Barnwell Shareholder Urges Energy Spinoff Wednesday October 11, 10:31 am ET Barnwell Industries' Largest Shareholder Urges Spinoff of Energy Unit, Share Buyback
GREENWICH, Conn. (AP) -- Barnwell Industries Inc.'s largest shareholder, Mercury Real Estate Advisors LLC, on Wednesday urged the real estate investor and oil producer's board to evaluate strategic alternatives, including the sale of its energy division. ADVERTISEMENT
Honolulu-based Barnwell explores for oil in Alberta, Canada, holds Hawaiian property investments and drills water and geothermal wells.
In a letter to Barnwell directors, Mercury called the company's current corporate structure "fundamentally flawed." Mercury also said it believes "a substantial share buyback program should be put into effect immediately." Mercury holds about 20 percent of Barnwell's outstanding stock.
In its argument for a spinoff of the energy unit, Mercury estimates the value of Barnwell's proven barrels of oil equivalent at about $18 per share.
A Barnwell representative could not be immediately reached for comment.
Mercury Real Estate Advisors is an affiliate of Mercury Partners LLC, a real estate investment management company based in Greenwich, Conn.
Barnwell shares jumped rose $2.01, or 10.6 percent, to $21 in morning trading on the American Stock Exchange. The stock has moved in a 52-week range of $16.82 to $28.25.
CORRECTED - Big holder seeks Barnwell share buyback, asset sale Wed Oct 11, 2006 11:11am ET Market View BRN (Barnwell Industries Inc ) Last: $21.35 Change: +2.36 (+12.43%) Revenue (ttm): $60.5M EPS: 1.67 Market Cap: $155.15M Time: 3:53pm ET
Stock Details Company Profile Analyst Research Company News: CORRECTED - Big holder seeks Barnwell share buyback, asset sale More Company News... Email This Article | Print This Article | Reprints [-] Text [+] (Corrects stock symbol to American Stock Exchange from New York Stock Exchange)
HOUSTON, Oct 11 (Reuters) - Mercury Real Estate Advisors LLC said on Wednesday it had sent a letter to Barnwell Industries Inc. (BRN.A: Quote, Profile, Research) demanding the company launch a share buyback and hire an adviser to sell its energy division.
Mercury said it and its affiliates are the largest shareholder in Barnwell.
PRB Energy, Inc. Comments on Stock Price Decline Wednesday October 11, 12:13 pm ET
DENVER--(BUSINESS WIRE)--PRB Energy, Inc. ("PRB" or the "Company") (AMEXRB - News) today commented on the recent decline in PRB's share price. Robert W. Wright noted, "We know of no unannounced corporate or economic developments that would account for the recent decrease in PRB Energy's stock price. We continue to execute on our previously announced business plan of increasing production on the recently acquired Pennaco properties and are formulating a drilling development program on these properties to be initiated late in the fourth quarter of 2006 or early in 2007. In addition, we continue to increase volume throughput at our Recluse gathering system." ADVERTISEMENT
PRB is an oil and gas exploration and development company operating in the Rocky Mountain States. In addition, PRB also provides gas gathering, processing and compression services on properties it operates and for third party producers.
This press release contains certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Company's Form 10-K and other periodic reports filed with or furnished to the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Contact: PRB Energy, Inc. Robert W. Wright, 303-308-1330 info@prbenergy.com or Investor Relations Counsel: The Equity Group Inc. Linda Latman, 212-836-9609 Lena Cati, 212-836-9611 http://www.theequitygroup.com
PRB Energy Unable to Explain Stock Drop Wednesday October 11, 1:18 pm ET PRB Energy Says It Cannot Explain Recent Stock Drop
DENER (AP) -- Oil and gas company PRB Energy Inc. said Wednesday it could not say why its shares have dropped so sharply in recent trading. The stock fell 45 cents, or 12 percent, to $3.31 in afternoon activity on the American Stock Exchange, after falling as low as $2.91 to set a 52-week low for the second consecutive day.
About 422,100 shares changed hands Wednesday afternoon, compared with a three-month average of 20,933.
"We know of no unannounced corporate or economic developments that would account for the recent decrease in PRB Energy's stock price," Chairman and Chief Executive Robert W. Wright said in a statement.
"We continue to execute on our previously announced business plan of increasing production on the recently acquired Pennaco properties and are formulating a drilling development program on these properties to be initiated late in the fourth quarter of 2006 or early in 2007," he added.
Wavefront Energy & Environmental Services Inc. royalty interest agreement for gas well in southern Ontario Wednesday October 11, 2:00 pm ET TSX-V: WEE Pink Sheets: WEESF
EDMONTON, Oct. 11 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of proprietary technology for improved oil recovery and groundwater remediation is pleased to announce that it has entered into a royalty interest agreement with Greentree Gas and Oil Ltd. ("Greentree") for a producing horizontal gas well in South Walsingham Township, Norfolk County, Ontario. ADVERTISEMENT
The horizontal gas well, known as GGOL #32, was the subject of a coil tubing acid stimulation performed with Schlumberger using Wavefront's proprietary stimulation technique. Under the terms of the agreement Wavefront, in return for providing its patented fluid flow technology on a one time basis and incurring fifty (50%) percent of all capital costs directly associated to the stimulation of GGOL #32, will earn a net overriding royalty interest in the production of petroleum substances of fifty (50%) percent before payout, and thirty (30%) percent after payout.
Wavefront would also like to provide an update on the development of the first phase of the Rodney South project with Greentree that commenced in mid-September. Under the development plan, Greentree expects to drill eight injection and two horizontal production wells by late November 2006, which will be added to the current eight vertical and one horizontal producer wells. Over this time frame the production and injection lines, battery site and injection facilities will also be completed. To date, Greentree has completed the second injection well and has moved on to the third injection location.
Under the terms of the Rodney South Agreement with Greentree as announced February 2, 2006 Wavefront is providing up to $2.25 million in capital expenditures related to initial field development. In consideration of Wavefront's capital investment it shall earn a 70% net overriding royalty interest in the production of all new and current wells in Rodney south until payout of Wavefront's initial $2.25 million capital investment. Subsequent to payout, cash flow from operations will be allotted 50% to each of Wavefront and Greentree.
In connection with Letter of Intent to acquire a 100% undivided interest in Top Gun Sand Pumps and Rentals ("Top Gun") an arms length privately held Saskatchewan company, as announced June 6, 2006, the parties agreed to extend the deadline to close the transaction to December 15, 2006. The extension will amoung other things, permit the Company to complete its due diligence process and enter into a definitive purchase agreement.
In addition, to streamline the corporate structure and reporting of the Company, Wavefront Energy and Environmental Services Inc. ("Wavefront") and PE-TECH Inc., a wholly-owned subsidiary of Wavefront, recently completed an amalgamation. The by-laws, articles, share capital and name of the amalgamated company will remain that of Wavefront.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's proprietary technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, the technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
JED Oil Shares Continue to Plunge Wednesday October 11, 2:14 pm ET JED Oil Shares Continue Plunge Following Drilling Suspension, Drags Down Others
NEW YORK (AP) -- Shares of Canadian oil and gas producer JED Oil Inc. continued to plunge Wednesday, after the company said it suspended drilling in two areas due to falling natural gas prices. The Calgary-based company's shares lost $1.01, or 19.1 percent, to $4.29 on the American Stock Exchange, setting a new 52-week low for the second consecutive day when it dipped as low as $4 earlier in the session. On Tuesday, the stock lost about half its value, falling to $5.30 from $10.77.
ADVERTISEMENT
On Tuesday, JED Oil said it suspended further drilling in the Ferrier and Pinedale areas, and it expects to end the year at a production rate similar to its third-quarter exit rate. It cited the "significant decline" in natural gas prices.
The news helped to also drag down shares of JMG Exploration Inc. and Enterra Energy Trust.
JMG Exploration has said it is pursuing a merger with JED Oil. JMG Exploration shares lost $1.55, or 44.3 percent, to $1.95 on the New York Stock Exchange Arca. The previous day, its stock plunged to $3.50 from $6.89.
Enterra Energy Trust shares, meanwhile, fell 55 cents, or 6.2 percent to $8.26 on the New York Stock Exchange.
In late September, it closed a property swap with JED Oil, which gave JED 100 percent of Enterra's stake in the North Ferrier area and 57.5 percent of its stake in the East Ferrier area.
Endeavour Announces Equity Offering Wednesday October 11, 4:00 pm ET
HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- Endeavour International Corporation (Amex: END - News) announced today that it intends to offer up to 35 million shares of common stock to the public. The underwriters for the offering will also have the option to purchase up to 5.25 million additional shares of common stock to cover any over-allotments. The company intends to use the proceeds from the offering, together with other financing in place, to fund the pending acquisition of producing properties in the United Kingdom sector of the North Sea from Talisman Energy. The offering is not conditioned on the closing of the Talisman acquisition, which is subject to a number of closing conditions. If the Talisman acquisition does not close, the company will use the net proceeds for general corporate purposes, including funding its exploration and development program, providing capital to support development costs associated with future discoveries, and funding possible future acquisitions.
J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC will be acting as joint book-running managers for the offering.
A copy of the preliminary prospectus supplement and the accompanying prospectus related to the offering can be obtained by contacting:
J.P. Morgan Securities Inc. 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245 Attention: Chase Distribution & Support Service Northeast Statement Processing Phone: 718-242-8002
Credit Suisse Securities (USA) LLC One Madison Avenue, New York, New York 10010-3629 Attention: Prospectus Department Phone: 212-325-2580
The offering documents will be filed with the Securities and Exchange Commission and will be available over the Internet at the SEC's website at http://www.sec.gov .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall any sales of these securities occur in any state in which such offer, solicitation or sale would be unlawful prior to registration of qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea. For more information, visit http://www.endeavourcorp.com .
Certain statements in this news release should be regarded as "forward- looking" statements within the meaning of the securities laws. These statements speak only of as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
Austral Pacific Announces Intended Acquisition Wednesday October 11, 4:39 pm ET
WELLINGTON, New Zealand, Oct. 11 /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (AMEX: AEN; TSX-V: APX; NZSX: APX) ("Austral Pacific") announced today that it has signed a heads of agreement to acquire all the shares of Arrowhead Energy Limited ("Arrowhead"), a small, privately held, New Zealand oil and gas exploration and production company, for net NZ$17 million (US$11.0 million). Arrowhead's principal assets include a 33% interest in the Cheal oil field (PMP 38156), a 33% interest in the surrounding exploration permit (PEP 38738-01) and a 25% interest in the Kahili mining permit (PMP 38153).
The agreement is subject to financing arrangements, due diligence and a definitive agreement.
SHIR Shannon Renews Oil & Natural Gas Permits CCNMatthews - October 11, 2006 8:51 AM (EDT)
HALIFAX, NOVA SCOTIA--(CCNMatthews - Oct. 11, 2006) - Shannon International Inc. (OTCBB:SHIR) ("Shannon" or "SHIR") is pleased to announce that SHIR has renewed its Oil and Natural Gas Permits with the Province of Prince Edward Island, Canada.
Shannon previously announced (September 25, 2006) that SHIR had entered into a 50% working interest agreement with Maxim Resources Inc. ("Maxim") of Vancouver, BC. SHIR was assisted by Maxim in the renewal of the permits.
Shannon has committed to a three year work plan for expenditures of at least CDN$750,000.00. The licensed blocks are comprised of about 376,000 acres primarily onshore in Prince Edward Island. To date, over CDN$7.5 million has been spent in identifying large oil and gas structures to be drilled and developed.
ABOUT SHANNON
Shannon strategically grows its business by finding, evaluating, and creating value. The company has established a significant interest in oil and gas permits on the East Coast of Canada, primarily onshore in the Province of Prince Edward Island. In addition to its resource assets, Shannon owns controlling interest in Logical Sequence Incorporated, Nova Scotia based developer of the LynXphere(R) line of automotive dealership management software.
FORWARD LOOKING STATEMENTS
Except for the Historical Information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially. These forward-looking statements speak only as of the date hereof and SHIR disclaims any intent or obligation to update the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Shannon International Inc. Bill Clements President (902) 481-7225 x 1002 (902) 481-7224 (FAX) Email: bclements@shannon-intl.com or Shannon International Inc. Dennis Brovarone Secretary (303) 466-4092 (303) 466-4826 (FAX) Email: dbrovarone@aol.com
INDUSTRY: Energy and Utilities - Oil and Gas SUBJECT: BFC
Avery Resources Announces Australian Production Wednesday October 11, 9:15 am ET
CALGARY, Oct. 11 /CNW/ - Avery Resources Inc. (TSX-V: ARY - News) today announced it has been advised by the operator that production has commenced at its Toparoa-1 oil discovery in the South Australian sector of the Cooper Basin. Toparoa-1 initially flowed at 1,570 barrels per day of light (42 degree API) sweet oil and, after well clean-up, it is currently producing 1,980 barrels of oil per day (bopd) plus a 10 percent water cut. Avery has a 32.67 percent interest in the well, providing approximately 650 barrels of oil per day net to Avery at current flow rates. ADVERTISEMENT
Avery's partner in drilling Toparoa-1, Stuart Petroleum Ltd., has stated that an electric submersible pump (ESP) has been installed and production is expected to continue at or near current rates. The well produces from the Hutton sandstone formation similar to the adjacent Derrilyn oilfield, 1.3 kilometers to the northeast. With almost the same net pay interval, Derrilyn-1 produced approximately 1,400 bopd, totaling about 500,000 barrels of oil, from the formation in its first 12 months of production.
"We are very excited that Toparoa-1 is producing as expected," said David Little, Chairman and CEO of Avery Resources. "The $1.4 million payment that we have received substantially offsets the delay in production that resulted from the participants' decision to produce the well into the recently completed pipeline, rather than trucking the oil. This production is expected to put the Company over the 600 barrels of oil equivalent per day (boepd) threshold and dramatically improve our cash flow. We look forward to similar successes in Australia as we continue our drilling program in the Cooper Basin."
About Avery
Avery Resources is an international hydrocarbon exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international acquisitions and exploration in countries that provide significant exploration upside coupled with favorable fiscal and legal systems. Avery's primary interest is in Australia, where the Company is building a significant presence through production, partnerships, drilling and acquisitions. Avery is focusing its current drilling activity in the Cooper Basin region of Australia.
Forward looking statements
Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects, acquisitions, and future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information
Avery Resources Inc., David Little, Chairman & CEO, Richard Edgar, President, (403) 205-2526, Email: info@averyresources.com, Website: http://www.averyresources.com Iradesso Communications Corp., Ken Wetherell, Investor Relations, (403) 503-0144 x224, Email: contact@iradesso.com
CALGARY - Connacher Oil and Gas Limited announced today that the company is making excellent operational progress at its Great Divide Pod 1 construction site. This week, Connacher expects to initiate driving piles to support the sizeable storage tanks which have to be constructed onsite. This is occurring ahead of schedule, as this aspect of the plant site construction was originally scheduled to be completed in time for January 2007 startup of tank construction in the field. The storage tanks are one of the few components of the plant that will be field-constructed due to their size.
Connacher can also advise that many of the other constituent parts, such as the evaporators and water knockout facilities which comprise part of its Pod 1 plant, are now constructed and packaged, awaiting shipment to the site as soon as required. This pre-planning and off-site construction is anticipated to enable Connacher to remain on time and on budget in the execution phase of its plant construction. Weather will remain the key exogenous variable over which the company has little, if any, control. It is hoped that colder weather will prevail near term as it makes it easier to work effectively in the field.
Drilling of the initial 15 SAGD well pairs, which will be utilized to inject steam and then produce the bitumen at approximately 10,000 bbl/d for the first six to eight years of operation, will likely commence during November 2006. These wells will be placed onstream to produce bitumen in the middle of 2007, after the plant is commissioned and after steam injection is initiated.
The next additional SAGD well pairs will then be phased in and drilled into undrained portions of the reservoir in approximately 2012 or 2013, depending upon when the initial wells start to decline. The objective of operations at the plant is to maintain anticipated production at the 10,000 bbl/d level over the anticipated 25 year life of the steam injection and production operation at Pod 1 of Great Divide.
With regulatory approval and access to suitable transportable drilling equipment, Connacher will also attempt to drill up to ten stratigraphic tests on Pod 2 and Pod 4 prior to year end 2006. If completed, this should assist in the year end reserve update to be completed in conjunction with year end 2006 financial and other operating results. Connacher had already announced a 60 well core hole program and 3D seismic program for its main Great Divide lease block in 2007. Regulatory initiatives are underway to be positioned to phase in additional pods at Great Divide in a timely manner as Pod 1 construction is completed
With respect to its conventional oil and natural gas activity, Connacher has an inventory of 25 drill-ready locations prospective for natural gas in the Marten Creek area of north central Alberta. These would be drilled in the first quarter of 2007 after freeze-up and provided there is an indication of improving natural gas prices by that time. All Connacher's drilling is discretionary but Marten Creek is for the most part a winter-only access area. Arrangements have been made for drilling rigs for this program. It will likely be completed due to restricted access, but close attention continues to be paid to prevailing economic conditions associated with short term price declines.
Several other natural gas prospects which are in Connacher's drilling inventory in the Simonette and Seal regions of northern Alberta have attractive calculated reserve and productivity potential and will also likely be drilled this winter. This is due to the improving rig availability, which has recently emerged and the prospect of somewhat improved drilling costs due to a current short-term industry adjustment to lower natural gas prices.
Connacher's refinery in Great Falls, Montana experienced excellent operating and financial results during the summer months, achieving upwards of 10,000 bbl/d of throughput on many occasions following the successful post-purchase turnaround and debottlenecking in April 2006. This higher throughput, combined with strong market conditions, resulted in excellent margins and lower unit costs as a consequence of the efficiencies achieved. The Montana refinery processes Canadian Bow River crude oil, which is very similar in composition to the bitumen blend ("dilbit") which will be sold by Connacher at its Great Divide operation. If necessary, Connacher could process this dilbit at its Montana refinery with minor adjustments and short distance tie-ins to a nearby preferred pipeline and could also rely on the refinery for supply of a portion of its diluent, if required.
The success of Connacher's integrated strategy is starting to be manifested in significant revenue and cash flow growth. With its much expanded reserve and resource base at Great Divide and an active evaluation program aimed at expanding and upgrading this asset to facilitate further development of additional pods, subject to regulatory approval, Connacher is favorably situated to demonstrate stable and sustainable growth for many years as its new assets are converted to revenue generating status.
Connacher's financial condition is also strong. The company anticipates closing its seven year US$180 million Term Loan B debt financing on October 18, 2006, along with the five year US$15 million working capital facility for the company's Montana refining operations. This will provide the company with the funding it needs to continue its on-time, on-budget capital program at its Great Divide Pod 1. Reliance upon longer-term debt instruments removes the significant financial risk of short-term price fluctuations and related credit risk when borrowings are short-term in nature. Connacher is now in the fortunate position of being able to anticipate that commissioning and startup at Pod 1 could occur in record time of less than four years from the date when leases were acquired in the region in January 2004. The company's modular approach and emphasis on the efficiencies of small scale operations utilizing oil field techniques and approaches will then be validated.
Connacher's investment in Petrolifera Petroleum Limited continues to appreciate in value due to significant production gains, recently reaching 11,000 bbl/d compared to only 86 bbl/d one year ago. Petrolifera has announced an aggressive exploratory and development drilling program over the ensuing 15 months with a total of 70 wells in 2006 and 2007.
Only four of these wells have been drilled to date in the second half of 2006 and the pace of drilling will accelerate once a second drilling rig arrives from the United States during the ensuing month to six weeks. A second service rig has arrived in Argentina for use by Petrolifera in its program and permanent facilities are nearing completion which will enable the company to pipeline its oil to market, supplemented by trucking if warranted by available production volumes. Petrolifera is also expanding its acreage position in Argentina, is planning to drill its first well in Peru in late 2007 and is examining opportunities in other countries in South America. The company remains in strong financial condition with strong and growing crude oil production and resultant net operating income, a debt-free balance sheet and cash buildup even with its expanded capital programs.
Connacher has retained its entire shareholding of Petrolifera, including warrants acquired upon purchase of the company's new issue in October 2005 and a small option acquired at the time of formation of this very successful company. With ownership of 13.3 million shares on a fully-diluted basis, Connacher remains the largest shareholder of Petrolifera and continues to be most supportive of that company's initiatives. Connacher's percentage interest in Petrolifera has been reduced as a consequence of the exercise of both outstanding warrants held by third parties and by virtue of the exercise of a modest amount of employee options. This process has added new capital to Petrolifera's treasury.
Connacher Oil and Gas Limited is a Calgary-based oil and natural gas exploration and production company. Its principal asset is its ownership of the Great Divide oil sands project in Alberta, Canada. It also holds a conventional production and land base in northern Alberta at Marten Creek and at Three Hills, Alberta and Battrum, Saskatchewan. Current production is approximately 3,300 boe/d. Connacher operates a 9,500 bbl/d refinery in Great Falls, Montana and also is the largest shareholder of Petrolifera Petroleum Limited (PDP - TSX), a public oil company with an 11,000 bbl/d light gravity crude oil production base which it has developed with new drilling and discoveries in the part year. Petrolifera is also active in Peru
Pan Orient completes production testing at Sawn Lake
2006-10-12 08:13 ET - News Release
Mr. Jeff Chisholm reports
PAN ORIENT PROVIDES SAWN LAKE UPDATE
Pan Orient Energy Corp. has been informed by the operator, Signet Energy Inc., that the production tests of horizontal wells located at 4-32-91-12W5M and 7-30 -91-12W5M have concluded. The vertical pilot wells at 4-32 and 7-30 were cored, logged and drill stem tested in the Bluesky formation. The cores indicate that the formation has porosity greater than 30 per cent, permeability's ranging from one to eight darcies and are impregnated with heavy oil. Log analysis assigns net oil pays of 23 and 22 metres to the 4-32 and 7-30 wells respectively with average oil saturations over the pay sections of 78 and 68 per cent, respectively. The ratio of vertical to horizontal permeability within the oil-bearing sands, a critical parametre in any thermal recovery scenario, was unusually high in both wells. However, analysis of the oils spun out of the cores at 4-32 and 7-30 locations and oil samples recovered at surface indicate an oil viscosity that would not flow at commercial rates under a conventional production scenario. This preliminary oil analysis combined with the absence of produced oil from the wells indicates no conventional heavy oil production potential.
As previously announced in Stockwatch on Aug. 1, 2006, Pan Orient has transferred its 10-per-cent working interest in these 69.5 northern sections of Sawn Lake oil sands leases (where this 4-32 and 7-30 wells were drilled) to Andora Energy Corp., a privately held company of which Pan Orient currently owns approximately 67 per cent of the outstanding Andora shares.
Both wells in the program were in close proximity to a southern 16 sections of Sawn Lake oil sand leases in which Andora owns a 100-per-cent working interest. Four of the 16 100-per-cent-owned Andora sections of oil sands leases have been assigned net probable and possible recoverable reserves of 98 million barrels (25.9 million probable and 72 million barrels possible) based on an independent third party National Instrument 51-101 compliant reserves report completed by DeGolyer and McNaughten (D&M) using a thermal recovery (SAG-D) model in September of 2005. D&M assigned 256 million barrels of original oil in place on these four sections. It is anticipated that the recent well results will have no negative impact on the volume of oil estimated to be recoverable in the D&M reserve report or the value attributed to it. The northern 63 of 69.5 sections of the Sawn Lake oil sands leases (10 per cent Andora owned) have been assigned 1.2 billion barrels of original oil in-place (120 million barrels net to Andora) by AMJ Petroleum Consultants in a National Instrument 51-101 compliant engineering evaluation in November, 2004, and management believes there will be no negative impact on these prior estimates based on the current well results.
Andora Energy will proceed with a work program focused on full definition of the large in-place resource on their operated 16 sections of oil sands leases. This will likely include a two vertical well program in winter 2007 based on a 3-D seismic survey acquired earlier. In addition, work is under way toward a full Blue Sky reservoir model, a preliminary SAG-D engineering study and a year-end National Instrument 51-101 compliant reserve report that will evaluate all of Andora's oil sand interests.
China Natural Gas, Inc. Retains Rubenstein Investor Relations as Investor Relations Counsel Thursday October 12, 8:00 am ET
NEW YORK, Oct. 12, 2006 (PRIMEZONE) -- China Natural Gas, Inc. (OTC BB:CHNG.OB - News) (http://www.naturalgaschina.com), a leader in China's natural gas industry engaging in the transmission and distribution of natural gas to a diverse base of commercial, industrial, wholesale and residential customers, has retained New York-based Rubenstein Investor Relations (RIR) as investor relations counsel. ADVERTISEMENT
RIR will work with the Company to help raise awareness within the investment community of the innovative approach to marketing and distribution that China Natural Gas brings to the expanding alternative vehicle fuel market place as well as other efforts to promote the use of natural gas as a more cost effective and environmentally friendly fuel and energy alternative.
China Natural Gas has terminated its previous investor relations firm, The Piacente Group.
China Natural Gas Chairman and CEO Qinan Ji stated, ``We look forward to working with Rubenstein Investor Relations, a more professional investor relations firm representing quality public companies.''
``We are excited to be working with China Natural Gas,'' said Richard Rubenstein, President of Rubenstein Investor Relations. ``The company has established itself as the first China-based natural gas public company traded in the U.S. capital market. Their compelling business plan addresses a rapidly growing demand for alternative energy in the vehicle fuel market and we look forward to helping them gain greater recognition and traction in the U.S. financial arena.''
About China Natural Gas, Inc.
China Natural Gas, Inc. (``CHNG''), a Delaware company, is the first China-based U.S. public natural gas services provider that owns and operates a 120-kilometer-long compressed natural gas pipeline in China's Xi'an area, a fast growing Chinese city supported by a population of approximately 8 million, and is the ``gateway'' to the broad Western regions of China. CHNG has three profitable business segments: end user delivery of natural gas services to residential, commercial and industrial customers; wholesale natural gas to retail natural gas filling stations; and retail natural gas at company-owned natural gas filling stations. The city of Xi'an has approximately 20,000 taxis, 3,000 buses and 2,000 special purpose vehicles that are powered by compressed natural gas.
About Rubenstein Investor Relations
Rubenstein Investor Relations specializes in introducing and positioning small-and mid cap companies to appropriate communities of investors. The Company focuses on facilitating and developing strong and lasting investment banking relations, building institutional support, and improving clients' overall investor relations strategies.
Certain forward-looking statements made on this press release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to the risks described in the company filings with the Securities and Exchange Commission.
Contact: Rubenstein Investor Relations Tim Clemensen 212-843-9337 tclemensen@rubensteinir.com
China Natural Gas Expands to China's Most Populous Henan Province With Four New Retail Gas Stations Tuesday October 3, 8:00 am ET
NEW YORK, Oct. 3, 2006 (PRIMEZONE) -- China Natural Gas, Inc. (OTC BB:CHNG.OB - News) (http://www.naturalgaschina.com), the first China-based natural gas public company traded in the U.S. capital market, today announced that the company has initiated construction of four new company-owned retail natural gas filling stations in Henan province, China's most populous province. Construction of the four new stations is expected to be completed in two months. The company currently has 11 operating stations. ADVERTISEMENT
Chairman and CEO Qinan Ji said: ``With a population of more than 100 million, Henan represents a significant opportunity for us to expand our business model into one of China's largest retail markets for alternative fuel. We look forward to launching additional stations in the near future.''
About China Natural Gas, Inc.
China Natural Gas, Inc. (``CHNG''), a Delaware company, is the first China-based U.S. public natural gas services provider that owns and operates a 120 kilometer-long compressed natural gas pipeline in China's Xi'an area, a fast growing Chinese city supported by a population of approximately 8 million and is the ``gateway'' to the broad Western regions of China. CHNG has three profitable business segments: end user delivery of natural gas services to residential, commercial and industrial customers; wholesale natural gas to retail natural gas filling stations; and retail natural gas at company-owned natural gas filling stations. The city of Xi'an has approximately 20,000 taxis, 3,000 buses and 2,000 special purpose vehicles that are powered by compressed natural gas. Approximately 8.6% of the company's shares are owned by Bodisen Biotech, Inc. (AMEXBC - News).
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of China Natural Gas, Inc. management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
Contact: China Natural Gas, Inc. Investor Relations: The Piacente Group, Inc. E.E. Wang (212) 481-2050
BTV Features Eden Energy and True North Gems' Largest Ruby in the Northwestern Hemisphere Thursday October 12, 6:00 am ET
VANCOUVER, B.C., Oct. 12, 2006 (PRIMEZONE) --
-View the features online through the video links below- On Oct. 14th and Oct 15th, 2006 - on National TV, BTV-Business Television profiles:
Eden Energy Corp. (OTC BB:EDNE.OB - News): http://www.b-tv.com/i/videos/EdenEnergy.wmv - focuses on large scale oil and gas projects. Their Noah project in eastern Nevada contains rich source rocks, large rollover structures, and an excellent potential reservoir rock.
True North Gems Inc. (TSX VENTURE:TGX.V - News): http://www.b-tv.com/i/videos/TrueNorthGems.wmv -has striven to lead the industry in exploration, discovery and development of coloured gemstone deposits at high northern latitudes. Recently, the company had their largest Greenland ruby carved.
As well: Candente Resources Corp. (TSXNT.TO - News): http://www.b-tv.com/i/videos/Candenteaircan.wmv - is a diversified exploration company with gold, silver and copper projects in Peru and Mexico.
BTV, a half-hour weekly business program, profiles emerging companies across Canada and the USA. With Host Taylor Thoen, BTV features companies at their location, interviews the company's key executives, features their products and services and unveils their plans for future growth.
BTV BROADCAST TIMES: CANADA: - Ontario: SUNTV - Sun. Oct. 15th @ 9:00am EST, BC/Washington: KVOS TV - Sun. Oct. 15th @ 4pm PST AB/Edmonton: CITY TV - Sat. Oct. 14th @ 10:30am MST Bell Express VU and Star Choice - West SUNTV Sun. Oct. 15th @ 6:00am PST U.S. national: - America One - Sat. Oct. 14th @ 10:30 am EST http://www.americaone.com
WVVH South Hampton, NY KWEM Stillwater, OK WSPY Plano, IL KEEN Las Vegas WZBN Trenton, NJ KMCA Redding, CA ShelbyTV Shelby Township TV9 Troy, OH KKAX Kingman, AZ WRBD Pensacola, FL WIVM Canton, OH KDAO Marshalltown K48BK Dove Creek, CO KTYJ Coeur d' Alene, ID K27FA Craig, CO NSU22 Natchitoches, LA WRCF Orlando, FL WBCF Florence, AL WLLS Indiana W35AY Hilton Head Island, SC WLNN Boone, NC WJTS Jasper, IN W34AX Henderson, NC WGTN Worthington, MN W67CD Sanford, NC KCCE San Luis Obispo, CA WYBE Southern Pines, NC W35BB Dublin, GA WBKA Bucyrus, OH IMAGE Erie, PA CTV12 Cedar City, UT KPIF Pocatello, ID VTV Vernal, UT K23BJ Lake Havasu City, AZ WBII Ashland, MS UPN23 Hornell, NY WPRQ Clarksdale, MS WEBU Webb, MS KXOK Enid, OK WLMO Lima, OH KXOC Oklahoma City, OK WHAN Salem, IN
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RB - News) today commented on the recent decline in PRB's share price. Robert W. Wright noted, "We know of no unannounced corporate or economic developments that would account for the recent decrease in PRB Energy's stock price. We continue to execute on our previously announced business plan of increasing production on the recently acquired Pennaco properties and are formulating a drilling development program on these properties to be initiated late in the fourth quarter of 2006 or early in 2007. In addition, we continue to increase volume throughput at our Recluse gathering system."
BC - News).
NT.TO - News):