Nasdaq GlobeNewswire Stories

  • Velvet Energy Comments on Iron Bridge Resources’ Directors’ Circular
    on June 20, 2018 at 10:00 AM

    Velvet Energy’s offer of $0.75 in cash per common share represents a significant 58% premium to the $0.475 closing price of Iron Bridge common shares on May 11, 2018, the last trading day prior to the submission of Velvet’s offer letter to the Iron Bridge board of directors. Velvet’s all-cash offer represents full and fair value and certainty, which is financially superior to the high-risk “go it alone” alternative. Velvet’s offer is not subject to due diligence and has only limited conditions that are customary for a takeover offer of this kind.Iron Bridge common shares have underperformed, even in a strengthening commodity price environment, reflecting the market’s concerns with Iron Bridge’s business plan and financing ability. Iron Bridge shareholders can tender their shares now by contacting Kingsdale Advisors at 1-866-879-7650 or by e-mail at contactus@kingsdaleadvisors.com.CALGARY, Alberta, June 20, 2018 (GLOBE NEWSWIRE) -- Velvet Energy Ltd. (“Velvet” or “We” or “Us”) today commented on the recently published Directors’ Circular (the “Circular”) issued by Iron Bridge Resources Inc. (TSX:IBR) (“Iron Bridge” or the “Company”) regarding Velvet’s all-cash offer (the “Offer”). “It is clear from our conversations with supportive shareholders that they believe the Velvet Offer is in their best interests and superior to the uncertainty of a standalone plan,” said Ken Woolner, President and Chief Executive Officer of Velvet Energy. “There is nothing in the Iron Bridge Directors' Circular that provides a realistic strategic direction for Iron Bridge or that detracts from the strength of our $0.75 per share Offer, which represents a significant 58% all-cash premium to Iron Bridge’s pre-Offer common share price of $0.475, immediate liquidity, and certainty of value against the backdrop of a very uncertain market and a risky Iron Bridge standalone plan.” Velvet urges Iron Bridge shareholders to consider the following points as they review the Circular: VELVET’S OFFER REPRESENTS A SIGNIFICANT 58% CASH PREMIUM TO MARKET PRICE Velvet’s 58% premium is fair to Iron Bridge shareholders especially considering the current merger and acquisition environment in the oil and gas sector in Canada, where the two most recent transactions – Baytex Energy/Raging River Exploration and Vermilion Resources /Spartan Energy – saw respective premiums of only 10% and 5%. More broadly, across all takeover transactions in all sectors in Canada since 2000, the median premium was approximately 26%. Iron Bridge’s attempt to discount the premium Velvet is offering and claim credit for stock appreciation fails to account for the fact that Iron Bridge had our $0.75 offer letter in hand for nearly a week prior to the Iron Bridge dissemination of a press release regarding certain well results. During that interim period the stock traded at more than three times the year-to-date average daily volume at higher prices. For this reason, the closing common share price on the TSX on May 11, 2018, the last trading day prior to the submission of Velvet’s offer letter to the Iron Bridge board of directors, is the most accurate reference point when evaluating the size of the effective premium. The effective premium is significantly higher when compared to Iron Bridges’ standalone prospects and unattractive financing options – highly dilutive equity or very expensive and non-traditional debt.At this time, Velvet’s Offer is the highest price and valuation available for Iron Bridge common shares. If Velvet’s Offer was not made or is not accepted, Iron Bridge common shares would be trading materially below $0.75, given the market understands that any junior oil and gas standalone plan will require some form of financing transaction, which has substantial execution risk for a company such as Iron Bridge.MARKET VALIDATES VELVET’S VALUATION Research analysts and public markets support $0.75 per share as a fair valuation for Iron Bridge.— The volume-weighted average price of Iron Bridge’s common shares since the launch of our Offer on May 22, 2018 on all Canadian exchanges is $0.75, demonstrating that the market agrees with the valuation of Velvet’s Offer.— In addition, the median one-year forward target price of the equity research analysts that cover Iron Bridge is also $0.75, further validating the market’s support of the Offer. Notably, these target prices were established subsequent to both the Velvet Offer and the disclosure of new well results from Iron Bridge.REFUTING IRON BRIDGE ASSERTIONS The underperformance of Iron Bridge’s share price is the result of its financial constraints and poor operating results, despite the significant increase in the price of crude oil. Iron Bridge makes an unsubstantiated assertion that there are 500 viable drilling locations on the Company’s lands. Even if this assertion was true, extracting this resource would require over $3.5 billion of capital, unattainable by a company with a pre-Offer market capitalization of approximately $74 million. To put potential dilution into perspective, if our Offer was withdrawn and Iron Bridge’s common shares return to the pre-Offer price of $0.475, the Company would have to issue over 14 million common shares to deliver one additional producing well at the estimated cost of $7.1 million– equivalent to 9.5% dilution per well.Iron Bridge’s future prospects are weighed down by poor cash flow and negative working capital. Following the closing of its Waskahigan asset sale on October 17, 2017, Iron Bridge estimated corporate working capital of $45 million. Based on Iron Bridge’s most recent quarterly disclosure, that surplus swung to a deficit of approximately $2.2 million at March 31, 2018 with marginal corporate cash flow. The numbers don’t lie – any standalone plan for Iron Bridge will require significant financing, the availability and cost of which is highly uncertain and risky for a junior oil and gas company such as Iron Bridge.The synergies Iron Bridge references in its Circular are only available to Iron Bridge in a combination with Velvet and this value is fully reflected in our 58% premium Offer. Velvet believes that a financially superior offer for Iron Bridge is highly unlikely.CERTAINTY OF VALUE vs. UNCERTAIN FUTURE Iron Bridge speaks of having financing “term sheets in-hand”, yet the Fairness Opinion by Iron Bridge’s financial advisor, which lists all documents they reviewed, mentions only “An indicative debt financing proposal received by Iron Bridge in May 2018”. If additional financing was indeed readily available, one would think that given the large capital spending requirements facing the Company, management would proactively execute a financing to avoid allowing available capital to decline to the current nominal unused capacity on its $5 million bank line. Any debt financing, including debt convertible into equity, if achievable, would be costly given the risk profile of Iron Bridge and would represent a significant transfer of economic value (and potentially control) from shareholders to creditors, while debt servicing costs would seriously erode cash flow and margins. Iron Bridge has yet to articulate a business plan inclusive of a tangible anti-dilutive and/or anti-debt burdening financing strategy. Moreover, its inability to even provide guidance for the second half of 2018 shows a lack of confidence in execution and a lack of transparency about the dispersion of results from its drilling program. Simply put, Iron Bridge is asking shareholders to blindly risk their investment.Velvet’s all-cash Offer provides immediate returns and certainty of value; it also eliminates the risk of value transfer to other stakeholders at the expense of you – the independent shareholders. NOTION OF SHAREHOLDER SUPPORT INCONSISTENT WITH AGM VOTING RESULTS According to an Iron Bridge press release dated June 5, 2018, only 24% of the Company’s outstanding common shares were voted on the resolution to re-elect the current board of directors at the Company’s annual general meeting (“AGM”). Having only 24% of shares voted for the directors of a company at an AGM indicates that shareholders are at best not enthusiastic about the current direction of the company. CEO Robert Colcleugh had the largest number of withheld votes at 27.55%. A large number of shareholders seemingly don’t agree with the current direction of the Company and are holding specific individuals accountable, namely the CEO, who is responsible for executing the strategy.This year the median withheld vote for a CEO was ~1% for the Montney peer group, as defined in our circular, and less than 1% for the S&P/TSX Energy Sub Index. Iron Bridge’s CEO, at ~28% withheld, is the highest of any CEO in either group.This vote apathy is inconsistent with Iron Bridge’s claims of support, and suggestions that the Offer cannot be successful are unfounded. Shareholders are reminded that the statutory minimum tender condition is 50%, after which point the board of directors and management of Iron Bridge could be replaced. We are confident in shareholders’ ability to judge the value of our Offer for themselves.A FINANCIALLY SUPERIOR ALTERNATIVE TO THE STATUS QUO Velvet is offering Iron Bridge shareholders a fully-valued all-cash offer that gives shareholders immediate liquidity against the backdrop of volatile markets and a very uncertain ability for Iron Bridge to execute on its business plan.  Under the terms of the Offer, Iron Bridge shareholders will receive $0.75 in cash for each common share of Iron Bridge held, representing an immediate 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018, the last trading day prior to the submission of Velvet's offer letter to the Iron Bridge board of directors. “Shareholders no longer need to endure poor operating results, a declining share price, and a leadership team that has no real plan to create value for shareholders. Iron Bridge’s AGM voting results suggest shareholders are keenly interested in a different choice than the status quo. We’re offering shareholders an opportunity to realize $0.75 cash for their investment in Iron Bridge common shares,” Mr. Woolner added. LIMITED CONDITIONALITY Velvet has the financial resources available to complete the Offer, and reminds Iron Bridge shareholders that the Offer is not subject to any due diligence condition. Velvet’s ability to complete the Offer and deliver certainty of value to Iron Bridge shareholders is reinforced by the very limited number of conditions to closing, which are customary for a transaction of this nature.  Velvet also reiterates to Iron Bridge shareholders, and has repeatedly made clear, that the Offer was made based on publicly-available information about Iron Bridge, and Velvet’s expertise in Iron Bridge’s areas of operations. Velvet categorically rejects any allegation that the Offer was informed by improperly-obtained confidential information, and views such allegations as a distraction from the significant financial merits reflected in the Offer.  TENDER YOUR SHARES TODAY Consider the benefits, and take the simple steps needed to tender your Iron Bridge common shares to the Offer now. The Offer expires at 5:00 p.m. (Toronto time) on September 12, 2018. If you have any questions or require assistance, please contact Kingsdale Advisors, our Depositary and Information Agent, by telephone toll-free at 1-866-879-7650 with North America and at 1-416-867-2272 outside of North America or by e-mail at contactus@kingsdaleadvisors.com. Visit velvetenergy.ca/ironbridgeoffer for more information and updates. ADVISORS Velvet has retained BMO Capital Markets as its exclusive financial advisor and Bennett Jones LLP as its legal counsel. Kingsdale Advisors is acting as strategic communications advisor and its Information Agent and Depositary. INFORMATION AGENT For additional information, including assistance in depositing Iron Bridge shares to the Offer, Iron Bridge shareholders should contact Kingsdale, toll-free in North America at 1-866-879-7650 or call collect outside North America at 1-416-867-2272 or by email at contactus@kingsdaleadvisors.com. ABOUT VELVET Velvet Energy Ltd. is a privately-held, full-cycle exploration and production company. Focused in the liquids-rich gas and light oil window of the Deep Basin of Alberta, the Company executes an organic growth business plan, including early land capture, technical evaluation, exploration and development of internally generated prospects. Headquartered in Calgary, Velvet has current production of approximately 24,000 boe per day and a focused land position consisting of over one million net undeveloped acres spanning from its core liquids-rich Ellerslie development in the greater Edson area to early phase Montney light oil exploration at Gold Creek. IMPORTANT NOTICE Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information can be generally identified by the use of words such as “anticipate”, “continue”, “estimate”, “expect”, “expected”, “intend”, “may”, “will”, “project”, “plan”, “should”, “believe” and similar expressions. Specifically, forward-looking information in this news release includes statements respecting the Offer, including the benefits, results, effects and timing of any such transaction and the completion thereof, if at all. Forward-looking statements in this news release describe the expectations of Velvet as of the date hereof. These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation, the ability to obtain regulatory approvals and meet the other conditions to any possible transaction. Although Velvet believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. For further information: Ken Woolner President and Chief Executive Officer (403) 781-9134 Chris Theal Chief Financial Officer (403) 781-9162 Peter Henry Vice President, Finance (403) 781-9133 Media Contact: Kingsdale Advisors Ian Robertson, 416-867-2333 Executive Vice President, Communication Strategyirobertson@kingsdaleadvisors.com Cell: 647-621-2646 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7c393b6f-5828-4dce-9571-4ac80500ffd1 […]

  • Ormat Technologies Files Restated Financial Reports and Files Q1 2018 Financial Report Containing Adjusted Results
    on June 19, 2018 at 9:48 PM

    RENO, Nev., June 19, 2018 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) (“Ormat” or the “Company”) today announced that it has filed an amended (i) Form 10-Q for the period ending June 30, 2017 (ii) Form 10-Q for the period ending September 30, 2017 and (iii) Form 10-K for the year ending December 31, 2017 with the U.S. Securities and Exchange Commission (SEC) to restate its financial results for the second, third and fourth quarters of 2017 and for the full-year of 2017. In addition, the Company has filed its quarterly report on Form 10-Q for the period ending March 31, 2018 with the SEC containing adjustments from the amounts previously reported on May 7, 2018. As previously reported, upon the recommendation of its Audit Committee, Ormat’s Board of Directors determined that the Company should restate prior period financial results based on the Company’s conclusion that there were errors in the income tax provision primarily relating to the Company’s valuation allowance based on the Company’s ability to utilize Federal  tax credits in the U.S. prior to their expiration and the resulting impact on the Company’s deferred tax asset valuation allowance. Additionally, the Company netted certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that are not permitted to be netted pursuant to U.S. generally accepted accounting principles (U.S. GAAP). The restatement impacted the “income tax (provision) benefit” line item in the Company’s statements of operations, with associated impacts to net income and earnings per share and the “deferred income taxes” line items on its balance sheet.  The previously reported revenue, net income before tax and adjusted EBITDA for the second, third and fourth quarters of 2017 and for the full-year of 2017 remained unchanged. SCOPE OF RESTATEMENT   Year Ended December 31, 2017Three Months Ended December 31, 2017Three Months Ended September 30, 2017Three Months Ended June 30, 2017 As ReportedAs RestatedAs ReportedAs RestatedAs ReportedAs RestatedAs ReportedAs RestatedIncome tax (provision) benefit1.4(21.7)29.728.3(11.0)(6.2)(6.4)(32.8)Net income170.2147.169.468.122.827.638.211.8         Net income attributable to the Company's stockholders155.5132.466.064.619.224.035.08.6Diluted EPS:3.062.611.291.270.380.470.690.17         Adjusted net income attributable to the Company’s stockholders1151.9155.366.064.621.125.929.529.7Adjusted diluted EPS 12.993.061.291.260.420.510.580.59In connection with the restatement of the full-year 2017 financial statements, the Company also made revisions to the same line items in certain quarterly financial statements for 2016 and its full-year 2016 and 2015 financial statements. Q1 2018 The Company has also filed its quarterly report on Form 10-Q for the period ending March 31, 2018 with the SEC. Within this report, the Company adjusted the income tax benefit for the first quarter of 2018 compared to the amount reported on May 7, 2018. As a result of this adjustment, the Company’s income tax benefit increased to $26.9 million compared to $2.1 million reported on May 7, 2018. The Company’s amended net income attributable to the Company's shareholders is $69.5 million, or $1.36 per diluted share, compared to $44.7 million, or $0.88 per diluted share, reported on May 7, 2018. The Company’s amended adjusted net income attributable to the Company's shareholders is $25.1 million, or $0.49 per diluted share, compared to $24.4 million, or $0.48 per diluted share, reported on May 7, 2018. The previously reported revenue, net income before tax and adjusted EBITDA for the first quarter of 2018 remained unchanged. ($M)Three Months Ended March 31, 2018 As reported on May 7, 2018As filedIncome tax benefit2.126.9Net income49.474.3   Net income attributable to the Company's stockholders44.769.5Diluted EPS:0.881.36   Adjusted net income attributable to the Company’s stockholders 224.425.1Adjusted diluted EPS 20.480.49In addition, during the first quarter of 2018, based upon continued analysis of the specific provisions of the “Tax Cuts and Jobs Act", specifically the newly created requirement that global intangible low-taxed income (GILTI) earned by controlled foreign corporations (CFCs) must be included currently in gross income of the CFC’s U.S. shareholder, the Company concluded it was more likely than not that the Section 78 gross up included in the GILTI calculation would provide an additional source of realization for the Company’s foreign tax credits and production tax credits.  Accordingly, in the first quarter of 2018, the Company recorded a tax benefit of $44.4 million for the reduction of the valuation allowance related to foreign tax credits and production tax credits. In addition, due to the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision of the Act and the application of ASC 740. In May 2018, certain officials from the U.S. Department of the Treasury and the Internal Revenue Service made public comments about a plan to propose regulations related to GILTI that will confirm how to allocate certain income in the GILTI calculation. As a result, all or substantially all of the tax benefit of $44.4 million recorded by the Company for the period ended March 31, 2018 is expected to be reversed in the period ended June 30, 2018.  The range of the ultimate adjustment in the second quarter results is dependent upon multiple variables and the release of additional guidance in future periods may require changes to the Company’s provisional estimates. Furthermore, as previously reported, the Company identified a material weakness in its internal control over financial reporting related to accounting for income taxes. Management, with the oversight of the Audit Committee and the Board of Directors, continues to dedicate significant resources and efforts to improve the Company’s control environment and take steps to address the material weakness identified. These efforts are intended both to address the identified material weakness and to enhance the Company’s overall financial control environment. ABOUT ORMAT TECHNOLOGIES With over five decades of experience, Ormat is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 770 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,600 MW of gross capacity. Ormat’s current approximately 851 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras and Guadeloupe. In March 2017, Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions, Inc. subsidiary, a Philadelphia-based company with nearly a decade of expertise and leadership in demand response, energy management and storage. ORMAT’S SAFE HARBOR STATEMENT Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Form 10-K/A filed with the SEC on June 19, 2018 and Form 10-Q for the period ended March 31, 2018 filed with the SEC on June 19, 2018. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS   Year Ended December 31, 2017Three Months Ended December 31, 2017Three Months Ended September 30, 2017Three Months Ended June 30, 2017 As ReportedAs RestatedAs ReportedAs RestatedAs ReportedAs RestatedAs ReportedAs RestatedNet income attributable to the Company's stockholders155.5132.466.064.619.224.035.08.6Adjusted for:        Tax benefit related to valuation allowance and other tax restructuring(5.5)20.9    (5.5)20.9One-time make whole premium paid in connection with the prepayment of OFC Senior Secured Notes and DEG loan1.91.9  1.91.9  Adjusted net income attributable to the Company's stockholders151.9155.266.064.621.125.929.529.5ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES Ormat Technologies, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsFor the Three-Month Periods Ended March 31, 2018 and 2017(Unaudited)           Three Months Ended March 31   2018  2017           (In thousands, except per share data)  Revenues:      Electricity$132,489  $115,776  Product 48,672   74,122  Other 2,862   —  Total revenues 184,023   189,898  Cost of revenues:      Electricity 73,482   66,036  Product 33,726   49,452  Other 3,443   —  Total cost of revenues 110,651   115,488  Gross profit 73,372   74,410  Operating expenses:      Research and development expenses 1,108   602  Selling and marketing expenses 3,699   4,363  General and administrative expenses 13,849   9,949  Write-off of unsuccessful exploration activities 123   —  Operating income 54,593   59,496  Other income (expense):      Interest income 113   244  Interest expense, net (14,344)  (14,923) Derivatives and foreign currency transaction gains (losses) (1,599)  1,338  Income attributable to sale of tax benefits 7,361   6,157  Other non-operating expense, net (20)  (92) Income before income taxes and equity in      losses of investees 46,104   52,220  Income tax (provision) benefit 26,942   (11,004) Equity in losses of investees, net 1,210   (1,599)        Net income 74,256   39,617  Net income attributable to noncontrolling interest (4,748)  (4,423) Net income attributable to the Company's stockholders$69,508  $35,194         Earnings per share attributable to the Company's stockholders - Basic and diluted: Basic:      Net Income$1.37  $0.71         Diluted:      Net Income$1.36  $0.70         Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:      Basic 50,614   49,680  Diluted 51,051   50,491        ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIESOrmat Technologies, Inc. and SubsidiariesCondensed Consolidated Balance SheetsAs of March 31, 2018, and December 31, 2017 (Unaudited)             March 31, December 31,    2018 2017 (As Restated)              (In thousands)   ASSETS   Current assets:        Cash and cash equivalents $54,723  $47,818   Restricted cash, cash equivalents and marketable securities  50,332   48,825   Receivables:        Trade  103,580   110,410   Other  10,018   13,828   Inventories  20,069   19,551   Costs and estimated earnings in excess of billings on uncompleted contracts  41,134   40,945   Prepaid expenses and other  42,274   40,269   Total current assets  322,130   321,646   Investment in an unconsolidated company  63,109   34,084   Deposits and other  21,205   21,599   Deferred income taxes  124,304   57,337   Deferred charges  —   49,834   Property, plant and equipment, net  1,723,560   1,734,691   Construction-in-process  345,563   293,542   Deferred financing and lease costs, net  4,922   4,674   Intangible assets, net  84,771   85,420   Goodwill  21,253   21,037   Total assets $2,710,817  $2,623,864   LIABILITIES AND EQUITY   Current liabilities:        Accounts payable and accrued expenses $103,551  $153,796   Short-term revolving credit lines with banks (full recourse)  38,500   51,500   Billings in excess of costs and estimated earnings on uncompleted contracts  10,458   20,241   Current portion of long-term debt:        Limited and non-recourse:        Senior secured notes  28,398   33,226   Other loans  21,495   21,495   Full recourse  2,809   3,087   Total current liabilities  205,211   283,345   Long-term debt, net of current portion:        Limited and non-recourse:        Senior secured notes  305,905   311,668   Other loans  237,245   242,385   Full recourse:        Senior unsecured bonds  303,469   203,752   Other loans  46,506   46,489   Liability associated with sale of tax benefits  42,622   44,634   Deferred lease income  50,745   51,520   Deferred income taxes  48,074   61,961   Liability for unrecognized tax benefits  9,074   8,890   Liabilities for severance pay  20,874   21,141   Asset retirement obligation  27,639   27,110   Other long-term liabilities  21,625   18,853   Total liabilities  1,318,989   1,321,748            Redeemable non-controlling interest  6,943   6,416            Equity:        The Company's stockholders' equity:        Common stock  51   51   Additional paid-in capital  890,485   888,778   Retained earnings (accumulated deficit)  410,758   327,255   Accumulated other comprehensive income (loss)  (909)  (4,706)     1,300,385   1,211,378   Noncontrolling interest  84,500   84,322   Total equity  1,384,885   1,295,700   Total liabilities and equity $2,710,817  $2,623,864           ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIESReconciliation of EBITDA and Adjusted EBITDA For the Three-Month Periods Ended March 31, 2018 and 2017(Unaudited) We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for (i) termination fees, (ii) impairment of long-lived assets, (iii) write-off of unsuccessful exploration activities, (iv) any mark-to-market gains or losses from accounting for derivatives, (v) merger and acquisition transaction costs (vi) stock-based compensation, (vii) gains or losses from extinguishment of liability, (viii) gains or losses on sales of subsidiaries and property, plant and equipment and (ix) other unusual or non-recurring items. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under U.S. GAAP and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or as an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a company’s ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do. The following table reconciles net income to EBITDA and Adjusted EBITDA for the three-month periods ended March 31, 2018 and 2017.            Three Months Ended March 31   2018  2017            (in thousands) Net income $74,256  $39,617  Adjusted for:       Interest expense, net (including amortization       of deferred financing costs)  14,231   14,679  Income tax provision  (26,942)  11,004  Adjustment to investment in uncosolidated company:       our proportionate share in interest, tax and depreciation and amortization  3,530   —  Depreciation and amortization  29,437   25,542  EBITDA $94,512  $90,842          Mark-to-market on derivatives instruments  962   (1,523) Stock-based compensation  1,707   1,713  Merger and acquisition transaction cost  1,095   800  Write-off of unsuccessful exploration activities  123   —  Adjusted EBITDA $98,399  $91,832          Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com   Investor Relations Agency Contact:Rob FinkHayden - IR646-415-8972rob@haydenir.com1 A reconciliation of Adjusted Net income attributable to the Company’s stockholders is set forth below in this release 2 Adjusted Net income attributable to the Company’s stockholders and diluted EPS for the first quarter of 2018 excludes the $20.3 million and $ 44.4 million tax benefits recorded for the reduction of the valuation allowance related to foreign tax credits and production tax credits as reported on May 7, 2018 and as filed, respectively. 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  • Petroteq Unveils Asphalt Ridge Oil Extraction Facility, Initiates Production
    on June 19, 2018 at 1:16 PM

    STUDIO CITY, CA, June 19, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, announced the successful unveiling of its environmentally friendly heavy oil processing and extraction plant located at the Asphalt Ridge in Uintah Basin, Utah. Management of Petroteq took the opportunity of this media day to initiate production at the plant. Members of national and local press were treated to a complete explanation and demonstration of the production process. Alex Blyumkin, Chairman of Petroteq commented, "This event at the plant was a culmination of two years of hard work by our entire team and getting back into production is a tremendous accomplishment for Petroteq technically and organizationally, as well as the harbinger of value creation to come. We have worked hard to demonstrate our commitment to shareholders, through the completion of our facility, we have received our permits to produce oil at the Asphalt Ridge, we have developed a comprehensive mining plan and demonstrated that our expanded plant can produce oil. Our dedication and focus on re-launching our facility demonstrates our commitment to our investors who have supported us throughout this journey. Further, we were able to raise capital and expand our plant to the point where we are now able to generate revenue at the facility which is being ramped up to what is expected to be 1,000 barrels per day in a cost effective and environmentally friendly way. We now have a plant that has the level of scale that allows us to be self sufficient and generate cash flow to add value to our shareholders.” The new facility was part of the original vision of the Company, to relocate, reassemble and upgrade its plant to integrate facility improvements of all major process systems and increase its operational capacity to an expected 1,000 barrels per day (bod). As part of the media day agenda, the Company provided exclusive access to the plant, held meetings with executives as well as geologists and hosted an evening reception for its guests. Petroteq plans to hold a formal grand opening of the plant in September of 2018. Petroteq’s technology utilizes a modular and small footprint/capex, allowing the Company to extract over 99% of all hydrocarbons while using no water and generating no greenhouse gases, requiring no high temperatures or pressures. Petroteq has a patented clean oil recovery technology that is environmentally safe and sustainable for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The Company’s proprietary process produces zero greenhouse gas and zero waste.  Subject to having sufficient capital, Petroteq’s goal is for the plant to produce as much as 2,000 bod by year end 2019 and 5,000 bod by year end 2020. Petroteq will continue commissioning and production as per its internal processes, and will report updates on production levels and commercial sales when appropriate.  About Petroteq Energy Inc. Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com. Forward-Looking Statements Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including the production capacity of the plant and the years it may be achieved, the Company successfully developing block chain technology for the oil and gas industry, are intended to identify forward-looking information. Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion of the resources. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: the plant producing as expected by the Company and the Company having the funds (through cash flow or financing) to fund the expansion of its plant as projected, and PetroBLOQ successfully developing and implementing a blockchain-based supply chain management system. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: uncertainties inherent in the estimation of resources including whether any reserves will ever be attributed to the Company’s properties; PetroBLOQ not having the expertise and/or funds necessary to develop and implement a blockchain-based supply chain management system; PetroBLOQ not being able to develop the blockchain technology to completion; blockchain technology not being adopted by the oil and gas industry; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and ability by the Company to raise capital; litigation; the commercial and economic viability of the Company’s oil sands hydrocarbon extraction technology, the SWEPT technology, the S-BRPT technology, and other proprietary technologies developed or licensed by the Company or by Accord GR Energy Inc., which are of experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company and Accord GR Energy Inc. to maintain their respective mineral lease holdings; potential failure of the Company’s business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CONTACT: CONTACT INFORMATION  Petroteq Energy Inc. Alex Blyumkin Executive Chairman Tel: (800) 979-1897 […]

  • Halcón Resources Announces Plans to Reduce its Operated Rig Activity Level and Provides an Update on Other Activities
    on June 19, 2018 at 11:45 AM

    Denver, Colorado, June 19, 2018 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”) today announced that it will reduce its operated rig count in July 2018 from four to three.  The Company’s decision to reduce its rig count was primarily driven by lower near-term realized oil prices in the Midland market.  Halcón is currently in advanced negotiations to secure 25,000 bbl/d of firm capacity on a pipeline to the Gulf Coast, which is targeted to be in service by the second half of 2019.  This agreement will result in the Company sending a majority of its forecasted oil production to Gulf Coast markets once the pipeline is operational.  The agreement is not expected to include any minimum volume commitments or similar obligations.  As previously announced, in late April, the Company monetized some deep in the money MidCush hedges for proceeds of ~$30 million, or $7.79 and $3.05 per barrel, related to second half 2018 and 2019 hedges, respectively.  Halcón currently has 8,000 bbl/d of MidCush basis hedges in place for the second half of 2018 at -$11.69 and 12,000 bbl/d of MidCush hedges in place for the first half of 2019 at -$3.02.  The April hedge monetization proceeds combined with the Company’s current MidCush hedges result in Halcón effectively receiving a $3.90/bbl discount to WTI on 8,000 bbl/d of production for the second half of 2018 and a $0.03/bbl premium to WTI on 12,000 bbl/d of production for the first half of 2019.  Additionally, Halcón has started hedging Gulf Coast pricing differentials to ensure the Company receives a premium to WTI pricing once it begins sending oil to the Gulf Coast.  The Company currently has 6,000 bbl/d of Magellan East Houston basis swaps in place for 2020 at an average premium of $2.56/bbl to WTI.  The Company also has 15,000 Mmbtu/d of WAHA basis hedges in place for the second half of 2018 at -$1.10 in addition to 25,500 Mmbtu/d in place for 2019 at -$1.18.  Halcón expects second quarter 2018 production to be within the previously announced guidance range of 13,000 to 14,000 boe/d.  The Company plans to provide updated full year 2018 guidance, including the impact of the reduced rig activity, as part of its second quarter earnings release.   Floyd C. Wilson, Halcón’s Chairman and CEO commented “With widening MidCush differentials, we have seen our recent oil price realizations decline significantly.  Accordingly, we have decided to moderate our drilling pace to three operated rigs for the remainder of 2018.  We can still generate substantial near-term production growth with three rigs running while at the same time decreasing our cash flow outspend.  We expect to have a substantial portion of our oil on pipe to the Gulf Coast by the second half of 2019 which should result in our receiving a premium to WTI based on current forward prices, net of transport fees.  Between now and when we get our oil to the Gulf Coast, we have a good portion of our projected oil production hedged with MidCush basis hedges.  We continue to evaluate options to potentially monetize some or all of our Halcón Field Services infrastructure assets and will comment further on this process as appropriate.” About Halcón Resources Halcón Resources Corporation is an independent energy company focused on the acquisition, production, exploration and development of liquids-rich assets in the Delaware Basin. For more information contact Quentin Hicks, Executive Vice President, Finance, Capital Markets & Investor Relations, at 303.802.5541 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. Estimates of future production levels are based on the Company’s current drilling program, which may be subject to revision, suspension or delay based on well results, significant acquisitions and significant changes in commodity prices and/or drilling and completion costs.  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, 2017 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. […]

  • RigNet Announces Addition to Executive Management Team
    on June 13, 2018 at 9:12 PM

    HOUSTON, June 13, 2018 (GLOBE NEWSWIRE) -- RigNet, Inc. (NASDAQ:RNET) announced today that Jackson Markley will join its executive management team as Vice President of Corporate Development.  Mr. Markley will lead RigNet’s merger and acquisition activities and strategic partnerships in the continued pursuit of bringing complete communications and advanced analytic solutions to customers. In conjunction with his new role, Mr. Markley will support RigNet’s high-growth activities within the Middle East region.  He brings a unique perspective to his role, with ten years of experience implementing cutting-edge technologies into major oil and gas operators in Saudi Arabia and the GCC, and with seven years at Level 3 Communications. In these roles, he focused on building revenue-generating partnerships utilizing transformational technology and domain expertise. He holds a Bachelor of Arts from the University of San Diego and a Master of Business Administration from Columbia University. “The addition of Jackson to our team builds upon RigNet’s continued commitment to enhancing our core communication services while providing our customers the innovative tools to bridge the digital transformation divide,” said Steven Pickett, Chief Executive Officer and President of RigNet. About RigNetRigNet (NASDAQ:RNET) is a global technology company that provides customized communications services, applications, real-time machine learning, and cybersecurity solutions that enhance customer decision-making and business performance. RigNet is headquartered in Houston, Texas with operations around the world. For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc. Media / Investor Relations Contact:Jerri DeanRigNet, Inc. Tel: +1 (281) 674-0699 Forward-Looking StatementsThis press release includes “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.  The opinions, forecasts, projections,benefits and synergies of the proposed transaction, future opportunities for the combined company and products, future financial performance and any other statements regarding RigNet’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not statements of historical fact, are forward-looking statements within the meaning of the federal securities laws.  RigNet can give no assurance that such expectations will prove to have been correct.  These statements are subject to, among other things, the ability to successfully integrate the acquired business and to realize expected synergies and other risk factors that are discussed in RigNet’s most recent 10-K as well as RigNet’s other filings with the SEC available at the SEC’s Internet site (http://www.sec.gov).  Actual results may differ materially from those expected, estimated or projected.  Forward-looking statements speak only as of the day they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise. […]

  • Frank’s International Announces Key Senior Management Promotions, Hires and Related Personnel Changes
    on June 13, 2018 at 12:30 PM

    HOUSTON, June 13, 2018 (GLOBE NEWSWIRE) -- Frank’s International N.V. (NYSE:FI) (the “Company” or “Frank’s”) and its Board of Supervisory Directors today announced several key senior management promotions, hires and related personnel changes. Tubular Running Services After a distinguished tenure of 26 years with Frank’s International, Burney “B.J.” Latiolais, Jr. will be leaving the Company at the end of 2018. Since beginning his nearly 40-year career in oil services as the founder and CEO of Louisiana Tubing Testers and Centralizers to his role as President of Tubular Running Services at Frank’s International, Mr. Latiolais has been a leader in the marketing and innovation of a broad range of oilfield services and product lines.   In his various leadership positions at Frank’s, Mr. Latiolais has been instrumental in the global expansion of the Company’s product and services lines as well as in the design and development of 20 patents related to oilfield tools and applications, of which he is listed as the primary or secondary inventor. Additionally, Mr. Latiolais has assembled and managed a talented team of professionals who have been integral in Frank’s International becoming a leader in tubular running services and well-positioned for continued success in delivering safe, quality and reliable service to the Company’s global customer base. Mr. Latiolais will serve as an executive advisor to Frank’s senior management team in the areas of strategy, industry alliances and customer relationships, while assisting in the transition and succession of management activities and responsibilities. Mr. Latiolais commented, “I take pride in the significant accomplishments we have achieved during my more than 25 years at the Company. It has been my pleasure to work with what I view as the most talented team in our industry, and I am confident they will continue to drive Frank’s success well into the future.” Steve Russell has been promoted to the role of President of Tubular Running Services (“TRS”), effective immediately. Mr. Russell has more than 25 years of operational and administrative experience with oilfield services companies including international assignments in nine countries. Prior to joining Frank’s as Senior Vice President, Global Human Resources in 2017, Mr. Russell held field, engineering and management positions of increasing responsibility, including six years at Archer Ltd. and more than 20 years at Schlumberger Ltd. During his tenure at Archer Ltd. and Schlumberger Ltd., he managed operations in Asia Pacific, North Sea, Russia and U.S. Gulf of Mexico and held global functional leadership positions in human resources, supply chain and business development.   Natalie Questell has been promoted to the position of Vice President, Human Resources, to succeed Mr. Russell, effective immediately. Mrs. Questell most recently served as the Company’s Director of Global Total Rewards and has more than 15 years of experience working with global benefit plans and talent management at various companies including Transocean, Sysco, Chevron and Northrop Grumman. Tubular Sales Nigel Lakey has been named to lead the Company’s Tubular Sales business effective June 18, providing full-time, dedicated leadership as Frank’s focuses on continuing to grow this business unit and expand its product offering and international presence. He will also be responsible for overseeing the growth and international expansion of the Company’s Drilling Tools operation. Previously, Mr. Lakey was President and CEO at Reservoir Drilling Solutions, Inc; Managing Director at Icon Energy Services; and Director and CEO at Fratex Incorporated. He also spent 12 years at Tesco Corporation, where he most recently served as Senior Vice President. Mr. Lakey brings a strong professional history of sustaining and growing businesses, and a proven track record of translating strategic planning and business analysis into tangible revenue growth and improved financial performance. General Counsel John Symington has been named Senior Vice President, General Counsel, Secretary and Chief Compliance Officer effective June 25, and will replace Alejandro (“Alex”) Cestero who will leave Frank’s on June 29 to pursue other opportunities, but will continue to support the Company and senior management on a transitional basis for several months. Mr. Symington previously served for nearly seven years in senior legal positions at Seadrill Group, including most recently as Chief Legal Officer. Prior to that, he served as General Counsel and Secretary for another oilfield services company, Enventure Global Technology. Mr. Symington has also served as counsel at the law firm of Selman, Munson & Lerner, P.C., where he provided legal counsel on corporate matters including international practice, transactions and dispute resolution. Earlier in his career he spent 11 years with Schlumberger Ltd. in various legal capacities in South and North America. Michael Kearney, Chairman, President and Chief Executive Officer of Frank’s commented, “Today’s announcements are key steps in building on our previous success and further strengthening our new business unit organizational structure for the long-term. Since joining Frank’s last year, Steve has become a trusted resource in providing key management oversight resulting in improved operational accountability. Not only does he bring extensive oilfield services operational and administrative experience to the role, but he also has forged strong relationships with leaders throughout the Company, which will prove invaluable as he assumes leadership of our TRS business unit. I am also pleased to have Natalie succeed Steve and lead our human resource efforts. I will work closely with her as we further foster our positive work environment and organizational culture for the benefit of our approximately 2,900 employees worldwide.” Mr. Kearney continued, “We look forward to welcoming Nigel and John to our senior management team later this month. Both have significant experience and expertise in their respective practices that will help lead us toward our organizational goals as the market for our products and services recovers. We appreciate B.J.’s 26 years of dedication and contributions to Frank’s and wish him well. We also want to acknowledge Alex Cestero for his leadership in strengthening the Company’s legal function and culture of compliance over the past three years. Each of these leaders have developed strong teams that I am confident will support the organization and our customers well through the transition. We wish them the best in their future endeavors.” About Frank’s International Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,900 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 50 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.”  Additional information is available on the Company’s website, www.franksinternational.com. Contact Blake Holcomb – Director, Investor Relations and Communicationsblake.holcomb@franksintl.com713-231-2463 […]

  • David Lifschultz, CEO of Genoil Inc., Interviews on Uptick Newswire’s “Stock Day” Podcast to Discuss Major Project
    on June 6, 2018 at 11:00 AM

    PHOENIX, June 06, 2018 (GLOBE NEWSWIRE) -- Uptick Newswire recently welcomed David Lifschultz, the CEO of Genoil Inc (OTCQB:GNOLF) (Genoil, “the Company”) back onto the “Stock Day” podcast. The interview covered multiple topics, including a 50 billion dollar project proposal to Saudi Aramco to upgrade and desulfurize their heavy oil to a better quality oil than WTI and Brent. The proposal covers a plan to convert 3.5 million barrels per day of oil, which is a larger quantity of oil coming from the ground than Exxon produces even after operating for 136 years. Genoil has presented to the Saudi Arabian crown prince, Mohammad bin Salman, an initial letter of intent from the Chinese Development Bank for 5 billion dollars that will cover the initial 500,000 barrels per day of the project. The crown prince’s interest in the project is connected to the Saudi Aramco I.P.O.; he is particularly interested in the fact that China will purchase the entire 3.5 million barrels per day of the offtake at an agreed upon price in relation to the spot. The offtake can be used to repay the entire 50 billion dollar loan to finance the project. These proposals are presently on the desk of Mohammad bin Salman for review. Genoil recently put out a press release detailing the company’s move to Curacao. Corporations Canada has approved the move of Genoil to Curacao. This move will grant company shareholders in Canada the ability to trade stock in the United States. The opportunities here are two-fold; Curacao is the home of one of the largest oil service companies in the world, and the legal system in Curacao has been designed to allow oil service companies maximum flexibility. Genoil has also offered to Russia 50 billion dollars for oil development projects. Currently, the company is working on two projects in Russia, one in Yakutia and the other in Astrakan, for about 40 billion dollars in cost. The goal is to develop 3.5 million barrels per day of new oil production in Russia to be piped via pipeline to China. In addition, Genoil is working with Pemex in Mexico on potentially 1 million barrels per day of heavy oil to be converted into light oil. At the present time, Pemex uses light oil to blend with the heavy oil to make it saleable. In contrast, Genoil processes the heavy oil and converts it to light oil, rendering the use of an expensive diluent unnecessary. The company is currently operating on a royalty basis of 3 dollars per barrel for its upgrading service. Engineers from Pemex will be scheduled to travel to Russia for tests in the next 30 days. Lifschultz is confident about the direction in which the company is going, and believes that their current international projects will create tremendous value above the present stock price. “In one fell stroke with this project, we would be producing more oil than Exxon. The value of the company in relation to projects this size is grotesquely undervalued, and gives the opportunity to your listeners to benefit from that low price.” Since January, the company has seen an 11% increase in their stock price. The company’s current market cap is almost $50 million fully diluted. Uptick Newswire agrees that the stock is extremely undervalued, trading at 5 cents per share. To listen to the full interview, please click the link below. In the audio, David Lifschultz goes into more depth about Genoil’s technology and other projects. https://upticknewswire.com/interview-ceo-david-lifschultz-of-genoil-inc-otcqb-gnolf-2/ About Genoil Inc. Genoil is a provider of world leading hydroconversion fixed bed technology for upstream and downstream oil and gas industry. The company is also working with a top Chinese policy bank and Chinese companies to provide, project financing, drilling, production, and processing services to the oil and gas industry. Through these partnerships and strong financial backing, Genoil is looking to supply the oil industry with a full range of products and services, from exploration through production, solutions for hydrocarbon development and recovery, upgrading and environmental protections services. About the Genoil Hydroconversion Upgrader The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry. Contact David Lifschultz CEO, Genoil Inc. 212-688-8868 dklifschultz@genoil.com Safe Harbor Act This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward looking statements. These forward-looking statements, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. About Uptick Newswire and the “Stock Day” Podcast Uptick Newswire is a private company reaching out to the masses to keep investors and shareholders involved and up to date on company news, and bringing transparency to under-valued, undersold micro-cap stocks of the market, and is the sole producer of the Uptick Network “Stock Day” Podcast. The Uptick Network “Stock Day” Podcast is an extension of Uptick Newswire and has recently launched the Video Interview Studio located in Phoenix, Arizona. Investors Hangout is a proud sponsor of “Stock Day,” and Uptick Newswire encourages listeners to visit the company’s message board at https://investorshangout.com/ […]

  • Noble Energy Elects Barbara J. Duganier to Board of Directors
    on May 30, 2018 at 8:18 PM

    Houston, May 30, 2018 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or "the Company") announced the election of Barbara J. Duganier to its Board of Directors, effective today.  With the addition of Ms. Duganier, Noble Energy's Board now totals 10 members. Prior to her retirement in 2013, Ms. Duganier held various leadership and management positions with Accenture PLC, where she was most recently a Managing Director and also served as Global Chief Strategy Officer and Global Growth and Offering Development Lead for the consulting business.  For more than 20 years, Ms. Duganier was with the public accounting firm Arthur Andersen, where she was an equity partner and served as an auditor and financial consultant primarily in the energy industry.  She also held various leadership roles, including as Global Chief Financial Officer of Andersen Worldwide.  She holds a B.S.B.A. in accounting from John Carroll University and is a licensed certified public accountant.  Ms. Duganier currently serves as a director of the general partner of Buckeye Partners, L.P. and is also a director of MRC Global Inc. David L. Stover, Noble Energy’s Chairman, President and CEO, commented: “Our Board is excited to add Barbara to the Noble Energy team.  She brings significant financial and strategy expertise to the Board, along with extensive experience in helping numerous upstream and midstream energy companies accelerate and transform their business performance.” Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets.  Founded more than 85 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nblenergy.com. CONTACT: Investor Contacts Brad Whitmarsh (281) 943-1670 Brad.Whitmarsh@nblenergy.com Megan Dolezal (281) 943-1861 Megan.Dolezal@nblenergy.com Media Contacts Reba Reid (713) 412-8441 media@nblenergy.com […]

  • Velvet Energy Commences Previously Announced Premium All Cash Offer To Acquire Iron Bridge Resources; Issues Letter To Shareholders
    on May 29, 2018 at 11:48 AM

    Offers $0.75 in cash per common share, representing an immediate 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018Iron Bridge shareholders can tender their shares now by contacting Kingsdale Advisors at 1-866-879-7650 or by e-mail at contactus@kingsdaleadvisors.comOffer remains open until September 12, 2018 at 5:00 p.m. (Toronto time)CALGARY, Alberta, May 29, 2018 (GLOBE NEWSWIRE) -- Velvet Energy Ltd. (“Velvet” or “We” or “Us”) announced today that, further to its press release of May 22, 2018, it has filed its Offer to Purchase and Circular (the “Circular”) on SEDAR and has formally commenced its all-cash offer (the "Offer") to purchase all of the issued and outstanding common shares of Iron Bridge Resources Inc. ("Iron Bridge") (TSX:IBR) for $0.75 per common share. The fully-funded Offer represents a 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018 (the last trading day prior to the submission of Velvet's offer letter to the Iron Bridge board of directors) and provides shareholders with immediate liquidity and certainty. Notice and advertisement of the Offer was placed in the May 29, 2018 edition of the National Post and Le Devoir. The Circular will be mailed to all Iron Bridge shareholders. In conjunction with the Circular, Velvet is mailing a letter to shareholders detailing the benefits of the Offer and addressing several of the operational and financial difficulties plaguing Iron Bridge. A copy of the letter to shareholders is also included below.  Iron Bridge shareholders are urged to tender their shares early and in any case prior to the deadline on September 12, 2018 at 5:00 p.m. (Toronto time).  If you have questions or need help tendering your shares, contact Kingsdale Advisors at 1-866-879-7650 or at contactus@kingsdaleadvisors.com.  More information about the Offer is available at Kingsdale Advisors' website.  Letter to Iron Bridge Shareholders Dear Iron Bridge shareholder: I, on behalf of Velvet Energy Ltd. ("Velvet"), want to take this opportunity to personally invite you to consider our fully-valued all-cash offer (the "Offer") that gives you an opportunity to realize a significant premium and immediate liquidity for your investment in Iron Bridge Resources Inc. ("Iron Bridge"). Velvet is making the Offer directly to you – the owners of Iron Bridge – to acquire all of the issued and outstanding common shares of Iron Bridge. Under the terms of the Offer, Iron Bridge shareholders will receive $0.75 in cash for each common share of Iron Bridge held, representing an immediate 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018, the last trading day prior to the submission of Velvet's offer letter to the Iron Bridge board of directors. We believe that the choice before you is clear: an opportunity to realize a significant 58% premium and immediate cash for your investment in Iron Bridge; or the status quo of shareholder value destruction evidenced by the 40% decline in the price of Iron Bridge common shares in the 12 months prior to our Offer.Your company is at an inflection point given its exhausted cash resources and poor past capital allocation decisions – you can accept our 58% premium all-cash Offer or you can take the risk of attempting to raise dilutive capital in the face of uncertain and volatile markets. Background of the offer Velvet is a full-cycle exploration and production company focused in the liquids-rich window of the Deep Basin and light oil window of the Montney in Alberta. An adjacent landowner to Iron Bridge's mid-Montney land package, Velvet — as the natural acquirer of the land — approached Iron Bridge on March 9, 2018 with a view to negotiating a mutually agreeable transaction. Despite our repeated efforts over the subsequent months to discuss a shareholder value-maximizing transaction, over time it became clear that Iron Bridge would not constructively engage with us. As a result, we decided to bring our Offer directly to you, the owners of Iron Bridge. Reasons to accept the offer We believe that our fully-valued, premium Offer is compelling and represents a superior alternative to the risks of continuing to hold Iron Bridge common shares. As you make your decision, consider the following important facts regarding Velvet's Offer: Our Offer represents a significant premium to market price. The Offer represents a significant 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018, the last trading day prior to the submission of Velvet's offer letter to the Iron Bridge board of directors. Our Offer provides a premium valuation for Iron Bridge. The Offer represents a 2018 Enterprise Value (EV)/EBITDA multiple of 12.2x 2018 consensus EBITDA for Iron Bridge. This valuation represents a significant premium to Iron Bridge's Montney peer group median consensus 2018 EV/EBITDA multiple of 6.6x. Our Offer represents full value. The Offer factors the most recent results of Iron Bridge, execution shortfalls and a history of significantly underperforming market-announced production capacity. Iron Bridge's often-referenced Net Asset Value (NAV) per share is simply not supportable, as you will read in the Offer to Purchase and Circular, which we have filed today. Our all-cash Offer is fully-financed. Velvet has arranged fully-committed financing to complete the transaction, giving shareholders certainty of value and immediate liquidity in the face of volatile markets and significant uncertainty as to Iron Bridge's ability to finance and execute its business plan. The status quo is AN INFERIOR option Shareholders should critically evaluate Iron Bridge's ability to realize its claimed Net Asset Value (NAV) per share or any claims that remaining an Iron Bridge shareholder carries hidden or undervalued upside, or that the Offer in any way limits shareholder choice. While Velvet sees the value in Iron Bridge's land package when combined with ours, we also see a company with poor operating results and financial performance, and great uncertainty in its ability to finance and execute its business plan. Limited financing alternatives available. Iron Bridge's valuations are based on potential future production that the company cannot finance. The company's publicly disclosed NAV per share requires over $200 million of development capital (NPV10% before tax). Raising more than 2.2x the pre-Offer market capitalization will prove challenging for Iron Bridge in today's energy sector, where access to, and the cost of, equity and debt financing is challenging, particularly for micro-cap issuers. Put another way, Iron Bridge cannot raise the capital it needs without significant dilution or increased debt servicing costs. These are costs directly borne by you, the shareholders. An unsustainable cost structure. Iron Bridge's general and administrative expense was $9.54/boe or more than 30% of cash costs in the first quarter of 2018 – significantly higher than the Montney peer median of $1.41/boe. Exhausted cash resources. Based on Iron Bridge's most recent quarterly disclosure, marginal operating cash flows and heavy capital expenditures have fully consumed net working capital, which declined from a surplus of approximately $40.7 million at September 30, 2017, to a surplus of approximately $21.7 million at December 31, 2017, to a deficit of approximately $2.2 million at March 31, 2018. Problematic land geometry. Iron Bridge's land geometry relative to neighboring land blocks is fragmented and in places completely surrounded. This does not allow for long-reach horizontal wells to be optimally situated, meaning future wells will be sub-optimal from a geological perspective and by extension will continue to constrain return on capital. Velvet's offsetting land position can remedy these geometrical constraints. Importantly, the value of this synergy is fully reflected in Velvet's significant 58% premium, all-cash Offer. If Iron Bridge were to continue to develop its acreage with suboptimal wells, Iron Bridge's assets may become less valuable to Velvet or other acquirers in the future. Velvet believes that, if the Offer is not successful, it is likely that the price of Iron Bridge's common shares will decline to pre-Offer levels or lower. Rejecting Velvet's fully-funded Offer involves a future with real risk; accepting our Offer involves certainty of an all-cash, fully-valued premium Offer. The time to act is now: Tender your shares today Consider the benefits, and take the simple steps needed to tender your Iron Bridge common shares to the Offer now. The Offer expires at 5:00 p.m. (Toronto time) on September 12, 2018. If you have any questions or require assistance, please contact Kingsdale Advisors, our Depositary and Information Agent, by telephone toll-free at 1-866-879-7650 with North America and at 1-416-867-2272 outside of North America or by e-mail at contactus@kingsdaleadvisors.com. We hope you will accept our significant premium all-cash offer. Sincerely, (signed) Ken Woolner President and Chief Executive Officer Advisors Velvet has retained BMO Capital Markets as its exclusive financial advisor. Kingsdale Advisors is acting as strategic communications advisor and its Information Agent and Depositary. Information Agent For additional information, including assistance in depositing Iron Bridge shares to the Offer, Iron Bridge shareholders should contact Kingsdale, toll-free in North America at 1-866-879-7650 or call collect outside North America at 1-416-867-2272 or by email at contactus@kingsdaleadvisors.com. About Velvet Velvet Energy Ltd. is a privately-held, full-cycle exploration and production company. Focused in the liquids-rich gas and light oil window of the Deep Basin of Alberta, the Company executes an organic growth business plan, including early land capture, technical evaluation, exploration and development of internally generated prospects. Headquartered in Calgary, Velvet has current production of approximately 22,000 boe per day and a focused land position consisting of over one million net undeveloped acres spanning from its core liquids-rich Ellerslie development in the greater Edson area to early phase Montney light oil exploration at Gold Creek. Important Notice Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information can be generally identified by the use of words such as “anticipate”, “continue”, “estimate”, “expect”, “expected”, “intend”, “may”, “will”, “project”, “plan”, “should”, “believe” and similar expressions. Specifically, forward-looking information in this news release includes statements respecting the Offer, including the benefits, results, effects and timing of any such transaction and the completion thereof, if at all. Forward-looking statements in this news release describe the expectations of Velvet as of the date hereof. These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation, the ability to obtain regulatory approvals and meet the other conditions to any possible transaction. Although Velvet believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. For further information:               Ken Woolner President and Chief Executive Officer (403) 781-9134                                   Chris Theal Chief Financial Officer (403) 781-9162 Peter Henry Vice President, Finance (403) 781-9133 Media Contact: Kingsdale Advisors Ian Robertson, 416-867-2333 Executive Vice President, Communication Strategyirobertson@kingsdaleadvisors.com Cell: 647-621-2646 […]

  • Ormat Provides an Update on the Puna Power Plant in Hawaii Following the Kilauea Volcanic Eruption
    on May 28, 2018 at 2:55 PM

    RENO, Nev. , May 28, 2018 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) provides an update on the Puna geothermal power plant located about 15 miles away from the Kilauea volcano, which erupted on May 3, 2018 and which continues to erupt and flow lava. On Sunday afternoon, May 27th (Hawaiian time), the approaching lava covered the wellheads of two geothermal wells. The company cannot assess at this stage the extent of the damage to the future functionality of these wells. The lava continues to flow and may reach other wells and areas of the Puna facility. The 38 MW Puna power plant, which is operated by Puna Geothermal Venture GP (PGV), reflects approximately 4.5% of Ormat’s total generating capacity. In 2017, PGV generated an aggregate of approximately $11 million of net income and approximately $20 million of Adjusted EBITDA annually. Ormat holds a 63.25% interest in PGV and the balance is held by its partner, an affiliate of Northleaf Capital Partners. Ormat has property and business interruption insurance policies that include insurance coverage in a combined amount of up to $100 million in the event of volcanic eruptions and earthquake. The Company is working with its insurance broker and has provided notice to its insurance carriers regarding the situation at Puna. As of March 31, 2018, the Puna complex represented approximately $90 million of net assets on the Company’s balance sheet based on a total asset value of approximately $109 million plus approximately $30 million of prepaid expenses less deferred lease income of approximately $49 million. In addition, PGV is required to pay an aggregate of approximately $22 million of future lease payments until 2027. Any significant physical damage to, or extended shut-down of, the Puna facilities could have a material adverse impact on the power plant's electricity generation and availability, which in turn could have an adverse impact on our business and results of operations. ABOUT ORMAT TECHNOLOGIESWith over five decades of experience, Ormat Technologies, Inc. is a leading geothermal Company and the only vertically integrated Company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 770 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,600 MW of gross capacity. Ormat’s current 851 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. In March 2017, Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary, a Philadelphia-based Company with nearly a decade of expertise and leadership in energy storage, demand response and energy management. ORMAT’S SAFE HARBOR STATEMENTInformation provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Form 10-K filed with the SEC on March 16, 2018. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Ormat Technologies Contact:Investor Relations Agency Contact:Smadar LaviRob FinkVP Corporate Finance and Head of Investor RelationsHayden - IR775-356-9029 (ext. 65726)646-415-8972slavi@ormat.comrob@haydenir.com […]