% WI) wells are in the well licensing process and should spud in July pending rig availability.
SunPower and AUO to Form Joint Venture to Accelerate Fab 3 Ramp and Lower Manufacturing Costs
SunPower Corp. (Nasdaq: SPWRA, SPWRB), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced a definitive agreement to form a joint venture (JV) with AU Optronics Corp. (TAIEX: 2409; NYSE: AUO), a leading global manufacturer of thin-film transistor liquid-crystal displays (TFT-LCD) based in Taiwan. The JV will own and operate SunPower's 1.4 gigawatt third solar cell fabrication facility (Fab 3), now under construction in Malaysia. SunPower and AUO will equally own the JV and contribute equal capital funding.
"AUO's proven ability to rapidly scale advanced manufacturing technology while driving consistent, aggressive cost reduction makes them the ideal partner to help SunPower ramp Fab 3," said Tom Werner, SunPower's CEO. "We expect this JV will reduce our effective Fab 3 capital expense per watt by more than 35 percent while capitalizing on AUO's world-class manufacturing expertise to reduce solar cell manufacturing costs.
Winstar Announces Initial Test Rates of 1,625 barrels of oil per day from Chouech Essaida 8S Re-Entry Well
Winstar Resources Ltd. ("Winstar" or "the Company") (TSX: WIX) is pleased to provide initial test results of the 100% owned and operated Chouech Essaida 8S well (CS No.8S) in southern Tunisia.
- The Company announces that the well has been successfully completed and after 42 hours is currently flowing at a stable rate of 1,625 bbl/d of oil (2,200 boepd of total hydrocarbons) commingled from two zones in the Triassic reservoir. - The well results are consistent with results from interpretation of well logs which indicated that both productive zones encountered are 3 - 4 meters structurally higher and 50% to 100% thicker compared to the original CS No.8 well located approximately 50 meters west of the CS No.8S well.
ARCHER PETROLEUM ANNOUNCES COMPLETION OF SUCCESSFUL WOLFBERRY OIL WELL IN WEST TEXAS
Archer Petroleum Corp. (TSXV: ARK, the “Company” or “Archer”) is pleased to announce that it has completed a successful Wolfberry oil well with it’s initial well in the Company’s Greater Joe Mill Project in West Texas, which was drilled to a total depth of approx 8500 feet. After recovering approximately 50% of the stimulation fluids (thus far) used to fracture the formation, the Company’s operational team is reporting oil cut ahead of schedule. As is typical in these wells, the oil cut is increasing on an ongoing basis as more fluid is being recovered and is expected to increase to a peak production rate in the coming weeks. Management expects to be in a position to report an initial production rate on the well when approximately 70-80% of the stimulation fluids have been recovered.
American's Ron Viall 1-25H Well at Goliath Produces 2,844 BOE During an Early 24 Hour Flow Back Period
American Oil & Gas Inc. (AMEX:AEZ ) announces that the Ron Viall 1-25H well, located in T156N-R98W Sections 24 and 25 in Williams County, ND produced 2,844 barrels of oil equivalent (1,981 barrels of oil and 5,179 Mcf of natural gas) from the Bakken formation during an early 24 hour flow back period. The 9,223 foot lateral in the Bakken formation was fracture stimulated with 30 stages. American owns a 95% working interest in this well.
Pat O'Brien, CEO of American, commented, "The strong production from the Ron Viall well provides us with a high confidence level that our drilling and completion methods are appropriate for this area. We now have two drilling rigs operating in our Goliath project. Drilling is underway at the Bergstrom 15-23H well and we expect to commence drilling the Johnson 15-35H well this week.
First Solar, Inc. Announces First Quarter 2010 Financial Results
Net Sales $568 million EPS $2.00 per fully diluted share Increased 2010 EPS guidance to $6.80-$7.30 per diluted share Board of Directors approves an additional four line factory
TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) today announced its financial results for the first quarter ended March 27, 2010. Quarterly net sales were $568.0 million, up 36% from $418.2 million in the first quarter of 2009, mainly due to strong PV module demand and increased production, partially offset by a decline in pricing. First quarter 2010 net sales declined $73.3 million from the fourth quarter of 2009 primarily due to a shift from turnkey system sales to module sales.
Enerchem International Inc. Announces Take-Over Bid by Private Canadian Company for $2.75 Cash per Share
Enerchem International Inc. ("Enerchem" or the "Corporation") announced today that that it has entered into a pre-acquisition agreement (the "Agreement") with a private Canadian company (the "Offeror") pursuant to which the Offeror will offer to acquire all of the issued and outstanding common shares ("Common Shares") of Enerchem (the "Offer") by way of a take-over bid. The consideration to be offered for each Common Share under the Offer will be $2.75 cash per Common Share, which represents a 47% premium over the closing price of Enerchem on April 21, 2010. The total purchase price offered by the Offeror will be approximately $41.6 million.
The Board of Directors of Enerchem (the "Board") has unanimously approved the Offer and has concluded that the transaction is in the best interests of Enerchem and recommends that Enerchem shareholders tender their shares in acceptance of the Offer.
Junex Announces Undiscovered Gas-in-Place Resources Volumes of 48 TCF and Potentially Recoverable Prospective Gas Resources of 3.7 TCF on its St. Lawrence Lowlands Permits
Junex Inc. (TSX VENTURE: JNX) ("Junex" or the "Company") is pleased to announce that Netherland, Sewell & Associates, Inc., ("NSAI"), an independent petroleum consulting firm based in Texas, has provided their "Best Estimate" of the Undiscovered original gas in place resources ("OGIP") volumes for the Utica Shale for most of Junex's permits in the St. Lawrence Lowlands at 48.34 Trillion Cubic Feet ("TCF"). This 48.34 TCF figure includes 39.67 TCF of Undiscovered OGIP resources volumes from the NSAI report dated April 16, 2010 and an additional 8.67 TCF Undiscovered OGIP Resources volumes for the Nicolet Permit from a previous NSAI report as announced by Junex on February 9, 2010 (the "Nicolet Permit").
Blackhawk Resource Corp. Successfully Tests Sparky Horizontal Well
Blackhawk Resource Corp. ("Blackhawk" or the "Corporation") (TSX VENTURE:BLR) is pleased to announce that it has successfully completed the 100 % owned BLR Bodo #2 horizontal well in the Provost area of Alberta. This Sparky Formation horizontal well flowed at an average rate of 150 barrels of oil per day over a two day test period with minimal fluid level drawdown in the wellbore. Oil cuts of up to 90% were observed during the testing.
The Corporation released the drilling rig on April 1, 2010 after achieving a horizontal length of 689 metres in the Sparky Formation in the BLR Bodo #2 horizontal well. Completion operations commenced on April 9, 2010 and ten fracture stimulations were performed along the horizontal length of the well.