Nasdaq GlobeNewswire Stories

  • Bakken Subsidiary, Nationwide Property Partners, Producing Pilot Rental Property Reality Show in Flint, MI
    on September 19, 2018 at 5:16 PM

    MINOT, N.D., Sept. 19, 2018 (GLOBE NEWSWIRE) -- Bakken Water Transfer Services, Inc. (OTC Pink: BWTX) subsidiary, Nationwide Property Partners Inc. (NPP), has teamed up with Gebrael Management in Flint, MI to produce a pilot of a reality show about the rental property business. The current working title for the show is “Just Renting,” and will center around Gebrael Management and NPP as they endure the day to day aspects of property management and large scale property ownership. The pilot episode, titled “Just like Monopoly” will show a detailed account of purchasing in bulk, getting rent-ready, and day to day efforts required to manage the over 1,000 rentals under Gebraels’ management, which include the rentals owned by NPP. “Flint is a great city of mid America families that has endured difficulty and crisis throughout its rich history. ‘Just Renting’ will show the strength and resolve of Flint, and its surrounding Genesee County people, emphasizing the importance of family and community,” said Nadeem Gebrael, of Gabrael Management. Updates from production will be released through the shows twitter page.   www.twitter.com/justrentingshow  NPP will be shopping the completed pilot with all available distribution and network channels. About Gebrael Management Gebrael Management is committed to providing quality homes, apartments, and commercial locations at affordable prices throughout the state of Michigan. Along with being a full service real estate brokerage, the company specializes in residential and commercial property management. www.miforrent.com/ Bakken Water Transfer Services, Inc., through its wholly-owned subsidiary Dakota Energy Resources Corporation, is an oilfield service company with operations focused currently in the Bakken Shale Region of North Dakota. The company provides, sells, locates and transports surface water to shale oil producers at affordable prices. Through its other wholly-owned subsidiary, Nationwide Property Partners, Inc., Bakken purchases and rents residential real estate. Bakken Water Transfer Services Inc. common stock trades on the OTC Pink marketplace under the ticker symbol BWTX. Safe Harbor NoticeCertain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Bakken Water Transfer Services, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. Bakken Water Transfer Services, Inc. undertakes no obligation to revise these statements following the date of this news release. Contact: Jack GalvinPhone: 702-904-0475Email: info@bakkenwatertransfer.com […]

  • Rob Coulbeck Joins The Ontario Energy Association as Special Advisor, Markets
    on September 18, 2018 at 2:00 PM

    TORONTO, Sept. 18, 2018 (GLOBE NEWSWIRE) -- The Ontario Energy Association (OEA) is pleased to welcome Rob Coulbeck to the OEA team as Special Advisor, Markets. Mr. Coulbeck will be leading the OEA’s participation in the IESO’s Market Renewal initiative.  He will also be working with the OEA Board and team to develop policy positions, priorities and advocacy strategies for Market Renewal and related policies. Mr. Coulbeck has over 30 years of electricity industry experience with a strong focus on ISO/RTO Wholesale Electricity Markets, power grid management, generation portfolio optimization, energy trading and demand-side management. Mr. Coulbeck is recognized as a leader in the Ontario Wholesale Electricity Market through participation in numerous IESO led market evolution stakeholder initiatives. From the first Market Affairs Working Group through to the current Market Renewal Program, he has been an advocate for the continued development of efficient wholesale markets. In addition to his extensive work in Ontario, Mr. Coulbeck was instrumental in PJM developing and implementing rules designed to permit load participation in the ancillary services markets. Efforts to expand this smart grid adaptation included advocating the benefits of load participation in the wholesale markets to FERC commissioners and staff, ISO/RTOs, LDCs and utilities. In addition to leading the OEA’s participation in Market renewal, Mr. Coulbeck will continue to operate as a consultant and will be taking on other clients.   “The OEA is thrilled to have someone with Mr. Coulbeck’s experience to help OEA members better participate in the Market Renewal process,” said Vince Brescia, President & CEO of the Ontario Energy Association. About the OEA The Ontario Energy Association (OEA) is the credible and trusted voice of the energy sector. We earn our reputation by being an integral and influential part of energy policy development and decision making in Ontario. We represent Ontario’s energy leaders that span the full diversity of the energy industry. For more information: Leanne Ryan, Marketing & CommunicationsVince Brescia, President & CEOAssociateOntario Energy AssociationOntario Energy Association416.961.8874647.463.5244vince@energyontario.ca leanne@energyontario.ca&nbs […]

  • Saturn Oil & Gas Commences Drilling of 20 Well Horizontal Program
    on September 17, 2018 at 1:00 PM

    SASKATOON, Saskatchewan, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce that the Company has commenced drilling of their 20 well horizontal drill program (the “Program”) that will run to the end of Q1/2019. The first well of the Program was spud on September 11th, 2018 upon the successful closing of the previously announced USD $20 million revolving note facility with Prudential Capital Group (see news release dated September 14th, 2018). The Program will consist of 17 Viking light oil wells, primarily extended reach horizontals over their Kerrobert, Prairiedale, Milton and Plato assets. The Program will also include three Success heavy oil horizontal wells at their Flaxcombe and Milton assets. As of today, the Company has successfully drilled and cased the first well of the Program and currently drilling the second well. Scott Newman, COO of Saturn, commented: “This 20 well horizontal program is the culmination of a year of planning, strategic land acquisitions and de-risking assets. A development program of this scale provides us the means to achieve our corporate goal of exiting 2018 with a production rate in excess of 1,200 barrels of oil per day.”   Additionally, pursuant to the Company's Stock Option Plan (the “Plan”) it has granted a total of 4,700,000 stock options at a price of $0.20 per common share to directors and officers of the Company. As per the Plan, the options granted are exercisable until September 17, 2023 and vest over a period of 18 months from the date of grant. Grant of the options are subject to the approval of the TSX Venture Exchange. The Company has also appointed Mr. Geoff Jones, CPA, CA as Chief Financial Officer and Mr. Stuart Houle, P.Eng, PMP as VP of Engineering & Operations for Saturn. Mr. Geoff Jones, CPA, CA, formally VP of Finance with Saturn, is a Chartered Professional Accountant that has been directly responsible for the financial operations of the Company through its recent growth. Mr. Stuart Houle, P.Eng, PMP has worked in the oil and gas industry for over 13 years. He has held roles of increasing responsibility with Husky Energy as well Frontier Engineering Corp. and Horizon Resource Management Ltd. Mr. Houle brings a strong operational background in construction, drilling, completions, production and facility engineering. Mr.Houle is a registered Professional Engineer with APEGA. To know more about Saturn Oil & Gas Inc. and their operations, please visit our website www.saturnoil.com. About Saturn Oil & Gas Inc.Saturn Oil & Gas Inc. (TSX.V: SOIL) (FSE: SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.  To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com  On Behalf of the Board of Directors SATURN OIL & GAS INC. John Jeffrey, MBA – CEO & Chairman Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements. […]

  • Saturn Oil & Gas Announces USD $20 Million Senior Secured Note Facility with Prudential Capital Group
    on September 14, 2018 at 5:42 PM

    SASKATOON, Saskatchewan, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce that it has entered into a USD $20 million senior secured revolving note facility (the "Notes") with Prudential Capital Energy Partners, the middle-market energy mezzanine fund business sponsored by Prudential Capital Group. Under the terms of the Notes, Saturn has elected and qualified for an initial issuance of Notes equal to approximately USD $4.6 million.  The remaining balance of Notes issuable under the facility is subject to Saturn's satisfaction of applicable terms and conditions thereunder.  The Notes offer a combined average coupon rate of approximately 15% per year, payable monthly in arrears, and will mature on September 14, 2022.  Saturn may, at its option, elect to satisfy up to 2% of the coupon interest of the Notes by way of issuance PIK Notes, which notes shall be substantially similar to the Notes in all material respects.  The Company has also agreed to issue Prudential Capital warrants (the “Warrants”) to purchase 30,505,122 common shares of the Company. The warrants are exercisable at a price per common share of $0.235, which is equivalent to the closing price of the Company's common shares on the TSX Venture Exchange on September 13, 2018. Saturn intends to use the majority of the net proceeds from the issuance of the Notes to rapidly expand their development of their Viking light oil and Success heavy oil assets in west-central Saskatchewan.  In addition, a portion of the net proceeds of the initial Note issuance will be used to retire certain of the Company's existing and higher interest debt. Prudential Capital Group is the $81.4 billion private capital arm of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU) (“Prudential”). John Jeffrey, CEO of Saturn, commented, “We would like to thank Prudential, our new lending partner, for their commitment and support. This financing provides us the instrument to aggressively develop our light and heavy oil assets while continuing to strengthen our asset base.” To know more about Saturn Oil & Gas Inc. and their operations, please visit our website www.saturnoil.com. About Saturn Oil & Gas Inc.Saturn Oil & Gas Inc. (TSX.V: SOIL) (FSE: SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.  To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com About Prudential Capital GroupPrudential Capital Group has been a leading provider of private placements, mezzanine debt and equity to companies for more than 75 years, managing a portfolio of more than $81 billion as of June 30, 2018. Prudential Capital offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies worldwide. The global regional office network has locations in Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Milan; Minneapolis; New York; Newark, New Jersey; Paris; San Francisco and Sydney.* For more information, please visit prudentialcapitalgroup.com. *Operates through PGIM (Australia) Pty Ltd. On Behalf of the Board of DirectorsSATURN OIL & GAS INC. John Jeffrey, MBA – CEO & Chairman Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements. Not for distribution to United States newswire services or for dissemination in the United States. […]

  • Ontario Energy Association Releases Discussion Paper on Load-Serving Entities in Ontario
    on September 13, 2018 at 7:08 PM

    TORONTO, Sept. 13, 2018 (GLOBE NEWSWIRE) -- The Ontario Energy Association (OEA) is pleased to release “Policy Case: Recommendations for an Ontario Load-Serving Entity Model.” The Discussion Paper was written by Power Advisory LLC and Aird & Berlis LLP. The Discussion Paper explores the evolution of Ontario’s electricity market and the challenges for power system planning and resource procurement. The goal of the Paper is to engage a wider audience in a discussion of the role that Local Distribution Companies (LDCs) functioning as Load-Serving Entities (LSEs) could play in delivering efficient and cost effective solutions for Ontario’s electricity customers. The main conclusion in this Paper is that enabling LDCs to take on new roles and responsibilities and become LSEs is an option worth considering in ensuring optimal outcomes for Ontario’s electricity customers. Power Advisory LLC and Aird & Berlis LLP present that LDCs are positioned to perform integrated planning that balances multiple objectives, from their customers’ needs and preferences to resource adequacy, leading to more efficient outcomes and cost savings for customers.  “Ontario’s electricity sector and the energy needs of consumers continue to evolve. The OEA believes that we can improve on energy sector planning and better meet consumer needs by looking beyond traditional roles for utilities,” said OEA Chair Cynthia Hansen, Executive Vice President, Utilities and Power Operations at Enbridge. “Our hope is that this paper will stimulate further discussion among policy makers, regulators and sector participants about how to improve Ontario’s energy system for the benefit of consumers.” “This Discussion Paper represents one of the very few reviews and recommendations on how an LSE model could work within Ontario’s unique and ‘hybrid’ electricity market, since market opening in May 2002. Now is the right time to engage in discussion, considering today’s electricity customers’ needs and capabilities, the changing nature of electricity distribution, Ontario’s future supply needs, and bolstering buy-side participation within Ontario’s market which will help ensure success of the IESO’s Market Renewal Program,” said Jason Chee-Aloy, Power Advisory LLC’s Managing Director. A digital copy of the Discussion Paper can be viewed here. About the OEA The Ontario Energy Association (OEA) is the credible and trusted voice of the energy sector. We earn our reputation by being an integral and influential part of energy policy development and decision making in Ontario. We represent Ontario’s energy leaders that span the full diversity of the energy industry.    For more information: Leanne Ryan, Marketing & Communications AssociateVince Brescia, President & CEO Ontario Energy AssociationOntario Energy Association 647.463.5244416.961.8874 leanne@energyontario.cavince@energyontario.ca &nbs […]

  • Genoil: Hydroconversion Upgrader Technology Could Save Shipping over $35 billion per year in Fuel Costs when Applied to Just 20% of World Fleet—Genoil commences Pemex Oil Test
    on September 13, 2018 at 12:00 PM

    GHU® offers a vastly cheaper alternative to distillates and scrubbing through conversion of HSFO into compliant low sulphur fuel from 2020 - removing the risk to shipowners of having to foot huge fuel billsNEW YORK, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Genoil Inc. (GNOLF), the publicly traded clean technology engineering company for the energy industry, announced today that it has commenced testing Pemex oil by initiating the passing through of the oil through the upgrader to convert heavy oil into light de-sulphured oil. Its Hydroconversion Upgrader (GHU®) could save the shipping industry billions of dollars a year in unnecessary bunker fuel costs.  Demand for low sulphur fuel will increase significantly in 2020 when the sulphur content of marine fuel is reduced from the current 3.5% to 0.5%, with shipowners and cargo owners, who pay for the majority of bunker fuel, facing a dilemma; switch to distillates or potentially costly blended marine diesel oil (MDO), pay for an onboard scrubber unit at the cost of millions of up front dollars in capital expenditure, or invest in LNG, where the global infrastructure and standards for bunkering are currently very embryonic. Genoil’s GHU® offers a fourth way – enabling the conversion of Heavy Sulphur Fuel Oil (HSFO) and crudes into more valuable low sulphur fuel that will be compliant with new International Maritime Organization (IMO) Annex VI Sulphur rules from 2020.  Leveraging on a considerably improved patented fixed bed reactor technology, the GHU can be built alongside existing refinery infrastructure in major bunkering hubs rather than incurring the costs to develop and build all new infrastructure. Measuring as little as 50m x 80m, the GHU unit costs between $30 million and $80 million to install per one million tonnes per year of capacity. Based on Genoil’s predicted crude prices, which have been reviewed by independent bodies, an initial investment of $30 million could achieve payback in less than three months with current market spreads. As global demand rises for lower sulphur HSFO to meet more stringent environmental regulations, the bunker fuel price spread is likely to increase significantly.  “Moreover, refiners have finally blinked in their investment standoff with the shipping industry, loosening the purse strings to reduce fuel oil output ahead of the IMO’s 2020 regulations, with financing finally set to flow into additions and expansions of coking, cracking and deasphalting units in parts of Europe, Asia and South America.  Conversely, It is also important to note that if refiners convert to producing a gasoil equivalent, the effect on the world fleet's engines designed for HFO with high sulphur will be adverse versus Genoil’s product, which keeps the heavy oil side but removes the sulphur to make it in compliance – also removing the risk to shipowners of having to foot huge fuel bills, that – according to Mitsui – could bankrupt certain players in the industry.” Genoil's $48.00 charge per ton including fixed investments, overhead, operating costs, and profit to the shipping industry on a per ton basis amount to about the operating costs of scrubbers, so that it is drastically cheaper for the shipping industry compliance. Genoil expects that the costs for Gasoil, that the shipping industry is planning to use for their fuel, will rise dramatically to at least double the present price ($684.08) to about $1,400.00 per ton as demand greatly increases, while bunker fuel will drop 80% on collapsing demand or to $87.00 from $421.67. Then you add the $48.00 per ton charge of Genoil to the $87.00 bunker fuel cost.  David Lifschultz, Chairman of Genoil stated: “Genoil could be 90% cheaper than Gasoil at 2020.  I am using a bunker cost today of $421.67 per ton and Gasoil at $684.08 and the Genoil charge of around $47.00. This will produce a dynamic savings for the shipping industry of a 100 billion dollars per year.” Bunker fuel prices for MGO could rise from current levels of around $650 per tonne to well over $1,000 per tonne, according to some analysts, while a stark reduction in demand for HSFO is anticipated to see prices plummet post-2020. “If we look at just 10,000 mid-sized ships from a world fleet of 58,000 larger international vessels, and assume a conservative non-dynamic price spread of $600 per tonne between HFO and MDO from 2020, Genoil’s GHU® would save fuel costs of $36.8 billion[1], even with Genoil’s charges for the desulphurization process factored in. Genoil fully expects its Hydroconversion Upgrader to be an attractive and viable option for both upstream and downstream energy sectors, including the global maritime industry, for compliance.” Genoil is now working on two additional tests.  One for a global, independent assurance group servicing the shipping industry for the purpose of advising the shipping industry regarding the Genoil solution to the 2020 sulfur problem and the other is a test for a major, national oil company. To listen to the most recent podcast click on the following link: https://upticknewswire.com/interview-ceo-david-lifschultz-of-genoil-inc-otcqb-gnolf-3/ About Genoil Inc.Genoil has developed a proprietary, state of the art advanced hydroconversion process technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean crude which yields a higher light end product slate which produces clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a well-known and proven desulfurization process, proven on feedstocks ranging from crude oil to Naptha. 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. For further information, please contact: David LifschultzTel: +1 212 688 8868Email: dklifschultz@Genoil.net [1] Based upon fleet of 10,000, averaging 35 tonnes per day / 300 days per year then Genoil saves $36.8 billion in fuel cost per annum after its fees of under $50 p/t are added. […]

  • Berry Petroleum Announces the Appointment of Anne Mariucci and C. Kent Potter to Board of Directors; Retirement of Kaj Vazales
    on September 12, 2018 at 10:45 AM

    BAKERSFIELD, Calif., Sept. 12, 2018 (GLOBE NEWSWIRE) -- Berry Petroleum Corporation (NASDAQ: BRY) (“Berry”), a California-based independent upstream energy company engaged primarily in the development and production of onshore conventional oil reserves located in the western United States, today announced the appointments of Anne Mariucci and C. Kent Potter to its Board of Directors and the retirement of Kaj Vazales from the board, all effective September 12, 2018. Trem Smith, Berry President and Chief Executive Officer, stated, “I am pleased to add these two highly qualified candidates to our expanding board. Anne has extensive public company board and real estate experience, and brings a depth of knowledge on governance and business that will be very valuable as we continue our growth.  Kent’s worldwide experience in both the energy and chemical industries, along with his financial acumen, complement our existing board’s expertise. We are pleased to welcome both of them, and look forward to their contributions as independent voices to the boardroom as Berry embarks on its path as a newly public company.” “Berry has a great board that has brought it very far, very quickly and I am glad to be joining now as we look to Berry’s future” said Ms. Mariucci.  “I look forward to contributing my experience to help the company reach its full potential.”  “I am pleased to be joining the Berry board” said Mr. Potter.  “I believe Berry is well-positioned to take advantage of excellent growth opportunities and I look forward to participating in its future.” Anne Mariucci Ms. Mariucci serves on the boards of several public, private and non-profit companies, including: Southwest Gas Corporation since 2006, where she is a member of the audit and compensation committees; CoreCivic, Inc. since 2011, where she is a member of the audit and risk committees; and Taylor Morrison Home Corp., since 2014, where she is a member of the audit committee and chairman of the compensation committee. She is also currently on the board of Banner Health, one of the nation's largest hospital/health care organizations, chairs its audit committee and serves on its compensation committee. Over the past ten years she has served as the General Partner of MFLP and related entities, a family office and investment entity. Ms. Mariucci’s deep corporate experience springs from a 30-year career in finance and real estate, primarily with Del Webb Corporation, where she served in a variety of capacities and ultimately as President before her retirement in 2004.  In 2001, Del Webb merged with Pulte Corp, creating the nation’s largest homebuilding company, and Ms. Mariucci became head of strategy for this Fortune 200 company.  Ms. Mariucci also co-founded Inlign Capital Partners, a Phoenix-based private equity firm. She has held licenses as a CPA, NASD General Securities Principal, and NASD Financial Principal. Ms. Mariucci received her Bachelor’s degree in Accounting and Finance from the University of Arizona, where she graduated Phi Kappa Phi. C. Kent Potter Mr. Potter is currently a member of the board of directors and chairman of the audit committee of Polyus Gold PJSC, Russia’s largest gold mining company, where he has served since 2016. He has served on the boards of directors of various chemical and mining companies including EuroChem Group AG, a global agrochemical producer from 2014 to 2017, where he was audit committee chair, and SUEK PLC, Russia’s largest coal producer and exporter from 2013 to 2016, where he was an audit committee member. He previously served as the Executive Vice President and Chief Financial Officer of Lyondell Basell Industries from 2009 to 2011, where he was responsible for all financial and information technology activities. His extensive career in the energy industry began with nearly 30 years at Chevron Corporation, during which time Mr. Potter held various senior management positions and worked in planning, finance, and controllership management roles for Chevron throughout the United States and overseas, and was responsible for all financial functions of Chevron’s international exploration and production operations. Mr. Potter received a Bachelor of Science in Engineering from the University of California, Berkeley, and a Master of Business Administration (with an emphasis in Accounting and Finance) from its School of Business. Kaj VazalesThe Company also announced that Kaj Vazales, of Oaktree Capital Management, L.P., has resigned from the Board effective September 12, 2018.  Mr. Smith stated “The company is deeply appreciative of the integral role Kaj played in the emergence of Berry from bankruptcy over a year ago and the thoughtful guidance he has provided to help bring us to where we are today. It has been a real pleasure to have Kaj on the board through this exciting time in our history.” Vazales said “In just two short years, Berry has restructured its balance sheet, reestablished itself as an independent company, and returned its headquarters to Bakersfield, CA.  A successful public offering creates a natural moment for me to step down from the board. I am proud to have been associated with such a fine company and I believe the best is still to come for Berry.” About Berry Petroleum Berry Petroleum is a publicly-traded (NASDAQ: BRY) California-based independent upstream energy company engaged primarily in the development and production of onshore conventional oil reserves located in the western United States. More information can be found at the Company’s website at berrypetroleum.com. ContactContact: Berry Petroleum CorporationTodd Crabtree - Manager, Investor Relations (661) 616-3811ir@bry.com […]

  • Velvet Energy and Iron Bridge Resources Agree to Terms of Friendly Transaction with Unanimous Approval from Iron Bridge’s Board of Directors
    on September 10, 2018 at 10:00 AM

    All Iron Bridge Directors & Officers and Certain Shareholders Commit to Tender 35% of the Total Common Shares OutstandingVelvet Energy and Iron Bridge agree to friendly transaction with unanimous Iron Bridge Board support, wherein Velvet has increased its cash consideration by 13% from $0.75 to $0.845 per Iron Bridge common shareIncluding the assumption of net debt of $9.0 million and net proceeds from dilutive securities, total cash consideration from Velvet is approximately $142 millionIron Bridge shareholders and all directors and officers, accounting for approximately 35% of outstanding Iron Bridge common shares, have committed to tender their shares  in support of Velvet’s all-cash offerShareholders can tender today by contacting Kingsdale Advisors at 1-866-879-7650 or by e-mail at contactus@kingsdaleadvisors.comCALGARY, Alberta, Sept. 10, 2018 (GLOBE NEWSWIRE) --  Following a friendly negotiation with Iron Bridge Resources Inc. (TSX: IBR) (“Iron Bridge”),  Velvet Energy Ltd. (“Velvet”, “we”, “us” or “our”) today announces that it has modified its May 22, 2018 offer to purchase all of the issued and outstanding common shares of Iron Bridge (the “Original Offer”) to increase the cash consideration payable for each Iron Bridge common share from $0.75 to $0.845 (the “Amended Offer”).  Total cash consideration payable by Velvet under the Amended Offer, including the assumption of estimated net debt of $9.0 million and net proceeds from dilutive securities, is approximately $142 million. 35% OF IRON BRIDGE SHAREHOLDERS ALREADY SUPPORT THE AMENDED OFFER After consultation with its financial advisor, the Iron Bridge Board of Directors has determined that the Amended Offer is in the best interest of Iron Bridge and is fair from a financial point of view, to its common shareholders, and unanimously recommends that Iron Bridge shareholders accept the Amended Offer.  All of Iron Bridge’s officers and directors, as well as certain shareholders including Maple Rock Capital Partners and Bison Interests, LLC and their respective affiliates and principals, have entered into agreements with Velvet pursuant to which they have committed to tender all of their Iron Bridge common shares in favour of (and to otherwise support) the Amended Offer.  These lock-up agreements represent approximately 35% of Iron Bridge’s common shares. Ken Woolner, Velvet Energy’s President & CEO, commented, “We are very pleased to have the engagement and unqualified support of Iron Bridge’s Special Committee, Board of Directors and its largest shareholders in defining a path that is a superior outcome for Iron Bridge shareholders. Our team looks forward to consolidating Iron Bridge’s land holdings in the Gold Creek area with the goal of optimizing our highly synergistic businesses.” KEY HIGHLIGHTS OF THE VELVET OFFER Pursuant to the terms of a support agreement between Velvet and Iron Bridge, Velvet has agreed to increase the cash consideration per Iron Bridge common share from $0.75 to $0.845.  The Amended Offer represents a 13% increase in cash consideration for Iron Bridge common shares, and a significant 78% premium to the closing price of Iron Bridge common shares on the TSX on May 11, 2018, the last trading day prior to Velvet submitting its original $0.75 offer letter to the Iron Bridge Board of Directors. Velvet intends to file a notice of change and variation (the “Notice of Change and Variation”), which, among other things, will: (i) amend certain terms of the Original Offer (including the increase to the cash consideration payable per Iron Bridge common share from $0.75 to $0.845 for Iron Bridge shares taken-up under the Amended Offer); (ii) update certain information set out in the Original Offer and associated take-over bid circular (the “Original Offer and Circular“); and (iii) supplement information set out in the Original Offer and Circular, including lock-up agreements from certain shareholders, officers and directors and other additional context for the Amended Offer.  Velvet expects that its Notice of Change and Variation and an amended letter of transmittal (updated to reflect the additional cash consideration offered by Velvet) and Iron Bridge’s  Notice of Change to Directors’ Circular will be filed on SEDAR under Iron Bridge’s profile at www.sedar.com prior to the close of business on September 12, 2018.  Under the Agreement, the expiry time of the Amended Offer has been extended to 5:00 p.m. (Toronto time) on September 24, 2018, or such later date as Velvet may require. TENDER YOUR SHARES TODAY Iron Bridge shareholders can tender their shares immediately by contacting Kingsdale Advisors, Velvet’s Depositary and Information Agent, by telephone toll-free at 1-866-879-7650 within North America and at 1-416-867-2272 outside of North America or by e-mail at contactus@kingsdaleadvisors.com.   Advisors Velvet has retained BMO Capital Markets as its exclusive financial advisor and Bennett Jones LLP as its legal 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 28,000 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 […]

  • Terrestrial Energy USA Partners with Leading Energy Company, National Labs to Produce Economical, Clean Hydrogen with Generation IV Nuclear Energy
    on September 5, 2018 at 2:29 PM

    NEW YORK, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Terrestrial Energy USA, a leading U.S. nuclear technology company developing the generation IV Integral Molten Salt Reactor (IMSR) power plant, has partnered with Southern Company, a nationally recognized energy company, and several U.S. Department of Energy National Laboratories to develop a more efficient and cleaner method for producing hydrogen using nuclear heat and power. The two-year research and development project will examine the efficiency, design and economics of the IMSR power plant to produce carbon-free, industrial-scale hydrogen using the hybrid sulfur process. This carbon-free method of generating hydrogen from water may be more efficient than high-temperature steam electrolysis. The project intends to demonstrate the commercial and industrial-scale viability of pairing the hybrid sulfur process with an IMSR power plant for large-scale production of hydrogen with zero greenhouse-gas emissions.   This work builds on two decades of research at Savannah River National Laboratory, which will continue to lead the technology development along with Sandia National Laboratories and Idaho National Laboratory. Besides current uses of hydrogen in ammonia production, petroleum refining, chemicals production and other industrial applications, hydrogen is expected to grow significantly as a storable energy carrier. Future applications include all forms of transportation, thermal energy and energy storage, as well as growth in conventional uses of hydrogen. By 2020, the hydrogen market is expected to reach $200 billion. “By combining forces with an energy leader such as Southern Company, we can bring this revolutionary technology to industrial markets. Using an IMSR power plant to produce hydrogen more efficiently and economically, is just one of many industrial applications of IMSR power plants beyond electricity generation,” said Simon Irish, CEO of Terrestrial Energy USA. “Removing carbon from the production of hydrogen helps bring deep decarbonization into reach. It points the way to the production of carbon-neutral transport fuels and zero-emissions fertilizers.” “This is a potentially high-impact project that couples the benefits of molten salt reactors with the development of an advanced water-splitting process for hydrogen generation,” said Noah Meeks, Southern Company research engineer and project manager. “With its history of innovation, Southern Company is looking forward to exploring this new technology with Terrestrial Energy USA.” About Terrestrial Energy USA Terrestrial Energy USA, an affiliate of Terrestrial Energy Inc., is developing the Integral Molten Salt Reactor (IMSR) for U.S. market deployment. The IMSR is an Advanced Reactor and represents true innovation in cost and functionality. It will provide clean, reliable and cost-competitive heat for many industrial applications, including electric power provision and heat for industrial processes, such as chemical synthesis and desalination. The IMSR extends the applicability of nuclear energy beyond its current footprint in on-grid electric power markets. It promises to increase industrial competitiveness and energy security while concurrently driving deep decarbonization by displacing fossil fuel combustion across a broad industrial front. Using an innovative design based on proven Molten Salt Reactor technology, the IMSR can be brought to market in the 2020s. Contact: Jarret AdamsTerrestrial Energy USA, Inc.Phone: (202) 815-9234 Email: jadams@fulloncom.com Website: www.terrestrialusa.comE-mail: info@terrestrialusa.com […]

  • RigNet Secures Global Master Supply Agreement
    on September 5, 2018 at 12:05 PM

    RigNet to Provide Managed Communications Services and OTT Solutions to McDermott’s Global FleetHOUSTON, Sept. 05, 2018 (GLOBE NEWSWIRE) -- RigNet’s (NASDAQ: RNET) fast-track installation and highly differentiated end-to-end connectivity helped secure a global master supply agreement with a subsidiary of McDermott International, Inc. (NYSE: MDR). A premier, fully integrated provider of technology, engineering and construction solutions to the energy industry, RigNet provided McDermott with managed communication services and multiple over-the-top (OTT) solutions to ensure their fleet of vessels is equipped with the most advanced communication systems available.  RigNet was able to leverage its network of global support to fast-track the implementation of the project and install McDermott’s entire global fleet to meet an aggressive mobilization timeline. RigNet installed and is providing fully-managed communications solutions that included a stabilized dual-band smart antenna that enables automatic switching between C-Band and Ku-Band networks. RigNet also provides industry leading OTT solutions: CrewConnect and infotainment services for crew welfare, hotspot services for easy Internet connectivity, and Adaptive Video Intelligence for crew safety and operational efficiency. “This win marks a significant victory for RigNet within the maritime sector and is a part of our strategic growth strategy to provide high-value solutions in verticals beyond oil and gas,” said Steven Pickett, Chief Executive Officer and President of RigNet. “The execution of this project showcases our ability to meet our customers’ needs and offer solutions to even the most remote locations with the most complex communications, technology, and time challenges.” 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 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 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. […]