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.
Geodrill Limited , a West African based drilling company, reported its financial results for the three-months ended June 30, 2011. It said revenue was up 40 per cent to $16.6-million (U.S.). It secured new drill contracts with Pelangio Exploration Inc., Abzu Gold Ltd, and PMI Gold Corporation and increased the number of drill rigs in operation to 22 with an additional 7 rigs in transition or under manufacturing. It completed 242,627 meters of drilling, a 92 per cent increase for the quarter as compared to quarter two 2010. For the six month period ended June 30, 2011 the company completed 429,567 meters, which is a 79 per cent increase over the same period of the previous year.
Second Wave Petroleum Inc. announced that it has now drilled and completed its first four Judy Creek Beaverhill Lake horizontal oil wells under the terms of its previously announced Joint Venture and Farm-Out Agreement. All of the wells were drilled by Second Wave to a total depth exceeding 4,000 meters and will qualify for a 5 per cent incentive royalty rate for 42 months or 90,000 boe of production, whichever comes first.
Lundin Petroleum AB , which closed Friday at year low levels, today announced that the drilling of exploration/appraisal well 16/2-8 on the Aldous South prospect in PL265 in the Norwegian North Sea has resulted in a significant oil discovery. It said the discovery is most likely an extension of the Avalsdnes discovery made by Lundin Petroleum in PL501. Ashley Heppenstall, president and CEO of Lundin Petroleum, said, "The Aldous Major South well is of major significance confirming the extension of the Avaldsnes discovery to the west into PL 265 with an increased reservoir thickness above the oil-water contact and continued excellent reservoir characteristics. Avaldsnes/ Aldous Major South is a world class oil discovery and likely to be one of the largest Norwegian fields found in recent years." Lundin Petroleum is a partner with 10 per cemt interest in PL265. Statoil ASA is the operator with 40 per cent, Petoro has 30 per cent and Det Norske oljeselskap ASA has 20 per cent interest.
Rockwell Diamonds Inc. announced today that its Saxendrift mine produced a windfall day's production on August 2, 2011 and stated it had received confirmation of the Section 11 cession by the Department of Mineral Resources (DMR) for its Tirisano acquisition. It said: "On Tuesday August 2, 2011 373 carats were recovered at Rockwell's Saxendrift mine representing approximately half of the mine's budgeted monthly production in a single day. This is not only a record at the mine, but the highest daily production ever achieved within Rockwell's five year operating history. Among the stones recovered were four large stones weighing 180, 94, 43 and 34 carats."
Luna Gold Corp. today announced its results for the three months ended June 30, 2011. Net loss was $7.7-million in the second quarter and was $7.5-million for the year to date. Operating cash outflow before working capital was $5.5-million in the second quarter and was $6.3-million for the year to date. The company said it had successfully completed the planned Aurizona plant upgrade in April and recommenced ramp up of gold production. Aurizona gold production was approximately 5,600 ounces in Q2 and was approximately 14,800 ounces for the year to date. Gold production since the plant upgrade in April has steadily increased month on month. On its outlook, Luna Gold said Aurizona gold production target for the 2011 year was revised to approximately 40,000 ounces for the 2011 year at a targeted cash cost of between $900 and $915 per ounce. The second half of the 2011 year targeted cash cost is between $620 and $640 per ounce of production. The company said it remains on target to complete 30,000 metres of the ongoing 40,000 meter Aurizona exploration drill program and release an updated NI 43-101 compliant resource in the fourth quarter 2011. Its Cachoeira and Aurizona Expansion scoping study will be completed and the results released in the second quarter 2012.
Village Farms International Inc. announced today results for the second quarter ended June 30, 2011. Revenues increased 15 per cent to $53.7-million (U.S.) compared to second quarter 2010 revenues of $46.5-million; Earnings per share of $0.01 versus a loss of $0.04 during the second quarter of 2010; Net income increased to $0.5-million versus a net loss of $1.6-million for the second quarter of 2010; EBITDA increased 30 per cent to $6.0-million. Chief executive officer Michael A DeGiglio said, "We were pleased with our second quarter results supporting strong growth in revenues and income despite a remaining production issue during our last crop cycle that impacted our cost of production in one of our Texas greenhouses. We are pleased with the way we managed through the issue and that crop has been completed. Our Canadian crop is performing well and we have commenced initial harvesting from our new Texas crops. Pricing remains ahead of our forecast and prior year and we continue to increase our marketing partner relationships and capacity throughout North America."