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Contains the last 10 releases
Updated: 1 year 15 weeks ago

Neste: The US withdrawal from the Paris Agreement is unfortunate

2 June 2017 - 1:00am

Neste Corporation
Press release
2 June 2017 at 9 am (EET)

Neste: The US withdrawal from the Paris Agreement is unfortunate

The US withdrawal from the Paris Climate Agreement is a saddening turn for the international battle against climate change. However, the exit of the world's second largest emitter of greenhouse gases does not signal the downfall of the Agreement, which still has extremely strong international support. Of the 197 countries that signed the Paris Agreement, 147 have already ratified it.

The United States has not made any changes to its own federal legislation on renewable fuels (RFS, Renewable Fuel Standard). Based on this standard, the United States' Environmental Protection Agency (EPA) has set increasing obligations for renewable fuels for 2017 and 2018. The State of California's Low Carbon Fuel Standard also remains in force.

"The fight against climate change will continue, and Neste's renewable products support states, cities and businesses in the US in their ambitious targets for reducing emissions," says Executive Vice President of Renewable Products at Neste Kaisa Hietala.

Neste MY Renewable Diesel can reduce carbon dioxide emissions by as much as 90% compared to conventional fossil diesel. The company's global operating model enables optimized sales between various markets. In 2016, approximately 70% of the sales of Neste's renewable fuels is to Europe, and the remainder is to North America.

Neste Corporation

Kaisa Lipponen
Director, Corporate Communications

More information: Kaisa Hietala, Executive Vice President, Renewable Products, tel. +358 50 458 4128

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable choices for the needs of transport, businesses and consumers. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner, whose expertise, R&D and sustainable practices are widely respected. In 2016, Neste's net sales stood at EUR 11.7 billion, and we were on the Global 100 list of the 100 most sustainable companies in the world. Read more: neste.com/en

Categories: State

NCS Multistage Holdings, Inc. Appoints John Ravensbergen as Chief Technology Officer

1 June 2017 - 4:00pm

HOUSTON, June 01, 2017 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) has named John Ravensbergen, P.Eng., to the position of Chief Technology Officer. He will head the company’s Corporate Technology Group, which combines Engineering, Emerging Technology, Research & Development, and Intellectual Property. The group identifies and develops new technologies and plays a key role in acquiring and integrating complementary technologies.

In making the announcement, NCS President Marty Stromquist said, “Over the past six years at NCS, John Ravensbergen has been instrumental in turning our ideas into successful commercial products. His dedication to technology is indisputable among his peer group of scientists, researchers and engineers. I have been lucky enough to work with some of our industry's top engineers, and John is truly one of the best. He is a true leader and role model in our industry.”

Ravensbergen joined NCS as Engineering Manager in 2011 and has served as Vice President of Research & Development since 2012. Prior to joining NCS, he was an Engineering Manager for Baker Hughes and for BJ Services. As a design manager in coiled tubing research and development, he has developed innovative coiled tubing processes, deployment systems, and bottomhole assemblies for underbalanced directional drilling, well cleanout, multilateral acid stimulation, and multistage hydraulic fracturing completions. Ravensbergen now has more than 27 years of experience in the oil and gas industry. He holds numerous patents and has authored many technical papers. He received a B.S. in Mechanical Engineering from the University of Calgary.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies. The Company provides products and services to exploration and production companies for use in horizontal wells in unconventional oil and natural gas formations throughout North America and in selected international markets, including Argentina, China and Russia. The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “NCSM.” Additional information is available on the Company’s website, www.ncsmultistage.com.

CONTACT: Contact: Ryan Hummer Chief Financial Officer (281) 453-2222 IR@ncsmultistage.com
Categories: State

Range Declares Quarterly Dividend

1 June 2017 - 4:00pm

FORT WORTH, Texas, June 01, 2017 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE:RRC) today announced that its Board of Directors declared a quarterly cash dividend on its common stock for the second quarter.  A dividend of $0.02 per common share is payable on June 30, 2017 to stockholders of record at the close of business on June 15, 2017. 

RANGE RESOURCES CORPORATION (NYSE:RRC) is a leading U.S. independent natural gas, NGL and oil producer with operations focused in stacked-pay projects in the Appalachian Basin and North Louisiana.  The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

CONTACT: Range Investor Contacts: Laith Sando, Vice President – Investor Relations 817-869-4267 lsando@rangeresources.com David Amend, Investor Relations Manager 817-869-4266 damend@rangeresources.com Michael Freeman, Senior Financial Analyst 817-869-4264 mfreeman@rangeresources.com Josh Stevens, Financial Analyst 817-869-1564 jrstevens@rangeresources.com or Range Media Contact: Michael Mackin, Director of Public Affairs 724-873-3224 mmackin@rangeresources.com www.rangeresources.com
Categories: State

Marathon Oil Closes Acquisition of Northern Delaware Acreage and Sale of Canadian Business

1 June 2017 - 3:30pm

HOUSTON, June 01, 2017 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) announced today it has closed the acquisition of approximately 21,000 net surface acres in the Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million, excluding closing adjustments. The effective date of this transaction is March 1, 2017. Combined with the acquisition from BC Operating, which closed May 1, Marathon Oil’s total position in the Permian Basin is 91,000 net surface acres.

On May 31, the Company closed on the sale of its Canadian subsidiary to Shell and Canadian Natural Resources Limited for a total transaction value of $2.5 billion in cash, excluding closing adjustments. Marathon Oil received proceeds of approximately $1.75 billion, with the remaining proceeds to be paid in first quarter 2018. The effective date of the transaction is Jan. 1, 2017. The Canadian sale includes the Company’s 20 percent non-operated interest in the Athabasca Oil Sands Project (AOSP).

# # #

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including statements regarding the payment of the remaining proceeds, are forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, certain factors could cause actual results to differ from those projected. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.

CONTACT: Media Relations Contact Lee Warren: 713-296-4103 Investor Relations Contact Zach Dailey: 713-296-4140
Categories: State

Halcón Resources Announces Initial Production Results on its First Operated Well in the Delaware Basin and Provides an Update on Other Activities

1 June 2017 - 3:15pm

Houston, Texas, June 01, 2017 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”) today provided production data on its first operated well in the Delaware Basin and provided an update on other Company activities. 

Halcón’s CRMWD 79 #1H well on the southern portion of its Ward County acreage was put online in early May of 2017.  This well (100% working interest) was completed with an effective lateral length of ~5,167 feet targeting the Wolfcamp A interval.  The well’s current peak 10 day average rate is 1,235 boe/d, despite flowing back on a restricted choke, with production comprised of ~84% oil (2 stream).  The well’s current 20 day average production rate is 1,038 boe/d.  Both the 10 and 20 day peak rates are continuing to increase as the productivity of the well continues to be very strong.  The well’s latest 24 hour production rate was 1,519 boe/d (82% oil) on a 28/64” choke with wellhead pressure of 2,016 PSI.  After adjusting for lateral length, this well’s early performance is significantly exceeding Halcón’s type curve EUR estimates for its Ward County acreage of 1,258 Mboe for a 10,000 foot lateral. 

Given the successful results of its initial well, the Company will exercise its option to acquire 6,720 net acres in the southern tract of its Ward County acreage for $11,000 per acre, on or prior to the option expiration date of June 15, 2017.  Halcón also plans to spud a vertical well on the northern tract (8,320 net acres) of its Ward County acreage in the third quarter of 2017, expected to be followed by a horizontal well shortly thereafter.  As previously disclosed, the Company currently expects to exercise its option to acquire this acreage position for $11,000/acre on or before the option expiration date of December 31, 2017.

Halcón also recently closed an acquisition of 3,634 net acres in Pecos County for $88.0 million.  This acreage represents a partner’s interest in Halcón operated units.  Current production associated with this acquisition is ~790 boe/d, and after adjusting for current production at an assumed value of $40,000 per flowing boe/d, this acquisition equates to an effective purchase price of $15,520 per net acre.  Separately, the Company continues to add additional acreage near its existing positions in Pecos and Ward Counties.  Halcón currently has approximately 41,555 net acres in the Delaware Basin either acquired or under contract at an average adjusted purchase price of $20,342 per acre (assuming a value of $40,000 per flowing boe/d for current production).  Halcón‘s Delaware Basin assets are currently producing ~4,500 boe/d net which is well above its forecast for the area.  The Company plans to continue to run 2 rigs on its Delaware Basin properties for the remainder of 2017 and will begin completion activities on its first Pecos County well in mid-June of 2017 with a dedicated frac fleet that will operate for the remainder of the year in the Delaware Basin.    

In the Williston Basin, Halcón is currently pursuing a sale of its non-operated assets.  These properties currently produce ~2,350 boe/d (91% oil) and include 15,600 net acres and over 1,000 gross undeveloped locations across the Williston Basin.  Halcón expects to complete this sale later this summer, subject to an acceptable offer.    

The Company plans to use the anticipated proceeds from the Williston Basin non-operated asset sale, as well as borrowings on its senior revolving credit facility, to fund the Ward County option acreage and other Pecos County acreage acquisitions mentioned herein. 

Pro forma for these transactions, Halcón expects to have adequate liquidity to fund its planned drilling program without the need for additional capital beyond borrowings on its senior revolving credit facility. 

About Halcón Resources

Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

For more information contact Quentin Hicks, Senior Vice President of Finance & Investor Relations, at 832-538-0557 or qhicks@halconresources.com.

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved.  Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and other filings submitted by the Company to the U.S. Securities and Exchange Commission (SEC), copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.

Categories: State

Vega Biofuels to Build Biochar Manufacturing Plant in Alaska

1 June 2017 - 10:51am

NORCROSS, Ga., June 01, 2017 (GLOBE NEWSWIRE) -- Vega Biofuels, Inc. (OTCPink:VGPR) announced today that it has entered into an Agreement to build a Biochar manufacturing plant in Anchorage, AK that will produce Biochar to be used in a high grade agricultural growing medium for legal cannabis growers in Alaska and the Pacific Northwest.

Vega recently announced that it had entered into a reseller Agreement with an Anchorage cannabis start-up to market Vega’s Biochar throughout the State of Alaska.  As a result of this effort and the response the Company received at the recent Cannacon Convention in Santa Rosa, CA, Vega now plans to build a manufacturing plant in Anchorage that will produce the torrefied Biochar.  Vega will utilize patent pending torrefaction technology at the new facility.  The specialized machine will be manufactured in Virginia and shipped directly to the Anchorage facility.

Biochar is a highly absorbent specially designed charcoal-type product primarily used as a soil enhancement for the agricultural industry to significantly increase crop yields. Biochar is made from timber waste using torrefaction technology and the Company’s patent pending torrefaction machine.  The introduction of Biochar into soil is not like applying fertilizer; it is the beginning of a process.  Most of the benefit is achieved through microbes and fungi.  They colonize its massive surface area and integrate into the Biochar and the surrounding soil, dramatically increasing the soil’s ability to nurture plant growth and provide increased crop yield.  Cannabis growers currently using Biochar as a soil enhancement have reported dramatic increases in plant production.

“The cost of shipping the product from the east coast to Alaska is a major issue that we’ve been working on the past few weeks,” stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. “After the response we received during the Santa Rosa meetings, we finally made the decision to move the manufacturing process closer to our customers and cut out the high shipping costs.  The machine will utilize our patent pending torrefaction technology and will have a capacity of approximately three tons per hour.  The legal cannabis industry has exploded in places like Oregon and Washington and we see the same trend happening in Alaska. Our product is proven and is currently used in various other agricultural applications, not just the cannabis industry.  Eliminating the shipping costs will have a direct impact on our bottom line.”

About Vega Biofuels, Inc. (OTCPink: VGPR):

Vega Biofuels, Inc. is a cutting-edge energy company that manufactures and markets a renewable energy product called Bio-Coal and a soil enhancement called Biochar, both made from timber waste using unique technology called torrefaction.  Torrefaction is the treatment of biomass at high temperatures under low oxygen conditions.  For more information, please visit our website at vegabiofuels.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.

CONTACT: CONTACT: Vega Biofuels, Inc.: 800-481-0186 info@vegabiofuels.com vegabiofuels.com @vegabiofuels
Categories: State

Sunrun Brings Solar Energy Savings To Homeowners In Texas

1 June 2017 - 8:05am

SAN FRANCISCO, June 01, 2017 (GLOBE NEWSWIRE) -- The stars at night are not the only things that are big and bright in the great state of Texas.  Sunrun Inc. (Nasdaq:RUN), the largest dedicated residential solar, storage and energy services company in the United States, announced today that it is expanding its home solar service to Texas, one of the sunniest and most populous states in the U.S.

Sunrun also announced an innovative offer with ENGIE Resources LLC to bundle retail energy, inclusive of a 20-year net metering agreement, with its residential retail energy company, Think Energy. Sunrun customers in Texas will have Think Energy as their Retail Energy Provider enabling them to get retail energy credit for every kilowatt of excess generation that flows to the grid, access that credit when they consume energy from the grid, and purchase energy at a fixed rate when they consume in excess of their solar generation. This virtual net metering agreement is the first time that a retail provider and solar company have bundled a twenty-year net metering guarantee.

Sunrun is the pioneer in the solar as a service model, making it simple and affordable for homeowners to go solar. Sunrun has already helped nearly 135,000 homeowners save on their electricity bills. Sunrun will offer Texas homeowners the option to purchase their solar system, lease, or finance it through a third party loan arranged by Sunrun.

“Solar is a win-win for Texas. Texas homeowners benefit from solar costs being at an all-time low giving them greater control over their energy and all Texans win from solar energy’s ability to contribute to the grid clean renewable energy when temperatures are at their highest and so is demand for energy,” said Lynn Jurich, Chief Executive Officer of Sunrun. “We look forward to working with Think Energy by ENGIE to give Texas homeowners a choice to better control their electric bills and demonstrate the value of distributed energy resources in meeting Texas’ energy infrastructure needs.”

Sunrun is now available to serve homeowners throughout Houston and surrounding areas with plans to expand to other cities in Texas in the coming months.

“We know well the power of the sun in Texas and are excited to create a new option for homeowners in Houston and other Texas cities by working with Sunrun,” said John Henderson, head of Think Energy. “Combining rooftop solar with, when needed, grid power at a transparent, fixed rate is a great demonstration of Think Energy’s commitment to make it easy for customers to integrate renewable energy into their daily lives.”

With the addition of Texas, Sunrun is now available in 19 states.

Sunrun gives homeowners access to the smartest energy source – sunlight – and takes care of everything so families can focus on more important things, like putting savings back in their pockets each month. Texas homeowners will be able to save with the sun with Sunrun’s customized solar design and agreement based on the unique needs of their home and lifestyle. Today, Sunrun is proud to power forward in Texas.

About Sunrun

Sunrun (Nasdaq:RUN) is the nation’s largest dedicated residential solar, storage and energy services company with a mission to create a planet run by the sun. Since establishing the solar as a service model in 2007, Sunrun leads the industry in providing clean energy to homeowners with little to no upfront cost and at a savings to traditional electricity. The company designs, installs, finances, insures, monitors and maintains the systems, while families receive predictable pricing for 20 years or more. The company also offers Sunrun BrightBox™ solar power generation with smart inverter technology and home battery storage. For more information, please visit: www.sunrun.com.

About Think Energy

Think Energy is a retail electricity provider focusing on residential and small commercial customers. Think Energy – a business of ENGIE Resources NA, one of the largest commercial retail electricity providers in the United States – is also part of the international energy group ENGIE, which has been serving customers, large and small, for more than 175 years. For additional information, visit thinkenergy.com, or follow Think Energy on Twitter @ThinkEnergy and Facebook.com/ThinkEnergy.

CONTACT: Trina Smith Trina.Smith@sunrun.com 425.269.4636
Categories: State

Elite Group, Inc. Addresses Shareholders

1 June 2017 - 7:30am

FRISCO, Texas, June 01, 2017 (GLOBE NEWSWIRE) -- Elite Group, Inc. (OTC:ELTZ) would like to address shareholders on several key developments and changes that have recently occurred within the corporation.

First and foremost, in March the company officially changed its name on OTC Markets from Elite Books, Inc. to Elite Group, Inc.  This move was motivated by a change in direction of the corporation towards the Oil and Gas sector. 

Secondly, realizing the usefulness of social media, the company has contracted a service to disseminate news and information to shareholders via Twitter and Facebook.  Once this service is up and running we will put out a news release encouraging shareholders to follow and like these pages and to check them frequently for information.  Additionally, the company has contracted The Olibri Group of Tampa Florida to perform Investor Relations duties.  As of this release any shareholder wishing to get information about Elite Group is encouraged to call or email The Olibri Group.  Their contact information will be at the end of this release.

Lastly, the company is pleased to announce that we are in the final stages of negotiations for the purchase of several Oil and Gas related acquisitions.  We are working day and night to complete the purchase, and expect that it will be completed in the near term.

Elite Group CEO Terrence Tecco said, “We realize that our communication with shareholders has not been to the standards we like, and have put into place a plan to deliver information on a more regular basis.  We are moving in the right direction, into a space where monumental growth can be achieved with the right plan.”

The company wishes to thank our current shareholders for their continued support and welcome all new shareholders that choose to invest in Elite Group, Inc.

Safe Harbor Act Notice: Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

CONTACT: For further information please contact: Briggs Smith The Olibri Group info@olibrigroup.com 813-438-5225
Categories: State

DNO ASA: Annual General Meeting Held

1 June 2017 - 7:01am

Oslo, 1 June 2017 - The Annual General Meeting of DNO ASA was held today, on 1 June 2017 at 10:00 AM CET, at Oslo Concert Hall, Lille Sal at Munkedamsveien 14, 0250 Oslo, Norway.

All resolutions put to the 2017 Annual General Meeting were passed by shareholders.

The minutes from the meeting are attached.

--

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/04acf351-4859-4040-a1b0-5f107f76f240

Categories: State

Thunder Energies Initiates Development of a Real Time Detection of Natural Elements in Mines

1 June 2017 - 7:00am

TARPON SPRINGS, Fla., June 01, 2017 (GLOBE NEWSWIRE) -- Dr. Ruggero M. Santilli, CEO and Chief Scientist of Thunder Energies Corporation, a publicly traded company with stock symbol (OTC:TNRG), announces the development for production and sale of real time detectors of natural elements in mines via the use of the source of neutrons synthesized from the Hydrogen gas. See the short movie on the operation of Thunder Energies neutron source http://thunder-energies.com/docs/MagnaPower.mp4, the neutron counts per seconds from the Ludlum detector model 375 remote sensors http://thunder-energies.com/docs/Ludlum-Alarms.mp4, the confirmation of this detection by the Berkeley Nucleonics neutron detector SAM 940 http://thunder-energies.com/docs/Sam-Alarms.mp4 and the confirmation of neutron detection by the detector Polimaster model PM1704 http://thunder-energies.com/docs/polimaster-reading.pdf.

Dr. Santilli states: "The presence and concentration of natural elements in mines is currently done by sending soil samples to analytic laboratories, thus requiring considerable time. It is well established in physics that natural elements irradiated with low energy neutrons are transmuted into other elements by emitting photons, also called gammas, with a characteristic frequency which is different for different elements. Therefore the detection of the characteristic photons identifies with precision the presence of the irradiated natural element, while the number of photons detected per seconds, when calibrated over the background, allows the identification of the concentration of the natural element. As an example, when irradiated with low energy neutrons, the Silver isotope 47-Ag-109 is transmuted into the Cadmium isotope 48-Cd-110 by emitting a photon with the energy of 236 keV, and similar emissions occur for Gold, Lithium and other natural elements." See the tabulated data http://www4vip.inl.gov/gammaray/catalogs/pdf/gecat.pdf.

"Following decades of research I initiated at Harvard University under DOE support in the 1980's, and continued with private funds," Dr. Santilli continues, "Thunder Energies Corporation is in production and sale of a low energy neutron source (patent pending) producing a flux of neutrons synthesized from the Hydrogen gas, whose existence and operations have been confirmed by a team of scientists from the U.S.A., Europe and Asia http://www.globenewswire.com/news-release/2017/05/30/1000034/0/en/Scientists-Confirm-the-Synthesis-of-Neutrons-from-a-Hydrogen-Gas-by-Thunder-Energies-Corporation.html. This neutron source is precisely what is needed to irradiate walls in mines, by merely adding a variety of gamma detectors to identify the frequency and number of photons emitted per second, by therefore identifying in real time presence and concentration of a desired natural element. Our Company is now seeking funds to organize production and sale of this cutting edge American technology. It should be indicated that this application of our neutron source is in addition to its main application, that for the detection of fissionable nuclear material that may be smuggled in containers or suitcases." http://www.b-tv.com/thunder-energies-nuclear-corporate-video.

Forward Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve 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. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

CONTACT: Dr. Ruggero M. Santilli CEO and Chief Scientist Thunder Energies Corp www.thunder-energies.com 727-940-3944
Categories: State

Delphi Energy Completes Annual Credit Facility Review

1 June 2017 - 6:45am

**Not for distribution to United States News Services or Dissemination in the United States**

CALGARY, Alberta, June 01, 2017 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that it has extended the term of its $80 million senior secured revolving credit facility with a syndicate of banks, led by Alberta Treasury Branches and including the Bank of Nova Scotia, until May 29, 2018. Delphi’s credit facility is expected to be largely undrawn upon closing of the recently announced Financing Transaction.

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 and the impact of the Financing Transaction on Delphi’s liquidity.

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, 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 Measures. The release contains the terms “funds from operations”, “funds from operations per share”, “net debt”, “net debt to funds from operations ratio”, “operating netbacks” “cash netbacks” and “netbacks” which are not recognized measures under IFRS.  The Company uses these measures 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. Management uses funds from operations to analyze performance and considers it a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investments and to repay debt. Funds from operations is a non-IFRS measure and has been defined by the Company as cash flow from operating activities before accretion on long term and subordinated debt, decommissioning expenditures and changes in non-cash working capital from operating activities. The Company also presents funds from operations per share whereby amounts per share are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Delphi’s determination of funds from operations may not be comparable to that reported by other companies nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS.  The Company has defined net debt as the sum of long term debt and subordinated debt plus/minus working capital excluding the current portion of the fair value of financial instruments. Net debt is used by management to monitor remaining availability under its credit facilities. Net debt to funds from operations ratio is defined as net debt to annualized quarterly funds from operations, based on the most recently completed quarter. This ratio is used to calculate the Company’s compliance with its net debt to funds from operations ratio covenant. 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

SPI Energy Co., Ltd. Announces Agreement with Capital Stage AG to Sell UK Solar Project

1 June 2017 - 6:30am

HONG KONG, June 01, 2017 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ:SPI), a global clean energy market place for business, residential, government and utility customers and investors, today announced that its wholly-owned subsidiary, SPI China(HK) Limited, has entered into an agreement to sell the entire issued share capital of Todderstaffe Solar Limited (“Todderstaffe Farm”), which holds a solar project in the United Kingdom with the capacity of approximately 4.5 megawatts (MW), to the SDAX-listed Capital Stage AG (“Capital Stage”), Germany’s largest independent solar park operator.

The Todderstaffe Farm solar project is located in Poulton, Lancashire. The project commenced construction in January, 2017 and was connected to the grid end of March 2017. The Todderstaffe Farm solar project is eligible to receive Renewables Obligation Certificates (ROCs) at 1.2 ROCs/MWh under the UK's Renewables Obligation (RO) scheme.

"We are delighted to work with valuable partner Capital Stage, Germany’s largest independent solar park operator and a leading clean energy investor on the sale of Todderstaffe Farm solar project," said Xiaofeng Peng, Chairman and Chief Executive Officer of SPI Energy. "The success of this transaction is another testament to the quality of our solar farm projects and the growing track record of delivering bankable solar power solutions in the UK market.”

Holger Götze, COO at Capital Stage, said, "We are very pleased to work with SPI Energy on the Todderstaffe Farm solar power project, which gave us the opportunity to acquire an attractive and high quality solar park that will add to our already existing clean energy investments in the UK. With the new acquisition our generating capacity in the UK will increase to over 90 MW in total."

About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. is a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI Energy focuses on the EPC/BT, storage and O2O PV market including the development, financing, installation, operation and sale of utility-scale and residential PV projects in China, Japan, Europe and North America. The Company operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products for both upstream and downstream suppliers and customers. The Company has its operating headquarters in Hong Kong and maintains global operations in Asia, Europe, North America and Australia. For additional information, please visit: www.spisolar.com.

About Capital Stage AG

Capital Stage AG is listed on the SDAX of the Deutsche Börse (German stock exchange) and is Germany’s largest independent solar park operator. The core business is the acquisition and operation of solar parks and (onshore) wind farms. Capital Stage also offers professional investors attractive opportunities to invest in renewable energy plants. Capital Stage has become one of the leading independent European power producers (IPP) with a total of 161 solar parks and 47 wind farms summing up to a generation capacity of almost 1.3 GW in Germany, Denmark, Austria, Italy, France, Finland, the United Kingdom and Sweden.

Safe Harbor Statement

This release contains certain “forward-looking statements.” These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. All forward-looking statements included in this release are based upon information available to the Company as of the date of this release, which may change, and the Company undertakes no obligation to update or revise any forward-looking statements, except as may be required under applicable securities law. 

CONTACT: For investors and media inquiries please contact: SPI Energy Co., Ltd. Pearl Peng, Investor Relations Director Email: pearl.peng@spisolar.com
Categories: State

GasLog Partners LP Announces Acquisition Of GasLog Geneva From GasLog Ltd. For $211 Million

1 June 2017 - 5:50am

MONACO - June 1, 2017 - GasLog Partners LP (NYSE:GLOP) ("GasLog Partners" or the "Partnership") and GasLog Ltd. (NYSE:GLOG) ("GasLog") announced today that they have approved entering into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Geneva (the "Acquisition"). The aggregate purchase price for the Acquisition will be $211 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent preference unit offering, and the assumption of $155 million of GasLog Geneva's existing debt. The Acquisition is expected to close in the third quarter of 2017 and is subject to satisfaction of certain customary closing conditions. The Board of Directors of GasLog, the Board of Directors of GasLog Partners (the "Board") and the Conflicts Committee of the Board have approved the Acquisition.

GasLog Geneva is a 174,000 cubic meter tri-fuel diesel electric liquefied natural gas ("LNG") carrier built in 2016 and operated by GasLog since delivery. The vessel is currently on a long-term time charter with a wholly owned subsidiary of Royal Dutch Shell plc ("Shell") through September 2023. Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or eight years. 

The Partnership believes that the Acquisition will be immediately accretive to unitholder distributions and is consistent with its strategy to grow cash distributions through dropdown and third-party acquisitions. GasLog Partners estimates that GasLog Geneva will add approximately $23 million to EBITDA(1) in the first 12 months after closing. Accordingly, the Acquisition purchase price represents a multiple of approximately 9.1x(2) estimated EBITDA.

Upon closing, the Acquisition will be supportive of GasLog Partners' guidance to grow unitholder distributions at a 10% to 15% compound annual rate from IPO through 2017. The Partnership intends to recommend an annualized distribution of greater than $2.09 per unit by the fourth quarter of 2017.

Andy Orekar, Chief Executive Officer of GasLog Partners, stated, "I am very pleased to continue executing our growth strategy with this accretive dropdown transaction. GasLog Geneva represents the eighth LNG carrier the Partnership will have acquired from GasLog since our IPO, and this strategically attractive vessel plus its charter to Shell provide over six years of stable cash flows. The Acquisition expands the Partnership's fleet to eleven wholly owned LNG carriers, extends our average remaining charter duration and significantly increases our revenues and EBITDA."

Paul Wogan, Chief Executive Officer of GasLog, stated, "We continue to execute on our strategy of dropping vessels into GasLog Partners and recycling the capital to GasLog. This transaction values GasLog Geneva at a premium to book value, allowing us to strengthen our balance sheet and providing further funding for future profitable growth. Through our unit ownership and incentive distribution rights, we will benefit from future increases in GasLog Partners' distributions, which should continue to enhance our cash flow, growth prospects and valuation. Based on the Partnership's distribution growth guidance, GasLog's annualized distributions received from GasLog Partners are expected to equal approximately $26 million by the fourth quarter of 2017, an increase of approximately 13% compared to the annualized distributions received in the fourth quarter of 2016."

(1)EBITDA is a non-GAAP financial measure. Please refer to Exhibit I for guidance on the underlying assumptions used to derive EBITDA.

(2)Acquisition multiple is calculated using net purchase price of $210 million.

About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters. Upon closing of the Acquisition, GasLog Partners' fleet will consist of eleven LNG carriers with an average carrying capacity of approximately 154,000 cbm. GasLog Partners' principal executive offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit GasLog Partners' website at http://www.gaslogmlp.com.

About GasLog
GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 27 LNG carriers (22 ships on the water and 5 on order). GasLog also has an additional LNG carrier which was sold to a subsidiary of Mitsui Co. Ltd. and leased back under a long-term bareboat charter. Upon closing of the Acquisition, GasLog's consolidated fleet will include eleven LNG carriers in operation owned by GasLog's subsidiary, GasLog Partners. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit GasLog's website at http://www.gaslogltd.com.

Forward-Looking Statements
All statements in this press release that are not statements of historical fact are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Partnership expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial position, liquidity and cash available for dividends or distributions, plans, strategies, business prospects and changes and trends in our business and the markets in which we operate. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this press release, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.

Factors that might cause future results and outcomes to differ include, but are not limited to, the following:

  • general LNG shipping market conditions and trends, including spot and long-term charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, technological advancements and opportunities for the profitable operations of LNG carriers;
  • continued low prices for crude oil and petroleum products and volatility in gas prices;
  • our ability to leverage GasLog's relationships and reputation in the shipping industry;
  • our ability to enter into time charters with new and existing customers;
  • changes in the ownership of our charterers;
  • our customers' performance of their obligations under our time charters and other contracts;
  • our future operating performance, financial condition, liquidity and cash available for dividends and distributions;
  • our ability to purchase vessels from GasLog in the future;
  • our ability to obtain financing to fund capital expenditures, acquisitions and other corporate activities, funding by banks of their financial commitments, funding by GasLog of the revolving credit facility with GasLog entered into on April 3, 2017 and our ability to meet our restrictive covenants and other obligations under our credit facilities;
  • future, pending or recent acquisitions of ships or other assets, business strategy, areas of possible expansion and expected capital spending or operating expenses;
  • our expectations about the time that it may take to construct and deliver newbuildings and the useful lives of our ships;
  • number of off-hire days, dry-docking requirements and insurance costs;
  • fluctuations in currencies and interest rates;
  • our ability to maintain long-term relationships with major energy companies;
  • our ability to maximize the use of our ships, including the re-employment or disposal of ships no longer under time charter commitments, including the risk that our vessels may no longer have the latest technology at such time;
  • environmental and regulatory conditions, including changes in laws and regulations or actions taken by regulatory authorities;
  • the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, requirements imposed by classification societies and standards imposed by our charterers applicable to our business;
  • risks inherent in ship operation, including the discharge of pollutants;
  • GasLog's ability to retain key employees and provide services to us, and the availability of skilled labor, ship crews and management;
  • potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists;
  • potential liability from future litigation;
  • our business strategy and other plans and objectives for future operations;
  • any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach; and
  • other risks and uncertainties described in the Partnership's Annual Report on Form 20-F filed with the SEC on February 13, 2017, available at http://www.sec.gov.

GasLog and GasLog Partners undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, a change in our views or expectations or otherwise. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

The declaration and payment of distributions are at all times subject to the discretion of our board of directors and will depend on, amongst other things, risks and uncertainties described above, restrictions in our credit facilities, the provisions of Marshall Islands law and such other factors as our board of directors may deem relevant.

EXHIBIT I

Non-GAAP Financial Measures

EBITDA

EBITDA is defined as earnings before interest income and expense, gain/loss on interest rate swaps, taxes, depreciation and amortization.  EBITDA, which is a non-GAAP financial measure, is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Partnership believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. The Partnership believes that including EBITDA assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our ongoing financial and operational strength in assessing whether to continue to hold our common units. This increased comparability is achieved by excluding the potentially disparate effects between periods of interest, gain/loss on interest rate swaps, taxes, depreciation and amortization, which items are affected by various and possibly changing financing methods, financial market conditions, capital structure and historical cost basis and which items may significantly affect results of operations between periods.

EBITDA has limitations as an analytical tool and should not be considered as an alternative to, or as a substitute for, or superior to profit, profit from operations, earnings per unit or any other measure of financial performance presented in accordance with IFRS. Some of these limitations include the fact that it does not reflect (i) our cash expenditures or future requirements for capital expenditures or contractual commitments, (ii) changes in, or cash requirements for, our working capital needs and (iii) the cash requirements necessary to service interest or principal payments, on our debt. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. It is not adjusted for all non-cash income or expense items that are reflected in our statement of cash flows and other companies in our industry may calculate this measure differently to how we do, limiting its usefulness as a comparative measure.

For the entity owning GasLog Geneva, estimated EBITDA for the first 12 months of operation following the completion of the Acquisition is based on the following assumptions:

·         closing of the Acquisition in the third quarter of 2017 and timely receipt of charter hire specified in the charter contracts;
·         utilization of 363 days and no drydocking;
·         vessel operating and supervision costs and charter commissions per current internal estimates; and
·         general and administrative expenses based on management's current internal estimates.

GasLog and GasLog Partners consider the above assumptions to be reasonable as of June [x], 2017, but if these assumptions prove to be incorrect, actual EBITDA for the entity owning the vessel could differ materially from our estimates. The prospective financial information was not prepared with a view toward public disclosure or with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants, but, in the view of management, was prepared on a reasonable basis and reflects the best currently available estimates and judgments. However, this information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this document are cautioned not to place undue reliance on the prospective financial information. Neither our independent auditors nor any other independent accountants have compiled, examined, or performed any procedures with respect to the prospective financial information contained above, nor have they expressed any opinion or any other form of assurance on such information or its achievability and assume no responsibility for, and disclaim any association with, such prospective financial information.

Contacts:
Alastair Maxwell
Chief Financial Officer
Phone: +44-203-388-3105

Jamie Buckland
Head of Investor Relations
Phone: +44-203-388-3116
Email: ir@gaslogltd.com

Samaan Aziz
Investor Relations Manager
Phone: +1-212-223-0643
Email: ir@gaslogmlp.com

Categories: State

LINN Energy Closes on the Jonah Sale, Announces Amendment to Credit Agreement and Authorization of Initial Share Repurchase Program

1 June 2017 - 5:45am

HOUSTON, June 01, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) today announces closing on the sale of its assets in the Jonah Field and Pinedale Anticline in Wyoming (the “Jonah Sale”). The Company also announces it has fully repaid and retired its LIBOR +750 Term Loan due 2021 and amended its Revolving Credit Agreement effective May 31, 2017. In addition, the Company’s Board of Directors (the “Board”) has authorized a share repurchase program effective May 31, 2017.

Asset Sales Update
On May 31, 2017, the Company closed on the previously announced Jonah Sale for a contract price of $581.5 million and after customary closing adjustments and transaction costs, the Company received net cash proceeds of approximately $561 million. During 2017, the Company has announced sale agreements with contract prices totaling $916 million. Pro forma for the closing of these transactions, LINN expects to extinguish all remaining outstanding borrowings under the Company’s Revolving Credit Agreement.

Credit Amendment
Concurrently with the closing of the Jonah Sale, the Company entered into the First Amendment and Consent to its Credit Agreement, which among other things:

  • Repaid and retired the LIBOR +750 Term Loan due 2021 and removed the non-conforming borrowing base resulting in a fully conforming Revolving Credit Facility with an initial borrowing base of $1 billion
  • Permitted the disposition or contribution of certain assets in exchange for equity interests, subject to certain restrictions
  • Permitted share repurchases and payments of dividends in an amount up to $75 million for the next 12 months without limitation and subject to a leverage and liquidity test thereafter
  • Amended certain asset sale and exchange covenants to provide for greater flexibility
  • Specified the borrowing base reduction to be attributed to each of the Company’s announced non-core asset sales
  • Moved the first scheduled borrowing base redetermination up from April 2018 to October 2017
  • Amended the leverage ratio covenant to provide for a maximum of 4x beginning September 2017 through maturity (previously ranged from 6.75x to 4.50x)
  • Added a current ratio test requiring the Company to maintain a ratio of current assets (including undrawn capacity) to current liabilities of no less than 1:1 beginning September 2017

Initial Share Repurchase Program
The Board has authorized an initial share repurchase program of up to $75 million of the Company’s outstanding shares of Class A Common Stock (“shares”). The Company may purchase shares from time to time on the open market or in negotiated purchases. The timing and amounts of any such repurchases of shares will be at the discretion of management and the Board, subject to market conditions and certain other factors, and will be in accordance with applicable securities laws and other legal requirements, including restrictions contained in the Company’s Revolving Credit Agreement. The repurchase plan does not obligate the Company to acquire any specific number of shares and may be discontinued at any time.

“We have made tremendous progress in a very short period of time. Since our emergence from bankruptcy at the end of February, we have successfully executed on our capital program, entered into multiple agreements to sell non-core assets and expect to extinguish all of our outstanding debt after closing on those transactions. In addition, we have amended our credit agreement and the Board has authorized an initial share repurchase program. These moves significantly increase our financial flexibility as we continue to transform LINN into a growth oriented company. At current prices, we believe our equity is undervalued in the market given, among other things, the success of our non-core asset divestitures, our large position in the core of the SCOOP / STACK / Merge, the related Chisholm Trail midstream business and our other remaining high quality growth assets. We will continue to work closely with our Board to evaluate strategic ways to further increase shareholder value,” said Mark E. Ellis, President and Chief Executive Officer.

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.  

CONTACT:

Thomas Belsha, Vice President — Investor Relations & Corporate Development
LINN Energy, Inc.
(281) 840-4110
ir@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.

Categories: State

SPI Energy Co., Ltd. Announces Receipt of Minimum Bid Price Notice From NASDAQ

1 June 2017 - 5:30am

HONG KONG, June 01, 2017 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (Nasdaq:SPI), a global clean energy market place for business, residential, government and utility customers and investors, today announced that it received a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”) on May 25, 2017 notifying the Company that the minimum bid price per American depositary share (“ADS”), each representing ten ordinary shares of the Company, was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules. The Nasdaq notification letter does not result in the immediate delisting of the Company’s securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until November 21, 2017 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by November 21, 2017, the Company may transfer to the Nasdaq Capital Market where, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar day compliance period if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.

About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. is a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI Energy focuses on the EPC/BT, storage and O2O PV market including the development, financing, installation, operation and sale of utility-scale and residential PV projects in China, Japan, Europe and North America. The Company operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products for both upstream and downstream suppliers and customers. The Company has its operating headquarters in Hong Kong and maintains global operations in Asia, Europe, North America and Australia. For additional information, please visit: www.spisolar.com.

CONTACT: For investors and media inquiries please contact: SPI Energy Co., Ltd. IR Department Email: ir@spisolar.com
Categories: State

TGS: Stock options exercised

31 May 2017 - 4:27pm

ASKER, NORWAY (31 May 2017) - 12 option holders have today, exercised in total 105,375 stock options. All the options were 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 116,180 treasury shares.

The following primary insiders in TGS have on 31 May 2017 traded TGS shares related to their exercise of stock options:

Kristian Johansen, CEO, has exercised 27,000 stock options and sold 23,500 shares in TGS at an average price of NOK 178.64 per share. After this transaction, Kristian Johansen holds 14,500 shares in TGS.

Knut Agersborg, VP Operations, has exercised 11,000 stock options and sold the same number of shares in TGS at an average price of NOK 178.64 per share. After this transaction, Knut Agersborg holds 3,700 shares in TGS. 

Attached is the list of the primary insiders exercising stock options.

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.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/4ab3bda9-3f7f-4b7e-b87d-136bf6ca2018

Categories: State

UPDATED SHARE CAPITAL AND VOTING RIGHTS FOR BLACKPEARL

31 May 2017 - 4:00pm

CALGARY, ALBERTA - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX: PXX) (NASDAQ Stockholm: PXXS) reports the following, in accordance with the Swedish Financial Instruments Trading Act:

As a result of the exercise of stock options, as at May 31, 2017, the number of issued and outstanding shares of the Company is 336,250,902 common shares with voting rights.

 

For further information, please contact: 

John Festival - President and Chief Executive Officer
Tel.: (403) 215-8313
 
  Don Cook – Chief Financial Officer
Tel: (403) 215-8313
 
  Robert Eriksson – Investor Relations Sweden
Tel.: +46 701-112615
 
   

The information in this release is subject to the disclosure requirements of BlackPearl Resources Inc. under the Swedish Financial Instruments Trading Act. The information was submitted for publication at 3:00 p.m. Mountain Time on May 31, 2017. 

Categories: State

NADL - Rosneft Framework Agreement Extension

31 May 2017 - 3:30pm


Hamilton, Bermuda, May 31, 2017 - On August 22, 2014, North Atlantic Drilling Ltd ("NADL") and Seadrill Limited ("Seadrill") announced that they had entered into a Framework Agreement with Rosneft Oil Company. In November 2014 the long stop date for closing this transaction was extended to the end of May 2015 and subsequently extended further to the end of May 2017. 

Today, the parties have agreed to further extend the long stop date of the Framework Agreement until May 31, 2019. 

During this time, NADL and Seadrill can continue to market the offshore drilling rigs and enter into binding contracts with third parties.

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

Categories: State

Transocean Ltd. Sells Jackup Fleet to Borr Drilling

31 May 2017 - 3:17pm

ZUG, Switzerland, May 31, 2017 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) announced today that it has completed the previously disclosed transaction to sell its jackup fleet to Borr Drilling Limited (“Borr”) for a total consideration of approximately $1.35 billion. The sale included the company’s 10 high-specification jackups and five jackups under construction at Keppel FELS Limited’s (“Keppel”) shipyard in Singapore.

The company received cash of approximately $320 million associated with the sale. Additionally, the transaction transfers to Borr the company’s remaining financial obligations related to the five jackups under construction at Keppel. Transocean is expected to continue operating the three jackups working in Thailand until the current drilling contracts expire and will reflect the associated revenue and expenses in income from continuing operations.

“The sale of our jackup fleet is consistent with our strategic goal of remaining the industry’s undisputed leader in the ultra-deepwater and harsh environment markets, where our high quality assets, unmatched operational experience and trusted customer relationships provide us with a clear competitive advantage,” said Jeremy Thigpen, President and Chief Executive Officer.

“Further,” added Mark Mey, Executive Vice President and Chief Financial Officer, “this transaction is consistent with our goal of enhancing liquidity to provide greater strategic optionality. We have taken an impairment of approximately $1.6 billion in relation to the sale of the jackup fleet to Borr, but continue to remain comfortably within our debt to tangible capitalization ratio in our revolving credit facility.”

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of 46 mobile offshore drilling units consisting of 30 ultra-deepwater floaters, seven harsh environment floaters, three deepwater floaters and six midwater floaters. In addition, the company has four ultra-deepwater drillships under construction or under contract to be constructed.

For more information about Transocean, please visit: www.deepwater.com.

Forward-Looking Statements

The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2016, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. 

CONTACT: Analyst Contacts:                                                                   Bradley Alexander +1 713-232-7515 Diane Vento +1 713-232-8015 Media Contact: Pam Easton +1 713-232-7647
Categories: State

Neste issues EUR 400 million bond

31 May 2017 - 11:31am

Neste Corporation
Stock Exchange Release
31 May 2017 at 7.30 pm. (EET)

Neste issues EUR 400 million bond

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NOTES OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Neste Corporation issues a EUR 400 million bond. The 7-year bond carries a coupon of 1.500 per cent. The bond offering was allocated to 136 investors. Neste Corporation will apply for the listing of the bond on Nasdaq Helsinki Ltd.

The proceeds from the issue will be used for the partial repurchase of the existing EUR 400 million notes due 2019 and the existing EUR 500 million notes due 2022. BNP Paribas, ING Bank N.V. and Nordea Bank AB (publ) acted as joint lead managers for the transaction.

For more information, please contact:

Mika Rydman, Vice President and Group Treasurer, Neste, tel. +358 10 458 4710
Olli Kivi, Manager, Corporate Finance, Group Treasury, Neste, tel. +358 10 458 4683

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable choices for the needs of transport, businesses and consumers. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner, whose expertise, R&D and sustainable practices are widely respected. In 2016, Neste's net sales stood at EUR 11.7 billion, and we were on the Global 100 list of the 100 most sustainable companies in the world. Read more: neste.com/en

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This communication does not constitute an offer of notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the notes. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as "relevant persons"). In addition, this communication is, in any event only directed at persons who are "qualified investors" pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Categories: State

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