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Updated: 16 hours 35 min ago

Expected Closing Date for Western Refining Acquisition and Election Deadline Announced

24 May 2017 - 6:05pm

EL PASO, Texas, May 24, 2017 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that the waiting period applicable to its proposed acquisition by Tesoro Corporation (NYSE:TSO) pursuant to the Hart Scott Rodino (HSR) Act has terminated. This satisfies one of the final conditions to the closing of the pending acquisition. Western Refining therefore expects the closing of the acquisition to occur on June 1, 2017, subject to the satisfaction or waiver of the remaining customary conditions to closing.

ANNOUNCEMENT OF THE ELECTION DEADLINE

In light of the expected closing of Tesoro’s acquisition of Western Refining, Tesoro, with the consent of Western Refining, has publicly announced that the “Election Deadline” (as defined in the election materials previously provided to Western Refining stockholders of record and in the Agreement and Plan of Merger, dated as of November 16, 2016, by and among Tesoro, Western Refining, Tahoe Merger Sub 1, Inc. and Tahoe Merger Sub 2, LLC) for stockholders of record of Western Refining to make their elections with respect to the merger consideration payable upon the closing of Tesoro’s acquisition of Western Refining shall be 5:00 p.m. Eastern Time on May 30, 2017, unless otherwise extended by Tesoro by subsequent public announcement. Western Refining stockholders who hold their shares through a bank, broker or other nominee may be subject to an earlier deadline than the Election Deadline for making their elections, based on the instructions of their brokers, banks or other nominees. Western Refining stockholders bear the risk of ensuring proper and timely delivery of their election materials.

Western Refining stockholders of record with questions regarding the election process should contact Innisfree M&A Incorporated, who is the information agent for the election, toll-free at 1-888-750-5834 or collect at 1-212-750-5833 as soon as possible. Western Refining stockholders holding shares of Western Refining in street name should contact their broker, bank or other nominee with questions regarding the election process.

About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The Company operates refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. The Company’s retail operations include retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy’s, and SuperAmerica brands.

Western Refining, Inc. also owns the general partner and approximately 53 percent of the limited partnership interest of Western Refining Logistics, LP (NYSE:WNRL).

More information about Western Refining is available at www.wnr.com.

Forward Looking Statements
This communication contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Words such as “may,” “will,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the proposed acquisition of Western Refining by Tesoro, integration and transition plans, synergies, opportunities, anticipated future performance, expected share buyback program and expected dividends. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the proposed merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or cause the parties to abandon the acquisition, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement for the acquisition, the risk that the parties may not be able to satisfy the conditions to the proposed acquisition in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed acquisition, the risk that any announcements relating to the proposed acquisition could have adverse effects on the market price of Tesoro’s common stock or Western Refining’s common stock, the risk that the proposed acquisition and its announcement could have an adverse effect on the ability of Tesoro and Western Refining to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies, the risk that the combined company may not buy back shares, the risk of the amount of any future dividend Tesoro may pay, and other factors. All such factors are difficult to predict and are beyond our control, including those detailed in Tesoro’s annual reports on Form 10-K, quarterly reports on Form 10-Q, Current Reports on Form 8-K and registration statement on Form S-4 filed with the SEC on December 14, 2016, as amended (the “Form S-4”) that are available on Tesoro’s website at http://www.tsocorp.com and on the SEC’s website at http://www.sec.gov, and those detailed in Western Refining’s annual reports on Form 10-K, quarterly reports on Form 10-Q and Current Reports on Form 8-K that are available on Western Refining’s website at http://www.wnr.com and on the SEC website at http://www.sec.gov.  Tesoro’s and Western Refining’s forward-looking statements are based on assumptions that Tesoro and Western Refining believe to be reasonable but that may not prove to be accurate. Tesoro and Western Refining undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which we become aware of, except as required by applicable law or regulation. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

No Offer or Solicitation:
This communication relates to a proposed business combination between Western Refining and Tesoro. This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It:
In connection with the proposed transaction, Tesoro has filed with the SEC, and the SEC has declared effective, a registration statement on Form S-4 (Reg. No. 333-215080), containing a joint proxy statement/prospectus of Tesoro and Western Refining, which proxy statement/prospectus was first mailed to Tesoro and Western Refining stockholders on February 17, 2017. This communication is not a substitute for the registration statement, proxy statement/prospectus or any other documents that Tesoro or Western Refining may file with the SEC or send to stockholders in connection with the proposed transaction.  STOCKHOLDERS OF TESORO AND WESTERN REFINING ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE FORM S-4 AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS INCLUDED THEREIN, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  Investors and security holders will be able to obtain copies of these documents, including the proxy statement/prospectus, and other documents filed with the SEC (when available) free of charge at the SEC’s website, http://www.sec.gov. Copies of documents filed with the SEC by Tesoro will be made available free of charge on Tesoro’s website at http://www.tsocorp.com or by contacting Tesoro’s Investor Relations Department by phone at 210-626-6000. Copies of documents filed with the SEC by Western Refining will be made available free of charge on Western Refining’s website at http://www.wnr.com or by contacting Western Refining’s Investor Relations Department by phone at 602-286-1530 or 602-286-1533.

CONTACT: Investor and Analyst Contact: Jeffrey S. Beyersdorfer (602) 286-1530 Michelle Clemente (602) 286-1533 Media Contact: Gary Hanson (602) 286-1777
Categories: State

TGS - Stock Options exercised

24 May 2017 - 4:45pm

ASKER, NORWAY (24 May 2017) - 5 option holders have today, exercised in total 14,520 stock options which were all exercised from the award in August 2012 secured by treasury shares at an exercise price of NOK 174.40 per share. Following the exercise TGS holds 221,555 treasury shares.

None of the stock options have been exercised by primary insiders in TGS.
 

Company Summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide.  In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.
 

Forward-looking statements and contact information

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

 

For additional information about this press release please contact:

Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com

Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Categories: State

Spark Energy, Inc. Announces Share Buyback Program

24 May 2017 - 4:34pm

HOUSTON, May 24, 2017 (GLOBE NEWSWIRE) -- Spark Energy, Inc. (NASDAQ:SPKE), a Delaware corporation ("Spark" or the “Company”), announced today that its Board of Directors has authorized a share buyback program of up to $50 million of Spark Class A common stock. The Company intends to fund the program through available cash balances and its Subordinated Credit Facility, as well as future operating cash flows.

“We are extremely pleased with the financial results and growth the Company has achieved since our initial public offering in 2014,” said Nathan Kroeker, Spark’s President and Chief Executive Officer. “With the Company’s strong financial position and both management’s and the Board’s confidence in our continued performance, we believe a balanced approach to capital allocation, including share repurchases, will greatly enhance shareholder value.”

“The Board does not believe Spark’s current share price accurately reflects the Company’s intrinsic value and we are confident that a share buyback program will capitalize on this disconnect,” said W. Keith Maxwell III, Founder and Chairman of Spark.

These shares may be repurchased from time to time in the open market or in privately negotiated transactions based on ongoing assessments of capital needs, the market price of the stock, and other factors, including general market conditions. The repurchase program does not obligate Spark to acquire any particular amount of common stock and it may be modified or suspended at any time, and could be terminated prior to completion.

About Spark Energy, Inc.

Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 91 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.

CONTACT: Contact: Spark Energy, Inc. Investors: Robert Lane, 832-200-3727 Media: Eric Melchor, 281-833-4151
Categories: State

DuPont Fabros Technology Inc. Announces Participation in Upcoming Investor Conference

24 May 2017 - 3:05pm

WASHINGTON, May 24, 2017 (GLOBE NEWSWIRE) -- DuPont Fabros Technology Inc. (NYSE:DFT), a leading owner, developer, operator and manager of enterprise-class, carrier-neutral, large scale multi-tenant wholesale data centers, today announced that members of the Company’s senior management team will provide a company overview and update at an upcoming investor conference. The presentation will be broadcast live under the Presentations and Webcasts section of the Investor Relations section of www.dft.com:

REITWeek® 2017, June 6-8, at the New York Hilton Midtown   When: Tuesday, June 6, 2017, at 8:45 a.m. ET   Senior Management: Christopher P. Eldredge  President and Chief Executive Officer     Jeffrey H. Foster  Chief Financial Officer

About DuPont Fabros Technology Inc.

DuPont Fabros Technology Inc. (NYSE:DFT) is a leading owner, developer, operator and manager of enterprise-class, carrier-neutral, large multi-tenant wholesale data centers. The Company’s facilities are designed to offer highly specialized, efficient and safe computing environments in a low-cost operating model. The Company’s customers outsource their mission-critical applications and include national and international enterprises across numerous industries, such as technology, Internet content providers, media, communications, cloud-based, healthcare and financial services. The Company’s 12 data centers are located in three major U.S. markets and total 3.5 million gross square feet and 301.5 megawatts of available critical load to power the servers and computing equipment of its customers. DuPont Fabros Technology is a real estate investment trust (REIT) headquartered in Washington, D.C. For more information, please visit www.dft.com

CONTACT: For Additional Information: Jeffrey H. Foster Chief Financial Officer +1 (202) 478-2333 Steve Rubis Vice President, Investor Relations +1 (202) 478-2330
Categories: State

Contango Updates Southern Delaware Basin Operations

24 May 2017 - 2:16pm

HOUSTON, May 24, 2017 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE MKT:MCF) (“Contango”) announced today results on its second and third wells drilled on its Southern Delaware Basin acreage in Pecos County, Texas.       

As previously reported, the Rude Ram #1H and Ripper State #1H were drilled from a common surface location approximately one mile south of the Lonestar Gunfighter #1, our first well in this area. Both wells targeted different landing zones within the Wolfcamp A and were completed in late April with initial flowback commencing shortly thereafter.  After 30 days of flowback, the Rude Ram, which targeted the Upper Wolfcamp A, reached a maximum 24-hour IP rate of 1,304 Boed (69% oil), while the Ripper State, which targeted the Middle Wolfcamp A,  reached a maximum 24-hour IP rate of 1,131 Boed (73% oil).  These rates compare favorably to the 966 Boed maximum 24-hour IP rate previously disclosed for the Lonestar Gunfighter well which targeted the Middle Wolfcamp A. 

The Gunner #2H, our fourth horizontal well, approximately two miles southeast of the Lonestar Gunfighter, has been drilled to the kickoff point at 9,735 feet and is being prepared for the drilling of a 10,000 lateral section into the Lower Wolfcamp A. 

Contango Oil & Gas Company is a Houston, Texas based, independent energy company engaged in the acquisition, exploration, development, exploitation and production of crude oil and natural gas offshore in the shallow waters of the Gulf of Mexico and in the onshore Texas and Rocky Mountain regions of the United States. Additional information is available on the Company's website at http://contango.com.

This press release contains forward-looking statements regarding Contango that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", “projects”, "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. 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, reflected in the statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Contango’s operations or financial results are included in Contango’s other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.

CONTACT: Contact: Contango Oil & Gas Company E. Joseph Grady – 713-236-7400 Senior Vice President and Chief Financial Officer Sergio Castro – 713-236-7400 Vice President and Treasurer
Categories: State

Newest Features in EnerNOC’s Energy Procurement Platform Help Businesses More Proactively Manage Energy Costs

24 May 2017 - 8:43am

BOSTON, May 24, 2017 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of demand response solutions and energy intelligence software, announced today that the latest feature enhancements in its award-winning energy procurement platform, the EnerNOC Energy Exchange, help customers make more proactive purchasing decisions.

“Savvy energy consumers don’t wait for contracts to expire to make their next purchase; instead they proactively monitor market conditions and seize on favorable purchasing opportunities. The latest enhancements to the EnerNOC Energy Exchange make it easier for customers to do that,” said Tim Healy, Chairman and CEO, EnerNOC. 

The new features include:

  • Opportunity Ranking: EnerNOC’s opportunity ranking algorithm automatically tracks and prioritizes favorable purchasing opportunities to ensure buyers are positioned to make proactive decisions.
  • Manage Exposure to Market: This feature enhancement enables EnerNOC customers to customize triggered alerts when real-time prices are spiking. These automated triggers help customers monitor market fluctuations and the impact these factors have on their energy purchasing strategy and budget.
  • Peak/Off-Peak Pricing Triggers: By more discreetly distinguishing between on- and off-peak pricing, new triggers can alert customers to favorable buying opportunities.

“As a publicly traded real estate investment trust, we create value through leasing, repositioning, expansion, redevelopment, as well as ground up development.  As such, we strategically purchase and sell assets. The EnerNOC Exchange and advisory team provides us with the insights and information we need to proactively manage our supply activity in this complex business and market environment,” Matthew Praske, Energy & Sustainability Manager, Washington Real Estate Investment Trust.  

For more information about EnerNOC’s energy procurement solutions, please visit https://www.enernoc.com/products/energy-procurement.

About EnerNOC

EnerNOC is a leading provider of energy intelligence software (EIS) and demand response solutions. With capabilities to better address budgets and procurement, utility bill management, facility analysis and optimization, sustainability and reporting, project tracking, and demand management, EnerNOC's SaaS platform helps enterprises control energy costs, mitigate risk, and streamline compliance and sustainability reporting. EnerNOC also offers access to more demand response programs worldwide than any other provider, offering enterprises a valuable payment stream to further enhance bottom line results and utilities and grid operators a reliable, cost-effective demand-side resource. For more information, visit www.enernoc.com and follow @EnerNOC.

Safe Harbor Statement

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the Company's future financial performance on both a GAAP and non-GAAP basis, and the future growth and success of the Company's energy intelligence software and demand response solutions, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: EnerNOC Media Relations: Sarah McAuley 617.532.8195 news@enernoc.com EnerNOC Investor Relations: ir@enernoc.com
Categories: State

Orkuveita Reykjavíkur - Final Terms OR090546

24 May 2017 - 8:30am

This announcement is filed by Nasdaq Iceland („the Exchange“) under the issuer‘s symbol. 

See attachment.

Categories: State

Orkuveita Reykjavíkur - Final Terms OR090524

24 May 2017 - 8:30am

This announcement is filed by Nasdaq Iceland („the Exchange“) under the issuer‘s symbol. 

See attachment.

Categories: State

Delphi Energy Corp. Announces Financing With Strategic Partner to Further Accelerate Growth at its Bigstone Montney Asset

24 May 2017 - 8:10am

CALGARY, Alberta, May 24, 2017 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that it has entered into agreements with investors for a $65 million financing transaction (the “Financing Transaction”), comprised of a $35 million equity offering (the "Equity Offering") and a $30 million principal amount of 10% senior secured Collateralized Exchange ListedTM (“CELTM”) Notes (the “Notes Offering”).

A syndicate of agents, led by Raymond James Ltd. and co-led by AltaCorp Capital Inc., has sold the securities on a private placement basis. The majority of the Financing Transaction was subscribed for by a single US-based institutional investor. Delphi is pleased to have a strategic investor who is constructive to Delphi’s accelerated development plan at its Bigstone Montney assets and is supportive of future consolidation opportunities in the area.  

“Given Delphi’s continued strong results on the Bigstone Montney project, we believe continued acceleration of our development plan on our 165.5 sections of Montney land is in the best interest of all our stakeholders,’” said David J. Reid, President and CEO. “Having a large strategic investor who is supportive of this growth and buys into our long-term vision is in itself a strong asset as we move forward with an expanded drilling program.”

The principal use of proceeds will be to expand the Company’s drilling plans for the winter of 2017/2018 and to pursue potential acquisition opportunities. Proceeds from the Financing Transaction will temporarily reduce bank indebtedness and working capital deficits, leaving Delphi’s current $80 million credit facility largely undrawn.

STRATEGIC RATIONALE

Delphi views this new strategic debt and equity financial partner as aligned with accelerating the capitalization of our large scale development opportunity at Bigstone Montney. The Financing Transaction significantly improves Delphi’s liquidity. Post financing, Delphi’s $80 million credit facility is expected to be undrawn as at June 30, 2017. The enhanced liquidity will support an accelerated capital program and will allow Delphi to continue its Bigstone consolidation efforts, following up on its recently announced acquisition of 22.5 net sections of Montney rights.

Delphi’s latest well results continue to demonstrate strong economics in today’s commodity price environment, and offer high returns on full cycle capital cost and cash netbacks, which supports acceleration of the Company’s development plan. The Company’s ownership in regional infrastructure combined with available third party infrastructure provides a strategic capital cost and spud to on-stream timing advantage. In addition to improving operating margins from increasing condensate yields, an accelerated growth plan is expected to result in lower per barrel operating cost, general and administrative expense and interest expense. As the drilling program moves westward, well economics are expected to be further improved by greater exposure to growing regional condensate yield and decreasing hydrogen sulfide gradients.

The last five wells that Delphi completed in Bigstone had initial average production over the first 30 days (“IP30”) of 1,554 boe/d compared to an average of 1,354 boe/d for the first 28 wells.  Virtually all of the difference between the two averages is due to increased field condensate production to 605 barrels per day (“bbls/d”) in the most recent five wells from 406 bbls/d in the first 28 wells.  Percentage of condensate to total production on initial production rates increased from 30 percent on the first 28 wells to 39 percent in the most recent five wells.

OUTLOOK

The Company has been able to drill the first 8 (5.1 net) wells of its 13 (8.4 net) well 2017 program ahead of schedule and upon closing of the Financing Transaction will be in a position to increase its capital program. Delphi intends to add a third rig in the fall and double its planned drilling program for the remainder of 2017 to spring breakup in 2018, increasing the number of wells drilled from 10 to 20 wells. The Company drilled six wells in each of 2015 and 2016. Although the full 2018 capital budget and guidance will not be finalized and approved until the fourth quarter of 2017, Delphi anticipates production in the fourth quarter of 2018 to increase by approximately 40 percent, from its current fourth quarter of 2017 expectation of 11,000 to 11,500 boe/d, with the expanded winter drilling program and continued drilling through 2018. Run-rate cash flow in the fourth quarter of 2018 is anticipated to be in the context of $100 million to $110 million (assuming commodity pricing similar to the Company’s 2017 guidance assumptions).Total debt to cash flow ratio is anticipated to remain at or below the Company’s target of 1.5 times through 2018.

Drilling Program (# of wells)     2015  2016  2017  2018Historical and current budgets     6  6  13  14Expanded capital program     -  -  3-5  4-8Total Wells     6  6  16-18  18-22

TRANSACTION DETAILS

The Company has agreed to sell, on a private placement basis, 27,559,055 common shares at an issue price of $1.27 per common share, a discount of 3.8% to the closing price of Delphi common shares on the TSX on May 19, 2017, for aggregate gross proceeds of approximately $35 million (the "Equity Offering").

Furthermore, the Company has agreed to issue an additional $30 million principal amount of the currently outstanding 10% senior secured Collateralized Exchange ListedTM (“CELTM”) Notes (the “Notes Offering”). The re-opening of the CELTM Notes was priced at 100% of par (plus accrued and unpaid interest) to yield 10% (the “Additional Notes”) and will not be issued with any warrants. The Additional Notes are being offered as further notes to Delphi’s existing $60 million aggregate principal amount of 10% senior secured CELTM Notes due 2021, issued on June 15, 2016 (the “Existing Notes”). The Additional Notes will be issued under the same indenture as the Existing Notes and will be treated as a single class of debt securities with the Existing Notes with identical terms, other than the issue date. The Additional Notes shall be fungible for trading purposes with the Existing Notes. Raymond James is acting as sole placement agent in respect of the Notes Offering.

Both the Equity Offering and the Notes Offering are expected to close on June 13, 2017, subject to necessary regulatory approvals. The common shares and CELTM Notes issued in connection with the Financing Transaction will be subject to a statutory hold period of four months plus one day from the date of closing, in accordance with applicable securities legislation.

CREDIT FACILITY UPDATE

The Company’s credit facility with Alberta Treasury Branches (“ATB”) as syndicate lead and including the Bank of Nova Scotia is in the final stages of its spring review process and is expected to be finalized on or before May 31, 2017.

This news release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended and will not be offered or sold in the United States absent an exemption from the registration requirements thereof.

About Delphi Energy Corp.

Delphi Energy Corp. is an industry-leading producer of liquids-rich natural gas.  The Company has achieved top decile results through the development of our high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Delphi continues to outperform key industry players by improving operational efficiencies and growing our dominant Bigstone land position in this world-class play. Delphi is headquartered in Calgary, Alberta and trades on the Toronto Stock Exchange under the symbol DEE.

Forward-Looking StatementsThis news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws.  These statements relate to future events or the Company’s future performance and are based upon the Company’s internal assumptions and expectations.  All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, "intends”, “forecast”, “plans”, “guidance”, “budget” and similar expressions.

More particularly and without limitation, this release contains forward-looking statements and information relating to use of proceeds from the Financing Transaction; impact of the Financing Transaction on Delphi’s liquidity; the expected increase to Delphi’s capital program; Delphi’s drilling plans; expected timing to close the Financing Transaction; expectations of the impact of an accelerated growth plan; expected production; expected cash flow in the fourth quarter of 2018; and expectations regarding the review of the Corporation’s credit facility.

Furthermore, statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitable in the future.

The forward-looking statements and information contained in this release are based on certain key expectations and assumptions made by Delphi.  The following are certain material assumptions on which the forward-looking statements and information contained in this release are based: the stability of the global and national economic environment, the stability of and commercial acceptability of tax, royalty and regulatory regimes applicable to Delphi, exploitation and development activities being consistent with management’s expectations, production levels of Delphi being consistent with management’s expectations, the absence of significant project delays, the stability of oil and gas prices, the absence of significant fluctuations in foreign exchange rates and interest rates, the stability of costs of oil and gas development and production in Western Canada, including operating costs, the timing and size of development plans and capital expenditures, availability of third party infrastructure for transportation, processing or marketing of oil and natural gas volumes, prices and availability of oilfield services and equipment being consistent with management’s expectations, the availability of, and competition for, among other things, pipeline capacity, skilled personnel and drilling and related services and equipment, results of development and exploitation activities that are consistent with management’s expectations, weather affecting Delphi’s ability to develop and produce as expected, contracted parties providing goods and services on the agreed timeframes, Delphi’s ability to manage environmental risks and hazards and the cost of complying with environmental regulations, the accuracy of operating cost estimates, the accurate estimation of oil and gas reserves, future exploitation, development and production results and Delphi’s ability to market oil and natural gas successfully to current and new customers. Additionally, estimates as to expected average annual production rates assume that no unexpected outages occur in the infrastructure that the Company relies on to produce its wells, that existing wells continue to meet production expectations and any future wells scheduled to come on in the coming year meet timing and production expectations.

Commodity prices used in the determination of forecast revenues are based upon general economic conditions, commodity supply and demand forecasts and publicly available price forecasts. The Company continually monitors its forecast assumptions to ensure the stakeholders are informed of material variances from previously communicated expectations.

Financial outlook information contained in this release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this release should not be used for purposes other than for which it is disclosed.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent known and unknown risks and uncertainties.  Delphi’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Delphi will derive therefrom. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those currently anticipated due to a number of factors and risks.  These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, failure to obtain regulatory approvals for the Financing Transaction, satisfaction of conditions of closing of the Financing Transaction, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition from others for scarce resources, the ability to access sufficient capital from internal and external sources, changes in governmental regulation of the oil and gas industry and changes in tax, royalty and environmental legislation.  Additional information on these and other factors that could affect the Company’s operations or financial results are included in the Company’s most recent Annual Information Form and other reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). 

Readers are cautioned that the foregoing list of factors is not exhaustive.  Furthermore, the forward-looking statements contained in this release are made as of the date of this release for the purpose of providing the readers with the Company’s expectations for the coming year.  The forward-looking statements and information may not be appropriate for other purposes.  Delphi 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 securities laws.  The forward-looking statements contained in this release are expressly qualified in their entirety by this cautionary statement.

Basis of Presentation.  For the purpose of reporting production information, reserves and calculating unit prices and costs, natural gas volumes have been converted to a barrel of oil equivalent (boe) using six thousand cubic feet equal to one barrel.  A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  This conversion conforms to the Canadian Securities Administrators’ National Instrument 51-101 when boes are disclosed.  Boes may be misleading, particularly if used in isolation.

As per CSA Staff Notice 51-327 initial test results and initial production performance should be considered preliminary data and such data is not necessarily indicative of long-term performance or of ultimate recovery.

Non-IFRS Measure.  The release contains the terms “cash netbacks” which are not recognized measures under IFRS.  The Company uses this measure to help evaluate its performance.  Management considers netbacks an important measure as it demonstrates its profitability relative to current commodity prices and costs of production. Operating netbacks have been defined as revenue less royalties, transportation and operating costs.  Cash netbacks have been defined as operating netbacks less interest and general and administrative costs.  Netbacks are generally discussed and presented on a per boe basis.

CONTACT: FOR FURTHER INFORMATION PLEASE CONTACT: DELPHI ENERGY CORP. 300, 500 – 4 Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171     Facsimile: (403) 265-6207 Email: info@delphienergy.ca   Website: www.delphienergy.ca DAVID J. REID President & CEO MARK D. BEHRMAN CFO
Categories: State

U.S. Geothermal Inc. to Present at the Cowen and Company 45th Annual Technology, Media & Telecom Conference

24 May 2017 - 8:00am

BOISE, Idaho, May 24, 2017 (GLOBE NEWSWIRE) -- U.S. Geothermal Inc. (the “Company”) (NYSE MKT:HTM), a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, today announced that Douglas Glaspey, President and Chief Operating Officer, is scheduled to participate at the Cowen and Company, 45th Annual Technology, Media & Telecom Conference in New York, NY on Wednesday, May 31, 2017 at 3:30 p.m. ET.

The Cowen and Company 45th Annual Technology, Media & Telecom Conference is scheduled to take place at the Lotte New York Palace Hotel from May 31-June 1, 2017. 

About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The Company is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. The Company is also developing an additional estimated 115 MWs of projects at: the Geysers, California; a second phase project at San Emidio, Nevada; at Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala.  U.S. Geothermal’s growth goal is to reach over 200 MWs of generation by 2021 through a combination of internal development and strategic acquisitions.

Please visit our Website at: http://www.usgeothermal.com

About Cowen Inc.:
Cowen Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, sales and trading and prime brokerage services through its two business segments: Cowen Investment Management and its affiliates make up the Company’s alternative investment segment, while Cowen and Company, a member of FINRA and SIPC, and its affiliates make up the Company’s broker-dealer segment. Cowen Investment Management provides alternative asset management solutions to a global client base and manages a significant portion of Cowen’s proprietary capital. Cowen and Company and its affiliates offer industry focused investment banking for growth-oriented companies, domain knowledge-driven research, a sales and trading platform for institutional investors and a comprehensive suite of prime brokerage services. Founded in 1918, the firm is headquartered in New York and has offices worldwide. For additional information, visit www.cowen.com.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Scott Anderson – Director of Investor Relations and Corporate Communications
U.S. Geothermal Inc.
Tel:  208-424-1027
Fax: 208-424-1030
sanderson@usgeothermal.com

The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.  Readers are cautioned to review the risk factors identified by the company in its filings with United States Securities and Exchange Commission.  All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance, development schedules or estimated resources of U.S. Geothermal, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; interpretation of the results of well tests; project development; resource megawatt capacity; capital expenditures; timelines; strategic plans; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from U.S. Geothermal's expectations include the uncertainties involving the availability of financing in the debt and capital markets; uncertainties involved in the interpretation of results of well tests; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction; unexpected cost increases, which could include significant increases in estimated capital and operating costs; and other risks and uncertainties disclosed in U.S. Geothermal's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities and in other U.S. Geothermal reports and documents filed with applicable securities regulatory authorities from time to time. Forward-looking statements are based on management’s expectations, beliefs and opinions on the date the statements are made.  U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management’s expectations, beliefs, or opinions, or other factors, should change.

The NYSE MKT does not accept responsibility for the adequacy of this release.

Categories: State

OLISOL Petroleum Limited demands calling the Extraordinary General Shareholders Meeting of Tethys Petroleum Limited

24 May 2017 - 7:27am

HONG KONG, May 24, 2017 (GLOBE NEWSWIRE) -- OLISOL Petroleum Limited (“Olisol” or the “Company”) today announces that on May 23, 2017, having more than 10% shareholding in Tethys Petroleum Limited (“Tethys”), the Company exercised its right according to the paragraph 35(B) of Tethys’ Articles of Association having demanded from Board of Directors to call Extraordinary General Shareholders Meeting (“EGM”) at Tethys. The Company proposed having EGM on the same day and at the same place as the upcoming Annual General Shareholders Meeting of Tethys.

Accordingly, on the same day, May 23, 2017 Olisol provided Tethys Board with a draft notice on calling EGM including the resolutions that Olisol intends to include into the agenda and substantiation for the approval of those resolutions. When Tethys Board will send the official notice of EGM to the shareholders they are invited to consider the resolutions addressing important and strategic issues including the London delisting, suggestions on changes in Tethys Board, and to take their vote.

About Olisol

Olisol is headquartered in Almaty, Kazakhstan and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian Federation and Kazakhstan. Olisol has worked with Tethys in Kazakhstan for over seven years, is joint owner of the Aral Oil Terminal with Tethys and has its own fleet of special oil trucks involved in oil transportation from Tethys’ oil fields. Olisol, through its affiliates, is engaged in railroad transportation, processing of oil, storage and sale of oil products.

Disclaimer

Some of the statements in this press release are forward-looking. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “intends”, “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the foregoing. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company, Tethys or any other entity, and shareholders of Tethys, are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

CONTACT: Authorized Point of Contact: Darya Klimova Authorized Representative, OLISOL Petroleum Limited Tel.: +34 64 515 08 69 pr@olisol.ch
Categories: State

DCP Midstream to Participate in MLPA Investor Conference

24 May 2017 - 7:00am

DENVER, May 24, 2017 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE:DCP) announced that Wouter van Kempen, chairman, president and chief executive officer, and Sean O’Brien, group vice president and chief financial officer, will conduct a series of one-on-one and small group meetings with investment community representatives at the 2017 Annual MLPA Investor Conference in Orlando, Florida on May 31, 2017 and June 1, 2017.

The materials used at this conference will be posted on the Investors section of DCP Midstream’s website at www.dcpmidstream.com the morning of May 31, 2017.

MEDIA RELATIONS:Roz ElliottPhone:303-605-1707INVESTOR RELATIONS:Irene LoflandPhone:303-605-1822

ABOUT DCP MIDSTREAM, LP
DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering and selling condensate. DCP owns and operates more than 60 plants and 64,000 miles of natural gas and natural gas liquids pipelines, with operations in 17 states across major producing regions and leads the midstream segment as one of the largest natural gas liquids producers, marketers and gas processors in the U.S. Denver, Colorado based DCP is managed by its general partner, DCP Midstream GP, LP, which is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

Categories: State

NADL - North Atlantic Drilling Ltd. reports first quarter 2017 result

24 May 2017 - 6:11am


Highlights for the first quarter

  • Revenues of $72.6 million.
  • Operating loss of $24.5 million.
  • EBITDA of $30.6 million.
  • Economic Utilization of 98%.
  • Net loss of $52.9 million and net loss attributable to shareholders of $56.4 million. The loss per share was $2.34.
  • April 11, 2017, the Company announced it secured 10-year contract awards for the West Elara and West Linus with ConocoPhillips Skandinavia AS

Financial highlights

First quarter 2017 results

Revenues for the first quarter 2017 were $72.6 million compared to $81.8 million for the fourth quarter of 2016. The primary reason for the decrease is due to the West Epsilon concluding its contract in the fourth quarter and remaining idle. The fall is partly offset by the West Phoenix commencing operations in February 2017.

Operating loss for the first quarter was $24.5 million, compared to the fourth quarter of 2016 operating loss of $24.9 million. The impact on the total operating income of the West Phoenix starting operations is offset by the impact of the West Epsilon concluding its contract in the fourth quarter as noted above.

Net financial items for the first quarter of 2017 amounted to a charge of $28.5 million. The charge included $26.4 million in interest expenses and a gain on financial derivatives of $3.4 million, partly offset by a foreign exchange loss of $0.7 million related to the NOK1,500 million bond. The fourth quarter of 2016 incurred a net financial charge of $31.0 million, including interest expenses of $26.6 million, and a loss on derivatives of $17.6 million, partly offset by a foreign exchange loss of $14.9 million related to the NOK1,500 million bond.

Net loss for the first quarter was $52.9 million and net loss attributable to shareholders was $56.4 million, resulting in a basic loss per share of $2.34.  This is compared to net loss of $53.4 million and a net loss attributable to shareholders of $56.9 million for the fourth quarter of 2016.

Balance sheet as at March 31, 2017

As at March 31, 2017, total assets decreased to $2,795.5 million from $2,918.4 million compared to the previous quarter.

Total current assets decreased to $108.4 million from $176.2 million compared to the previous quarter. The decrease was mainly due to the fall in cash balances following repayments of long term debt, as noted below. Accounts receivables also decreased following the collection of receivables as contracts concluded and other settlements were made.

Total non-current assets decreased to $2,687.1 million from $2,742.2 million compared to the previous quarter. The decrease was mainly due to depreciation on drilling units.

Total current liabilities decreased to $1,211.9 million from $1,260.9 million compared to the previous quarter. The decrease is primarily due to repayments of debt of $41.7 million on the $2 billion credit facility, as well as a fall in the mark-to-market liability on our interest rate and cross currency swaps.

Total interest bearing debt, including related party debt and the current portion, decreased to $2,229.9 million from $2,280.2 million during the quarter.  During the first quarter the Company repaid $11.9 million on the SFL Linus $475 million credit facility. During the quarter, $21 million of the revolving credit facility with Seadrill was utilized and then fully repaid, and no balance was outstanding at March 31, 2017.

Total equity decreased to $329.0 million from $386.0 million compared to the previous quarter. The decrease is primarily due to the net loss for the quarter of $52.9 million.

Cash flow

As at March 31, 2017, cash and cash equivalents decreased to $42.9 million from $68.7 million compared to the fourth quarter of 2016.

For the three-month period ending March 31, 2017, net cash provided by operating activities was $25.8 million, net cash provided by investing activities amounted to $2.3 million, and net cash used in financing activities was $53.5 million. For the three-month period ending March 31, 2016, net cash used in operating activities was $15.0 million, net cash provided by investing activities amounted to $2.3 million, and net cash used in financing activities was $53.5 million. The increase in net cash from operating activities compared to the prior year is due to the increase in working capital inflows, partly offset by lower operating income.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/79b8be4d-cd13-4430-aff1-e6ed8b64f0c3

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/5e42c74f-f9bf-411b-9a32-edf63c7e3ff6

Categories: State

Providence Resources P.l.c. : Results of AGM

24 May 2017 - 5:31am

PROVIDENCE RESOURCES P.l.c.

RESULTS OF AGM

Dublin and London - May 24, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company, announces that, at the company's Annual General Meeting held earlier today in Dublin, all ordinary and special resolutions were duly passed.  The full text of each resolution was included in the notice of the meeting circulated to shareholders. 

The Company also presented shareholders with an extensive update on its exploration & appraisal portfolio offshore Ireland, including detailing the positive financial impact of the recently announced commercial transaction with Cairn, as well as outlining plans for the upcoming Druid & Drombeg exploration well, scheduled for late June.  A copy of the AGM presentation is available at providenceresources.com.

Tony O'Reilly, Chief Executive Officer commented:

"2016 was a year of significant operational & financial progress for Providence. With operations set to commence at Druid & Drombeg late next month, continued strong interest in offshore Ireland from global majors, our recently announced farm-in transaction with Cairn, and other ongoing commercial discussions, 2017 looks set to be another significant year in our development."

INVESTOR ENQUIRIES   Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer            Cenkos Securities plc Tel: +44 131 220 9771 Neil McDonald/Derrick Lee       J&E Davy Tel: +353 1 679 6363 Anthony Farrell       MEDIA ENQUIRIES   Powerscourt Tel: +44 207 250 1446 Lisa Kavanagh/Peter Ogden       Murray Consultants Tel: +353 1 498 0300 Pauline McAlester  

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on the AIM in London and the ESM in Dublin.

Categories: State

VivoPower International PLC Announces Substantial Completion and Partial Sale of 47 MW Solar Project in North Carolina

24 May 2017 - 5:08am

LONDON, May 24, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq:VVPR) (“VivoPower” or the “Company”), a global next generation solar power company, today announced the substantial completion and partial sale of its 47 MW dc solar project (“Project”) in Maxton, North Carolina.

VivoPower’s indirect, wholly-owned subsidiary, US-NC-47 Sponsor Partner, LLC has transferred a majority interest in the Project to a subsidiary of New Energy Solar, a sustainable investment business ("NES"). Following the partial sale, an affiliate of the Company has retained a minority interest and will provide management services to the Project under a management services agreement.

In addition, U.S. Bancorp Community Development Corporation, a division of U.S. Bank, (“USBCDC”), (VivoPower and NES’ partner in the lower tier subsidiary, IS-47 Holdings, LLC), has completed the partial transfer of Membership Interests to an affiliate of Starbucks Corporation. As part of their renewable energy strategy, Starbucks Corporation has also agreed to purchase Solar Renewable Energy Certificates (“SRECs”) from the Project under the terms of an agreement with VivoRex, LLC, a wholly-owned subsidiary of VivoPower.

The Project has resulted in approximately $22 million of economic impact in Robeson County over the course of 2016 and the first half of 2017.

Dr. Philip Comberg, Chief Executive Officer of VivoPower, commented, “We are pleased to have completed the construction and transfer of the project to NES, bringing sustainable energy to thousands of households and contributing to further economic development in Maxton. The completion of this project further establishes a successful track record for the Company’s build, transfer and operate model. Additionally, the Company is excited to bring Starbucks into the Project, and looks forward to future opportunities to work together in furthering Starbucks’ impressive sustainability initiatives”.

"This project demonstrates how corporations can collaborate with renewable energy providers and investors like USBCDC to improve the environment by bringing more green energy options online," said Chris Roetheli, vice president of USBCDC renewable energy syndications.

Tom Kline, Chief Executive Officer of NES commented, “NES is delighted its second North Carolina Project is now operational and selling power under a long term power purchase agreement with Duke Energy Progress, Inc. We are very pleased with our partnership with VivoPower and the Project they have delivered, and look forward to continuing to work together. We are also very pleased to have worked with U.S. Bancorp and Starbucks in the financing of the Project.”

About VivoPower

VivoPower is a global next generation solar power company that operates a build, transfer and operate (BTO) model to establish an installed solar power asset base in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long term power purchasing agreements and then arranges corporate and project financing, engineering design and equipment procurement, and manages the construction and development of such solar PV projects for long-term asset owners. VivoPower intends to leverage this asset base to sell distributed generation power, and manage and provide power support services (encompassing operations, maintenance and optimization) and data driven energy services for commercial, industrial and government customers, pursuant to long term contracts with the asset owners so as to maximize the performance and value of their solar assets.

About NES

NES is a sustainable investment business initially focused on investing in large-scale solar power stations.  NES is an unlisted stapled entity consisting of New Energy Solar Fund (Trust) and New Energy Solar Limited (Company).

The objective of the business is to help investors generate positive social impact alongside attractive financial returns through the combination of distributions from operating solar assets and growth through new acquisitions and developments in the solar and renewables sectors.

NES will focus on acquiring and maintaining a diversified portfolio of solar and renewable energy assets across the globe, with an initial focus on solar assets with contracted cash flows in the US, Australia, and select Asian markets.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws.  Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions.  The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.  Forward-looking statements may include, for example, statements about the benefits of the transactions described in this communication and the power expected to generated by the North Carolina project. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks uncertainties and contingencies include business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.

CONTACT: Contact:  Carl Weatherley-White Chief Financial Officer shareholders@vivopower.com
Categories: State

Resolutions of the Annual General Meeting of Fingrid Oyj

24 May 2017 - 4:20am

Helsinki, Finland, 2017-05-24 11:20 CEST (GLOBE NEWSWIRE) -- Fingrid Oyj
Resolutions of the Annual General Meeting, 24 May 2017, at 12:20 EET

 

Fingrid Oyj's Annual General Meeting was held today, 24 May 2017, in Helsinki. The AGM approved the financial statements for 2016 and discharged the members of the Board of Directors and the CEO from liability.

The AGM elected Fingrid Oyj’s Board of Directors for the term that ends at the close of the next Annual General Meeting. Juhani Järvi continues as Chair of the Board of Directors. The other board members are Juha Majanen, (Vice Chair), Anu Hämäläinen, Sanna Syri and Esko Torsti. A more detailed presentation of the board members is available on the company’s website.

The AGM decided to pay a dividend of EUR 37,536.09 for each Series A share and EUR 16,038.49 for each Series B share, for a total of EUR 97,999,992.05.

PricewaterhouseCoopers Oy, which appointed Heikki Lassila, APA, as the principal auditor, was elected as the auditor of the company.

Further information:
Jukka Ruusunen, CEO, tel. +358 (0)30 395 5140 or +358 (0)40 593 8428
Jan Montell, CFO, tel. +358 (0)30 395 5213 or +358 (0)40 592 4419


 

Categories: State

FRO - Invitation to Q1 2017 Results Conference Call and Webcast

24 May 2017 - 2:35am


Frontline Ltd.'s preliminary first quarter 2017 results will be released on Tuesday May 30, 2017 and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at www.frontline.bm ahead of the conference call.

In order to attend the conference call you may do one of the following:

a. Webcast
Go to the Investor Relations section at www.frontline.bm and follow the "Webcast" link.

b. Conference Call
Participant dial-in telephone numbers:

International Dial-In/UK Local                          +44(0)20 3427 1905
Norway                                                            +472350 0486
Norway Toll Free                                             800 56054
UK Toll Free                                                    0800 279 4992
USA Toll Free                                                  1877 280 1254
USA Local                                                       +1646 254 3362
Conference ID                                                 6041861

Participants will be asked for their full name & Conference ID.

A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session.

The presentation material which will be used in the teleconference/webcast can be downloaded from www.frontline.bm.

Replay details (available for 7 days)     
           
International Dial-In/UK Local                          +44 (0)20 3427 0598
UK Toll Free                                                    0800 358 7735
Norway Dial-In                                                 +47 2100 0498
USA Toll Free                                                  1866 932 5017
USA Local                                                       +1 347 366 9565
Replay Access Number                                    6041861

Participant information required: Full name & company


Categories: State

DONG Energy enters an agreement to divest its upstream oil and gas business to INEOS

24 May 2017 - 12:56am

DONG Energy has today agreed to divest the entire share capital of DONG E&P A/S to INEOS for an unconditional payment of USD 1,050 million (DKK 7.0 billion) on a cash and debt free basis, a contingent payment of USD 150 million (DKK 1.0 billion) related to the Fredericia stabilisation plant and a contingent payment of up to USD 100 million (DKK 0.7 billion) subject to the development of the Rosebank field.

INEOS will, by acquiring DONG E&P A/S, take over decommissioning liabilities of approximately DKK 7.0 billion. DONG Energy will retain all cash flows until 30 June 2017 (free cash flow was DKK 2.1 billion in Q1, 2017) and retain all hedge contracts related to the Oil & Gas business (market value was DKK 1.9 billion as at 31 March 2017).

Henrik Poulsen, CEO of DONG Energy, said:
“Since the decision in 2016 to divest our upstream oil and gas business, we’ve actively worked to get the best transaction by selling the business as a whole, getting a good and fair price for it and ensuring the optimal conditions for the long-term development of the oil and gas business. With the agreement with INEOS we’ve obtained just that.”

“The transaction completes the transformation of DONG Energy into a leading, pure play renewables company,” Henrik Poulsen concluded.

The transaction is expected to result in a gain on sale of enterprises of approximately DKK 2.5 billion including the contingent payment related to the Fredericia stabilisation plant. The gain will be presented as part of net profit from discontinued operations in DONG Energy's financial statements after closing.

Of the USD 1,050 million unconditional consideration, USD 250 million (DKK 1.7 billion) will be payable from 2018 to 2020.
Closing of the transaction is subject to regulatory and certain other third party approvals and is expected to take place in the third quarter of 2017.

At closing of the transaction, approximately 440 employees working for DONG Energy Oil & Gas will transfer to employment with the INEOS group.

J.P. Morgan acted as exclusive financial adviser to DONG Energy in connection with the transaction.

The information provided in this announcement does not change DONG Energy's previously announced outlook for the 2017 financial year as Oil & Gas is presented as an asset held for sale and discontinued operations.


A conference call for investors and analysts will take place today, Wednesday 24 May 2017, at 10:00 (CET).

Denmark: +45 35 44 55 83
UK: +44 (0) 203 194 0544
US: +1 855 269 2604


For further information, please contact:

Media Relations
Martin Barlebo
+45 99 55 95 52

Investor Relations
Henrik Brünniche Lund
+45 99 55 97 22


About INEOS
• Leading manufacturer of petrochemicals, specialty chemicals and oil products
• 18,500 employees across 105 manufacturing sites worldwide
• Turnover of around USD 40 billion in 2016.

About DONG Energy Oil & Gas
• Around 440 people are working in DONG Energy Oil & Gas
• In total 50 licences in Denmark, Norway and the UK
• Daily production of oil and gas in 2016 averaged 100,000 barrels of oil equivalents
• 70% of production in 2016 came from Norwegian fields, about 15% production from Danish fields and another 15% production from the West of Shetland fields in the UK.


DONG Energy (NASDAQ OMX: DENERG) is one of Northern Europe’s leading energy groups and is headquartered in Denmark. Around 6,200 ambitious employees develop, construct and operate offshore wind farms, generate power and heat from our power stations as well as supply and trade in energy to wholesale, business and residential customers. The continuing part of the Group has approx 5,800 employees and generated a revenue in 2016 of DKK 61 billion (EUR 8.2 billion). Read more on www.dongenergy.com.

Categories: State

LINN Energy Announces the Sale of a Portion of Its California Assets for $263 Million

23 May 2017 - 6:08pm

HOUSTON, May 23, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today that it has signed a definitive agreement to sell its interest in properties located in the San Joaquin Basin, California to an undisclosed buyer for a contract price of $263 million, subject to closing adjustments.

This sale represents the first executed agreement of the Company’s non-core divestiture program. LINN continues to market the previously announced non-core asset sales and there remains significant interest in each of those packages. Year-to-date, the Company has announced sale agreements with contract prices totaling $844.5 million with net proceeds expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and term loan. Pro-forma for these transactions, the Company expects to have less than $50 million in total debt outstanding.

The California properties, located in Kern County, consist of approximately 500 total net acres in the South Belridge Field. First quarter net production was approximately 3,000 BOE/d, proved developed reserves of ~11.7 MMBOE(1) and proved developed PV-10 of approximately $168 million.(2) The Company forecasts full-year adjusted EBITDAX associated with these properties of approximately $30 million.(3) In the second half of the year, the Company had budgeted $21 million of capital for the development of these properties. This capital will be redeployed for the development of growth projects or used to further de-lever the balance sheet.

The transaction is expected to close no later than July 31, 2017 with an effective date of March 1, 2017. This transaction is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions.

Tudor, Pickering, Holt & Co. and Jefferies LLC acted as co-financial advisors and Kirkland & Ellis LLP as legal counsel during the transaction.

  1. Proved developed reserves as of March 1, 2017 with updated pricing of $3.00 per MMBtu for natural gas and $50.00 per bbl for oil.
  2. PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes with the pricing and timing assumptions noted in footnote (1).
  3. The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies.  Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP.  Adjusted EBITDAX should not be considered in isolation or as a substitute for GAAP. As previously disclosed, total company (LINN Energy, Inc.) projected adjusted EBITDAX for 2017 is $496 million and total expected capital expenditures for 2017 is $413 million based on pricing estimates of $3.33 per MMBtu for natural gas and $50.51 per bbl for oil.

ABOUT LINN ENERGY

LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company’s core focus is the upstream and midstream development of the SCOOP / STACK / Merge in Oklahoma. Additionally, the Company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets. More information about LINN Energy is available at www.linnenergy.com.

Forward-Looking Statements
Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, ability to execute planned asset sales, continued low or further  declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to  hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.

CONTACT: CONTACTS: LINN Energy, Inc. Investors: Thomas Belsha, Vice President — Investor Relations & Corporate Development (281) 840-4110 ir@linnenergy.com
Categories: State

Sanchez Energy to Pay Dividends on Series A and Series B Convertible Perpetual Preferred Stock in Common Stock

23 May 2017 - 4:00pm

HOUSTON, May 23, 2017 (GLOBE NEWSWIRE) -- Sanchez Energy Corporation (NYSE:SN) (“Sanchez Energy” or the “Company”) today announced that the Board of Directors has declared a quarterly dividend of $0.609375 per share on its 4.875% Convertible Perpetual Preferred Stock, Series A and $0.812500 per share on its 6.500% Convertible Perpetual Preferred Stock, Series B (together, the “Convertible Perpetual Preferred Stock”).  The quarterly dividends on the Convertible Perpetual Preferred Stock will be payable on July 3, 2017 to holders of record on June 15, 2017.  The Company has elected to pay 100% of the dividends on the Convertible Perpetual Preferred Stock in shares of common stock of the Company to the extent permitted by the certificate of designations for each series of the Convertible Perpetual Preferred Stock.  The common shares issued as dividends on the Convertible Perpetual Preferred Stock will be listed and tradable on the New York Stock Exchange. 

ABOUT SANCHEZ ENERGY CORPORATION
Sanchez Energy Corporation (NYSE:SN) is an independent exploration and production company focused on the acquisition and development of U.S. onshore unconventional oil and natural gas resources, with a current focus on the Eagle Ford Shale in South Texas where, as of March 31, 2017, the Company has assembled approximately 360,000 net acres. For more information about Sanchez Energy Corporation, please visit our website:  www.sanchezenergycorp.com.

CONTACT: COMPANY CONTACT: Kevin Smith VP Investor Relations (281) 925-4828 Cham King Investor Relations & Capital Markets (713) 756-2797 General Inquiries: (877) 847-0008 www.sanchezenergycorp.com
Categories: State

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