Archive for 'CNOOC Limited'

Next Generation Energy Corp (OTCQB : NGMC) Hits Home Run with Major Oil Field Purchase

Next Generation Energy Corp (OTCQB : NGMC) Hits Home Run with Major Oil Field Purchase-Image via Wikipedia

Next Generation Energy Corp (OTCQB : NGMC) today announced it has entered into an agreement to purchase 7,715 acres of natural gas and oil rights in the prolific Devonian Shale region of South Eastern Kentucky.

The property consists of 39 tracks located in the Knox County area of southeast Kentucky known for large reserves of natural gas and oil. The appraised value of these commodities on this property is estimated at $55 million or more. Darryl Reed, NGMC CEO, stated that “this acquisition is a home run for NGMC as the property can support up to 80 wells and can generate $55 million in natural gas and oil revenues at today’s energy prices. Any increase in energy prices will be pure upside for the Company.”

Next Generation Energy Corp. has been focused on this geographic area because Kentucky offers many advantages for development.  The area has significant recoverable natural gas and oil reserves in place and has been generally ignored by larger energy companies due to the small output from individual wells, typically between 20 and 80 barrels per day of oil and 10 – 200 million cubic feet of natural gas, as compared to larger well production in Alaska, West Texas, Louisiana and the Gulf of Mexico.

“Another major advantage for developing these tracts is that recovery is achieved at much shallower depths (between 2000 and 2500 feet), thereby significantly reducing drilling costs,” said Mr. Reed. “Natural gas and oil wells in Kentucky are legendary for producing for very long periods of time and in some cases wells have produced for 20 to 100 years. Since the development of new drilling technologies such as horizontal drilling, hydraulic fracturing, and others, wells can be much more productive then earlier convention drilling methods.”

“The State of Kentucky is very energy development friendly and offers a variety of rich geological resources through the University of Kentucky and the Kentucky Geological Survey,” Mr. Reed said.

“This important addition to our energy producing property portfolio is the largest to date.  Next Generation Energy Corp. is in the process of selecting a highly qualified and reputable operator to begin developing these newly acquired tracts.  On another level, we are proud to contribute to increased supplies of domestically recovered energy, reducing our dependence on foreign sources,” Mr. Reed concluded.

NGMC is focused on aggressively growing its existing portfolio of developed, valuable natural resource royalty producing properties, including natural gas, oil and coal, with a primary focus on natural gas. The Company’s strategy is to acquire properties that are undervalued or under-utilized and are currently producing energy commodities. Once acquired, NGMC outsources all expansion exploration, upgrades, drilling and mining operations through leases with well known, environmentally-conscious operators. Royalty cash produced from the properties is reinvested back into NGMC to acquire additional properties in order to maximize shareholder returns.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company’s growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.

Darryl Reed
CEO
703-372-1282
IR@nextgenerationenergycorp.com
Paul Knopick
E & E Communications
949.707.5365
pknopick@eandecommunications.com

China Sunergy Co., Ltd. (Nasdaq: CSUN) (“China Sunergy” or “The Company”), a specialized solar cell and module manufacturer, today announced the opening of its U.S. headquarters China Sunergy (US) Clean Tech Inc. in San Francisco. San Francisco Mayor Edwin M. Lee, China Sunergy Chairman Mr. Tingxiu Lu, and China Sunergy CEO Stephen Cai officially opened the new headquarters office at an opening ceremony and reception on July 14, 2011.

“The U.S. will eventually become one of the largest solar markets in the world,” declared Stephen Cai, the CEO of China Sunergy, in his speech at the event.  “We will invest in the U.S., hire people in the U.S., and serve customers in the U.S., under the CSUN brand name.  Our strategy is to localize as much as possible.”

China Sunergy’s U.S. operations will be managed by a newly appointed U.S. CEO, Mr. Willis He, who will be based in San Francisco.  Mr. He, who has over 13 years studying and working experience in the U.S., joins from MEMC Electronic Materials, a publicly listed global leader in the manufacture and sale of wafers to the solar and semi-conductor industries. As a solar sales director, Mr. He worked closely with many solar cell and module companies to develop and expand MEMC’s China business.  Mr. He holds a M.B.A. from Olin School of Business, Washington University in St. Louis.

“Willis will lead our local recruitment efforts, pursue bankability status with U.S. banks, investigate U.S. manufacturing and project development opportunities, and be the public face of our company in America.  This is the right time and the right place for China Sunergy to enter this growing market,” added Stephen Cai.

Although later to develop than Europe, solar markets in the U.S. are entering a period of rapid growth due to strong consumer demand for green energy and more financial incentives from federal and state governments and utility companies. 2010 saw installed photovoltaic capacity in the U.S. increase by over 100%.  Of that total, 28% was completed in the state of California, according to a report released in June by the Interstate Renewable Energy Council.

“We are thrilled that China Sunergy has chosen San Francisco for its North American headquarters location,” said Mayor Lee. “As leading Chinese businesses, such as China Sunergy, grow in the international cleantech market, San Francisco enthusiastically welcomes them.”

Chairman Lu remarked, “Despite the recent ups and downs in the worldwide solar industry, we are still confident in its future development. The establishment of our U.S. branch is a demonstration of our commitment to and confidence in the U.S. market. With the hard work and efforts of our employees, China Sunergy will deliver an outstanding performance in the U.S. market.”

The contact details for the new office are:

China Sunergy (US) Clean Tech Inc.
575 Market Street, 37th floor
San Francisco, CA 94105

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.

Investor and Media Contacts:
China Sunergy Co., Ltd.
Elaine Li

Phone: + 86 25 5276 6696

Email: Elaine.li@chinasunergy.com

Brunswick Group
Hong Kong

Ginny Wilmerding

Phone: + 852 3512 5000

Email: csun@brunswickgroup.com

Hong Kong

Xiaoxiao Nina Zhan

Phone: + 852 3512 5000

Email: csun@brunswickgroup.com

http://www.chinasunergy.com

Financial Decisions Haunt the Wealthy-New Reveal

Financial Decisions Haunt the Wealthy-New Reveal-Image via Wikipedia

– New global report reveals link between use of financial self-control strategies and wealth

– Emotions tempt us to buy high, sell low; can cost investors up to 20% in returns over 10 years

– US wealthy more satisfied with their financial situation, ranking 5th among 20 countries surveyed

Despite their wealth, 41% of high-net worth individuals wish they had more self-control over their financial behavior, says the latest report in the Barclays Wealth Insights series. Interestingly, a need for increased financial discipline is likely to be felt most by those at the wealthiest end of the scale $15 million+ (10 million pounds Sterling), where 45% of respondents wish they had more self-control. This is in spite of the report showing that those who desire greater financial discipline are also less likely to be satisfied with their financial situation.

The report, Risk and Rules: The Role of Control in Financial Decision Making, is based on a global survey of more than 2,000 high-net worth individuals in 20 countries, and provides an in-depth view of wealthy investors from a behavioral finance perspective. The report considers the different financial personality traits amongst wealthy investors, and the different self-imposed rules and strategies that they put in place to deal with these traits. Emotional trading can potentially cost investors up to 20% in returns over a decade,(1) and the report shows that investors who frequently use financial self-discipline strategies (e.g. spending out income, never out of capital, or avoiding frequent examination of a portfolio to help resist temptation to trade on short term market trends and stray from a long-term investment strategy) are on average 12% wealthier than those who do not.

Globally, respondents in Asia-Pacific have the greatest desire for financial discipline, particularly in Taiwan (#1) and Hong Kong (#2). In contrast, developed markets show the least desire for financial discipline, as illustrated by respondents in Spain (#1), Australia (#2) and the US (#3).

When compared to the rest of the world, the wealthy in the US are more satisfied with their financial situation, ranking fifth among investors from the 20 countries surveyed. Despite this satisfaction, 29% still wish they could take a more disciplined approach to their financial behavior. Regionally among US investors, those in the Midwest and West demonstrate the highest levels of satisfaction with their financial situation (84% and 77% respectively), while those in the Northeast have the lowest (75%).

Emotionally-driven investing

The report reveals a prevalent mistake of ’emotional trading,’ which can tempt investors to buy high and sell low, leading to the Trading Paradox. Worldwide, one third of those polled (32%) believe that to obtain a high return in investing, it is necessary to trade frequently; paradoxically, the very same investors who identify themselves as believing frequent trading is prerequisite for high returns are much more likely to say that they trade too much. In total, almost half (46%) of respondents who believe it is necessary to trade often to do well also believe that emotions force them to do this.

Interestingly, high net worth investors in the US seem to have eluded the pitfall of ’emotional trading’ by taking a more rational approach to investing. US investors are more likely to adopt a buy and hold strategy (23%), recognizing that frequent trading doesn’t necessarily equate to higher returns. Just 15% of US respondents believe that to do well in the financial markets, it is necessary to buy and sell often.  Only 8% of wealthy US investors surveyed felt that they trade investments more than they should.

In order to understand investment behavior and the pitfalls that investors may be prone to, the report considers three personality dimensions: Risk Tolerance, Composure (tendency to heightened emotions) and Promotion vs. Prevention (focus on making good things happen vs. preventing bad things from happening).

Falling victim to a trading paradox can potentially lead to investors becoming unable to control how often they trade, and even, possibly, becoming addicted to trading. Investors with a combination of high risk tolerance, low composure (marked tendency to heightened emotions and stress), a high prevention focus (very focused on preventing bad things from happening) turned out to be most likely to fall victim to this paradox.

Regionally in the US, investors in the South demonstrate the highest incidence of the trading paradox while those in the Northeast demonstrate the lowest.  Almost a quarter (24%) of Southern investors are likely to try to strategically time the market; 17% think trading often is necessary to do well but believe they trade too much (11%). By contrast, only a fifth of investors (20%) in the Northeast say they try to strategically time the market; only 13% perceive the need to trade often or only 6% believe that they trade too much.

Female investors trade less, earn more

When it comes to disparities among male and female investors, the report has identified several robust differences. Women reported a greater desire for discipline in their approach to financial management (45%) than men (39%).  Women also admit to being more likely to get stressed easily (low composure); this awareness may partially account for their greater desire for financial discipline.

However, it is men who actually have a greater need for discipline when it comes to investment management as they tend to be over-confident in investing, potentially leading to lower returns. Men are more likely to attempt to strategically time the market instead of simply buying and holding (41%) than women (36%). They are also more likely to trade more than they should (17% of men vs 11% of women).

Women are also slightly more likely to use financial strategies (53%) than men (51%) and perceive them as more effective (62% of women vs 55% of men).

These gender differences may be explained by the tendency for women to be less willing to take financial risks (32% of women vs 49% of men) and to have lower composure levels (42% of women have low composure vs 54% of men).

Rules rule

The use of rules and strategies in financial decision making are seen as extremely effective by wealthy respondents. They provide increased financial satisfaction, and are associated with higher wealth levels for those who report an increased desire for financial discipline. Comparing the group with the highest strategy usage to the lowest strategy usage, there is a 13% boost in financial satisfaction and a 12% rise in wealth.

Greg Davies, Head of Behavioral and Quantitative Finance at Barclays Wealth, said: “Many people will be surprised to see that wealthy individuals have a desire for greater financial discipline, however with increased wealth comes an increased complexity of investment decisions. The key thing that investors need to consider is how these decisions might fit in with their overall investment strategy, and importantly, how they fit in with their individual requirements.”

The report shows that investors use many types of decision making strategies to control their impulses, and use rules more in financial decision making (89%) than they do in everyday life (73%). The most popular rules for financial decision making include using cooling-off periods (92%) and setting deadlines (90%).

While delegating to others (73%) and limiting your options (66%) are less popular strategies, investors with inherited wealth or those at the top of the wealth range are more likely to use these rules than other investors. The report shows that the most popular option is actually to use a combination of strategies: involving others, being more structured and/or removing temptation.

Davies continues: “If we attempt to follow a fully ‘rational’ path without self-control the effects are clear – we will over-trade, and we will buy high and sell low. As a result we will be less effective and less satisfied investors. In order to prevent this we need to take steps to facilitate our efforts to exert self-control.

“This can only happen if we give something up, such as our flexibility to responding to market movements with knee-jerk reactions, or it may mean sacrificing a small amount of the performance of the ‘rational’ portfolio in order to ensure that we have a portfolio with which we’re emotionally comfortable in the short term.”

About Barclays Wealth

Barclays Wealth is a leading global wealth manager, and the UK’s largest, with total client assets of $266 billion (166bn pounds), as of 31 March 2011. With offices in over 20 countries, Barclays Wealth focuses on private and intermediary clients worldwide, providing international and private banking, investment management, fiduciary services and brokerage.

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and experience in banking, Barclays operates in over 50 countries and employs 147,500 people. Barclays moves, lends, invests and manages money for customers and clients worldwide.

For further information about Barclays Wealth, please visit our website www.barclayswealthamericas.com.

Twitter page: www.twitter.com/barclayswealth

(1) This effect was found in a study commissioned by Barclays Wealth UK at the Cass Business School from 1992 to 2009. The total return of UK equity funds was 6.5% but the average investor earned only 5.3%. Compounded over 10 years this difference is quite significant – it is a sacrifice of nearly 20% of one’s return. Many other studies have shown similar results.

CONTACT: Jignasa Patel, +1-212-526-3945, Jignasa.patel@barclayswealth.com, or Monique Wise, +1-212-526-3568, monique.wise@barclayswealth.com

Web Site: http://www.barclayswealthamericas.com

Treaty Energy Corporation (OTCQB: TECO) Adds 30 Virgin Well Sites

Treaty Energy Corporation (OTCQB: TECO) Adds 30 Virgin Well Sites-Image by gurdonark via Flickr

Company Purchased the SHOTWELL W. F. and SHOTWELL “C” Leases on 138 Acres, with up to 30 Virgin Well Sites

Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today announced it has acquired two additional leases in Texas, the SHOTWELL W. F. and the SHOTWELL “C” leases.

Treaty indicated that production on these leases is currently 4.18 barrels of oil per day.  These leases require no work over and were purchased for their current production value, but more important to Treaty Energy is the additional 30 virgin well drilling sites which will be added to the list of wells that Treaty’s new Failing 1500 CF Drilling Rig will start drilling when permits are granted to do so.  Private financing to fund the drilling had been arranged prior to the acquisition of the Failing Drilling Rig.

Stephen L. York, Treaty Energy’s Vice President of Acquisitions and Operations, stated, “These leases are two of the most advanced small leases in the Country.  Scientific evaluations have been done as an experiment to see what can be achieved with a maximum effort and scientific approach.  Fluid levels have been ‘shot,’ water flooding plains logged, and geology available.”

Mr. York stated further, “The upside to this acquisition is that Treaty now has an additional 138 acres to drill on, which represents 30 or more virgin well sites.”

Treaty Energy’s CEO and Chairman, Andrew V. Reid, stated, “I am very pleased with the progress Steve is making on the development of Treaty Energy’s rapidly growing base of leases and production of oil in Texas.”

Treaty indicated that it will follow with an SEC Form 8-K on a timely basis, which will include all aspects of this purchase.

About Treaty Energy Corporation

Treaty is engaged in the acquisition, development and production of oil and natural gas.  Treaty acquires and develops oil and gas leases which have “proven but undeveloped reserves” at the time of acquisition.  These properties are not strategic to large exploration-oriented oil and gas companies.  This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.  For more information go to: www.treatyenergy.com

Forward-Looking Statements:

Statements herein express management’s beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks.  These risks are detailed in the Company’s filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K.  Actual results may differ materially from such forward-looking statements.

http://www.treatyenergy.com

Wine Shipments to U.S. Set New Record

Wine Shipments to U.S. Set New Record

Wine Shipments to U.S. Set New Record-Image via Wikipedia

The U.S. surpassed France as the world’s largest wine-consuming nation in 2010, with wine shipments to the U.S. from California, other states and foreign producers growing 2% from the previous year to nearly 330 million cases, a record high for the industry, according to wine industry consultants Gomberg, Fredrikson & Associates in Woodside.  The estimated retail value of these sales was $30 billion, up 4% from 2009.

California wine accounted for a 61% volume share of the total U.S. wine market with sales at 199.6 million cases, up 1% from the previous year.  Retail value was $18.5 billion.  California’s total wine shipments worldwide to all markets in the U.S. and abroad (including exports) were 241.8 million cases, up 2% from the previous year.

“U.S. wine market conditions remain highly competitive, but we are optimistic that this growth trend will continue.  Americans are increasingly interested in a lifestyle with wine and food, demonstrated by the presence of wineries in all 50 states and 17 consecutive years of growth in U.S. wine consumption,” said Robert P. (Bobby) Koch, President and CEO of Wine Institute.

“This year we will celebrate the 20th anniversary of the CBS TV 60 Minutes news broadcast on French Paradox news report which expanded awareness of how moderate wine consumption can be part of a healthy lifestyle. Wine consumption is still a low 2.6 gallons per capita, but the adult population is growing every year as echo boomers come of age and adopt wine just as their baby boomer parents did,” said Jon Fredrikson of The Gomberg-Fredrikson Report. Many new creative wines were introduced last year to keep consumers excited, including value-priced Moscato, Pinot Grigio, Riesling and off-dry wines, as well as affordable Pinot Noir from inland California regions.  Sales of high-end wines remained challenging, but marketers used social media technology to reach increasingly wired consumers, said Fredrikson.

California Varietal Table Wine Trends

Fredrikson estimates for California bottled table wine volume to the U.S. market by varietal were led by Chardonnay, up 5% to over 53 million cases.  Cabernet Sauvignon also grew rapidly, rising 6% to nearly 33 million cases.  Other California bottled varietals growing notably in sales included Pinot Noir, Zinfandel, Riesling and Muscat.

Sparkling Wine/Champagne Sales in the U.S.

Sparkling wine and champagne had a remarkable year, up 10% in the U.S., suggesting that consumers may be broadening their use of these wines beyond special occasions.  The category’s 15.4 million cases represent 4.6% of all wine sales in the U.S., of which the majority is produced in California, according to The Gomberg-Fredrikson Report.

U.S. Wine Exports Rebound

In 2010, U.S. wine exports, 90 percent from California, jumped 25.6% in value to an estimated $1.14 billion in winery revenues.  Volume shipments rose 1.9% to 47.3 million nine-liter cases, according to U.S. Department of Commerce data.  U.S. wine export volume has nearly doubled in the last decade.

Thirty-eight percent of U.S. wine exports by value were shipped to the 27-member countries of the European Union, accounting for $435 million of the revenues, up 14% from 2009.  Volume shipments to the EU reached 27.6 million cases in 2010, up 11% from the previous year.  Changes in the dollar exchange rate, a gradually recovering economy and California’s effective marketing and high wine quality have helped exports rebound.  Other top markets were: Canada, $308 million; Hong Kong, $116 million; Japan, $76 million; and China, $45 million.

www.wineinstitute.org

RELATED LINKShttp://www.wineinstitute.org

Growth Stocks Poised to Lead the Market Higher

Calamos Investments, a premier global fund manager, highlights the potential opportunities of growth equities emphasizing the belief that the current investing environment contains significant long-term opportunity for growth, fueled by the mega-trend of increasing consumerism around the world. We also believe growth equities are relatively inexpensive when compared to history as well as to corporate bonds and that the Calamos Investment Team is finding attractive opportunities in equities, particularly in high-quality growth companies.

Calamos Advisors LLC CEO and Co-Chief Investment Officer John P. Calamos, Sr. says, “We see growth opportunities in the marketplace and believe well-positioned investors can benefit from current trends. We believe the world is growing, current valuations are compelling and growth stocks of innovative companies are poised to lead the market higher.”

Why Growth? Why Now?

Despite some market volatility, we believe now is an exciting and opportune time for U.S. and global growth, and we believe U.S. businesses can lead this trend with increases in productivity and continued advances in technology. We are seeing some of the best relative opportunities in the valuations and fundamentals of growth stocks in decades.

In the current environment, price/earnings ratios indicate that growth stocks are trading at a small premium relative to value stocks. In our view, this implies an opportunity to purchase growth companies at some of the most attractive prices we have seen in 20 years.

Another trend fueling our positive views on growth equities is that we believe a global economic recovery is underway, and that an emergence of a middle class around the world is a strong long-cycle trend. We believe this growing consumerism and infrastructure build-out in developing economies will help fuel profits of U.S. companies that have a global footprint and are meeting these demands.

The Calamos Growth Equity Funds

We believe this scenario provides opportunities for investors. For more information on the Calamos Growth Fund (A Shares: CVGRX; C Shares: CVGCX; I Shares: CGRIX) and other growth equity solutions, as well as supporting GrowthWorks resources, including educational brochures, investment commentaries and webinars about growth equities, visit www.calamos.com/growthworks.

About Calamos

Calamos Investments is a globally diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals around the world via separately managed accounts and a family of open-end and closed- end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit www.calamos.com.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Important Risk Information

An investment in the Funds is subject to risk, and you could lose money on your investment in the Fund.  There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the FDIC or any other government agency.  The risk associated with an investment in the Fund can increase during times of significant market volatility.

The principal risks of investing in the Calamos Growth Fund include: equity security risk, growth stock risk, mid-sized company risk, foreign securities risk and portfolio selection risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information.  In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Russell 1000® Growth Index–Measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Value Index–Measures the performance of those companies in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.

Price/Earnings Ratio is the current stock price over trailing 12-month earnings per share. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot index invest directly in an index.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors can not invest directly in an index.

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions are may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800.582.6959. Read it carefully.

http://www.calamos.com

Clean Energy Demand in U.S. Continues to Rise

Clean Energy Demand in U.S. Continues to Rise

Clean Energy Demand in U.S. Continues to Rise-Image via Wikipedia

Siemens has received its largest onshore wind turbine order to date, for 258 of its SWT-2.3-101 units, which will be installed at three MidAmerican Energy Company wind projects in Iowa for a combined capacity of 593 megawatts. This major order provides further evidence of the long-term future of the U.S. renewable energy market and positions Siemens for ongoing growth in the U.S. Most recently, Siemens Energy celebrated the official opening of its new wind turbine nacelle assembly facility in Hutchinson, Kansas, and the company has committed to further production expansion as the U.S. market continues to grow.

“MidAmerican Energy is a leader in Iowa’s clean energy efforts, and we are proud to partner with them as they continue to install generating capacity using the wind resources of Iowa, the state with the highest percentage of wind energy generation in its mix,” said Rene Umlauft, CEO of Siemens Renewable Energy Division. “These wind turbines will be produced in our factories in Fort Madison, Iowa, and in Hutchinson, Kansas, and will supply secure and environmentally friendly energy to 190,000 average U.S. households,” added Umlauft. “As the U.S. market for wind power continues to develop even further, Siemens will continue to create clean energy jobs in America’s heartland.”

The scope of the MidAmerican Energy order includes the supply and commissioning of 258 Siemens 2.3-megawatt wind turbines with a rotor diameter of 101 meters, as well as a service, maintenance and warranty agreement for the Laurel, Rolling Hills and Pomeroy wind projects in Iowa. Delivery and commissioning of the turbines is expected to begin in the second quarter of 2011 and be completed by early 2012. Siemens and MidAmerican Energy first partnered on a wind power project in 2008 when Siemens delivered 76 of its 2.3-megawatt wind turbines with a rotor diameter of 93 meters for the Adair project in Iowa. In addition to the wind turbine order, Siemens signed a long-term service contract with MidAmerican Energy for its natural gas-fueled, combined-cycle Greater Des Moines Energy Center.

“We are pleased to move forward with these wind energy projects in Iowa. The projects make good economic sense for Iowa and our customers as the state continues to benefit from the construction of additional renewable energy generating capacity,” said Bill Fehrman, president of MidAmerican Energy.

“In addition to being one of the most forward looking utilities in the U.S. and already the leader among regulated utilities in terms of wind generation ownership, MidAmerican Energy is one of our largest U.S. utility customers, crossing the full scope of our integrated energy business. We are proud to be selected by them to supply both wind turbines for three wind farms and long-term service for its Greater Des Moines Energy Center,” said Randy Zwirn, President and CEO of Siemens Energy, Inc. “Orders of this magnitude create the environment for continued investment in the infrastructure America needs to meet the strong demand for clean energy right where it’s used.”

Siemens Energy provides power systems that generate more than one-third of the electricity used in the U.S. In addition to its wind power production facilities, Siemens broke ground in October of this year on a new 400,000-square-foot, 60-Hz gas turbine production plant adjacent to its existing Siemens Steam Turbine-Generator Manufacturing Plant in Charlotte, N.C.

Since 2005, Siemens has made significant strides to grow its presence in the wind energy industry in the U.S., and is on track to become number two in the market. In addition to its new 300,000-square-foot nacelle assembly plant in Hutchinson, Kansas, Siemens opened in 2007 and subsequently expanded its 600,000-square-foot wind turbine blade manufacturing facility in Fort Madison, Iowa. Other U.S. wind power operations include a Houston-based wind turbine service operation, an R&D center in Boulder, Colorado, two gearbox factories in Elgin, Illinois, and the company’s Americas headquarters in Orlando, Fla. In the U.S., Siemens employs close to 1,500 people in the wind business and has installed wind turbines with a combined capacity of more than 3,600 megawatts in the U.S., which is enough to supply power to more than one million average homes.

Wind Power is an important part of Siemens’ Environmental Portfolio. In fiscal 2010, revenue from the Portfolio totaled about euro 28 billion, making Siemens the world’s largest supplier of environmentally friendly technologies.

The Siemens Energy Sector is the world’s leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2010 (ended September 30), the Energy Sector had revenues of approximately EUR25.8 billion and received new orders totaling more than EUR30.1 billion and posted a profit of more than EUR3.5 billion. On September 30, 2010, the Energy Sector had a work force of more than 88,000. Further information is available at: www.siemens.com/energy.

MidAmerican Energy Company, Iowa’s largest energy company, provides electric service to 725,000 customers and natural gas service to 707,000 customers in Iowa, Illinois, Nebraska and South Dakota. It is headquartered in Des Moines, Iowa. Information about MidAmerican Energy is available at www.midamericanenergy.com.

Clean Power Concepts Inc. (OTC Bulletin Board: CPOW) Adds Health Conscious Oil

Clean Power Concepts Inc. (OTC Bulletin Board: CPOW) Adds Health Conscious Oil-Image via Wikipedia

Clean Power Concepts Inc. (‘Clean Power’ or the ‘Company’), (OTC Bulletin Board: CPOW), announced today its Spirit of Health line has launched production of Omega 3 100% Virgin Camelina Oil (‘Virgin Camelina Oil’).

Clean Power’s CEO Michael Shenher commented, “The Spirit of Health Virgin Camelina Oil is a gourmet consumer product which is an excellent ‘health conscious’ substitute for other salad dressings and cooking oils. We produce this oil ourselves by cold pressing from the seeds of Camelina Sativa and then bottle and distribute. Virgin Camelina Oil production leverages our expertise in seed crushing, further diversifies our revenues, and this high margin product is another step forward toward our goal of producing a unique range environmentally  friendly consumer products.”

Camelina contains high levels of omega 3, omega 6 and vitamin E and is generally viewed to be superior to flax oil, and many fish oils, and does not have the risk of mercury contamination. The Camelina Sativa plant, sometimes called “Gold of Pleasure,” is also known as “False Flax,” or “Wild Flax.” Camelina is a very rich source of Polyunsaturated Fatty Acids (PUFA’s) and this property makes it an excellent choice for nutraceutical use. Additionally, its high EFA (essential fatty acid) and linoleic acid content is known to have good effects on skin, and is believed to act as an anti-age and emollient agent which can improve skin elasticity and suppleness.

Shenher concluded by saying, “This product addition is another example of the innovation we’re striving to achieve at Clean Power. Our environmentally friendly products range from industrial lubricants to consumer food items. We see this diversification as both a strength and a sensible way to fulfill growing demand at all levels for products which are based on renewable supply chains and don’t harm the environment.”

About Clean Power Concepts Inc.

Clean Power Concepts Inc. was incorporated in Nevada on October 17, 2005 and trades on the OTC-BB under the symbol CPOW. To implement expansion of our business in the environmentally friendly green energy industry we acquired 95.1% of General Bio Energy Inc. based on a share exchange concluded on April 29, 2010. General Bio was incorporated in Saskatchewan, Canada on February 14, 2006 and operates a fully integrated commercial oilseed crushing, bio-diesel refinery, and environmental lubricants manufacturing and bottling, and nutraceutical and food processing plant in Regina, Saskatchewan. The current plant has a crush capacity of 19.7 million liters of crushed oil annually. Its biodiesel fuel processor can produce up to 20 million liters of biofuel and biofuel additives and the crushing system can produce nearly 32.8 thousand metric tonnes of meal and protein related products for agricultural and aquaculture feedstock annually. The plant is capable of specialty and toll crushing a wide variety of oil seeds. General Bio’s primary brand is ‘MOPO Environmental Lubricants’ and other key trade names include: ‘General Bio Health’ and ‘Spirit of Health’, under which General Bio manufactures, distributes, and retails essential oils, camelina, canola, flax, and hemp, in various formats including capsules, gourmet cooking oils, and skin care formulations.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995

Certain information contained in this press release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management’s expectations or estimates of future performance, constitute “forward-looking statements.” All statements, other than statements of historical fact, are forward-looking statements. The words “believe,” “expect,” “will,” “anticipate,” “contemplate,” “target,” “plan,” “continue,” “budget,” “may,” “intend,” “estimate,” “project” and similar expressions identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain cost adjustments and/or delays beyond the company’s control with respect to bio energy manufacturing operations, changes in the worldwide price of agricultural commodities, crude oil, and/or certain other commodities; regulatory, legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with bio energy manufacturing operations or development activities; employee relations; transportation logistics; and the unpredictability of risks involved in the newly developing bio energy industry. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Enhanced Oil Resources Inc. (TSX-V: EOR) Acquires $25 Million Line of Credit

Enhanced Oil Resources Inc. (TSX-V: EOR) Acquires $25 Million Line of Credit-Image via Wikipedia

Enhanced Oil Resources Inc. (TSX-V: EOR) today announced that two of its wholly-owned U.S. subsidiaries have executed a reducing revolving Credit Facility with Regions Bank, Houston, Texas providing for up to US $25,000,000 in development financing for its oil and gas properties located in New Mexico. The new Credit Facility provides an initial borrowing base of US $3.6 million and maximum borrowings of up to $25 million. The new facility, which will have a three year term, requires minimum interest rates of 5% on borrowings under the facility.  Borrowings will bear interest at 2.0% over the Bank’s prime rate for Base Rate Loans or 3.5% over the London Interbank Offered Rate (LIBOR) for Eurodollar Loans outstanding. Interest payments will be due monthly for Base Rate Loans and, in connection with Eurodollar Loans, on the ending date of the Interest Period selected for such Loans, from one to six months.  Payments under the Loan Agreement will be required to the extent that outstanding principal and interest exceed the Borrowing Base.

Increases in the Borrowing Base under the Loan Agreement will be revised based on the Bank’s engineering valuation of the Company’s subsidiaries oil and gas reserves, including additions from reactivations, drilling, enhanced oil recovery projects and provides for other oil field acquisitions.  The Credit Facility is collateralized by certain Mortgaged Properties (principally the Company’s Crossroads field and the Milnesand Unit field) located in Lea and Roosevelt counties, New Mexico.  The Borrowing Base will decrease automatically at the rate of US $250,000 per month and will be re-determined semi-annually; however, the Company may request two additional re-determinations of the Borrowing Base annually.

Also in connection with the Credit Facility, the Company has entered into Hedging Agreements with the Bank’s Capital Markets Group and executed transactions for the forward sale of a portion of its share of projected production.  As of December 20, 2010, the Company’s two subsidiaries have hedged approximately 55,000 net barrels of crude oil for delivery in 2011 at an average price of approximately $90.64 per barrel, subject to customary adjustments for quality and transportation.

Proceeds of the Borrowings may be used to provide working capital, to fund oil field acquisitions and developmental drilling expenses and to fund other working capital requirements.  The Loan Agreement contains certain mandatory covenants, including minimum current ratio and cash flow requirements, limitations on indebtedness, limitations on dispositions, hedging limitations, and other standard business operating covenants.

The Company’s President and CEO Mr. Barry Lasker states “The signing of this Credit Facility is a significant step forward in the development of the multiple projects we have identified in our oil fields in New Mexico. A reserves based credit facility is a necessary tool for additional financing for projects we are pursuing, including our infill drilling programs we expect to commence in 2011, as well as the Cortez Pipeline connection to deliver CO2 to our oil fields in 2012.  We are proud of our relationship with Regions Bank and the multiple facets of their affiliates in capital markets services which they can bring to focus on our projects. Together with our current positive cash flow stream this Credit Facility will accelerate further production reactivations at Crossroads and infill drilling to increase our San Andreas oil production at Milnesand field and will assist management in systematically increasing production on a larger scale than we had been able to achieve in the past.  We thank the shareholders for their support and we look forward to announcing additional achievements in the future.”

Forward-Looking Statement

Certain statements contained herein are forward-looking statements, including statements relating to Enhanced Oil Resources’ operations; business prospects, expansion plans and strategies.  Forward-looking information typically contains statements with words such as “intends,” “anticipate,” “estimate,” “expect,” “potential,” “could,” “plan” or similar words suggesting future outcomes.  Readers are cautioned not to place undue reliance on forward-looking information because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved by Enhanced Oil Resources.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties.  A change in any one of these factors could cause actual events or results to differ materially from those projected in the forward-looking information.  Although Enhanced Oil Resources believes that the expectations reflected in such forward-looking statements are reasonable, Enhanced Oil Resources can give no assurance that such expectations will prove to be correct.  Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Enhanced Oil Resources and described in the forward-looking statements or information. The forward-looking statements are based on a number of assumptions which may prove to be incorrect.  Readers should be aware that the list of factors, risks and uncertainties set forth above are not exhaustive. Readers should refer to Enhanced Oil Resources’ current filings, which are available at www.sedar.com, for a detailed discussion of these factors, risks and uncertainties.  The forward-looking statements or information contained in this news release are made as of the date hereof and Enhanced Oil Resources undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws or regulatory policies.

ON BEHALF OF THE BOARD OF DIRECTORS

(signed)

Barry D Lasker, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

REGAL BELOIT CORPORATION (NYSE: RBC) Expanding With Purchase of EPC

REGAL BELOIT CORPORATION (NYSE: RBC) Expanding With Purchase of EPC-Image via Wikipedia

REGAL BELOIT CORPORATION (NYSE: RBC) today announced it has entered into an agreement to acquire 100% of the stock and assets of the Electrical Products Company (“EPC”) from A.O. Smith Corporation (NYSE: AOS). EPC manufactures and sells a full line of motors for hermetic, pump, distribution, HVAC and general industrial applications.

Total consideration for the transaction is approximately $875 million, including $700 million of cash and approximately $175 million in shares of Regal Beloit common stock. Regal Beloit expects the acquisition to add annual sales of over $700 million in the first full year following the acquisition and to be accretive in the first full year following the acquisition, excluding one-time transaction-related expenses and purchase accounting adjustments. The majority of these expenses will be incurred in the first quarter following the close of the transaction.  Closing will be subject to customary regulatory approvals.

EPC is based in Tipp City, Ohio. Operations include motor manufacturing facilities in the United States, Mexico, China, and the United Kingdom.

This transaction represents the 7th announced acquisition for Regal Beloit in 2010, all of which are consistent with the company’s stated objectives of acquiring businesses that  include energy efficiency technology, strengthen the geographic footprint and offer a synergistic fit.

Key attributes of the EPC transaction include:

  • Complementary product portfolio
  • Leading technology for variable speed hermetic applications
  • Patent portfolio with nearly 150 patents
  • Expansion of the company’s global manufacturing capabilities
  • Targeted synergies of $30 million to $40 million achieved over 3 to 4 years
  • Future tax benefits related to the deductibility of goodwill and intangible asset amortization, projected to have an estimated present value of at least $45 million to $55 million

Henry Knueppel, CEO and Chairman of Regal Beloit commented, “This is a defining acquisition for Regal Beloit. We believe that this acquisition achieves all three criteria of our acquisition strategy. Equally important, we are looking forward to welcoming the outstanding employees of EPC to our Company. EPC adds exciting new technologies, enhances geographic presence, and drives significant synergies. Furthermore, the transaction is expected to be accretive, excluding non-recurring items and purchase accounting adjustments, the majority of which are expected to occur in the first quarter following the close of the transaction. This transaction provides us with a more complete product and technology portfolio, which will allow us to add value for our customers.”

Paul Jones, CEO and Chairman of A.O. Smith commented, “Regal Beloit will be a tremendous steward for our business and we believe that Regal Beloit is a good cultural fit for the EPC organization.  This transaction will benefit all of our stakeholders.”

Regal Beloit will be holding a conference call to discuss this acquisition at 9:00 AM CST (10:00 AM EST) on Monday, December 13, 2010.  To listen to the call via the internet, please go to http://www.regalbeloit.com/ or at: http://www.videonewswire.com/event.asp?id=75074. Individuals who would like to participate by phone should dial 800-860-2442, referencing Regal Beloit. International callers should dial 412-858-4600, referencing Regal Beloit.  A telephone replay of the call will be available through March 15, 2011 at 877-344-7529, conference ID 446851. International callers should call 412-317-0088 using the same conference ID.  A webcast replay will be available for one year and can be accessed at http://www.regalbeloit.com/rbceventspresentations.htm.

Credit Suisse served as the exclusive financial advisor to Regal Beloit.

About REGAL BELOIT CORPORATION:

Regal Beloit Corporation is a leading manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout the United States, Canada, Mexico, Europe and Asia. Regal Beloit’s common stock is a component of the S&P Mid Cap 400 Index and the Russell 2000 Index.

CAUTIONARY STATEMENT

Certain statements made in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based on management’s expectations, beliefs, current assumptions and projections.  When used in this press release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or similar words are intended to identify forward-looking statements.  These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Those factors include, but are not limited to:

  • our ability to timely and successfully consummate the acquisition of EPC, including the ability to satisfy all of the conditions precedent to consummation of the transaction;
  • our ability to timely and successfully realize the potential synergies of the EPC transaction;
  • economic changes in global markets where we do business, such as reduced demand for the products we sell, weakness in the housing and commercial real estate markets, currency exchange rates, inflation rates, interest rates, recession, foreign government policies and other external factors that we cannot control;
  • unanticipated fluctuations in commodity prices and raw material costs;
  • cyclical downturns affecting the global market for capital goods;
  • unexpected issues, costs or liabilities arising from the acquisition and integration of EPC and other acquired companies and businesses, or the effects of purchase accounting that may be different than expected;
  • marketplace acceptance of new and existing products including the loss of, or a decline in business from, any significant customers;
  • the impact of capital market transactions that we may effect;
  • the availability and effectiveness of our information technology systems;
  • unanticipated costs associated with litigation matters;
  • actions taken by our competitors, including new product introductions or technological advances, and other events affecting our industry and competitors;
  • difficulties in staffing and managing foreign operations;
  • other domestic and international economic and political factors unrelated to our performance, such as the current substantial weakness in economic and business conditions and the stock markets as a whole; and
  • other risks and uncertainties described from time to time in our reports filed with the U.S. Securities and Exchange Commission, or SEC, which are incorporated by reference.

Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to update these statements to reflect subsequent events or circumstances.  Additional information regarding these and other risks and factors is included in Item 1A – Risk Factors in our Annual Report on Form 10-K filed with the SEC on March 2, 2010.

Corporate Offices
200 State Street – Beloit, WI 53511-6254
608-364-8808 – Fax:  608-364-8818
Website:  www.regalbeloit.com
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