HOUSTON, April 7, 2008 /PRNewswire/ — On April 27-29, 2008 Chemical Market Associates, Inc. (CMAI) and Purvin & Gertz, Inc. will again co-host The Middle East Influence on Global Energy and Petrochemical Markets Conference & Workshops at the Ritz-Carlton Hotel in Bahrain. Early registration closes Monday, April 14, 2008.(Logo: )With keynote addresses by leaders from the industry and senior consultants from CMAI and Purvin & Gertz, the first day’s General Session will begin with a focus on the macro issues for the global energy, petroleum and petrochemical sectors. That afternoon, presenters will provide deeper analysis regarding the global and Middle East ethylene markets and issues surrounding refining profitability, including an outlook for the continuing evolution of the Middle East petrochemical industry’s competitive environment.Day two will include Concurrent Value Chain Sessions: one covering future markets for Refined Products and Aromatics and the second covering Natural Gas & Gas Liquids, Methanol, Olefins and Major Derivatives. Each session includes detailed presentations from both industry speakers and CMAI and Purvin & Gertz experts providing their latest analysis of future market trends and economics.Immediately preceding the conference on April 27, 2008, CMAI and Purvin & Gertz will conduct three industry focused workshops. CMAI will be presenting the Petrochemical Industry Fundamentals Workshop, which is designed to give attendees a solid foundation in many aspects of the chemical industry, and the Polyolefins Industry Workshop, which is geared toward providing a comprehensive review of polyolefin production technologies, products and applications. The Petrochemical Feedstocks Workshop, held by Purvin & Gertz, will provide attendees grounding in the fundamentals of the petrochemical feedstocks market, its key elements and drivers, trends, and a future outlook. All workshops are designed to bring today’s business person up-to-speed with the market structure, language, key concepts and issues for the industry.Register on-line at or contact CMAI by email: , phone: 1-281-531-4660, or fax: 1-281-531-0995. Alternately contact CMAI in Dubai at 971 4391 2931, or fax 971 4391 6476.CMAI is a petrochemical, plastics, fibers and chlor-alkali consulting firm that services a wide range of companies all over the world. Since 1979, CMAI’s goal has been to provide accurate, timely consulting services for the worldwide industries that it covers. CMAI maintains offices in Houston, New York, London, Dubai, Dusseldorf, Singapore and Shanghai. Clients to CMAI services include chemical and oil companies, engineering & construction companies, banking and financial institutions, plastic converters, grocers/retailers, government agencies and trading companies.Purvin & Gertz, founded in 1947, is an independent energy industry consulting firm with headquarters in Houston, Texas and an international network of offices in Buenos Aires, Calgary, Dubai, London, Los Angeles, Contact: Anne Geraci 1-281-531-4660 CHEMICAL MARKET ASSOCIATES, INC. April 7, 2008 NORTH AMERICA EUROPE MIDDLE EAST ASIA Moscow and Singapore. It is an international energy consulting firm providing services for the crude oil, petroleum refining, natural gas, LPG, NGL, petrochemicals and power generation industries. Anne Geraci CMAI 11757 Katy Freeway, Suite 700 Houston, TX 77079 U.S.A Tel: 281-531-4660 Fax: 281-531-9966 Email: Chemical Market Associates, Inc.
Posted by : admin in (Energy)
Blast Energy Services Enters Into Settlement Agreement With Hallwood Energy For $6 Million
HOUSTON, April 7, 2008 /PRNewswire-FirstCall/ — Blast Energy Services (BULLETIN BOARD: BESV) announced today that its wholly-owned subsidiary Eagle Domestic Drilling Operations (”Eagle”) and Hallwood Energy, LP and Hallwood Petroleum, LLC (”Hallwood”) have signed an agreement to settle the litigation between them for a total settlement amount to Eagle of approximately $6.4 million.”This is one of two lawsuits we filed against land rig drilling customers for breach of contract. We believe this settlement with Hallwood will inject additional cash into the Company, reduce our debt obligations and allow us to focus our efforts on the remaining higher valued claim against Quicksilver Resources,” said John O’Keefe, Blast’s CEO.Under the terms of this agreement, Hallwood will pay to Eagle $2.0 million in cash and issue $2.75 million in equity from a pending major financing and Hallwood has agreed to irrevocably forgive approximately $1.65 million in Eagle payment obligations effective immediately. In return, Eagle has agreed to suspend its legal actions against Hallwood for approximately six months.Additionally, in the event Hallwood is able to secure an aggregate of $20 million in bridge financing prior to June 30, 2008, Hallwood will pay Eagle a $500,000 advance on their cash obligation. Should Hallwood be unable to complete their major financing by September 30, 2008, Eagle will immediately resume their legal actions against Hallwood and the $500,000 advance will not be credited against any future judgment or settlement amounts.Should Hallwood successfully complete their major financing and satisfy their settlement obligations to Eagle, the parties and their affiliates will be fully and mutually released from all and any claims between them. This settlement agreement has been approved by both companies’ board of directors but is subject to the approval of the Bankruptcy Court.Safe Harbor StatementAny statements made in this news release other than those of historical fact, about an action, event or development, are forward looking statements. Forward looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to be materially different from any future performance that may be suggested in this release. Such factors may include risk factors including but not limited to: the likelihood that the customer lawsuits result in meaningful proceeds, the ability to raise necessary capital to fund growth, adequate liquidity to manage operations and debt obligations, the introduction of new services, commercial acceptance and viability of new services, fluctuations in customer demand and commitments, pricing and competition, reliance upon lenders, contractors and vendors, the ability of Blast Energy Services’ customers to pay for our services, together with such other risk factors as may be included in the Company’s filings on its periodic filings on Form 10-KSB, 10-QSB, and other current reports. Blast Energy Services, Inc. takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Blast. Blast Energy Services, Inc.
Posted by : admin in (Energy)
GreenHunter Energy Commences Construction of Glycerin Distillation System
GRAPEVINE, Texas, April 7, 2008 /PRNewswire-FirstCall/ — GreenHunter BioFuels, LLC, a wholly-owned subsidiary of GreenHunter Energy, Inc. , announced today the acquisition of certain major components and the commencement of construction of a 200 million pound per year glycerin distillation system at its Renewable Fuels Campus located in Houston, Texas.Installation of the main glycerin distillation tower was completed over the last sixty days. The design and initial installation of major equipment components has allowed the commissioning of the entire system to begin. Commercial operations of the gyclerin distillation system is anticipated during the third quarter of 2008.Commenting on initiating an additional new business line at the Company’s Renewable Fuels Campus located in Houston, Texas, Mr. Michael K. Studer, President and COO, stated, “The construction of a 200 million pound per year glycerin distillation system adds further diversity to our revenue stream alongside our ‘first-in-class’ 105 million gallon per year biodiesel refinery, our 700,000 barrel bulk liquid terminal assets, and our 45,000 barrel per month methanol distillation system. GreenHunter’s glycerin distillation system will turn a waste byproduct from our biodiesel refinery into a valuable product that will play an integral role in the overall emerging trend of substituting bio-based chemicals for fossil-fuel based chemicals in both industrial and consumer products. Glycerin is a building block common to a large number of bio-based chemicals, which opens up a broad new market opportunity for our Company. Further, the technical set-up of GreenHunter Energy’s 200 million pound per year glycerin distillation system gives us the ability to refine crude glycerin into the highest quality distilled glycerin further augmenting both the Company’s revenue stream with a high-margin product along with increasing the value of the Renewable Fuels Campus. We continue to execute on our strategy of exploiting every possible revenue source available to us as we acquire assets significantly below market in an effort to achieve superior returns on capital deployed.”GreenHunter Energy, Inc. is a publicly traded portfolio company of renewable fuels and power businesses. GreenHunter BioFuels, a wholly-owned subsidiary of GreenHunter Energy, Inc., is in the final stages of completing construction activities at the Company’s Renewable Fuels Campus which includes the country’s largest biodiesel refinery at 105 million gallons per year, a 700,000 barrel bulk liquid storage terminal operation, and a 200 million pound per year glycerin distillation system. The initial operation of this “state-of-the-art” facility is planned for early April 2008.GreenHunter Wind Energy, a wholly-owned subsidiary of GreenHunter Energy, Inc., currently has ownership interest in six wind energy projects under various forms of development located in the states of Montana, California, and New Mexico. GreenHunter BioPower, a wholly-owned subsidiary of GreenHunter Energy, Inc., also owns an 18.5 Mw biomass project located in the Imperial Valley of Southern California.Forward-Looking StatementsAny statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words “believes,”"anticipates,”"plans,”"expects,”"will” and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future. GreenHunter Energy, Inc.
DALLAS, April 7 /PRNewswire-FirstCall/ — Alon USA Energy, Inc. announced today the start-up and continuous operation of its Big Spring Refinery in a 35,000-barrel-per-day hydroskimming mode. The units on line include the crude unit, reformer unit, distillate hydrotreater and jet fuel hydrotreater.The Company has now returned to the first stage of operation, producing gasoline, diesel and asphalt, as was anticipated by the Company in its latest conference call held on March 6, 2008. Alon has begun the production and sale of non-modified grades of asphalt via truck and rail car. The Company expects to begin production and sale of rubber modified grades of asphalt, excluding ground tire grades, by May 15 and ground tire rubber grades by June 15.The Company has also now inspected virtually all the equipment in the Fluid Catalytic Cracking Unit (FCCU) and has found no major long-lead equipment that will require replacement.Jeff D. Morris, Alon’s President and Chief Executive Officer, said, “We are pleased with the progress we have made so far in returning the Big Spring refinery to full production. We remain ahead of our own internal schedule, and although we do not yet have a firm schedule for repairing and re-starting the FCCU, our goal remains to have it operational by mid-July. We also have not yet developed a schedule for the alkylation unit or propylene splitters but continue to believe the alkylation unit will start up soon after the FCCU.”Once again I want to thank all my colleagues at Alon Israel, Alon USA and in Big Spring for their tireless efforts in getting the Big Spring facility back into operation this quickly in an efficient and safe mode.”Alon’s Big Spring refinery is located 290 miles west of Dallas in West Central Texas. It employs approximately 170 people and is one of four Alon refineries.About Alon USA Energy Inc.Alon USA Energy, Inc., headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products, operating primarily in the South Central, Southwestern and Western regions of the United States. The Company owns and operates four sour and heavy crude oil refineries in Texas, California and Oregon, with an aggregate crude oil throughput capacity of approximately 170,000 barrels per day. Alon markets gasoline and diesel products under the FINA brand name and is a leading producer of asphalt. Alon also operates more than 300 convenience stores in West Texas and New Mexico primarily under the 7-Eleven and FINA brand names and supplies motor fuels to these stores from its Big Spring refinery. In addition, Alon supplies approximately 800 additional FINA branded locations.Any statements in this press release that are not statements of historical fact are forward-looking statements. Forward-looking statements reflect Alon’s current expectations regarding future events, results or outcomes, including Alon’s expectations regarding the potential damages and planned repairs to the Big Spring refinery. Such statements are based upon current beliefs and expectations of Alon’s management and are subject to risks and uncertainties, some of which are beyond Alon’s control, which could result in Alon’s expectations not being realized. Actual results could differ materially from those expressed in the forward-looking statements contained in this press release because of a variety of factors. Contacts: Claire A. Hart, Senior Vice President Alon USA Energy, Inc. 972-367-3649 Investors: Jack Lascar/Sheila Stuewe DRG&E / 713-529-6600 Media: Blake Lewis Lewis Public Relations 214-269-2093 Ruth Sheetrit SMG Public Relations 011-972-547-555551Alon USA Energy, Inc.
Posted by : admin in (Energy)
Copano Energy to Present at the IPAA 2008 Oil & Gas Investment Symposium in New York
HOUSTON, April 3, 2008 /PRNewswire-FirstCall/ — Copano Energy, L.L.C. announced today that John Eckel, its Chairman and Chief Executive Officer, will speak at the Independent Petroleum Association of America (IPAA) Oil & Gas Investment Symposium to be held at the Sheraton New York Hotel & Towers in New York City on April 7 - 9, 2008.Copano Energy’s presentation at the conference will be webcast live on Monday, April 7, 2008, at 5:00 p.m. Eastern Daylight Time and is expected to last approximately 20 minutes. To listen to a live audio webcast and view Copano Energy’s presentation material, visit the Company’s website at under “Investor Relations - Event Calendar”. A replay of the presentation will be archived on the website shortly after the presentation is concluded.Houston-based Copano Energy, L.L.C. is a midstream natural gas company with operations in Oklahoma, Texas, Wyoming and Louisiana. Contacts: Matt Assiff, SVP & CFO Copano Energy, L.L.C. 713-621-9547 Jack Lascar / Anne Pearson / DRG&E / 713-529-6600Copano Energy, L.L.C.
XINYU CITY, China and SUNNYVALE, Calif., April 4, 2008 /PRNewswire-FirstCall/ — LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today announced that it has signed a wafer supply agreement with Silcio S.A. Greek for 6 years commencing in 2008 through 2013. This agreement includes 50 MW of silicon wafer with a fixed amount of deposit. An additional sales agreement was signed with Arise Corporation of Canada, which is a 4-year “Take or Pay” contract for 33 MW silicon wafers to be delivered from 2008 through 2011.LDK Solar also secured an additional critical polysilicon sourcing agreement for 1,450 MT with shipments scheduled for the first half of 2008 through 2011. This agreement will enhance the Company’s polysilicon sourcing position in the near term.”We are thrilled to continue growing our global presence with the addition of Silcio S.A. Greek and Arise Corporation to our broad customer base,” stated Xiaofeng Peng, Chairman and CEO.About LDK SolarLDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the Company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK’s headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People’s Republic of China. The Company’s office in the United States is located in Sunnyvale, California.About Silcio S.A. Greek:Silcio S.A. is building a PV Cell and PV module plant in Patras, Greece with a capacity of 31 and 20 MWp, respectively. The cell line will be delivered as a turn-key project by Roth & Rau AG, whilst Reis Robotics GmbH will deliver the module assembly line. The investment will reach EUR 22,500,000. Production is scheduled to begin March 2009.Silcio S.A. is a member of the Elica Group of companies which is a leading group in the sector of renewable energy in Greece, and is jointly owned by Copelouzos Group, a Group with a widespread activity and an emphasis on the energy sector and International Constructional S.A., a construction company with activities in the Balkan and Middle East areas.Copelouzos Group has many international partnerships with many leading international companies such as ENEL and Gazprom OAO of Russia lcio S.A. and is expected to reach in 2011 a turnover of more than EUR 50,000,000 from the sale of both PV cells and PV modules. A very important part of the modules produced will be used in the PV parks of the Elica Group which is aiming to install up to 30 MWp of PV Parks in Greece till 2013.About Arise Technology Canada and GermanyARISE is a Canadian-based public solar technology company, whose goal is to help solar energy become a cost-effective, mainstream energy solution. The ARISE team includes strategic partners and advisors from around the world.The ARISE PV Technology Division is developing a leading, market-focused, high-efficiency solar cell based proprietary patented technology with plans to be shipping to PV module makers in the second quarter of 2008. It is also developing silicon feedstock strategies with partners to supply our solar cell production requirements.The ARISE Systems Division provides a complete range of renewable energy solutions. ARISE sells its patented plug and play portable solar energy systems worldwide and solar energy component bundles to North American installers through our SolarSense.com website. Our engineers design complete installed solutions focused on the Ontario marketplace, incorporating some or all of the following: advanced building integration, photovoltaic (solar electric), and solar thermal for heating, hot water and swimming pools. These solar technologies can be combined with energy conservation, passive solar design, wind, geothermal and other energy options for grid-connected, back-up power and off-grid requirements. ARISE is an acronym for: Appropriate energy solutions that provide comfort and are practical Renewable energy solutions that work with nature Intelligent energy solutions through proven innovations Sustainable energy solutions that reinvest in natural capital Energy continuously available for personal comfort and lifestyleA goal of ARISE is to develop breakthrough sustainable energy products for residential and commercial buildings.ARISE is located in Kitchener, Ontario, Canada with easy access to Highway 401, Southern Ontario’s major highway. Over 10,000 square feet and excellent shipping facilities provide ample space for our manufacturing and distribution operations.Safe Harbor StatementThis press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to raise additional capital to finance the Company’s activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. These statements are based upon information available to LDK’s management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties.The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. LDK Solar Co., Ltd.
Posted by : admin in (Energy)
Avista Requests Increase in Electric and Natural Gas Prices in Idaho
SPOKANE, Wash., April 4, 2008 /PRNewswire-FirstCall/ — Avista has filed a request with the Idaho Public Utilities Commission (IPUC) that, if approved, would increase residential electric bills by 15.9 percent and natural gas bills by 6.5 percent. An average residential customer using 977 kilowatt hours of electricity per month would see a $10.70 per month increase for a revised monthly bill of $78.08. Other electric customers would see an increase between 15.4 percent and 16.5 percent.(Logo: )The average residential natural gas customer who uses 65 therms per month would see a $4.91 increase, for a revised monthly bill of $80.05. Larger commercial natural gas customers would see no more than a 3.3 percent increase. The IPUC generally has up to seven months to review a general rate case filing.The requested electric rate increase is driven primarily by significant increases in fuel and purchased power costs to meet growing customer demand and by investments made to upgrade aging infrastructure to increase its capacity and reliability.Significant investments in generation and delivery systems have been made since Idaho base rates were last adjusted in fall 2004. The investments include upgrades to the Noxon Rapids and Cabinet Gorge hydroelectric projects and Colstrip thermal projects to improve efficiency, reliability and generating output. In the past five-years Avista has invested over $130 million to upgrade and reinforce the electric transmission system in northern Idaho and eastern Washington. Upgrades to many transmission and distribution substations, power lines and related equipment are ongoing.Also since fall 2004, overall system power supply expenses have increased by $94.3 million due to growing customer demand and increased costs for generating, purchasing and delivering electricity to customers.Costs incurred in the seven-year public process to relicense Avista’s hydroelectric projects on the Spokane River are also included in the request. The projects annually generate a combined 105 average megawatts of renewable energy or enough energy to power about 68,000 homes for a year. To date, Avista has invested $21 million in the Spokane River relicensing process.Scott Morris, Avista’s chairman of the board, president and chief executive officer, said the capital projects are part of the company’s multi-year plan to increase the efficiency, reliability and capacity of its aging infrastructure, to meet growing customer demand with responsible energy resources, and to meet new environmental standards.”Our priority is to cost effectively and safely deliver reliable energy to our customers. To do that, we are focused on managing our costs by gaining more energy from our existing facilities and by implementing efficiencies throughout our operations to benefit customers,” said Morris. “Avista, and the utility industry as a whole, is facing significant increases in the cost of doing business due in part to major increases in the cost of steel, copper, aluminum and cement. These materials, which are key components in utility equipment, have a major impact on our construction and maintenance costs.”Driving the natural gas rate request is Avista’s investment in upgrading the Jackson Prairie Natural Gas Storage Facility. The ability to purchase and store more natural gas during the summer months when prices are typically lower lessens the need to purchase natural gas during the winter months when prices, and customer demand, tend to be higher.In addition to working diligently to gain efficiencies and control the cost of providing energy service, Avista continues to provide a number of energy assistance programs to aid customers who are most affected by rising energy costs. These include Project Share, CARES, energy efficiency programs and level payment plans.Avista offers numerous residential, commercial and industrial energy efficiency programs with many specifically for qualifying low-income customers. In 2007, Avista provided $9.4 million in incentives to customers making energy efficiency improvements to their home or business in an effort to reduce energy usage. Program information is available at .The requested increases are designed to produce $32.3 million in additional revenue for electric service and $4.7 million in revenue for natural gas service. This request is based on a proposed rate of return on rate base of 8.74 percent, with a common equity ratio of 47.9 percent and a 10.8 percent return on equity.Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides service to 352,000 electric and 311,000 natural gas customers in three Western states. Avista’s primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit .Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation. All other trademarks mentioned in this document are the property of their respective owners.This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2007.To unsubscribe from Avista’s news release distribution, send reply message to Avista Corp.
RICHMOND, Va., April 4, 2008 /PRNewswire-FirstCall/ — Massey Energy Company today announced that its Board of Directors has approved an additional $90 million in capital spending for 2008 to accelerate the Company’s expansion projects. With the increased funding, Massey now expects to invest approximately $310 million to expand its coal mining operations in Central Appalachia this year. Combined with normal capital spending for maintenance and replenishment, total capital expenditures are expected to approximate $550 million. Substantially all of the Company’s capital expenditures are planned to be funded by cash generated from operations.(Logo: )”Our expansion projects are continuing on our original schedule,” stated Don L. Blankenship, Massey’s Chairman and Chief Executive Officer. “In this strong coal market, we are doing all we can to optimize shareholder value in both the near and longer term. By making these additional investments and accelerating the expansion, we expect to realize very favorable returns.”Blankenship also noted that accelerating the expansion projects, particularly in metallurgical coal mines, will give Massey an opportunity to improve expected average price realizations in each of the next three years. “We now expect our average price realization to be in the range of $61.00 to $63.00 per ton in 2008,” he stated. “The extremely strong metallurgical coal market is the primary driver of our average price increase and is putting us on a path for another record-breaking year.”The Company also provided other updated estimates for 2008 and future years as follows: (In millions except per 2008 2009 2010 ton Previous Current Previous Current Previous Current amounts) Estimate Estimate Estimate Estimate Estimate Estimate Shipped 41.5 to 41.5 to 44 to 46 to Tons 43.0 43.0 46 48 48 50 Average Price/ $54 to $61 to $57 to $65 to $64 to $75 to Ton $56 $63 $59 $74 $66 $87 Cash Cost/ $43 to $45 to Ton $45 $47.50 — — — — CAPEX (approx) $460 $550 $460 — — — Other $30 to $20 to Income $100 $100 — — — –So far in 2008, Massey has expanded production operations with the opening or re-activation of several mines. Following are progress updates on previously announced projects: — The new Inman Coal resource group began operations with one new mine on February 15, 2008. The start of production was originally scheduled for late 2008. Inman Coal controls a 52 million ton coal reserve with products suitable for steam and metallurgical markets. — The Marfork resource group has opened one new mine and re-activated two existing mines, all in metallurgical coal seams. Production was originally scheduled to begin at these mines in late 2008. — The major expansion at the Company’s Mammoth resource group is nearing completion. One new mine is currently active and another new mine in this group will open shortly. The new belt line is on schedule for an early fall 2008 completion and the new load out facility on the Norfolk Southern rail system is completed and operating. With this expansion, Mammoth can ship high quality steam and mid-quality metallurgical coal by rail or river barge, supplying a wide variety of customers and markets. — The Guyandotte resource group began production of low vol metallurgical coal early in the first quarter of 2008. — At the Logan County resource group, the change from longwall mining to room and pillar continuous miner sections at the Aracoma mine has now been completed. — At its surface mining operations, Massey has started production at the new Empire mine, which is part of the Republic resource group and re- activated its South Surface mine in the Logan County resource group in the fourth quarter of 2007.In addition to previously announced projects, the Company has added several new expansion initiatives. Following is a progress update on new projects that had not been previously announced: — The Company’s Elk Run resource group has re-activated an existing mine in a 7 foot Coalburg seam, which will provide low-cost, high quality product for the thermal coal market. — A new surface mining operation has been added at the Knox Creek resource group near Richlands, VA, which includes a highwall mining system and produces metallurgical quality coal. The surface mine at the Black Castle resource group has also added a new highwall mining system. — Construction is under way on a new mine at the Logan County resource group in Logan County, WV, which is projected to produce about 300,000 tons of metallurgical coal annually.In the first quarter, Massey operations produced 9.9 million tons and shipped 9.6 million tons, which were approximately 0.6 million tons and 0.3 million tons less than first quarter 2007, respectively. The first quarter produced and shipped volumes were as expected in light of the rehabilitation and relocation of the electric shovel and the longwalls as previously announced. First quarter average produced coal revenue is projected to be $55.50 to $56.00 per ton, average operating cash cost to be $45.00 to $46.00 per ton, and other income is projected to be $20 million. These amounts are considered estimates and are subject to change as the Company proceeds through its first quarter financial closing and review procedures. Estimates for total production and total shipments for 2008 have not changed. Increased production as a result of the operations expansion will begin to be evident in the second quarter. The Company expects to release its first quarter earnings on April 24, 2008 after market close.Blankenship, Massey’s Chairman and CEO and Baxter Phillips, Executive Vice President of Massey, will discuss the Company’s expansion projects and outlook with investors at the Howard Weil Energy Conference in New Orleans, LA on Monday, April 7, 2008.Company DescriptionMassey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the fourth largest coal company in the United States based on produced coal revenue.NON-GAAP MEASURES: “Average cash cost per ton” is calculated as the sum of Cost of produced coal revenue and Selling, general and administrative expense (excluding Depreciation, depletion and amortization), divided by Total produced tons sold. Although Average cash cost per ton is not a measure of performance calculated in accordance with generally accepted accounting principles, management believes that it is useful to an investor in evaluating Massey because it is widely used in the coal industry as a measure to evaluate a company’s control over its cash costs. Average cash cost per ton should not be considered in isolation or as a substitute for measures of performance calculated in accordance with generally accepted accounting principles. In addition, because Average cash cost per ton is not calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.”Other income” is calculated as the sum of Purchased coal revenue and Other revenue less Cost of purchased coal revenue and Other expense. Although Other income is not a measure of performance calculated in accordance with generally accepted accounting principles, management believes that it is useful to investors in evaluating the Company because it is a widely used measure of gross income from non-core sources. Other income should not be considered in isolation or as a substitute for measures of performance in accordance with generally accepted accounting principles. In addition, because Other income is not calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.FORWARD-LOOKING STATEMENTS: Certain statements in this press release are forward-looking as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions the accurate prediction of which may be difficult and involve the assessment of events beyond the Company’s control. Caution must be exercised in relying on forward-looking statements including disclosures that use words such as “believe”, “anticipate”, “expects”. Due to known and unknown risks, the Company’s actual results may differ materially from its expectations or projections including disclosures that use words such as “believe,”"anticipate,”"expect,”"estimate,”"intend,”"plan,”"will,”"project,” and similar statements that are subject to risks. Factors potentially contributing to such differences include, among others: market demand for coal, electricity and steel which could adversely affect the Company’s operating results and cash flows; future economic or capital market conditions; deregulation of the electric utility industry; competition in coal markets; inherent risks of coal mining beyond the Company’s control, including weather and geologic conditions; the Company’s ability to expand mining capacity; the Company’s production capabilities; the Company’s plan and objectives for future operations and expansion or consolidation; failure to receive anticipated new contracts; customer cancellations of, or breaches to, existing contracts; customer delays or defaults in making payments; the Company’s ability to manage production costs; the Company’s ability to timely obtain necessary supplies and equipment; the Company’s ability to attract, train and retain a skilled workforce; fluctuations in the demand for, price and availability of, coal due to labor and transportation costs and disruptions, governmental policies and regulatory actions, legal and administrative proceedings, settlements, investigations and claims, foreign currency changes and other factors; and greater than expected environmental and safety regulation, costs and liabilities. The forward-looking statements are also based on various operating assumptions regarding, among other things, overhead costs and employment levels that may not be realized. While most risks affect only future costs or revenues anticipated by the Company, some risks might relate to accruals that have already been reflected in earnings. The Company’s failure to receive payments of accrued amounts could result in a charge against future earnings.Additional information concerning these and other factors can be found in press releases as well as Massey’s public filings with the Securities and Exchange Commission, including the Company’s Form 10-K for the year ended December 31, 2007, which was filed on February 29, 2008. Massey’s filings are available either publicly, on the Investor Relations page of Massey’s website, , or upon request from Massey’s Investor Relations Department: (866) 814-6512 (toll free). Massey disclaims any intent or obligation to update its forward-looking statements. For further information, please contact the Company via its website at . Massey Energy Company
Posted by : admin in (Energy)
Enhanced Oil Resources, Inc. to present at IPAA Oil & Gas Symposium - New York
HOUSTON, April 3 /PRNewswire-FirstCall/ — Enhanced Oil Resources, Inc. (TSX-V: EOR) today announced that the Company’s President and CEO Barry Lasker will present to the investment community at the Independent Petroleum Association of America’s Oil & Gas Symposium set for April 7-9 in New York. Mr. Lasker’s presentation is scheduled to begin at 4:10 p.m. EDT on Wednesday, April 9. In addition, the Company will host a breakfast table on each day of the conference, which will be held at the Sheraton New York Hotel & Towers in New York.An audio webcast of this presentation will be available via the internet on the IPAA website at . About Enhanced Oil Resources —————————-Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil recovery processes using CO2 injection in the United States. The Company owns and operates the St. Johns Field, the largest undeveloped Helium and CO2 field in North America. ON BEHALF OF THE BOARD OF DIRECTORS (signed) Barry D Lasker, CEO THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.Enhanced Oil Resources Inc.
Posted by : admin in (Energy)
Goodrich Petroleum to Present at IPAA 2008 Oil and Gas Investment Symposium
HOUSTON, March 31 /PRNewswire-FirstCall/ — Goodrich Petroleum Corporation announced that the Company’s President, Robert C. Turnham, Jr., will present at the IPAA 2008 Oil and Gas Investment Symposium in New York, New York at the Sheraton New York Hotel & Towers on Monday, April 7, 2008, at 10:55 am Eastern Time. A copy of the presentation will be available on the Company’s website beginning Monday, April 7, 2008 at . A live webcast will also be available at Webcast Link .Certain statements in this news release regarding future expectations and plans for future activities may be regarded as “forward looking statements” within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.Goodrich Petroleum is an independent exploration and production company listed on the New York Stock Exchange. The majority of its oil and gas properties are in Louisiana and Texas. Goodrich Petroleum Corporation
