Landowners Turn to Watchdog Group for Help-Image via Wikipedia
The Wall Street Fraud Watchdog’s due diligence service for real estate investors, or property owners may be the comprehensive of its type being offered in the United States. The group is expanding its real estate services to now include property owners in Ohio, Pennsylvania, or other states, who have been offered, or soon will be offered money to sell their mineral rights to a energy company, or companies that simply acquire mineral, or oil and gas rights, that are little more than speculators betting on price increases in oil, or gas prices. The group says, “We are aware that Pennsylvania, and Ohio are hotbeds for oil, or energy companies buying up mineral rights from landowners, or farmers, that have significant acreage. Unfortunately, we also saw the atmospherics of the Wild West, where landowners may have sold their mineral rights for far less than they should have, and or the contract to purchase the oil, gas, or mineral rights did not have proper safeguards for the landowner. We are changing all of this with a revolutionary service designed to make certain landowners in Ohio, Pennsylvania, or other states, do not get shortchanged, and or the contract to sell the mineral rights, contains all of the proper safeguards to protect the landowner, and their property.” For more information about their mineral rights, and or their oil, and gas rights landowners services, property owners are encouraged to contact the Wall Street Fraud Watchdog at 866-714-6466, for their unparalleled services. http://WallStreetFraudWatchdog.Com
We want to make certain property owners get the best value for their mineral rights, or oil, and gas rights, and at the same time we want to make certain the property owner is protected in every possible way
After watching a virtual gold rush to gobble up mineral rights, that in fact are oil, and gas rights in Pennsylvania, and Ohio, the Wall Street Fraud Watchdog is in the final stages of assembling teams of the best oil, and gas mineral rights attorneys, along with geologists, and other vital players needed to insure, when a landowner sells the mineral rights to their Ohio, or Pennsylvania property, there are proper safeguards built into the mineral rights sale, designed to protect the landowner, and to insure they are getting fair market value for their mineral rights. The Wall Street Fraud Watchdog says, “At this moment we have the atmospherics of the Wild West, when it comes to landowners selling away the rights to oil, gas, or mineral rights, and we think unfortunately many landowners are selling their mineral rights for less than they should. Further, we think the potential US natural gas boom is not limited to just Ohio, or Pennsylvania, so we are trying to assemble national, or regional legal teams, that have the expertise to protect the landowners for unforeseen issues that might develop, such as environmental issues, or restoration of the property after drilling, or fracking has been completed. At the same time, we want to make certain property owners in Pennsylvania, Ohio or other US states get top dollar for their mineral, or oil, and gas rights, provided the property is located in an area with established reserves, or anticipated reserves.” For more information landowners in Ohio, Pennsylvania, or other states are encouraged to contact the Wall Street Fraud Watchdog anytime at 866-714-6466, for their unparalleled real estate services, designed to protect property owners, who could literally be sitting on a gold mine. http://WallStreetFraudWatchdog.Com
The Wall Street Fraud Watchdog believes the future of America’s energy future is in its natural gas, or coal reserves, and the group believes it makes extremely good sense to exploit these resources to diminish, or all together eliminate our need for oil from the Middle East. The group believes in win, win situations where property owners in places like Ohio, Pennsylvania and many other states have the ability to sell their mineral, or oil, and gas rights for top dollar, and at the same time have the assurance the oil, or gas companies will provide the landowner, or owners with proper safeguards for the use of their property. The group says, “We want to make certain property owners get the best value for their mineral rights, or oil, and gas rights, and at the same time we want to make certain the property owner is protected in every possible way. We also believe in collaborations, where oil, or gas exploration companies can have the largest possible field, for their exploration, and development, so that it makes economic sense for them as well.” The Wall Street Fraud Watchdog says, “Part of the problem right now with states like Pennsylvania, or Ohio, is you have middlemen mineral rights grabbers, who are not providing property owners with anything close to fair market value, and the mineral rights purchase agreements are a joke, that offer little protection for the landowners. We intend to change this, by leveling the playing field for everyone from the landowner, to the oil, or gas exploration company.” For more information interested parties can always call the Wall Street Fraud Watchdog, to learn about their unsurpassed real estate services at 866-714-6466. http://WallStreetFraudWatchdog.Com.
Solar Panel Manufacturer Adds 400 New Jobs-Image via Wikipedia
MEMC Electronic Materials, Inc. (NYSE: WFR), and SunEdison, its solar energy subsidiary, along with manufacturing partner Flextronics (NASDAQ: FLEX), today announced the creation of approximately 400 jobs to ramp production of MEMC solar panels being manufactured at Flextronics’ facility in Newmarket, Ontario. This announcement was made during a dedication ceremony of the new line, which produces MEMC photovoltaic (PV) modules that will be used by SunEdison and its channel partners for solar PV projects.
The companies welcomed the Honourable Sandra Pupatello, Ontario Minister of Economic Development and Trade, to Flextronics’ manufacturing facilities to see the modules being built and to speak with the employees who are benefiting from the new green economy.
“Companies such as MEMC, their SunEdison subsidiary and Flextronics are creating real green jobs in local communities such as Newmarket, and are helping to build a renewable industry in the province through their investment in solar manufacturing,” explained Minister Pupatello. “With each investment, Ontario is building toward an energy economy that will contribute to cleaner air and sustainable jobs for today and tomorrow.”
At the event, Minister Pupatello was joined on a guided tour of the Flextronics manufacturing plant by the Mayor of Newmarket Tony Van Bynen, representatives from the Ontario Power Authority and delegates from the Town of Newmarket (York region). Executives from Flextronics and MEMC were also in attendance, along with more than 350 solar industry employees and stakeholders.
“The new jobs created through this investment make a significant impact on the prosperity and sustainability of our community,” said Mayor Van Bynen. “As a leader in environmental sustainability, we are thrilled to be a part of a growing renewable industry that brings real jobs to our community through companies like MEMC.”
The job creation is a direct result of the 60 percent domestic content requirement of Ontario’s Feed-in Tariff (FIT) Program. MEMC and Flextronics’ panel manufacturing facility signals a long-term investment in the region to help facilitate a sustainable green economy for the foreseeable future.
In addition to job creation through investments in solar panel and racking manufacturing, SunEdison’s Toronto office has grown from two full-time employees in November 2009 to more than 50 employees engaged in the delivery of both ground-mount and rooftop solar projects across the province.
“On behalf of MEMC and our SunEdison subsidiary, we are pleased to invest in this green solar production opportunity that benefits the local economy, creates long-term job opportunities and is good for our environment,” said Ken Hannah, Executive Vice President of MEMC.
“We are very pleased to be expanding the number of green jobs in the Town of Newmarket through the partnership with global leaders in renewable energy such as MEMC and SunEdison,” said E.C. Sykes, President, Industrial and Emerging Industries at Flextronics. “We are committed to providing clean tech manufacturing solutions and we look forward to contributing to the growth of the Cleantech industry here in Ontario.”
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed solar energy services for its commercial, government and utility customers. In 2010 SunEdison deployed more than 160 megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for more than 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR” and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
Headquartered in Singapore, Flextronics is a leading Fortune Global 500 Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer, digital, industrial, infrastructure, medical and mobile OEMs. We design, build, ship and service electronics products for our customers through a network of facilities in 30 countries on four continents. We provide after-market and field services to support customer end-to-end supply chain requirements. By combining design and engineering solutions with core electronics manufacturing and logistics services, vertically integrated with components technologies, we optimize our customers’ operations, lower their costs and reduce time to market. For more information, please visit http://www.flextronics.com.
Program Makes Solar Energy an Easy and Affordable Solution for Marylanders
Greenspring Energy, the premier solar installer in the Mid-Atlantic region, today announced the expansion of its partnership with national home solar company SunRun to the state of Maryland. This launch gives homeowners a way to go solar without paying thousands of dollars in upfront costs.
“SunRun has selected Greenspring Energy as a partner in the state of Maryland after successful collaboration in Pennsylvania over the past eight months,” said SunRun President and Co-founder Lynn Jurich. “Greenspring has demonstrated quality and expertise in solar installations, as well as exemplary professional standards, and we are proud to expand to Maryland with them.”
How does it work? Greenspring Energy conducts a home solar site assessment to determine a household’s typical energy usage and solar potential. From that assessment, a homeowner is presented with a custom-designed solar proposal for a system that will match their budget, most efficiently power their home, and generate the best and quickest return on investment. SunRun owns, maintains and insures the solar panels at no extra cost so homeowners don’t have to worry about high initial investments or the hassles of servicing the system. The customer simply flips a switch to power their home by the sun, and pays a monthly fee for the power they use. Greenspring Energy designs and installs the solar system for the homeowner, providing local support that customers can count on.
“This new option makes it easier and more affordable than ever before for people in the state of Maryland to take advantage of the financial and environmental benefits associated with going solar,” said Paul Wittemann, President and CEO of Greenspring Energy. “There are thousands of homeowners who want to go solar, but haven’t been able to proceed because of the upfront costs. Now they can.”
The benefits associated with choosing solar energy are significant. As utility rates are expected to continue to increase, solar electric and solar hot water systems give consumers the means to take control of their long term utility costs. Households that use solar technology reduce their monthly utility expenditures. Solar products can also increase a home’s value, as more and more people are looking for homes with a low cost of living built in. Solar also reduces a household’s carbon footprint.
SunRun is now available in the Maryland utility territories of BGE, PEPCO, Delmarva, SMECO and Allegheny.
Greenspring Energy is now scheduling home solar site assessments across the state of Maryland, with a goal to help as many homeowners as possible take advantage of this new opportunity. For further information or to schedule an appointment, please call Greenspring Energy at 443-322-7000 or visit www.greenspringenergy.com.
About Greenspring Energy
Greenspring Energy is a locally-owned, full-service solar company that helps customers identify the most efficient solutions to power their homes and businesses using energy from sunlight. An authorized provider of top quality solar electric and solar hot water systems, as well as other energy saving products and services, Greenspring Energy has completed more than 1,000 installations across the Mid-Atlantic region. Established in 2007, the company is headquartered in Timonium, Maryland, with additional operations in Reading, PA and Charlotte, NC.
SunRun, the nation’s leading home solar company, is the smart and affordable choice for homeowners who want a clean alternative to their utility. SunRun offers solar power service, similar to a lease, allowing homeowners an affordable way to upgrade their homes to solar. More than 11,000 homeowners have chosen SunRun across Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, Oregon, and Pennsylvania. SunRun partners with over 25 leading local solar installers, who together employ more than 3,000 green-collar workers. SunRun has raised financing for more than $400 million in solar systems from PG&E Corporation and U.S. Bancorp and $85 million in venture capital from Accel Partners, Foundation Capital and Sequoia Capital. For more information, please visit: www.sunrunhome.com.
CHS Inc. (Nasdaq: CHSCP), a leading energy, grains and foods company, today reported income of $754.8 million through the third quarter of its 2011 fiscal year.
Earnings attributed to CHS operations through the third quarter (Sept. 1, 2010 – May 31, 2011) increased nearly 117 percent over $348.1 million for the same period in fiscal 2010. Revenues through the third quarter of fiscal 2011 reached $26.3 billion, up from $18.6 billion through the third quarter of fiscal 2010, reflecting continued higher values for the energy, grain and crop nutrients products CHS handles.
For the third quarter (March 1 – May 31, 2011) CHS posted income of $358.5 million, compared with $145.4 million for the third quarter of fiscal 2010. Revenues for the quarter were $10.5 billion, up from $6.6 billion a year ago.
Year-to-date earnings for the company’s Energy segment reflected strong margins for its petroleum refining operations driven by global market conditions, along with strong performance for its renewable fuels marketing business.
The company’s Ag Business segment – consisting of its grain marketing, crop nutrients, local retail operations and oilseed processing businesses – also recorded strong results attributed to both increased grain demand and fertilizer activity. Ag Business earnings also included a gain of $119.7 million on the sale of the company’s share of Multigrain, AG, a Brazilian agribusiness joint venture.
Earnings were also strong for the CHS financing business, along with the company’s Ventura Foods, LLC, vegetable-oil based food and Horizon Milling, LLC, wheat milling joint ventures. Those results are reported under Corporate and Other.
CHS Inc. (www.chsinc.com) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives around the world. A Fortune 100 company, CHS is owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders across the United States. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products. CHS is listed on the NASDAQ at CHSCP.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management’s estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2010, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
CHS Inc. Earnings
(in millions $)
For the Three Months Ended
For the Nine Months Ended
Corporate and Other
Income before income taxes
Net income attributable to non-controlling interests
Covanta Holding Corporation (NYSE: CVA) (“Covanta” or the “Company”) today announced an adjustment to the conversion rate on its 3.25% cash convertible senior notes due 2014 in connection with its previously announced dividend payable on April 12, 2011 to stockholders of record as of March 30, 2011. As a result of this dividend, the conversion rate was adjusted to 59.4517 from 59.1871 shares of Covanta’s common stock per $1,000 principal amount of the notes. The adjusted conversion rate is equivalent to an adjusted conversion price of $16.82 per share, compared to the prior price of $16.90.
Covanta Energy is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta’s modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into 9 million megawatt hours of clean renewable electricity and create more than 9 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaenergy.com. http://www.covantaenergy.com
Oil & Gas Co. Finances More Drill Sites-Image via Wikipedia
Daybreak Oil and Gas, Inc. (OTC Bulletin Board: DBRM) (“Daybreak” or the “Company”), a Washington corporation, announced that it has received a commitment for a $3,500,000 secured loan (the “Loan”). The term of the Loan will be for three years with an interest rate of 6% per annum. Also, in accordance with the terms of the commitment, the Company will make monthly payments of interest on the proposed Loan, with the entire principal balance due at the end of the term. The Loan will be secured by the Company’s leases at its East Slopes Project located in Kern County, California. The Company will also issue 3.5 million restricted shares of its common stock and assign a 5% net profits interest from the Company’s leases at its East Slopes Project to the lender. Subject to definitive documentation, due diligence and customary closing conditions, the Loan is expected to close on or before June 30, 2011. Proceeds of the Loan will be used to expand the development of the Company’s East Slopes Project as well as repay the $750,000 principal amount under its existing Secured Promissory Note due September 17, 2011, relating to the Company’s acquisition of additional working interest in its East Slopes Project and for other general corporate purposes.
Global 3 Capital, LLC is assisting the Company with the transaction. Global 3 Capital, LLC specializes in the funding of oil, gas and alternative/renewable energy sectors.
The Company plans to drill up to nine wells at its East Slopes Project during its 2012 fiscal year, which began on March 1, 2011. Locations have already been constructed at the Company’s Bull Run Prospect and at the Ball location. Drilling is expected to begin at Bull Run by mid July 2011, followed by a development well at our Ball Location. A workover will also be conducted on our Ball #1 well.
James F. Westmoreland, President and Chief Executive Officer commented, “We believe that this is the right type of financing for the Company and its shareholders. Share dilution has been kept to approximately 7% and the Loan terms will allow the Company to proceed with its plans while not being burdened under a heavy debt load.”
Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged in the exploration, development and production of oil and gas in California. The Company is headquartered in Spokane, Washington with an operations office in Friendswood, Texas. Daybreak has over 20,000 acres under lease in the San Joaquin Valley of California.
“Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995: Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “should,” “up to,” approximately,” “likely,” or “anticipates” or the negative thereof or given that the future results covered by such forward-looking statements will be achieved. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties.
We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: failure to negotiate and enter into a Loan as well as receive any funds; general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the East Slopes Project prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission (“SEC”) and are available at the SEC’s web site http://www.sec.gov. Daybreak Oil and Gas Inc. disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.
High Plains Gas, Inc. (OTC: HPGS) today announced its well reactivation schedule for the third quarter of 2011. The schedule includes the Company’s intentions for well reactivations within the Fairway methane fields located in the Powder River Basin of Northern Wyoming, which were acquired from Marathon Oil in November 2010. The Company will remain focused on reactivating fields to produce marketable natural gas within the third and fourth quarters of 2011.
Mark Hettinger, Chief Operations Officer for High Plains Gas, said, “Our intention is to bring more gas to market to take advantage of higher natural gas prices. We plan to strategically bring wells into production based upon the availability of compression and pipeline infrastructure for each field. This does not differ from our current operations, but we plan to accelerate the rate at which we put these wells into production. Our goal has been to reactivate 30 wells per month throughout 2011, but we plan to spend the third quarter activating wells at double that rate or more.”
The following is a summary of the Company’s third quarter 2011 reactivation schedule:
The Hank Williams, Wild Horse and Middle Prong fields are currently expected to be returned to production in the third quarter. The Hank Williams and Wild Horse fields have 175 wells that qualify to return to production at a total estimated production value of 1.3 MMCFPD. The fourth quarter return to production includes House Creek. Initial reviews of the House Creek area have identified 45 wells with immediate potential to return to production. Cates Draw in the Arvada field has 13 wells identified in the Cates POD that are excellent candidates for recompletions in the third quarter, and the Company expects to bring them into production beginning in the fourth quarter.
Joe Hettinger, Chief Financial Officer for High Plains Gas, said, “Our field operations team has done an excellent job of controlling costs and staying within budget for well reactivations. Our plan to increase our well reactivation rate is partly due to the success our operations team has experienced, and we expect that this success will continue, enabling us to spread our fixed costs over greater production and at a nominal variable cost increase.”
About the Company
High Plains Gas, Inc. is a Gillette, Wyoming based energy company actively engaged in the acquisition, development and production of natural gas primarily in the Powder River Basin. The Company recently acquired CEP – M Purchase LLC, which currently owns the former Marathon “North & South Fairway” assets. These assets consist of 1614 Coal Bed Methane Wells with associated flow lines and over 155, 000 net acres. This combined with the company’s existing 92 natural gas wells gives the company a strong foundation in the natural gas industry. High Plains Gas will pursue expansion opportunities for the profitable production and transmission of natural gas. High Plains Gas believes it has unique expertise and experience in the refurbishment and reactivation of wells that produce natural gas from coal bed methane formations that helps position it strategically in the Powder River Basin.
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent filings made with the US Securities and Exchange commission, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
High Plains Gas, Inc.
P.O. Box 1564
Gillette, WY 82717
IR Agency Contact:
Lippert/Heilshorn & Associates, Inc.
(415) 433-3777 firstname.lastname@example.org
Fortune Oil and Gas’ (PINK SHEETS:FOGC; http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy (http://www.cressentenergy.com/) is pleased to provide an update on the development plans of the company’s most promising leases in Texas.
Cressent is proceeding with oil extraction preparations on the Liberty Salt Dome, an area south of Houston that Cressent purchased as six individual leases in 2010 as Proven Undeveloped Drill Sites (PUDS). Several older wells are in place in this area, and Cressent is starting the reconditioning phase of these wells so it can move into oil development of these leases.
The reconditioning consists of checking the fluid levels and swabbing the wells, or getting rid of the salt water. Following this, Cressent will proceed with cleaning of the gravel packs and building the pad for the rig around the wells and clearing flow lines to the tank batteries.
Barring any drilling permit delays, Cressent management expects to have the first well drilled in Q3 of 2011. Profit for the company is anticipated within three months after opening. The company aims to drill up to 5 wells on this field.
More details will follow shortly on Alta Mining, FOGC’s mining subsidiary.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Fortune Oil & Gas, Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases “can be,” “expects,” “may affect,” “believed,” “estimate,” “project” and similar words and phrases are intended to identify such forward-looking statements. Fortune Oil & Gas, Inc. cautions you that any forward-looking information provided by or on behalf of Fortune Oil & Gas, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Fortune Oil & Gas, Inc.’s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Fortune Oil & Gas, Inc.’s control. In addition to those discussed in Fortune Oil & Gas, Inc.’s press releases, public filings, and statements by Fortune Oil & Gas, Inc.’s management, including, but not limited to, Fortune Oil & Gas, Inc.’s estimate of the sufficiency of its existing capital resources, Fortune Oil & Gas, Inc.’s ability to raise additional capital to fund future operations, Fortune Oil & Gas, Inc.’s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Fortune Oil & Gas, Inc.’s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Fortune Oil & Gas, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Shell Announces Final Investment Decision on Prelude Floating LNG Project in Australia
The Board of Royal Dutch Shell plc (Shell) has taken the final investment decision on the Prelude Floating Liquefied Natural Gas (FLNG) Project in Australia (100% Shell), building the world’s first FLNG facility. Moored far out to sea, some 200 kilometres from the nearest land in Australia, the FLNG facility will produce gas from offshore fields, and liquefy it onboard by cooling.
The decision means that Shell is now ready to start detailed design and construction of what will be the world’s largest floating offshore facility, in a ship yard in South Korea.
From bow to stern, Shell’s FLNG facility will be 488 metres long, and will be the largest floating offshore facility in the world – longer than four soccer fields laid end to end. When fully equipped and with its storage tanks full, it will weigh around 600,000 tonnes – roughly six times as much as the largest aircraft carrier. Some 260,000 tonnes of that weight will consist of steel, around five times more than was used to build the Sydney Harbour Bridge.
“Our innovative FLNG technology will allow us to develop offshore gas fields that otherwise would be too costly to develop,” said Malcolm Brinded, Shell’s Executive Director, Upstream International. “Our decision to go ahead with this project is a true breakthrough for the LNG industry, giving it a significant boost to help meet the world’s growing demand for the cleanest-burning fossil fuel.”
Brinded continued “FLNG technology is an exciting innovation, complementary to onshore LNG, which can help accelerate the development of gas resources”.
The facility has been designed to withstand the severest cyclones – those of Category 5. Ocean-going LNG carriers will offload liquefied gas, chilled to minus162 Celsius and shrunk in volume by 600 times, and other products, directly from the facility out at sea for delivery to markets worldwide. Until now, the liquefaction of offshore gas has always involved piping the gas to a land-based plant.
Shell has progressed the Prelude FLNG project at a rapid pace, with first production of LNG expected some ten years after the gas was discovered.
The FLNG facility will tap around 3 trillion cubic feet equivalent of resources contained in the Prelude gas field. Shell discovered the Prelude gas field in 2007.
Some 110,000 barrels of oil equivalent per day of expected production from Prelude should underpin at least 5.3 million tonnes per annum (mtpa) of liquids, comprising 3.6 mtpa of LNG, 1.3 mtpa of condensate and 0.4 mtpa of liquefied petroleum gas. The FLNG facility will stay permanently moored at the Prelude gas field for 25 years, and in later development phases should produce from other fields in the area where Shell has an interest.
Ann Pickard, Country Chair of Shell in Australia said “this will be a game changer for the energy industry. We will be deploying this revolutionary technology first in Australian waters, where it will add another dimension to Australia’s already vibrant gas industry.”
Brinded added “beyond this, our ambition is to develop more FLNG projects globally. Our design can accommodate a range of gas fields, and our strategic partnership with Technip and Samsung should enable us to apply it progressively faster for future projects. We see opportunities around the world to work on other FLNG projects with governments, energy companies and customers.”
Shell’s decision to make FLNG a reality culminates more than a decade of research and development. It builds on the company’s extensive know-how in offshore production, gas liquefaction, LNG shipping, and delivering major projects that integrate the gas value chain-from wellhead to burner.
The Prelude FLNG project will be the first Australian upstream project in which Shell is the operator. Australia is one of Shell’s key growth provinces, and Shell’s upstream investment in Australia should reach some $30 billion over the next five years, including the Prelude and Gorgon projects, and on-going exploration and feasibility studies in the country.
Prelude FLNG is part of Shell’s industry-leading portfolio of medium term growth options, where the company has around 30 new upstream projects under study world-wide, to support long term profitable growth.
Notes to Editors
Shell is a global, integrated energy company with operations in more than 90 countries and territories, with businesses including: oil and gas exploration and production; refineries and chemical plants; processing and marketing of liquefied natural gas (LNG) and gas-to-liquid (GTL) products; marketing and shipping of oil products and chemicals; and renewable energy sources, such as biofuels.
Gas resources are found all over the world in remote offshore accumulations. In Australian waters alone there is an estimated 140 trillion cubic feet of such “stranded” gas, according to a 2008 report by the Commonwealth Scientific and Industrial Research Organisation (http://www.solve.csiro.au/0608/article5.htm). Shell FLNG technology will make it feasible to develop such resources, since it reduces both the cost and environmental footprint of their development. Having the gas-processing and gas-liquefaction facility located at the site of an offshore field removes the need for: gas-compression platforms; long subsea pipelines to shore; near-shore works, such as dredging and jetty construction; and onshore construction, including roads, storage yards and accommodation facilities. Another plus is that FLNG can accelerate LNG developments. This is because an FLNG vessel can be ordered at an earlier stage of appraisal of a new gas field, with less guarantee of production longevity than needed to underpin an onshore greenfield investment; if and when the gas resources in the first field are exhausted, the FLNG can be redeployed to another field.
Shell is the operator and 100% equity holder of the WA-371-P permit in the Browse Basin, where the Prelude field is located. The field is approximately 475 kilometres north-northeast of Broome, Western Australia, and over 200 kilometres from the nearest point on the mainland. Shell plans to have initially seven subsea wells at the Prelude field. From these wells, gas will travel through flexible pipes to the FLNG facility.
Shell has been doing business in Australia for 110 years, including participation in major LNG projects such as the North West Shelf and Gorgon.
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Business Growth Forces High-Tech Company to Add Jobs-Image via Wikipedia
2nd Quarter results support job growth in Industrial Automation, Building Efficiency, Smart Grid and IT in the U.S.
Siemens U.S. sales up 9% and order intake up 15% in second quarter of FY2011
Siemens’ strong global results for the second quarter of FY2011 were released, and the company’s strong performance resulted in an increased 2011 profit forecast. The U.S. remains the company’s largest market with sales growing 9% and order intake up 15%.
“As the economy continues to grow, particularly the manufacturing industry, our orders and sales are increasing and we have added more than 1,000 new jobs to our U.S. workforce in just the last two quarters to keep up with the demand,” said Eric Spiegel, president and CEO of Siemens Corporation.
All three of the company’s Sectors – Industry, Energy and Healthcare – contributed to these results, but job growth was concentrated in the Industrial Automation, Building Efficiency, Smart Grid and IT areas.
“Siemens is the No. 1 supplier of industrial technology in the world, now we want to become the No. 1 supplier of good-paying, high-tech jobs in America,” said Daryl Dulaney, president and CEO, Siemens Industry, Inc. “Reports say job growth is modest, but we are aggressively recruiting and training the next generation of talented manufacturers and engineers.”
In the Building Technologies division, which is seeing an increase in orders to retrofit and upgrade buildings with energy-efficient and automation solutions, there are more than 400 open positions in the Sales, Engineering and Field Service job categories. In particular, Field Service expects to add approximately 100 new technicians per year over the next 3-4 years at both the entry and experienced level. In an effort to prepare junior technicians for these roles, a comprehensive training program has been developed to enhance the training experience for newly hired technicians and significantly reduce the time to deploy these individuals to service customers.
These jobs will support customers like the Jersey City Housing Authority, which recently signed a $9 million contract with Siemens for a wide range of energy improvements to more than 1,600 apartments. This is one of the largest energy efficiency contracts ever signed in New Jersey, and once completed, the energy savings from these upgrades will have an impact equivalent to removing more than 7,100 cars from the road.
There is also significant growth in products and solutions related to the building of smart grid infrastructure in the U.S. – from power generation and meters to monitoring, voltage regulators, reclosers, disconnectors, smart buildings and lighting.
Siemens was recently commissioned to provide and install multi-level electric vehicle (EV) charging stations to support Loudoun County, Virginia’s new commuter park and ride lot in Scott Jenkins Memorial Park. Siemens’ EV charging stations will be equipped with connectivity via the largest and longest-running EV charging services network in the world, the ChargePoint® Network. The open-system EV charging network allows access to all manufacturers of vehicle charging stations, provides 24/7 station monitoring and driver support, and is the only charging network with mobile apps for real-time station status and charging notifications. The charging stations are scheduled to be installed at the park by May 2011.
Siemens’ Smart Grid Applications business established its headquarters last year in the Raleigh area of North Carolina and in the past 4 months has filled 26 positions, and expects to hire an additional 100 employees by the end of 2012. Most of the jobs require expertise in electrical engineering, power systems engineering, project management and software development to work in business development and in applications like e-vehicle infrastructure, meter data management and power systems design.
Siemens Corporation is a U.S. subsidiary of Siemens AG (NYSE: SI), a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 405,000 employees in 190 countries, Siemens reported worldwide revenue of $102.9 billion in fiscal 2010. Siemens in the USA reported revenue of $19.9 billion and employs approximately 62,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.
CONTACT: Elizabeth Cho, Siemens Corporation, +1-212-258-4589, email@example.com