WWAT WorldWater & Power to Exhibit at Solar Power 2006 Conference and Expo PrimeZone Media Network - October 12, 2006 7:30 AM (EDT)
By Staff
PENNINGTON, N.J., Oct 12, 2006 (PrimeZone Media Network via COMTEX) -- WorldWater & Power Corp. (OTCBB:WWAT), developer and marketer of proprietary high-horsepower solar systems, today announced that senior executives from the company's New Jersey headquarters and California offices will attend Solar Power 2006. The company will also display its solar technology and feature recently completed projects at Booth #109. The event will be held at the San Jose Convention Center, San Jose, California, October 16-20.
"The Solar Power Conference and Expo is the largest business-to-business solar event in the United States and I always look forward to it. Our top executives view it as a prime opportunity to share information with industry colleagues and forge partnerships that help forward the deployment of our unique contribution to the industry, the ability to drive electric motors up to 600 horsepower on solar power alone," said Quentin T. Kelly, Chairman of WorldWater & Power Corp.
Organized by the Solar Electric Power Association (SEPA) and the Solar Energy Industries Association (SEIA), Solar Power 2006 has been growing rapidly each year. More than 4,000 people are expected to attend this year's event and more than 160 companies will exhibit.
About WorldWater & Power Corp.:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit http://www.worldwater.com.
FODL Forster Drilling Corporation's Common Stock Shares Now DTC Eligible Business Wire - October 12, 2006 7:00 AM (EDT)
HOUSTON, Oct 12, 2006 (BUSINESS WIRE) -- Forster Drilling Corporation (OTCBB:FODL) announced today that its shares are now eligible for safekeeping with the Depository Trust Corporation.
The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the Securities and Exchange Commission. The depository brings efficiency to the securities industry by retaining custody of some 2 million securities issues, effectively "dematerializing" most of them so that they exist only as electronic files rather than as countless pieces of paper. The depository also provides the services necessary for the maintenance of the securities it has in custody.
DTC eligibility will provide clearing and settlement efficiencies in Forster common stock shares by immobilizing securities and allowing "book-entry" changes to ownership.
Forster Drilling Corporation is a publicly traded holding company with three wholly-owned subsidiaries that are involved in contract drilling, rig component manufacturing and complete rig assembly, and participation in drilling and exploration projects with drilling customers.
SOURCE: Forster Drilling Corporation
For Forster Drilling Corporation: The Buick Group, Toronto Jonathan Buick, 1-877-748-0914 (toll free) Office: 416-915-0915 Fax: 416-915-0916 jbuick@buickgroup.com http://www.buickgroup.com
The world may be awash in water, but the prospect of a scarcity of useable supplies has already made it a hotter investment than oil.
Canada has one of the world's largest supplies of fresh water. But because control remains in the public domain, there are few ways for Canadians to directly invest in the resource.
Instead, funds such as the Canada Pension Plan Investment Board, which this month launched a bid for a British water utility, are looking outside the country's borders.
It's a looming issue. By 2025, about two-thirds of the world's population will face water shortages, according to the United Nations. Only 1 per cent of the world's water is available for human consumption, an amount seen shrinking further because of urbanization, population growth, climate change and contamination of water sources, a 40-page UBS Investment Research report noted this week.
In Europe, meantime, the water business is booming — and so are investments. The world's first water fund, launched by Geneva-based Pictet Asset Management in 2000, has risen 40 per cent since its start, compared with the MSCI World index's 27-per-cent gain.
Water “is very promising for the future because of this need for investment in the coming years,” said Louis-Mathieu Perrin, one of the portfolio managers who runs Pictet's $3.1-billion (Canadian) fund. He expects the sector to grow about 8 per cent a year in the long term.
Pictet estimates about $70-billion (U.S.) a year is needed worldwide to fund basic water services. In the United States alone, it pegs the investment need at $1-trillion over the next 20 years.
Mr. Perrin's fund, which isn't available in Canada, invests in water treatment companies, along with distributors, technology firms and bottled-water companies.
In Canada there are few, if any, water funds. That's not to say investors aren't interested.
“It's a great area,” said Stephen Gauthier, a partner at investment firm Gauthier & Cie. in Montreal. “Here in North America, we have water for free so we have . . . constraints. But I think it's coming.”
Tom Bell, who's run the Water Investment Newsletter over the past two decades, says he's seen interest in the sector explode in the past few years. “Water utilities will continue to be strong because it's a captive market — you have to have it,” said Mr. Bell, who's based in Halstead, Kan. In the United States, most of the water infrastructure is more than 100 years old and will require massive reinvestment, he added.
PowerShares Water Resources, a U.S. fund, has risen 12 per cent this year, double the pace of the S&P 500. And U.S. companies such as General Electric Co. and Dow Chemical Co. have recently made big forays into water. In March, GE bought the Canadian company Zenon Environmental Inc., a water treatment firm.
Water isn't a commodity like oil because water prices tend to be decided locally, rather than on a global market. And unlike oil, water is also not exported en masse to other countries — yet.
Nonetheless, comparisons with oil returns are tempting. Over the past 16 years, water and oil prices have appreciated by the same amount, according to Pictet. However, in the last two years, the Bloomberg world water index, which comprises 12 utilities, has gained about 85 per cent, outstripping the 23-per-cent increase in oil futures in New York.
Much of the recent gains have been in Europe, where bidding wars for water utilities are leading some analysts to call the sector overvalued. That's not deterring investors such as the CPP Investment Board. This week, a consortium it is part of boosted an offer for AWG PLC to $4.7-billion (Canadian).
Privatization is a growing — but controversial — theme. The move to invest in privatized water, however, has been criticized by many citizens' groups. “We see water as a basic human right, and so it shouldn't be privatized or delivered on a for-profit basis,” said Brent Patterson, director of the Council of Canadians. He said private British water utilities are among the worst polluters in the country.
Oil demand shrinks in developing countries By Carola Hoyos in London
Published: October 11 2006 18:19 | Last updated: October 11 2006 18:19
High prices are for the first time in two decades prompting oil demand in developed countries to contract, the International Energy Agency said on Wednesday.
In 2006 the need for oil in members of the Organisation for Economic Co-operation and Development will have shrunk 100,000 barrels a day to 49.4m b/d. This small but symbolically important re-duction is the result of the slowing of the US economy as well as its moves away from heating oil to using natural gas, the cheaper alternative, according to the OECD’s energy watchdog.
The shift makes still growing demand from Asia and other developing regions, including the Middle East, even more important customers for big oil producing countries.
The Organisation of the Petroleum Exporting Countries on Wednesday confirmed that the cartel, which supplies about 40 per cent of the world’s oil, had agreed to implement a 1m b/d cut.
But ministers are divided over how to distribute the reduction in output – and therefore also in revenue – among the 11 members. Libya’s oil minister even suggested the group was redistributing the entire quota system. Edmund Daukoru, Nigeria’s oil minister, has urged member countries to reduce their production on a pro-rata basis from the level of their individual quotas.
But this puts some members, such as Kuwait and the United Arab Emirates, at a disadvantage. Kuwait, which is producing above its official quota, would have to reduce its output by 350,000 b/d if it cut from its quota, but only by 100,000 b/d if it cut from its current production.
For Venezuela, Nigeria and Indonesia, which have been unable to pump as much oil as their quotas allow, the situation is reversed. In fact, none of the three would have to reduce output if the decision to cut from quotas stood.
Saudi Arabia, Opec’s biggest member, has been surprisingly quiet in recent days, while other countries’ ministers have openly stated their positions. This may be because the kingdom would have to cut about 300,000 b/d regardless of whether the cartel’s final decision was to reduce supply from current levels or from quotas.
As a whole, Opec is producing about 27.5m b/d, less than its 28m b/d quota, because some members have suffered unforeseen outages and others have already reduced their production to stem falling prices.
Therefore, a 1m b/d cut from current production would take 1m barrels out of the worldwide market each day, while a reduction from quotas would reduce production by about only 500,000 barrels of oil a day.
DESC : 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.
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.
Suntech Power Shares Climb Thursday October 12, 11:44 am ET Suntech Power Shares Rise, Helped by Bullish Goldman Sachs Report; Sector Trades Higher
NEW YORK (AP) -- Shares of solar cell maker Suntech Power Holdings Co. rose Thursday, boosted in part by a bullish report from a Goldman Sachs analyst, while other solar shares made gains sector-wide. ADVERTISEMENT
Analyst Cheryl Tang encouraged investors to buy Suntech Power on weakness, as the share price has come down 25 percent from mid-August. Tang attributed the decline to the recent retreat in oil prices and market concerns over cost pressures, particularly the rising cost of silicon wafers.
Silicon is a key raw material used in making solar cells, the cost of which has risen as supplies have tightened due to high demand.
"We believe that strong volume growth should more than offset margin pressure," she wrote in a client note.
Tang rates the stock at a "Buy" with a 12-month target price of $35.
Shares of Suntech Power rose 90 cents, or 3.5 percent, to $26.58 in midday trading on the New York Stock Exchange.
Elsewhere in the sector, Nasdaq-listed shares of Evergreen Solar Inc. rose 18 cents, or 2.3 percent to $7.91, while DayStar Technologies Inc. shares gained 19 cents, or 3.2 percent, to $6.11. Energy Conversion Devices Inc. shares slipped 4 cents to $38.31.
Plug Power's GenCore product tested on S. Africa wireless network Thursday October 12, 11:10 am ET
A South African wireless provider is deploying Plug Power Inc.'s fuel cell systems for backup power, Plug Power announced. Plug (Nasdaq: PLUG - News) of Latham reported a successful field trial and follow-on orders from a leading South African wireless provider, which Plug did not name.
ADVERTISEMENT
Plug Power's GenCore product is expected to become an important component in the expansion of telecommunications services and utility infrastructure throughout South Africa, said Magatho Mello, managing director of the telecommunications division at IST Holdings Ltd. (IST), Plug Power's South African distribution partner.
"We are seeing accelerating demand for the GenCore product from one of the nation's leading wireless providers, following the successful trial that completed in the first half of 2006," said Mello. He said during the six-month field trial, Plug Power's GenCore fuel cell responded to 121 power failures at a wireless base station, providing more than 100 total hours of backup power.
As a result of the successful trial, IST has received follow-on orders for additional GenCore units and expects to install systems at more than 30 cell site locations throughout every region of the carrier's operations in South Africa.
Plug said the trial and purchase orders demonstrate the viability of GenCore in the telecommunications market and underscores the current reliability challenges in South Africa, where mobile telecommunications are growing at a rate of 50 percent per year.
Plug also announced progress in South Africa's utility market through an ongoing field trial with a leading power utility in Sub-Saharan Africa to evaluate the application of GenCore units within its telecommunications, distribution and transmission divisions. Increased demand for reliable power throughout South Africa has prompted the construction of additional power-generating capacity and simultaneous upgrade of existing infrastructure, both of which can benefit from the uninterruptible power supply capabilities provided by Plug Power's GenCore fuel cell.
In December 2005, the International Finance Corp., the private sector arm of the World Bank Group, awarded a $3 million grant to IST and Plug Power to install 400 fuel cells in remote locations and cities throughout South Africa over a three-year period. IST operates throughout Africa's southern countries.
ASPN: Aspen Exploration Reports Strong Annual 2006 Results Thursday October 12, 3:53 pm ET
Net Income Increases 100% Resulting in Diluted EPS of $0.40
DENVER, CO--(MARKET WIRE)--Oct 12, 2006 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), an energy company with offices in Bakersfield, California, and Denver, Colorado, announced today results for its fiscal year ended June 30, 2006. For the fiscal year, the Company reported revenues of $5,979,000, an increase of 45%, as compared to the year-earlier period revenues of $4,127,000, and net after tax profit of $2,970,000, or $0.40 per diluted share compared to $1,487,000 a year earlier, or $0.22 per diluted share. ADVERTISEMENT
The Company reported higher revenues as a result of an increase in production volumes from recent gas discoveries and higher prevailing prices for natural gas. Gas production for the fiscal year ended June 30, 2006 averaged 1,843 MCF per day, an increase of 8% versus the same period in fiscal 2005. Net income before interest, depletion, depreciation and taxes increased 55% to $5,570,000, or $0.75 per diluted share, compared to $3,585,000, or $0.53 per diluted share, for the prior twelve month period. The Company had pre-tax income of $4,007,000, or $0.54 per diluted share, compared to pre-tax income of $2,206,000, or $0.33 per diluted share, for the prior twelve month period.
Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN. For more information concerning oil and gas operations contact Bob Cohan, President and CEO, in Aspen's Bakersfield office at (661) 831-4669. Aspen's web page can be found at http://www.aspenexploration.com.
DISCLAIMER
This news release contains information that is "forward looking" in that it describes events and conditions which Aspen Exploration Corporation ("Aspen") reasonably expects to occur in the future. Expectations for the future performance of the business of Aspen are dependent upon a number of factors, and there can be no assurance that Aspen will achieve the results as contemplated herein and there can be no assurance that Aspen will be able to conduct its operations or production from its properties will continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks which are beyond the Company's ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. These risks include, but are not limited to: the possibility that the described operations (including any proposed exploration or development drilling) will not be completed on economic terms, if at all, or the estimates of reserves may not be accurate. The exploration for, and development and production of, oil and gas are an enterprises attendant with high risk, including the risk of fluctuating prices for oil and natural gas, imports of petroleum products from other countries, the risks of not encountering adequate resources despite expending large sums of money, and the risk that test results and reserve estimates may not be accurate, notwithstanding appropriate precautions. Many of these risks are described herein and in Aspen's annual report on Form 10-KSB, and it is important that each person reviewing this report understand the significant risks attendant to the operations of Aspen. Aspen disclaims any obligation to update any forward-looking statement made herein.
ASPEN EXPLORATION CORPORATION 2050 S. Oneida St., Ste. 208 Denver, CO 80224-2426 Telephone: (303) 639-9860 Fax: (303) 639-9863 Email: aecorp2@qwest.net Web Site: http://www.aspenexploration.com
Cubic Energy, Inc. Provides Update On Operations Thursday October 12, 11:54 am ET
DALLAS, Oct. 12, 2006 (PRIMEZONE) -- Cubic Energy, Inc. (OTC BB:QBIK.OB - News) (``Cubic'' or the ``Company'') announced today that it has negotiated and executed a farmout agreement allowing the Company to move forward with its plans to complete the Hosston and Cotton Valley zones in the S.E. Johnson 20 No. 1 and S.E. Johnson 29 No. 1 wells in DeSoto Parish, Louisiana. The Company expects to complete the wells later in November, subject to equipment and contractor availability. Calvin A. Wallen III, CEO of Cubic, stated, ``We look forward to the increased production and cash flow that is expected from the completion of these wells.''
Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company's oil and gas assets and activity are concentrated primarily in Texas and Louisiana.
This press release includes statements, which may constitute ``forward-looking'' statements, usually containing the words ``believe,'' ``estimate,'' ``project,'' ``expect,'' or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital for development of mineral projects and other projects, acceptance of the Companies' products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Companies' periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the company undertakes no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that any future activities mentioned in this press release will occur as planned.
Contact: Cubic Energy, Inc. Investor Relations Donna Luedtke (972) 686-0369 ir@cubicenergyinc.com http://www.cubicenergyinc.com
Daybreak Enters Farmin Agreement With a Major Oil and Gas Company in Follow up of Discovery Well Thursday October 12, 3:11 pm ET
SPOKANE, Wash., Oct. 12 /PRNewswire-FirstCall/ -- Daybreak Oil and Gas, Inc. (OTC Bulletin Board: DBRM.OB - News) a Washington Corporation, has signed a initial farmin agreement with a major oil and gas company that covers approximately 5,600 acres in North Eastern Louisiana. This completes the initial assemblage of acreage on the Chicago Mill, Basal Tuscaloosa Sand prospect. Under the terms of the farmin, Daybreak and its partners have committed to drill two wells on either side of the Tensas River in Tensas Parish Louisiana within a six month time period. Daybreak expects the rig to be on site by November 2006. ADVERTISEMENT
In January of 2006, Daybreak and its partners drilled the Tensas Farms F-1 well. The well was tied in and completed in June of this year and placed into production with a reduced choke size.
There are four additional exploratory drilling locations in the farmin, some with multi zone potential. The Discovery location, referred to as the "F" Prospect, has three additional development locations to fully develop the reserves. The exploratory prospects are covered in total by a 3D seismic survey. Daybreak has leased a significant amount of additional acreage on the play and has accumulated a net working interest of 48% in the key acreage.
Robert Martin, President of Daybreak Oil and Gas stated, " I believe this project to be of significant economic potential and will give Daybreak the opportunity to quickly drill large potential targets at medium risk. I am appreciative of the tremendous effort by the staff of Daybreak and its partners, both financial and industry, to make the initial discovery and accumulate the necessary acreage, increase its net interest position and secure a drilling rig to carry out the development of the project."
Daybreak Oil and Gas, Inc. is a Junior Oil and Gas Company that has secured significant interests in several oil and gas plays in the Gulf Coast region of Texas and Louisiana as well as the east slopes of the San Joaquin Basin in the State of California. The project areas are in and around major petroleum and gas producing regions. The selected targets are fields in the one million barrel range for the lower risk plays and up to 100 million barrels in the higher risk projects.
Thirty Companies Representing Twenty Industries Set to Present at the RedChip Small-Cap Conference in Santa Monica, California, October 31 - November 1, 2006 Friday September 29, 10:45 am ET CEOs of Participating Companies Will Deliver Presentations From 8:30am - 4:00 pm on October 31 - November 1, 2006 at the Casa del Mar Hotel
ORLANDO, Fla., Sept. 29, 2006 (PRIMEZONE) -- RedChip Visibility, a division of RedChip Companies, announced today that Genesis Bioventures (OTC BB:GBIW.OB - News), Electronic Sensor Technology, Inc. (OTC BB:ESNR.OB - News), Earth Biofuels Inc. (OTC BB:EBOF.OB - News), Navstar Media Holdings, Inc. (OTC BB:NVMH.OB - News), Alchemy Enterprises, Ltd. (OTC BB:ACHM.OB - News), YP Corporation (OTC BB:YPNT.OB - News), I/O Magic Corporation (OTC BB:IOMG.OB - News), Sunnylife Global, Inc. (Other OTC:SNYL.PK - News), Universal Guardian Holdings, Inc. (OTC BB:UGHO.OB - News), SpaceDev, Inc. (OTC BB:SPDV.OB - News), Left Behind Games, Inc. (OTC BB:LFBG.OB - News), East Delta Resources (OTC BB:EDLT.OB - News), Linkwell Corporation (OTC BB:LWLL.OB - News), Daybreak Oil & Gas, Inc. (OTC BBBRM.OB - News), Broadcast International, Inc. (OTC BBCST.OB - News), SuperGen, Inc. (NASDAQ:SUPG - News), MFC Development Corp. (OTC BB:MFCD.OB - News) and fifteen more companies will present at the RedChip Small-Cap Investor Conference at the Casa del Mar in Santa Monica, California, October 31st - November 1st from 8:30am - 4pm. The thirty companies presenting at the conference represent the following industries: Biotechnology, Homeland Security, VOIP, Oil and Gas, Solar Technology, Electronic Entertainment, Media and Entertainment, Defense, Pharmaceuticals, Healthcare, Hospitals, Telecommunications, Discount Stores, Broadcasting, Optical Storage, Diagnostic Substances, Computer Software, Business Services, and many more. Investors all over the world will be able to see and hear conference presentations streamed in real time on http://www.redchip.com.
Investors will have the opportunity to meet one-on-one with the CEOs of presenting companies. Conference attendance is free for private investors, fund-managers, retail stockbrokers, and analysts. Space is limited; to register online please visit http://www.redchip.com/visibility/conferencePages/newyork2006 or call 1-800-RedChip (733-2447).
About RedChip
RedChip has a long history of bringing research on selected small-cap companies to analysts and portfolio managers. RedChip Visibility(tm) provides small-cap companies' access to both professional and individual small-cap investors by holding conferences throughout the United States, producing online corporate visibility programs, and writing company sponsored research.
Contango Announces Exploration Discovery at Its Dutch Prospect Thursday October 12, 6:30 pm ET
HOUSTON--(BUSINESS WIRE)--Contango Oil & Gas Company (AMEX:MCF - News) today announced an exploration discovery at its Dutch prospect ("Eugene Island 10"), located offshore Louisiana and operated by Contango Operators, Inc. ("COI"), a wholly-owned subsidiary of the Company. ADVERTISEMENT
A production liner has been set, electric logs run, and the Company is continuing to drill further. Contango's independent third party engineer estimates this well to have proved reserves net to Contango of 25 billion cubic feet equivalent ("Bcfe"). Completion and testing operations have not yet begun, but first production is estimated to commence by the end of the year. Estimated costs net to Contango to bring this well to full production status are $2.7 million.
COI has an 18.3% working interest and Republic Exploration LLC ("REX"), a subsidiary in which the Company owns a 43% interest, has a 65% working interest in Dutch. The net revenue interests to COI and REX are estimated to be approximately 13% and 47%, respectively. The net revenue interest before payout to Contango, as a whole, is approximately 33%.
Kenneth R. Peak, Contango's Chairman and Chief Executive Officer, said, "This discovery is a superb complement to our LNG and Fayetteville Shale business. We will need more capital but our bank borrowing base will be significantly enhanced by this discovery. Since we started operating via COI in June 2005, we are now three for five in our offshore exploration efforts".
Contango is a Houston-based, independent natural gas and oil company. The Company's core business is to explore, develop, produce and acquire natural gas and oil properties primarily offshore in the Gulf of Mexico and onshore in the Arkansas Fayetteville Shale. The Company operates certain offshore prospects through our wholly-owned subsidiary, Contango Operators, Inc. ("COI"). The Company also owns a 10% interest in a limited partnership formed to develop an LNG receiving terminal in Freeport, Texas, and holds investments in companies focused on commercializing environmentally preferred energy technologies. Additional information can be found on our web page at http://www.contango.com.
This press release contains forward-looking statements that involve risks and uncertainties, and actual events or results may differ materially from Contango's expectations. The statements reflect Contango's current views with respect to future events that involve risks and uncertainties, including those related to successful negotiations with other parties, oil and gas exploration risks, price volatility, production levels, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in Contango's publicly available reports filed with the Securities and Exchange Commission.
Contact: Contango Oil & Gas Company, Houston Kenneth R. Peak, 713-960-1901 http://www.contango.com
Gulfport Reports South La. Vessel Fire Thursday October 12, 5:37 pm ET Gulfport Energy Reports Fire at Contractor Vessels Near South Louisiana Production Facilities
OKLAHOMA CITY (AP) -- Gulfport Energy Corp. on Thursday reported a fire north of its oil and gas production facilities in the West Cote Blanche Bay production field in southern Louisiana. The company said it is gathering information about its contractors at the scene. The fire involves two contracted vessels performing work on Gulfport's behalf.
The company said all its own employees have been accounted for.
Gulfport said it has shut down all production from the field, although no damage has been reported to its West Cote Blanche Bay production facilities.
Shares of Gulport Energy added 20 cents to close at $10.62 on the Nasdaq.
PG&E in deal for cow gas to fuel power plants Thu Oct 12, 2006 2:47pm ET
PG&E in deal for cow gas to fuel power plants Calif. regulators approve PG&E power contracts Calif. agency approves San Francisco power plant
SAN FRANCISCO, Oct 12 (Reuters) - Pacific Gas & Electric Co. said on Thursday it will purchase natural gas from cow manure produced at dairy farms in California to fuel power plants.
The utility, a subsidiary of PG&E Corp. (PCG.N: Quote, Profile, Research), will buy the gas from Environmental Power Corp. (EPG.A: Quote, Profile, Research), a renewable energy developer based in Portsmouth, New Hampshire.
The gas will be generated by Environmental Power subsidiary Microgy Inc. at four production plants processing the manure at dairy farms in California's Central Valley, said Jeff Dasovich, senior vice president at Microgy.
The deal is for the purchase of up to 8,000 decatherms per day of pipeline-quality gas. Financial terms and the length of the gas purchase agreement were not disclosed.
Depending on the timing of regulatory approvals, the gas could be flowing to PG&E by the end of 2007.
Microgy also supplies cow gas to Dairyland Power Cooperative in Wisconsin and is in talks with several U.S. utilities for gas supply deals, Dasovich said.
For PG&E, the deal is the utility's first to purchase biomass gas to add to its supply of renewable energy, a company spokeswoman said.
Renewable energy makes up 12 percent of the utility's power resources.
California regulators have directed the state's investor-owned utilities to make renewable resources 20 percent of their power supplies by 2010.
UPDA: Second Phase of UPDA's Catlin Workover Commences - Phase One Completed with Connection of New Natural Gas Compressor - North End of Field to Be Returned to Production Today Business Wire - October 13, 2006 6:28 AM (EDT)
JACKSBORO, Texas, Oct 13, 2006 (BUSINESS WIRE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary Catlin Oil and Gas, Inc. has been advised by Landmark 4, LLC that work has commenced on Phase 2 of the workover of the Catlin Oil and Gas Field in Jack County, Texas, beginning with the repair of the lease roads on the 240-acre Ruth Lease.
The Ruth Lease has 11 wells and historical records from Texas Railroad Commission indicate it made over 49,000 mcf gas and 4400 barrels oil in its peak production months. At least two wells are loaded with fluid yet are still venting gas through the casing and oil is at the surface of others without lift. Only one of the wells has been produced in the past several years and the pumping units have been stripped for parts and the pipeline disconnected. The access roads were nearly impassable until Landmark moved 2 dozers to the site and cleared them all. Landmark will work on all 11 wells beginning immediately.
Landmark's Steve Swain reports that, "the Ruth Lease is prototypical of the condition of the entire Catlin Field. Wells that were capable of significant production were simply shut in rather than maintained or repaired. Once these wells are reworked, all signals indicate that they will be very productive again."
With the commencement of Phase 2 of the project, completion of Phase 1 was signaled when Landmark connected the new high-pressure natural gas compressor to the north end of the field on Thursday. Those wells will be returned to production beginning Friday. Production will be closely monitored over the weekend and reported early next week.
"As the work progresses on Catlin, we have also contracted 3 additional workover rigs to begin work on the Canyon Creek wells in Archer, Coleman and Palo Pinto Counties," said Gaby Damary of UPDA subsidiary Ambient Wells Services, Inc. "With 4 rigs in the field, we expect to workover as many as 12 wells per week and return them to production with new pipelines and storage facilities."
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
SOURCE: Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition Corporation Jack Baker, 561-630-2977 (Investor Relations) info@updac.com
Logged
BRM.OB - News), Broadcast International, Inc. (OTC BB
CST.OB - News), SuperGen, Inc. (NASDAQ:SUPG - News), MFC Development Corp. (OTC BB:MFCD.OB - News) and fifteen more companies will present at the RedChip Small-Cap Investor Conference at the Casa del Mar in Santa Monica, California, October 31st - November 1st from 8:30am - 4pm.