Saudi keeps full oil quota to Asia Hong Kong Standard Saudi Arabia will maintain crude oil sales to its core Asian customers at 100 percent of their contracted volume in November, trading sources said Tuesday, raising fresh questions about OPEC's planned output cut. //--> Wednesday, October 11, 2006 Saudi Arabia will maintain crude oil sales to its core Asian customers at 100 percent of their contracted volume in November, trading sources said Tuesday, raising fresh...
Gas Price Drop Due to Market, Not Conspiracy, Analysts Say Randy Hall Staff Writer/Editor
(CNSNews.com) - Over the past few months, the price of gasoline has fallen about 75 cents per gallon because of market forces and not, as some liberals have alleged, because of a secret conspiracy to help Republicans in the upcoming mid-term elections, according to several analysts.
Gas prices, which reached a record national average of $3.06 per gallon on Sept. 5, fell to $2.26 nationwide by Tuesday, Oct. 10, as reported by the American Automobile Association (AAA) at fuelgaugereport.com. The cost of a barrel of crude oil, which peaked at $78.40 on July 14, fell below $60 on Tuesday.
As a result, some political pundits and bloggers have begun raising the specter of "conspiracy," claiming that the trend is being spurred by the coming election. But H. Sterling Burnett, a senior fellow with the National Center for Policy Analysis (NCPA), argued that the theory is "absurd."
"This is basic economics," said Burnett in a news release. "Markets, when not encumbered by foolish legislation to 'fix' a problem, work."
Burnett attributes the recent price drop to three main factors:Increased supply. Previously high prices are bringing more oil to market -- drilling rigs and production are up, refineries are being expanded here and built in other countries for the first time in years, and new technologies are being applied to exploit traditional and non-traditional sources; Decreased demand. In response to high prices, consumers are conserving. For example, sales of SUVs have fallen, and more fuel-efficient cars are flying off the shelf; andDecreased risk. Tensions in the Middle East have eased as more Iraqi oil is reaching the market, Iran seems unlikely to face sanctions, and Israel has left Lebanon, while the hurricane season has been milder than predicted. Therefore, inventories have remained high. Ben Lieberman, a senior policy analyst in the Roe Institute for Economic Policy Studies at the conservative Heritage Foundation, agreed with Burnett's reasons for the cost decline and added a few points of his own.
"Ethanol, which experienced a massive price spike after the law requiring the use of this fuel additive took effect early this year, has finally come down in price," Lieberman stated.
Also, "now that summer is over, demand slackens, and the tough seasonal environmental specifications for fuel are no longer in effect," he added.
"Oil may never be $15 or $20 a barrel again," Burnett said. "But absent a significant political crisis, such as OPEC reducing supply, they will continue to fall."
In fact, officials with the Organization of Petroleum Exporting Countries (OPEC) are discussing a plan to cut oil production by about 1 million barrels a day to prevent further declines in the cost of gas.
And even if that doesn't take place, the U.S. Energy Information Agency predicts gasoline prices of $2.55 a gallon by January before they climb again next spring.
Nevertheless, the fact that a significant decline in the price of gas is taking place a short time before the Nov. 7 election has not been lost on a number of political pundits and liberal bloggers.
"You know, if you were a real cynic, you could also wonder if the oil companies might not be pulling the price of gas down to help the Republicans get re-elected in the midterm elections a couple of months away," commentator Jack Cafferty said on the Aug. 30 edition of CNN's "Situation Room" program.
The theory has even become fodder for late-night comedians. "The good news is oil has fallen to $60 a barrel," said Jay Leno during an episode of NBC's "Tonight Show." "Experts predict it will continue to fall until exactly one minute after the polls close on Nov. 7."
Discussion of the conspiracy theory appears to be having an effect. A recent USA Today/Gallup Poll asked voters: "Do you think the Bush administration has deliberately manipulated the price of gasoline so that it would decrease before this fall's elections?" Forty-two percent responded "Yes."
But John Felmy, chief economist of the American Petroleum Institute (API), dismissed the theory. "Politicians will fulminate about things, but it's the market that sets the price," he said.
According to the API, about 60 percent of the cost of a gallon of gas is directly connected to the price of crude oil, and another 20 percent comes from taxes at various levels of government.
Refining and a combination of distribution and marketing each costs roughly 15 percent, so for every dollar that a barrel of oil goes up or down, gasoline prices move about three cents.
"The very idea that we have a command-and-control oil economy is silly," said Rayola Dougher, manager of energy market issues at API. "I think if politicians were really in charge of oil prices, they'd be low. In fact, they'd probably be free right now!"
Make media inquiries or request an interview with Randy Hall.
Northwestern and Azimut rock sampling and airborne results point to new uranium district at North Rae, Quebec, Canada Wednesday October 11, 8:30 am ET
TORONTO, Oct. 11 /PRNewswire-FirstCall/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT - News; OTCBB: NWTMF - News), as operator, and its partner Azimut Exploration Inc. (TSX-V: AZM - News) are pleased to announce results from the rock sampling program and airborne geophysical survey for the North Rae uranium property in northern Quebec, Canada. Findings reveal the potential for a new uranium district. Grab rock samples have defined 10 open-ended uranium zones, and the airborne survey has identified 14 high-priority anomalies with strike lengths longer than 0.6 miles (one kilometer), including seven anomalies longer than 1.8 miles (three kilometers). ADVERTISEMENT
"These results, together with extensive uranium anomalies from the lake sediment survey, underscore North Rae's significant uranium potential," said Marek J. Kreczmer, President and CEO of Northwestern. "Furthermore, our findings to date support the strong possibility of additional mineralized sectors elsewhere on the property. We intend to integrate the results from the summer work program in the coming months to outline specific areas for continued exploration and targeted drilling."
Initial prospecting results include 17 rock samples (16 on outcrops and one boulder) that returned values higher than 0.05% U(3)O( (uranium oxide), with six samples registering values higher than 0.1% U(3)O(. Peak values were 0.56%, 0.37% and 0.33% U(3)O(. The 17 samples are spread widely across the property and form 10 uranium showings that remain open. Seven of these samples point to a 2.6-mile (4.3-kilometer) long trend. The presence of uraninite in two samples of pegmatite (0.56% and 0.13% U(3)O( respectively) was confirmed by microprobe analysis performed at Laval University in Quebec. Uranium mineralization at North Rae appears to be mainly hosted by pegmatitic, granitic and gneissic lithologies.
A total of 186 rock samples were collected and analyzed. In addition to the 17 samples discussed above, results included 41 rock samples (33 on outcrops and eight boulders) with values ranging from 0.01% to 0.05% U(3)O(, and 128 rock samples with values lower than 0.01% U(3)O(.
Preliminary findings from the airborne geophysical survey over North Rae further establish the property's uranium potential. Interpretation of airborne results, including 14 anomalies measuring more than 0.6 miles (one kilometer), is currently underway. Those results are being integrated with mapping, lake sediment and rock sampling data to further delineate the highest priority areas for a future drill program. The airborne survey consisted of 1,790 line miles (2,882 line kilometers) at a line spacing of 656 feet (200 meters).
Results from a lake sediment survey conducted at North Rae during the summer identified five strong and extensive uranium anomalies with a peak value of 1,320 parts per million uranium. This converts into a uranium oxide value of 0.16% U(3)O(. The complete lake sediment results were announced in a press release issued on October 5, 2006.
An additional prospecting phase was recently completed and results are pending.
The North Rae Uranium Project consists of three blocks representing 701 claims, with a total area of 77,960 acres (31,550 hectares). Northwestern has the right to earn up to 65% ownership of North Rae from Azimut Exploration Inc., as announced in a press release dated March 6, 2006.
QUALITY ASSURANCE
The exploration work was conducted under the supervision of Rejean Girard, P.Geo., and Olivier Gerbeau, Ph.D., of independent consulting firm IOS Services Geoscientifiques Inc., of Chicoutimi, Quebec. The rock samples were sent to Saskatchewan Research Council (SRC) in Saskatoon, Saskatchewan for analysis and processing. SRC is an ISO-IEC 17025 accredited facility. Aeroquest International Ltd performed the airborne survey from August 27 to September 9, 2006. MPH Consulting Ltd. of Toronto is interpreting the results of this survey.
ABOUT NORTHWESTERN:
Northwestern Mineral Ventures (www.northwestmineral.com) is an international resource exploration company with an experienced management team. The company is focused on properties in Niger and Canada with potential uranium targets. Northwestern also has a precious and base metal property in Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT."
The TSX Venture Exchange has not reviewed and does not accept
Advanced Battery Technologies, Inc. Signs Agreement With Pioneering US Electric Car Developer Left Coast Conversions, Inc. Wednesday October 11, 8:30 am ET
NEW YORK, NY--(MARKET WIRE)--Oct 11, 2006 -- Advanced Battery Technologies, Inc. (ABT) (OTC BB:ABAT.OB - News), a developer and manufacturer of rechargeable Polymer-Lithium-Ion (PLI) batteries for use in electric vehicles, motorcycles, mine use lamps, cell phones, notebook computers and other personal electronic devices, has signed a Memorandum of Understanding with Left Coast Conversions, Inc. (LCC) of Los Angeles, California. The MOU states that ABT will provide technical support and state-of-the-art PLI batteries to LCC for use in their cutting edge gas-to-electric car conversion projects. ADVERTISEMENT
ABT Chairman and CEO, Mr. Zhiguo Fu, stated, "We are very excited about our future with Left Coast Conversions and look forward to working directly with one of the top pioneers in the California electric car industry. LCC's deployment of our US patented automotive-grade PLI batteries in their electric car conversion projects will provide strong validation of their viability and performance for the US electric and hybrid car market." Greg Abbott (AKA, Reverend Gadget), CEO of LCC stated, "This is a great opportunity for LCC to incorporate next generation battery technology in our electric car conversions and push the performance and reliability boundaries for electric vehicles."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures, and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include PLI batteries for electric vehicles, mine-use lamps, cell phones, notebook computers, and other personal electronic devices. The Company's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. The PLI battery for use in all-electric vehicles was developed using the Company's proprietary technologies. The Company's R&D and manufacturing facilities are located in China and it maintains an office in New York City.
For more information about Advanced Battery Technologies, Inc. please visit http://www.zqpt.com
About Left Coast Conversions, Inc.
Left Coast Conversions' (LCC) mission is to get as many electric cars on the road as soon as possible. LCC, incorporated in 2001, is currently developing plug-and-play, fully integrated electric car conversion systems, including dedicated battery management systems. Some of the products sold by LCC include motors, motor adapters, controllers, battery management systems, full conversion kits, electric power steering pumps and A/C compressors. LCC is developing a nationwide network of conversion kit installers, and providing training and supplies to other companies looking to do conversions. LCC will also sell parts and systems to new car manufacturers. The company's R&D skunkworks lab is currently located In Los Angeles, CA.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that products as manufactured are not accepted in a mass market. We undertake no obligation to revise or update publicly any forward-looking statements.
Contact: Contact: For Additional Information: Advanced Battery Contact: Ms. Melisa Chen 21 W 39th Street Suite 2A New York, NY 10018 Phone: (212) 391-2752
Evergreen Solar Announces New Presentation Time at the Jefferies European Alternative Energy & Cleantech Conference Wednesday October 11, 12:54 pm ET Evergreen to Present at 8:45 a.m. ET on October 17
MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (Nasdaq: ESLR - News), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, today announced a change to its presentation time at the Jefferies & Co. European Alternative Energy & Cleantech Conference in London, England. The presentation will now take place at 8:45 a.m. (ET) on Tuesday, October 17, 2006. The Company was originally scheduled to present at 9:00 a.m. (ET). ADVERTISEMENT
At the conference, President and Chief Executive Officer Richard M. Feldt will discuss Evergreen Solar's business strategy and review the Company's recent accomplishments and financial results. The presentation will be broadcast live over the Internet. Those interested in listening to the live webcast should log on to the "Investors" section of Evergreen Solar's website, http://www.evergreensolar.com, prior to the event.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company's patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit http://www.evergreensolar.com.
Evergreen Solar® is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc.
Contact: Evergreen Solar, Inc. Donald Muir, 508-357-2221 x7708 Chief Financial Officer investors@evergreensolar.com or Investors/Media: Sharon Merrill Associates, Inc. David Reichman, 617-542-5300 Vice President eslr@investorrelations.com
ERHC Energy Inc. Interim CEO Issues October Update Wednesday October 11, 5:17 pm ET
HOUSTON, TX--(MARKET WIRE)--Oct 11, 2006 -- Nicolae Luca, interim chief executive officer of ERHC Energy Inc. (OTC BB:ERHE.OB - News) issued the following update after the market closed on Wednesday, October 11, 2006. ADVERTISEMENT
"To ERHC Shareholders:
"I am pleased to again update the ERHC Energy family on the company's progress during the past month.
"As described last month, ERHC representatives participated in September meetings of the Operating Committee and the Technical Committee for the Blocks and in Management Committee meetings between consortium partners and the Joint Development Authority (JDA). I believe that the meetings were productive. We continue to develop our relationships with our consortium partners in the Joint Development Zone (JDZ) Blocks, Addax Petroleum and Sinopec Corp., and we remain positive about the progress being made.
"The committee that is conducting the search for the Company's new Chief Executive Officer and Chief Financial Officer has narrowed down the list of candidates and begun interviewing. We understand that this period of transition has been unsettling for some investors, but we are convinced that a deliberate process that leads to the selection of the right CEO and CFO is in the best interests of the company and its shareholders.
"As we have said before, our normal business operations continue unabated as the executive search continues.
"In addition to those executive positions, ERHC has begun recruiting for the position of Vice President (Technical). To date, the Company has been satisfied with using technical consultants in meetings with organizations such as the JDA and in technical discussions with our consortium partners. Until now, the intermittent nature of ERHC's requirement for the technical function made it a cost-effective option to use consultants to carry the function out. However, as operations begin to grow in the JDZ, the board has determined that it will be in ERHC's best interests to have an in-house executive officer to manage these relationships.
"Meanwhile, with the guidance of Akin Gump Strauss Hauer and Feld LLP, the Company continues to interface with the US Department of Justice and the Securities and Exchange Commission in connection with their respective investigations. This interface includes responding to an additional SEC request for personnel records (specifically, those regarding former CFO, Franklin Ihekwoaba) and other corporate records from the Company.
"Because the government's search warrant affidavit remains under seal, there has understandably been significant speculation regarding the investigations. Several news reports, including a front-page story in The Houston Chronicle, have referenced ERHC Energy. Houston Chronicle reporter David Ivanovich has followed ERHC for years and the article discussed the Company's promise and its challenges. We have worked to keep the discussion of ERHC in the media grounded in reality by quickly correcting inaccuracies and articulating a clear message.
"Finally, we closed the books on fiscal year 2006 on September 30th. We continue work on the year-end financial report, which is due in December 2006.
"We value our shareholders and appreciate your continued support. As this update illustrates, we are committed to maintaining regular communication with the ERHC Energy family regarding the Company's activities and opportunities."
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production.
Syngas International Corp. (OTCBB: SYNI) Appoints PR Global Concept as European Financial Communication Firm Wednesday October 11, 4:58 pm ET
Syngas Announced Today an Agreement With PR Global Concept to Represent Syngas in Europe and to Provide International Public and Investor Relations Services
EDMONTON, AB and FRANKFURT, GERMANY--(MARKET WIRE)--Oct 11, 2006 -- Syngas International Corp. (OTC BB:SYNI.OB - News) -- http://www.syngasinternational.com -- is pleased to announce that it has secured the services of PR Global Concept. PR Global (http://www.pr-global-concept.com) is a Germany-based firm specializing in international public and investor relations with a main focus on corporate profiling and in financial communications. Through these activities, PR Global increases awareness of foreign small cap companies among European financial institutions. To generate this awareness, they use state of the art communication tools and proven strategies. PR Global considers itself an intermediary between early stage companies and potential investors and is capable of "building bridges" to help client companies establish new sales markets and business relationships utilizing PR Global Concept's international network of partners collaborating to achieve the objectives defined by its client companies. Wilf Ouellette, CEO of Syngas, stated, "We are extremely proud to be affiliated with such a distinguished group in Europe."
Syngas International Corp. (OTC BB:SYNI.OB - News), through its subsidiary, Syngas Energy Corp., is an emerging leader in the development and marketing of low-cost alternate fuels worldwide. We believe our superior technology will catapult our company into a GREEN POWERHOUSE. With energy prices at high levels and the global focus moving rapidly towards addressing pollution, the need for sustainable, zero emission energy is vital. Our technology is based on clean renewable energy. We foresee our company poised to benefit from global trends.
U.S. Missile Defense Agency Awards $1.25 Million Contract to Proton Energy Systems for Regenerative Fuel Cell Research Wednesday October 11, 4:30 pm ET Regenerative Fuel Cell Study Aims at Greater Efficiency, Reduced Weight
WALLINGFORD, Conn., Oct. 11 /PRNewswire-FirstCall/ -- Proton Energy Systems, a leader in hydrogen generation and fuel cell technology and products, and a subsidiary of Wallingford, CT-based Distributed Energy Systems Corp. (Nasdaq: DESC - News), announced today that it has been awarded a $1.25 million follow-on contract from the U.S. Missile Defense Agency (MDA). The Small Business Innovative Research (SBIR) Phase III contract calls for continued development of regenerative fuel cell technology for high altitude airships. ADVERTISEMENT
The research project is part of a Department of Defense initiative to develop a lighter-than-air, high-altitude airship Advanced Concept Technology Demonstration (ACTD) prototype. According to the Missile Defense Agency, this ACTD plans to demonstrate the engineering feasibility and potential utility of an unmanned, untethered, gas-filled, solar-powered airship that can fly at 70,000 ft.
Research will proceed during a one-year period designed to test the efficiency and performance of Proton's hydrogen-generating "core stack." In addition, its proton exchange membrane (PEM) stack technology will be monitored closely as it is scaled up to the size required for high-altitude airship deployment.
"By working with the MDA on the high-altitude airship application, Proton will be better able to advance its expertise in regenerative fuel cell technology for this and many other government and commercial applications," said Rob Friedland, senior vice president and head of the Hydrogen Technology Group. "In addition, all of us at Proton are grateful to Senators Chris Dodd and Joe Lieberman for their strong support of this important technology program."
The proton exchange membrane electrolysis technology developed by Proton produces energy by converting water into hydrogen and oxygen to power the airship. This PEM reaction happens in a controlled environment, enabling Proton's regenerative fuel cell system to provide the airship with its necessary power. This same technology is also used to provide back-up power in the telecom industry, as well as for serving huge commercial markets for hydrogen, including cooling power plant generators.
Approved for public release, 06-MDA-1860 (5-Sept-06)
Proton Energy's Hydrogen Technology Group (HTG) is part of Distributed Energy Systems Corp. (NASDAQ: DESC - News). The Military and Aerospace Team within HTG designs, develops, models, and builds technology solutions based on Proton's core PEM technology. They meet the technical needs of a diverse customer base that includes commercial aerospace partners, and civilian and military government agencies. Please contact the Military and Aerospace Team at 203.678.2351 and online at http://www.protonenergy.com/company/hyd-tech.html to learn more.
About Distributed Energy Systems Corp.
Distributed Energy Systems Corp. (Nasdaq: DESC - News) creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality, and reliability. As the parent company of Proton Energy Systems, Inc. (www.protonenergy.com) and Northern Power Systems, Inc., Distributed Energy Systems delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information, visit http://www.distributed-energy.com.
Oceaneering Announces Mariner Energy Bass Lite Umbilical Contract Wednesday October 11, 4:15 pm ET
HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- Oceaneering International, Inc. (NYSE: OII - News) announced that it has secured a contract with an approximate value of $30 million from Mariner Energy, Inc. (NYSE: ME - News) to supply umbilicals and the related connection hardware for the Bass Lite field development in the Gulf of Mexico. ADVERTISEMENT
The order is for steel tube umbilicals totaling over 55 miles in length with hydraulic lines rated for 10,000 psi, as well as electrical and armored fiber optic lines. Umbilical manufacturing is planned to take place at the Oceaneering Multiflex facility in Panama City, Florida.
The umbilicals will be used to tie Bass Lite, located in 6,750 feet of water at Atwater Block 426, to the Devil's Tower spar in Mississippi Canyon Block 773.
Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. Oceaneering's services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the aerospace and marine engineering and construction industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; Fax 713-329-4653; http://www.oceaneering.com ; E-Mail investorrelations@oceaneering.com .
Environmental Technologies Negotiating Alliance With Leading Edge Energy Conservation Consulting Firm Wednesday October 11, 4:00 pm ET
ORLANDO, FL--(MARKET WIRE)--Oct 11, 2006 -- Environmental Technologies International, Inc. (Other OTC:EMTI.PK - News) is pleased to announce that, through ongoing negotiations, wholly owned subsidiary Awe Engineering Inc. is in the process of aligning itself with ENERCON, INC. - Energy Conservation Consultants. Management is enthusiastic that an alignment between AWE and ENERCON will significantly enhance AWE's marketing potential as it brings its AWE technology to market. ADVERTISEMENT
ABOUT ENERCON
Based in Sioux Falls, South Dakota, Enercon, Inc. is a U.S. company at the pioneering edge of energy conservation. The Company's role is to deliver proven, innovative, full facility, electrical reduction products to meet the growing demands for reduced consumption of energy in commerce and industry. Enercon is a leading edge company with a fresh, clear vision of the future, continuous ongoing product development, and a management team with decades of practical experience in the field. Experts in HVAC and electrical systems, Enercon personnel have built the Company on a firm foundation of providing guaranteed savings in a building's electrical costs through a process of monitoring and analyzing each building's entire profile of electrical systems and usage, and then correcting weaknesses and wastage in the system through tweaking, reengineering, and installing state-of-the-art energy-efficient components. Savings on electrical consumption generally pay for the cost of Enercon's service in less than two years.
AWE and ENERCON
Environmental Technologies and its AWE subsidiary believe that an affiliation with Enercon will offer AWE clients even greater energy savings when integrating the two company's disciplines for enhanced HVAC and electrical-savings performance. Both companies' services and expertise admirably address the increasingly critical need for building owners/operators to conserve energy and contain rising costs of wasted energy.
The AWE Technology
The AWE technology represents a quantum leap over conventional building HVAC and energy-management systems, offering the potential to dramatically improve the workplace/living environment while capturing significant savings for commercial building owners/operators. Protected by patents, the technology includes a modification of the ingenious Thermosyphon Heat Transfer Loop developed by NASA and to this day used by NASA to transfer the extreme heat and cold from one part of the space shuttle to another virtually instantaneously! Since the NASA patents expired, AWE (Air, Water, and Energy) Engineering Inc. has adapted and modified the technology for commercial use in a wide variety of buildings.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, EMTI notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, EMTI wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future.
Contact: Environmental Technologies International, Inc. 7380 Sand Lake Road, Ste 500, Orlando, Florida 32819 Contact: Loren W. Howard Phone: 1-520-749-0746 Email: Email Contact Website: http://www.emtigroup.com
Logs of Superior Oil and Gas Co.'s Windy Vista No. 1 Well Indicate Multiple Pay Zones Wednesday October 11, 12:56 pm ET Completion Efforts Commence Tomorrow
YUKON, Okla.--(BUSINESS WIRE)--The electronic logs of Superior Oil and Gas Co.'s (OTC BB: SIOR - News) Windy Vista No. 1 Well in Garfield County, Oklahoma indicate oil and natural gas in commercial quantities within multiple zones, reports Dan Lloyd, president of the company. "A well completion rig will move onto the property tomorrow, October 12, and completion efforts will commence on the First and Second Wilcox formations," Lloyd says. "Should we successfully bring in a Wilcox producer, we will limit our completion activities on this well to the Wilcox sands. The other potential pay zones - as many as a dozen - could be tested in additional wells drilled on this same or adjacent acreage," he added. ADVERTISEMENT
For more information, please contact Investor Relations at (973) 351-3868 for Stephen Taylor.
This Press Release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as 'expect,' 'anticipate,' 'estimate,' 'believes,' 'plans' and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Superior's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.
Contact: Taylor Capitol, Inc. Stephen Taylor, 973-351-3868 STEPHTAYL9@AOL.COM http://www.IPOmovers.com
Eurasia Completes Development Plan Field Work in Azerbaijan; Eurasia Named in Lawsuit Wednesday October 11, 9:30 am ET
ABERDEENSHIRE, SCOTLAND--(MARKET WIRE)--Oct 11, 2006 -- Development Plan Update Eurasia Energy Limited ("Eurasia") (OTC BB:EUEN.OB - News) announces that it has completed all field work necessary to conclude the development plan for Eurasia's 600 square kilometer offshore oil and gas block (the "Block") in the Republic of Azerbaijan. Two visits were made to the Azerbaijan capital of Baku in September, 2006 by management of Eurasia and Eurasia's consultants, TRACS International Consultancy Ltd. ("TRACS") and Genesis Oil and Gas Consultants Ltd. ("Genesis"). During the first site visit, management and TRACS met with SOCAR's head office personnel, and the geologists and petroleum engineers working for (a) SOCAR's offshore exploration unit responsible for the Block and (b) SOCAR's offshore field development, production and maintenance unit responsible for the Alyat producing field and the non-producing Garasu field. Discussions focused on the analysis of data and information supplied by SOCAR to date and identified further information and data regarding geology, structure of the fields, exploration targets and drilling and production history of wells drilled to date. There were also initial discussions regarding the current and historic costs of developing and operating the producing fields on the Block as the basis for future economic estimates and negotiations for the Exploration, Rehabilitation, Development and Production Sharing Agreement ("ERDPSA").
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The second site visit to Baku occurred at the end of September, 2006. Management and TRACS were accompanied by a specialist facilities engineer from Genesis. The main purpose of this visit was to inspect the offshore platforms and oil and gas producing facilities in the Alyat field, and SOCAR's on-shore oil and gas terminal serving the field. SOCAR provided Eurasia's team with a supply vessel and crew for the trip to the offshore Alyat field. The team had the opportunity to inspect various oil and gas producing platforms, gas injection, treatment separation and distribution facilities as well as the recently completed well number 87 and the recently spudded well number 88. The Eurasia team also visited a SOCAR oil and gas terminal which receives, treats, stores and delivers oil and gas from a number of SOCAR offshore and onshore fields. The team inspected the terminal's complete installation from the landfall of the pipelines coming from the Alyat field to the oil and gas export delivery points. This inspection included oil separation and treatment plants and storage tanks.
Photographs from the site visits will be posted on Eurasia's website, http://www.eurasiaenergy.com within the next month. Eurasia expects its development plan for the Block to be completed by the end of October. Management of Eurasia will be returning to Baku in early November to attend scheduled meetings with SOCAR for the purpose of negotiating the main principles of the ERDPSA.
Eurasia Named in Lawsuit
Eurasia and its Chief Executive Officer, Nicholas W. Baxter have been named in a law suit commenced in the Court of Session in Edinburgh, Scotland. Eurasia and Mr. Baxter have been sued by Arawak Energy Corporation ("Arawak") and its wholly owned subsidiary, Commonwealth Oil & Gas Company Limited ("Commonwealth"). Mr. Baxter was a director of Arawak until May 5, 2003. Mr. Baxter was periodically a director of Commonwealth until February, 2006. Eurasia is not associated with or connected to Arawak or Commonwealth in any business or contractual context. Arawak and Commonwealth allege that in the course of his directorship, Mr. Baxter breached his fiduciary duty as a director and accessed and used confidential information relating to Arawak and Commonwealth oil and gas properties in Azerbaijan for the purpose of securing Eurasia's MOU for its Block in Azerbaijan. Eurasia has been made a party to the action as an alleged knowing recipient of confidential information and of a commercial opportunity diverted to it in breach of fiduciary duty. Arawak and Commonwealth are seeking US$17.2 million in damages from Mr. Baxter, a declaration that Eurasia holds its MOU in trust for the benefit of Arawak and Commonwealth and an accounting of profits up to US$100 million or alternatively damages against Mr. Baxter and Eurasia for breach of confidence in the same amount. Eurasia and Mr. Baxter have retained joint counsel and will be filing an appearance and defense in due course.
The allegations of misappropriation of confidential information by Mr. Baxter and Eurasia and of breach of fiduciary duty by Mr. Baxter with the knowledge of Eurasia are completely rejected both on the facts and on the law. Unfortunately, this action serves to malign both the character of Eurasia's management and the integrity of our project in Azerbaijan. Eurasia will aggressively defend the action by Arawak and Commonwealth while continuing to advance its interests in Azerbaijan with the negotiation and execution of the ERDPSA. Eurasia has sufficient cash on hand to finance all of its development work in Azerbaijan and to pay the costs associated with the Arawak/Commonwealth lawsuit.
Continental Energy's 2006-07 Bengara-II Drilling Program Fully Funded Wednesday October 11, 10:00 am ET
DALLAS, Oct. 11, 2006 (PRIMEZONE) -- Continental Energy Corporation (OTC BB:CPPXF.OB - News) today announced that CNPCHK (Indonesia) Limited, (``CNPC'') has funded CNPC's earning obligation in accordance with provisions of the recent sale of interest by the Company in its Continental-GeoPetro (Bengara-II) Ltd. (``CGB2'') subsidiary to CNPC as per the Company's October 2, 2006 press release. ADVERTISEMENT
CNPC has placed the entire US$18,700,000 earning obligation into a CGB2 account jointly controlled by CNPC and Continental. The funds are to be used exclusively to pay for 2006 and 2007 exploration drilling in the 3,649 square kilometer Bengara-II Production Sharing Contract (``PSC'') area in East Kalimantan, Indonesia.
CGB2 has four exploration wells planned, permitted and approved by Indonesian oil and gas regulatory authorities for drilling in 2006 and 2007. The company is now finalizing plans for conducting the drilling program and preparations are being made to import a drilling rig from China to conduct the drilling.
About Continental Energy Corporation:
Continental Energy Corporation is an independent oil and gas exploration company focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at http://www.continentalenergy.com.
No securities regulatory authority has either approved or disapproved the contents of this news release. Certain matters discussed within this press release may be forward-looking statements within the meaning of the ``Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Although Continental believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the U.S. Securities Exchange Commission.
Contact: Continental Energy Corporation Jim Eger (877) 762-2366 info@continentalenergy.com http://www.continentalenergy.com Suite 1200, 14001 Dallas Parkway Dallas, Texas, 75240
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