Star Energy Adds Director, Launches German Website Thursday October 12, 5:00 am ET
NEW YORK--(BUSINESS WIRE)--Following acquisition of Volga-Neft, a Russian oil and gas producer, Star Energy (OTCBB:SERG - News) is pleased to announce the addition of Mr. Bryson Farrill to its Board of Directors. Mr. Farrill is a financial consultant and a director on several company boards, including Power Technology Inc., Devine Entertainment and Neutron Enterprises Inc. He is also the Senior Partner of Belgravia Financial Limited (London) and the chairman of Swiss Media Inc. (Toronto). He has been Chairman of the Investment Dealers Association (Canada), Member of the New York Stock Exchange, and is currently a Member of the U.K. Financial Services Authority. ADVERTISEMENT
"We are very pleased to have an industry luminary like Bryson join the Board," said Marcus Segal, Star's CEO. "Bryson's vast experience brings additional credibility and industry perspective to our board. We are looking forward to his immediate and significant contributions in our development and operations."
In addition, Star launched a German version of its corporate website today. This is being done to address considerable investor interest in Star being observed in Germany. "The positive reaction by German investors to the acquisition," commented Mr. Segal, "has propelled us to increase Star's exposure in Germany. Our German-language website will improve Star's visibility and increase interest among this critical group of investors."
About Star: Star Energy Corporation is a U.S.-based oil and gas exploration firm with assets primarily in the Samara region of Russia. Star is pursuing investments and acquisitions in Russia and Eastern Europe with the goal of giving Western investors access to a portfolio of natural resource opportunities. Additional information can be found at http://www.starvolga.com.
STAR ENERGY CORP. 245 Park Avenue 24th & 39th Floors New York, NY 10167 (212) 792-4334
Safe Harbor Statement: A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the recovery of oil and gas resources, the successful completion and integration of the operations of Volga-Neft, competitive market conditions, and the ability to secure sufficient sources of financing. The actual results Star may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Star encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Star's public filings may be viewed at http://www.sec.gov.
Contact: REVsolutions LLC Elena Furman, 917-202-1445 info@starvolga.com
EnDevCo Adds Additional Pay in Short Junction Field Thursday October 12, 10:59 am ET
HOUSTON, TX--(MARKET WIRE)--Oct 12, 2006 -- EnDevCo, Inc. (OTC BB:ENDE.OB - News), the Energy Development Company, announced today a new development in the Short Junction Field that has proved to be very successful. Since acquiring Short Junction in April 2006, EnDevCo has completed the digitization of all logs for the 275 wells drilled in the Field. This investment facilitates the use of modern digital processing techniques to identify bypassed pay zones. Incorporating these modern techniques, EnDevCo has determined that a substantial portion of the several million barrels of previously bypassed pay in the Hunton reservoir can be exploited in the near term by simply deepening those well bores that did not initially penetrate all members of the Hunton Group reservoirs. The Hunton Group reservoirs are comprised of the following members from top to bottom: Bois d'Arc, Harrigan, Henryhouse and Chimney Hill formations. ADVERTISEMENT
"We are pleased to announce that since deepening the West Short Junction Unit (WSJU) #73 well a total of 254 feet in August and subsequently completing the Harrigan, Henryhouse and Chimney Hill formations, the well has sustained an increase in production of an additional 15 barrels of oil per day (BOPD) with a current daily average of 22 BOPD. EnDevCo should be able to substantially increase its proved reserves and daily oil production in the near term by deepening more of our existing wells to maximize conventional vertical production from the Hunton Group reservoirs," said private Boyce, Chief Operating Officer.
EnDevCo is currently drilling on WSJU #206 to perform a similar deepening operation. Additionally, the WSJU #206 also contains untapped Prue and Lyle sand formations that will be completed along with the Hunton Group reservoirs in that well. This will be the second Prue sand completion in the Field since the initial discovery in April at the #1 E. Kelly (WSJU #44) well that established the Prue sand as a productive interval.
The Company is also in the early stages of planning a 3D seismic survey which is scheduled to be acquired during 2007 which will be used to guide a horizontal drilling program to completely exploit the Hunton reservoir potential.
This press release includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of EnDevCo, Inc. management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to, commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
EnDevCo, Inc. is a dynamic and growing energy company establishing an identity consistent with its business development activities. EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo visit http://www.endevcoinc.com.
Contact: Contact: Chris A. Dittmar CEO 713-977-4662 cdittmar@endevcoinc.com
Barnwell shareholder blasts management Wednesday October 11, 9:09 pm ET
A major shareholder of Barnwell Industries Inc. has urged the publicly-traded Honolulu company to spin off its energy unit and buy back shares with the cash on its balance sheet. In a letter to the company's board released on Wednesday, Connecticut-based Mercury Real Estate Advisors LLC, which owns more than 19 percent of Barnwell stock, called the company's current structure "fundamentally flawed."
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It added that "as the largest shareholder of the company, we demand that the board hire an investment bank to evaluate strategic alternatives, including a sale of the energy division and a share buyback program."
In requesting a meeting with Barnwell's independent directors, Mercury executives argued that the board "should be committed to maximizing value for all shareholders, not paying excessive compensation to a complacent management team lacking in transparency."
Alexander Kinzler, president and chief operating officer of Barnwell, told PBN that the company will listen to Mercury's suggestion.
"We take it seriously," Kinzler said. "But they are free to think what they want. I just wished they would have given us the courtesy of letting us know before going to the press."
Shares of Barnwell Industries (AMEX: BRN - News) were up $2.36, to $21.35 in late trading.
Published October 11, 2006 by Pacific Business News
PXI: American Stock Exchange Launches Eleven New ETFs From PowerShares Thursday October 12, 11:25 am ET
NEW YORK, Oct. 12 /PRNewswire/ -- The American Stock Exchange® (Amex®) today announced that it has launched trading in 11 new exchange traded funds (ETFs) from PowerShares Capital Management LLC (PowerShares). The ETFs are based on Dynamic Intellidex(SM) indexes and include one broad-based, two industry and eight sector portfolios. "We are very excited to welcome PowerShares back to the Amex for their 11 new ETF listings," said Cliff Weber, Senior Vice President of the Amex ETF Marketplace. "The Amex takes great pride in supporting PowerShares' 47 ETF listings on the Exchange as we continue to bring innovative products to the marketplace."
"We are very pleased to be working with the Amex to expand the PowerShares family of ETFs," said Bruce Bond, President of PowerShares. "The Intellidex stock selection methodology, which uses a sophisticated quantitative methodology to determine the investment merit of a company and whether it should be included in the index, is a cornerstone in our Intelligent ETF business."
Goldman Sachs Execution & Clearing, LP is the specialist for PYZ, PXI, PFI and PIQ. Kellogg Capital Group is the specialist for PEZ, PRN, PTF and PJB. LaBranche Structured Products, LLC is the specialist for PSL, PTH and PTJ.
Options will also be traded on the 11 ETFs. The specialist for PYZ, PXI and PTH Options is Group One Trading LP. The specialist for PEZ, PRN, PTF and PJB Options is Kellogg Capital Group. LaBranche Structured Products, LLC is the specialist for PSL, and PIQ Options. Susquehanna Investment Group will trade Options on PFI and PTJ.
About the American Stock Exchange
The American Stock Exchange® (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 206 ETFs. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com.
Risks of Owning PowerShares
PowerShares Funds are made up of publicly traded securities that can and will move higher and lower with market movements. You should anticipate that the value of the shares of each fund will advance or decline more or less in correlation with the advance or decline in value of the applicable index. The Funds are not actively managed, and shares of the Funds may trade at or below the Funds' NAV. Exchange-traded funds are subject to risks similar to those of stocks, including risks associated with short-selling and margin account maintenance.
A I M Distributors, Inc. is the distributor of the PowerShares Exchange- Traded Fund Trust.
An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For this and more complete information about the Fund, call 800.983.0903 or visit the website http://www.powershares.com for a prospectus. Please read the prospectus carefully before investing.
Pacific Gas and Electric Company/ Thursday October 12, 12:23 pm ET
In the news release, Pacific Gas and Electric Company and Environmental Power Corporation Sign Agreement for Renewable Natural Gas, issued earlier today by Pacific Gas and Electric Company over PR Newswire, we are advised by the company that the fifth line of the first paragraph should read "8,000 mcf" rather than "8,000 million cubic feet" as originally issued inadvertently. ADVERTISEMENT
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Pacific Gas and Electric Company and Environmental Power Corporation Sign Agreement for Renewable Natural Gas
Cow Power Becomes Renewable Energy Delivered to PG&E Customers
SAN FRANCISCO, Oct. 12 /PRNewswire-FirstCall/ -- Cow power is the newest and most innovative way PG&E is realizing its renewable energy goals with the signing of an agreement with Microgy, Inc. ("Microgy"), a subsidiary of Environmental Power Corporation (Amex: EPG - News), to deliver renewable natural gas. The agreement involves the purchase of up to 8,000 mcf of pipeline quality renewable natural gas daily. The gas will be generated by Microgy facilities in California.
"It is PG&E's priority to develop new sources of renewable energy," said Fong Wan, vice president of energy procurement, "Delivering clean, climate-friendly energy is important to our customers and the environment, this most recent project is yet another example of our company's commitment to combat climate change."
"The state of California is both the largest dairy producer and the largest energy consumer in the United States," said Rich Kessel, President and Chief Executive Officer of Environmental Power. "This agreement is an important step towards developing an important renewable energy source from California's vital agricultural sector." Jeff Dasovich, Microgy's senior vice president and regional manager based in California added; "from the beginning of our relationship, PG&E's management team has exhibited vision and leadership, and we are excited about enhancing our partnership to bring the benefits of our renewable energy technology directly to California's consumers."
The agreement will allow PG&E to purchase from Microgy 8,000 mcf of renewable natural gas. Microgy plans to construct four production facilities on the site of large dairy farms in California and interconnect those systems to PG&E's extensive gas pipeline network. In addition to producing renewable energy, each of these facilities can produce significant greenhouse gas benefits.
"Biomethane takes the problem of air pollution and greenhouse gas emissions and turns it into a key part of the solution to California's reliance on fossil fuels," said Allen Dusault, Biofuels Project Director for Sustainable Conservation, an environmental nonprofit organization. "The state has no shortage of dairy manure, and it can now be cost-effectively converted into 'cow power.' That makes good environmental and economic sense."
As Microgy constructs state-of-the-art gas-generating facilities on farms across the central valley, California consumers will benefit from a new source of renewable, environmentally friendly energy.
"We're excited about the opportunity this presents to make these renewable energy projects work economically for both dairies and utilities," said Michael Marsh, CEO of Western United Dairymen. "This is a market-based solution, which we prefer over mandates."
PG&E will continue to advance its procurement efforts to deliver reliable renewable clean energy to its customers. PG&E is also exploring other projects that will demonstrate the viability of converting biomethane to pipeline quality gas for use in power plants.
PG&E is committed to reducing carbon emissions in California, evidenced by its support of AB32. Currently, over 50% of its electricity delivered is carbon free.
PROGRESSIVE SOLUTIONS. Because the future is smart energy. For more
information on PG&E's environmental leadership, please visit
http://www.pge.com/environment For more information about Environmental Power Corporation, please visit http://www.environmentalpower.com ABOUT ENVIRONMENTAL POWER CORPORATION: Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology. Microgy is a developer of renewable energy facilities for the production and commercial application of methane-rich biogas and its associated environmental attributes from agricultural and food industry wastes. The biogas can be used to produce pipeline-grade methane or marketable biogas, liquefied natural gas (LNG), renewable electrical energy or thermal energy, as well as other useful by-products. Environmental Power's other principal subsidiary, Buzzard Power Corporation, holds a 22-year leasehold interest in the waste-coal fired Scrubgrass facility. Scrubgrass generates 83 MW of electricity by burning more than 600,000 tons of waste coal annually from active and abandoned area mine waste dumps.
PG&E Enhances 10/20 Plus Winter Gas Savings Program to Assist Customers Winter Gas Bills Thursday October 5, 4:43 pm ET
SAN FRANCISCO, Oct. 5 /PRNewswire-FirstCall/ -- The California Public Utilities Commission (CPUC) today approved Pacific Gas and Electric Company's 10/20 Plus Winter Gas Savings Program which will assist our customers this winter. The 10/20 Plus Program will give all customers -- residential, business, agricultural, and government entities -- a bill credit of up to 20 percent for simply reducing natural gas usage during January and February. ADVERTISEMENT
The 10/20 Plus Program offers enhancements over last winter's program which will benefit our customers even further. Customers have an easier time earning a credit, more customers are eligible, and usage is based on the past three-year historical average whether or not they occupied the location.
To earn the 10/20 Plus Program credit, customers need to reduce their cumulative natural gas usage during January and February below the three-year historical average at their home or business. Customers' starting point for conservation will appear on their December bill. For every one percent decrease in usage, customers will receive a one percent credit, up to nine percent. Customers who reduce their usage by ten percent or more will receive a 20 percent bill credit.
"The 10/20 Plus Program is PG&E's way of helping our customers lower energy costs during the most expensive months of the year," said Helen Burt, PG&E's senior vice president and chief customer officer. "We are grateful to the CPUC for acting so quickly and approving this important customer conservation program."
All PG&E customers are eligible and already enrolled in the 10/20 Plus Program. To maximize the bill credit, customers should begin conserving when they receive their December energy bill. Depending on their billing schedule, the bill credit will appear on customers' March or April bill.
PG&E does not profit from higher gas prices and instead receives a regulated fee for delivering the product to its retail customers. The delivery charge does not change based upon the cost of natural gas.
To help manage this winter's natural gas prices, PG&E purchased and stored approximately 20 percent of the projected winter natural gas demand throughout the spring and summer when gas prices are typically lower.
PG&E is also helping customers reduce their energy use, through conservation and energy efficiency programs, including rebates for energy efficient appliances, on-line energy audits, and through programs to help low income households in particular.
For more information about Pacific Gas and Electric Company, please visit our website at http://www.pge.com
PRVB: Powder River Drills First Well in Brookshire Salt Dome Thursday October 12, 7:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Oct 12, 2006 -- Powder River Basin Gas Corp. (OTC BBRVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has completed drilling of the first well in the Brookshire Salt Dome project - the Minns Josh #1. ADVERTISEMENT
The well hit four pay zones, each of which held over 1000 psi average.
Completion of the well to production will take approximately three weeks. Production equipment, flow lines, and other service equipment will be put in place prior to perforating and production completion of the well.
This well is directly offsetting the Kuraiti lease, a neighboring property, which had initial production of 800 BOPD and was choked back to 200 BOPD for production purposes.
"We are very excited to bring on the first well in the Brookshire project as initial indications from the well logs show we will reach our projected expectations from the first well. As soon as this well is in full production, we plan to drill an additional two wells and bring them to full production before laying out our full program. This allows us the opportunity to monitor the production, while we research the extent of the additional equipment required," stated Powder River Basin Gas Corp. CEO Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas products.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contact: Contacts: Powder River Basin Gas Corp. Steve Weiss Investor Relations (609) 529-3671 Email: info@powderrivergascorp.com Website: http://www.powderrivergascorp.com
Princeton Research Inc. Mike King Market Analyst (702) 650-3000
SUF: SulphCo(R) Announces Test Agreement With Nippon Oil Corporation for Its Sonocracking(TM) Oil Processing Technology Thursday October 12, 12:46 pm ET
SPARKS, Nev., Oct. 12 /PRNewswire-FirstCall/ -- SulphCo®, Inc. (Amex: SUF - News) has announced that it has entered into a test agreement with Nippon Oil Corporation, Japan's largest refining company, headquartered in Tokyo, Japan. The test agreement's purpose is to enable SulphCo® and Nippon Oil to jointly determine the technical benefits of SulphCo's® Sonocracking(TM) technology on crude oil currently owned or processed by Nippon Oil. ADVERTISEMENT
During the term of the agreement, which expires no later than March 31, 2007, SulphCo® will process various samples of Nippon's crude oil or other petroleum feed stocks provided by Nippon using SulphCo's® proprietary Sonocracking(TM) technology.
"We are very excited that Nippon Oil Corporation has chosen to test our Sonocracking(TM) technology due to their dominant position in Japan's sizable oil sector," stated Peter Gunnerman, President of SulphCo® Inc.
This agreement marks SulphCo's third with a major Asian oil refining company in the last three months having previously entered into a test agreement with SK Corporation, the leading Korean oil refining company in July 2006 as well as signing a Letter of Intent with Seoul, Korea-based Hyundai Oilbank Co., Ltd. in August 2006.
For further information about SulphCo®, Inc. please cal: (212) 843-8073 or log onto: http://www.sulphco.com.
About SulphCo®, Inc.
SulphCo® has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The company's technology upgrades sour heavy crude oils into sweeter, lighter crudes, producing more gallons of usable oil per barrel.
From time to time, the company may issue forward-looking statements, which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as actual results could differ and any forward-looking statements should be considered accordingly.
Caspian Services, Inc. Appoints New Fleet Manager Thursday October 12, 10:52 am ET
ALMATY, Kazakhstan, Oct. 12 /PRNewswire-FirstCall/ -- Caspian Services Inc. (OTC Bulletin Board: CSSV - News) is pleased to announce the appointment of Mr. Joseph Borg to the position of Fleet Manager. Mr. Borg is a Maltese national with extensive experience in fleet management and marine operations gained over a 30-year international career in the Far East, Middle East, Caspian Sea and Europe. During his extensive career, Mr. Borg has worked for Western Geophysical, Schlumberger and BGP. ADVERTISEMENT
"With the appointment of Mr. Borg we have attracted an individual of the highest caliber, who will focus on expanding our efforts in deep marine seismic data acquisition," commented John Scott, Chief Operating Officer of Caspian Services. Caspian Services currently provides offshore support for Veritas Caspian's large data library survey being carried out on behalf of the Government of the Republic of Kazakhstan. "We are continually seeking to increase the portfolio of seismic data acquisition services we offer and are confident Mr. Borg can be instrumental in helping expand the services we provide to Veritas Caspian and our other clients," said Mr. Scott.
Caspian Services, Inc. is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. The Company provides geophysical and seismic data acquisition and interpretation services, maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and offers other oilfield services such as lodging and desalinated water in the Port of Bautino. The Company maintains corporate offices in Almaty and Aktau, Kazakhstan and Salt Lake City, Utah.
For Additional Information Please Contact:
Terrance J. Powell Vice President, Investor Relations 29/6 Satpaev Street 9th Floor, Hyatt Regency Hotel Almaty, 050040 Republic of Kazakhstan Tel -- 7 3272 508 478 / Fax -- 7 3272 508 479 Email -- tpowell@caspianservices.kz
IHDR - Internal Hydro Negotiates Chinese Market Entry of Low Impact Hydro Units, Receiving Interest for Large Production and Sales Venture Thursday October 12, 10:00 am ET
TAMPA, Fla., Oct. 12, 2006 (PRIMEZONE) -- Internal Hydro International, Inc., (OTC BB:IHDR.OB - News) (http://www.internalhydro.com) announced today that it has had continued negotiations with Panda International Information Technology, Co. Ltd., a subsidiary of Panda Electronics Group Co., Ltd. (Panda), of the People's Republic of China, for sales, marketing, manufacturing and exclusive licensing via a joint venture to enter the China market of energy production with its positive displacement low hydro Energy Commander V (EC V) technology. IHDR has received a letter of interest to participate in manufacturing and marketing of the EC V in and for the greater China Region with ongoing licensing and joint venture discussions. This Chinese small hydro need and capability is expected to support a major joint venture to produce and sell under Panda. With the world's fourth largest hydro electric capacity, a burgeoning industrial base, and electrical need, IHDR's entry into China, and potential surrounding countries, will result in a third major market for the Energy Commander.
Panda Electronics Group is a wholly owned government entity; Panda International Information Technology is a new technology intake entity for China. IHDR has rejected other overtures for China entry, but sees this potential marketing, manufacturing, and sales venture as one which will ensure not only the intellectual property security, but give a likelihood of implementation of the units on a broad scale and certain revenue licensing milestones. IHDR is seeking a joint venture which secures milestones similar to those set for the EU in the number of units and revenue to IHDR in the China venture. IHDR and Panda will continue toward an agreeable joint venture in the near future for the goals of both entities.
Panda has researched and evaluated the low impact Energy Commander unit for implementation in natural, man made, and industrial flows, and is now negotiating with IHDR for an OEM manufacturing contract, sales milestones for China, licensing fee, along with the joint venture structure for the region. Panda's exclusive agent for the venture, Wieshong Yan, CEO of ASA International Group, LLC, stated, ``Since being invited to address this exciting opportunity, our team members have collaborated to produce a preliminary plan that we believe will provide long term benefits for China and the global environment.'' Due to China's new implementation of renewable energy laws in 2006, the search and finding of the Energy Commander solution to add to power output in China is seen by Mr. Yan as one that will benefit both IHDR, Panda and the world. Yan stated, ``We understand that we are at the beginning of a 'new day' in renewable energy and through our combined efforts our children's children will breath easier in the future.''
The efficiency of the EC V using low flows of water into the twelve piston radial system to create clean electricity, is now being shown in demonstrations in Mobile, Alabama, before larger scale production handover to IHDR's European partner, Cm2 of Italy. The EC V low impact hydro unit, is the first low hydro system to ever utilize positive displacement by cylinders set in a radial engine form, instead of traditional turbines.
Panda Electronics Group is regarded as the cradle of China's electronic industry. Panda is ranked as number 39 of China's top 500 manufacturing enterprises. It is one of China's core high tech enterprises and high tech electronics information enterprises in the Asian-Pacific region. The company has five state level engineering R/D laboratories, one post-doctoral working station and 10 research centers for developing new products. The Company is listed as Nanjing Panda Electronics Company, Ltd., on the Shanghai Stock Exchanges (A shares) and Hong Kong Stock Exchanges (H shares). In 2003, the company's sales volume reached RMB 26.3 billion with exports of over US$930 million.
GSGF GS AgriFuels Executes Agreement to Acquire NextGen Fuel Business Wire - October 12, 2006 14:30
NEW YORK, Oct 12, 2006 (BUSINESS WIRE) -- GS AgriFuels Corporation (OTC Bulletin Board: GSGF) today announced its execution of an agreement to acquire NextGen Fuel, Inc., a producer of modular continuous-flow, multi-feedstock biodiesel process equipment based on NextGen's patent-pending process intensification technology.
Under the terms of the acquisition agreement, GS AgriFuels will acquire 100% of the stock of NextGen in return for about $20,000,000 in cash, about $2,000,000 of which is to be paid in line with increases in NextGen's sales. The closing of the acquisition is subject to GS AgriFuels' completion of financing and the agreement is terminable if the acquisition does not close on or before November 15, 2006.
Process Intensification Technology
NextGen's biodiesel process technology leverages innovative process intensification techniques to accelerate and enhance traditional biodiesel reaction kinetics, thus decreasing process time, reducing energy and raw material needs, and increasing product quality. These benefits translate to increased capital and operating cost efficiencies at smaller scales as compared to traditional biodiesel process technologies.
Biodiesel capital and operating costs can be reduced by as much as 50% over traditional approaches with the NextGen technology, and NextGen's systems can be deployed to a plant in as quickly as 12 weeks. NextGen currently offers turn-key biodiesel production plants rated for 5 million gallons per year and 10 million gallons per year, but the modular and continuous-flow aspects of the technology make scaling plants up or down easy and cost-effective.
"Our view is that, among other challenges, the domestic biodiesel sector faces high concentrations of risk in the soy and other refined vegetable oil markets," said Kevin Kreisler, GS AgriFuels' chairman and chief executive officer. "For biodiesel entrepreneurs and their financing sources, this risk increases significantly with the size of their intended biodiesel production facility. Smaller plants simply have smaller risk profiles and are inherently easier for entrepreneurs to finance and operate - particularly when the capital and operating cost-efficiencies of the NextGen plants are taken into account. We believe that there is a robust and mostly untapped domestic market for development of small-scale biodiesel production facilities."
To date, NextGen has sold and delivered one 5 million gallon plant, executed contracts to sell another two 10 million gallon plants, and has a large number of qualified prospects in their sales pipeline.
Tom Scozzafava, GS AgriFuels' president and chief operational officer, added that: "We see a tremendous market opportunity here for small-scale biodiesel plants with the NextGen technology. The continuous-flow capabilities of the technology translate to lower construction costs because less equipment and raw materials are needed versus batch plants, and the modular design allows NextGen plants to be cost-competitive with the construction costs of larger plants since additional 5 or 10 million gallon per year production modules can be simply added on. The NextGen team, including Dr. Phil Leveson, John Gaus and Jeff DeWeese, have done an excellent job in developing and promoting this important technology, and we intend to work with them moving forward as we continue to bring NextGen plants to market and use them ourselves in our own planned production facilities."
GS AgriFuels is currently developing several sites for the construction of its planned production facilities. Its planned Memphis facility is designed to have an initial nameplate capacity of 10 million gallons of biodiesel and will include a NextGen system. GS AgriFuels' expects to scale this facility with a series of modular NextGen systems to in excess of 45 million gallons per year given that facility's location in a major distribution hub.
John Gaus, the chief executive officer of NextGen, said that: "The NextGen process technology can play a leading role in the rapidly growing biodiesel production industry. We think that GS AgriFuels has a great business model and a solid team and we look forward to working with them to build upon the success of this technology."
NextGen is a part of the Golden Technology Management portfolio. Additional information on NextGen is currently available online at http://www.nextgenfuel.com.
About Golden Technology
Golden Technology Management invests in the formation and active management of clean technology companies. Additional information on Golden Technology Management is available online at http://www.goldentechpartners.com.
About GS AgriFuels Corporation
GS AgriFuels Corporation (OTC Bulletin Board: GSGF) was founded to produce and sell clean fuels from agriproducts in innovative new ways that allow producers of agriproducts, their local communities and consumers to save money, reduce pollution and contribute to energy independence.
GS AgriFuels intends to build a number of clean fuel production facilities in America under its Mean Green brand. GS AgriFuels' chief ambition is to get cleaner, greener burning fuels grown in the U.S.A. in as many engines as possible, as quickly as possible.
GS AgriFuels is about 90% owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a company devoted to facilitating the efficient use of natural resources.
LFZA:U.S. Sustainable Energy Corp. Announces Addition to the Ludlow Energy SmallCap Index Oct 12, 2006 2:01:00 PM NATCHEZ, MS -- (MARKET WIRE) -- 10/12/06 -- U.S. Sustainable Energy Corp. (PINKSHEETS: LFZA) announced that the company has been added as a component of the Ludlow Energy SmallCap Index: http://www.ludlowcapital.com/indices/energy/smallcap.html
Mr. John Rivera, USSEC's CEO, stated, "We are proud to announce the addition of U.S. Sustainable Energy Corp. to an index of leading emerging green energy and biofuel companies. This is an acknowledgement of the USSEC business model and the breakthrough achievements being made in by us in the biofuel and green energy sector. We are looking forward to the added recognition this inclusion will bring to us."
About Ludlow Energy SmallCap Index
The Ludlow Energy SmallCap Index is a basket of U.S. traded small cap alternative energy stocks. The Index provides both institutional and individual investors a gauge for tracking the day-to-day performance of small cap alternative energy stocks. The index is designed for investors who have a long-term bullish outlook on the renewable and alternative energy market. The Ludlow Energy SmallCap Index is owned and operated by Ludlow Energy Fund, Inc., based in New York City. http://www.ludlowcapital.com/indices/
About U.S. Sustainable Energy Corp.
USSEC holds patent pending technology for a new breakthrough biofuel and carbon based fertilizer. USSEC has successfully demonstrated the most cost effective method of producing biofuel estimated at $.50/gallon according to exhaustive studies and independent Lab confirmation. The company has developed the process, units and catalyst that will transform agricultural biomass into biofuel and fertilizer. This technology offers a solution for foreign oil dependence, balancing industrial and agricultural concerns with environmental issues and stabilizing and eventually reversing global greenhouse gas emissions. USSEC's research and development has successfully demonstrated the core technology in its fully functional facility located in Port Gibson, MS. The company is currently pursuing fully scalable implementation and deployment at further locations. Unlike other biomass gasification, the USSEC process can operate at a variety of scale, converting even waste biomass into fuel and fertilizer. The fuel produced will ultimately be more valuable than ethanol or methanol, and the USSEC process can convert biomass materials at an efficiency that cannot be matched by currently planned operations. In addition, unlike virtually all other approaches for biomass to energy, which deplete soil nutrients, the USSEC process restores and enhances soil mineral and carbon content. As a direct result of this revolutionary approach to integrated energy and fertilizer production from biomass, the USSEC process effectively removes Greenhouse Gases from the atmosphere, and can do so profitably before the value of Green Certificates and Carbon Credits are considered.
VYGO; Voyager Petroleum, Inc. Expects to Begin Generating Revenues in the Fourth Quarter 2006
HINSDALE, Ill., Oct 12, 2006 (PrimeZone Media Network via COMTEX) -- Voyager One, Inc. Board of Directors and majority shareholders have approved a name change to Voyager Petroleum, Inc. (OTCBB:VYGO). This change reflects Voyager's strategy to acquire middle market petroleum and lubricant companies with established distribution channels and experienced management where the injection of new capital, wider distribution or a change in supply structure would result in significantly increased revenue or reduced costs. Specifically, management has been active in analyzing private companies that refine, blend, bottle or distribute petroleum based lubricants to the manufacturing and automotive aftermarket. Commenting, Voyager's President, Sebastien DuFort said, "This strategic focus is behind the Board's recent vote to change the corporate name to Voyager Petroleum, Inc. Management has identified and is in negotiations to acquire two facilities that are anticipated to provide the foundation of the company's operations. In addition, management expects to begin generating revenues in the fourth quarter of 2006."
Finally, DuFort commented, "after extensive due diligence, the company has decided to focus on acquiring these facilities and not to pursue an acquisition of the Homan Corporation."
Forward-Looking Statements
This press release contains forward-looking statements, which represent the Company's expectations or beliefs, including, but not limited to, statements concerning plans, growth and strategies, which include, without limitation, statements preceded or followed by or that include the words may, will, expect, anticipate, intend, could, estimate, or continue or the negative or other variations thereof or comparable terminology.
Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These statements by their nature involve substantial risks and uncertainties, some of which are beyond the Company's control, and actual results.
MCRE Morgan Creek Energy Announces Closing of Interest in Bayou Choctaw Oil and Gas Prospect in Louisiana
DALLAS, Oct. 12 /PRNewswire-FirstCall/ -- Morgan Creek Energy Corp. (OTC Bulletin Board: MCRE; Frankfurt, Berlin: M6C) (the "Company"), further to its original announcement in July 2006, announced it has completed due diligence and the further completion of its acquisition of a 25% working interest in the "Bayou Choctaw" oil and gas project located in Iberville Parish, State of Louisiana. The Company acquired extensions to the earlier announced July 31, 2006 closing date and has issued 200,000 restricted common shares in the capital of the Company with piggyback registration rights. The Company paid $250,000 to acquire the interest. The prospect includes both development and exploration aspects related to the project. Proven undeveloped reserves on the property have been identified in the "Bolmex" and "Nonion struma" geological zones at a depth of approximately 11,500 feet. Other potential targets have been identified through 2-D and 3-D seismic information. The aggregate net revenue interest in the project is 73% to working interest stakeholders providing the Company with an 18.25% net revenue interest. In addition Morgan Creek Energy will pay its 25% share of already incurred project costs and pay its proportionate 25% share on a ground floor basis to acquire additional 3-D seismic data. The Company has the option to participate in the first two wells and carry the promoting parties through the drilling of those wells to "casing point" on the basis of paying for one third of the cost to earn its 25% working interest. Subsequent to the drilling of the first two wells, costs will be shared in direct proportion to working interest participation without any further carried working interest. About Morgan Creek Energy Corp.: Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of oil and natural gas properties worldwide. For further information see: http://www.morgancreekenergy.com
PWAC Power Air Corp to Present at the London Stock Exchange's 'New Energy Capital Markets Day' PR Newswire - October 12, 2006 8:00 AM (EDT)
Fuel Cell Technology to Help Combat Global Warming
NEW YORK, Oct 12, 2006 /PRNewswire-FirstCall via COMTEX/ -- Power Air Corporation (OTC Bulletin Board: PWAC) will present on October 20th at the New Energy Capital Markets Day hosted by the London Stock Exchange. Remy Kozak, Power Air's CEO, will be accompanied by Don Prest, CFO, and Paul Brock, a Power Air Director. The trio will present Power Air to the institutional community in London, alongside eight other AIM listed or pre-IPO companies that have been selected by the LSE.
"We are pleased to have been invited to the LSE event and look forward to a productive session," states Remy Kozak, CEO of Power Air Corp. "The European market appears to be focusing on environmental and alternative energy products and investments."
In late September, Sir Richard Branson, Virgin Group CEO, pledged $3 billion to be used towards developing alternative energy sources to curtail climate change. Power Air's patented Zinc Air Fuel Cell (ZAFC) technology -- developed at Lawrence Livermore National Laboratories -- allows for power generation with zero-emissions. The system by-products are totally recyclable.
Power Air has previously announced that the initial application of its ZAFC will be in emergency backup power generators that can be used indoors.
About Power Air Corporation
Power Air Corporation, with head office in Livermore, California, is engaged in the business of developing, manufacturing and marketing fuel cell based commercial products. Power Air has the exclusive worldwide license to Zinc-Air Fuel Cell technology that has been developed at the Department of Energy's Lawrence Livermore National Laboratory, in Livermore, California, for all fields of use (portable, stationary, light mobility and transportation applications) and commercialization.
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RVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has completed drilling of the first well in the Brookshire Salt Dome project - the Minns Josh #1.