TransGlobe Energy Corporation fell as much as 10 per cent early Monday after announcing its financial and operating results for the three months ended June 30, 2011. Highlights included "rapid" production growth in West Gharib, second quarter production of 11,356 Bopd, up 30 per cent from quarter one in 2011. TransGlobe said it achieved record second quarter average production of 11,826 Bopd, (Egypt 11,356 Bopd, Yemen 470 Bopd). It said July production averaged 13,313 Bopd, (Egypt 11,685 Bopd, Yemen 1,628 Bopd) with Block S-1 back on production starting July 16th. It also announced record production since July 17th, averaging approximately 14,080 Bopd, (Egypt 11,260 Bopd, Yemen 2,820 Bopd); Record quarter two funds flow of $29.3-million (U.S.), or $0.39 a share, a 21 per cent increase over quarter one; and second quarter net earnings of $21.9-million (U.S.) or $0.29 a share.
BioExx Specialty Proteins Ltd. lost a quarter of its value and hit near two year lows at 53 cents early Monday after announcing that Chris Carl has resigned as chairman and chief executive officer. Chief financial officer, Chris Schnarr, has been appointed interim CEO, effective immediately. It said the board of directors will commence a search and hiring process for a permanent CEO, reflective of the needs of the company as it moves forward with the execution of its business plan and to renew and ensure continued value creation for shareholders.
Oil and gas exploration company Quetzal Energy Ltd. struck a new year low of six cents early Monday after announcing Robert Szczuczko had stepped down as its CEO. It named Ron MacMicken interim president and CEO.
Pason Systems Inc. announced today its 2011 second quarter results and also approved a capital budget for the twelve month period to June 30, 2012, which is expected to amount to approximately $64-million of which 66 per cent will be for new equipment, 27 per cent for maintenance capital expenditures and 7 per cent for capitalized research and development costs. On its results, Pason said the oil and gas industry continues to actively pursue shale gas plays and new oil targets. It added this resulted in increases in drilling activity throughout North America, which helped Pason announce record second quarter revenue. Revenue was $62.4-million, up 22 per cent from the $51.0-million recorded in 2010 while EBITDA at $25.9-million improved by 20 per cent . Cash flow was $22.9-million, up 22 per cent from the prior year and earnings continued to rebound from the slump of two years ago, with a second quarter result of $8.2-million versus $6.2-million last year. Earnings per share for the quarter was $0.09 up 12 per cent from the $0.08 earned in 2010.
Parkland Fuel Corporation , Canada's largest independent fuel distributor and marketer, on Friday announced its binding agreement to divest the Petrohaul and Wiebe long-haul transportation businesses to Seaboard Liquid Carriers Ltd. for $23.5-million, subject to closing conditions. It said the transaction is expected to be accretive to both parties and will allow Parkland to more efficiently deploy capital and resources in the area of fuel marketing. Parkland said it has also entered into a multi-year service agreement with Seaboard for distribution services in the markets previously served by Petrohaul and Wiebe, which currently account for less than one third of Parkland's long-haul transportation in Canada.
St Andrew Goldfields Ltd. lost early gains -- it touched 78 cents in the opening minutes -- and was trading at or near year lows after today announcing encouraging results from the ongoing definition drilling program at the Taylor Project, located in the western portion of the company's land package in the Timmins mining district. Highlights of drilling included: hole TA11-017 7.24 g/t Au over 7.5 metres, including 33.90 g/t Au over 1.5 metres; hole TA11-019 4.95 g/t Au over 12.0 metres, including 20.67 g/t Au over 2.3 metres; hole TA11-020 9.88 g/t Au over 9.0 metres, including 58.20 g/t Au over 0.5 metres; hole TA11-023 7.05 g/t Au over 5.5 metres, including 26.80 g/t Au over 0.5 metres.
Mirasol Resources Ltd. announced results from infill drilling at the La Negra deposit, Joaquin Silver Project in Santa Cruz Province, Argentina. Highlights include a near-surface "manto" intercept of 31 metres grading 301 grams per tonne silver and 0.26 g/t gold, that includes an intercept of 5.0 metres containing 1,081 g/t silver and 1.20 g/t gold in oxide mineralization east of the feeder zone in the central part of the deposit. In the northern part of the deposit, a shallow sulphide intercept returned 13.0 metres of 996 g/t silver and 1.47 g/t gold including 2.9 metres of 4,168 g/t silver and 1.53 g/t gold.
EnWave Corporation announced today that the company has strengthened its Intellectual Property portfolio through the allowance of a key patent application for its nutraREV food dehydration technology. The company has also filed a new patent application on its powderREV bulk biomaterial dehydration technology, and received a favourable report on patentability from the international Patent Cooperation Treaty Examiner on its first powderREV patent filed with the PCT in 2010. EnWave's business model provides exclusive testing rights and royalty-bearing licenses for products created using the company's proprietary Radiant Energy Vacuum dehydration technologies. Patents are the basis on which the company is able to grant exclusivity of use to its multinational partners, all of whom are contributing to the introduction of this dehydration method to the global processing industry.
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