WASHINGTON, Feb. 9, 2012 /PRNewswire-USNewswire/ -- The U.S. Census Bureau today released new, detailed demographic information from the 2010 Census for up to 331 different race and ethnic groups down to the census tract level for Florida, Massachusetts, Mississippi and Washington.
(Logo: http://photos.prnewswire.com/prnh/20110428/DC91889LOGO)
These Summary File 2 tables add a new layer of detail to the population and housing topics released last year from the 2010 Census. Information, such as age, relationship and homeownership, previously available only for an area's entire population is now available for specific race and ethnic groups in that community.
Each Summary File 2 table is presented for up to 331 population groups. These include iteration groups for the total population, race alone groups, race alone or in combination groups, multiple-race combinations, American Indian and Alaska Native tribal groupings, detailed Asian groups, detailed Native Hawaiian and Other Pacific Islander groups, detailed Hispanic groups, and race/Hispanic groups.
Geographies AvailableThe statistics are available for a variety of geographic areas: counties, county subdivisions, places, census tracts, ZIP Code tabulation areas, congressional districts for the 111th Congress, American Indian and Alaska Native areas within the states released, tribal subdivisions, metropolitan areas and Hawaiian home lands.
To preserve confidentiality, only geographic entities with a population of at least 100 for the specified group are available in the summary file.
Accessing the InformationThe Summary File 2 tables can be found on the Census Bureau's American FactFinder website at http://factfinder2.census.gov by using the "Population Groups" filter to select the specific race or ethnic groups of interest. While a variety of tables will be available, a good place to start is the Profile of General Population and Housing Characteristics, which shows a summary of characteristics for one geographic area at a time.
A summary file version of the information is also available for users who want to download the set of detailed tables for all of the geographies within a state and run their own analysis and rankings. The summary file contains two parts: a file with the geographic headers (in fixed-length ASCII format) and a file with the statistical information (in comma-separated ASCII format). The summary file is available for download at http://www2.census.gov/census_2010/05-Summary_File_2/.
For local context, contact your state data center: http://www.census.gov/sdc/network.html.
Editor's note: Summary File 2 will be publicly available via FTP at 12:01 a.m. EST, Thursday, Feb. 9 and in American FactFinder by 10 a.m. EST Thursday, Feb. 9.
Follow @uscensusbureau on Twitter, Facebook, Flickr, YouTube and Ustream.
Public Information Office301-763-3030e-mail: pio@census.gov
SOURCE U.S. Census Bureau
TAIYUAN CITY, China, Feb. 9, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE Amex: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced its financial results for the three and six months ended December 31, 2011.
Second Quarter Fiscal Year 2012 Financial Highlights: (Year-over-Year, 3-Month Results)
- Revenues increased 5.2% to $126.4 million, compared with $120.2 million.
- Income Before Taxes increased 34.5% to $20.6 million, compared with $15.3 million.
- GAAP Net Income Attributable to Common Shareholders increased 58.7% to $15.2 million, compared with $9.5 million.
- Basic and Diluted Earnings per Share ("EPS") increased to $0.15 per share for the three months ended December 31, 2011, compared to $0.10 per Basic EPS and $0.09 per Diluted EPS for the three months ended December 31, 2010.
- The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $64.8 million and $56.3 million, respectively. Agency fees contributed $5.3 million to revenues.
- Stockholders' Equity increased $37.5 million to $299.2 million, compared with $261.7 million.
Six Months Fiscal Year 2012 Financial Highlights: (Year-over-Year, 6-Month Results)
- Revenues increased 4.9% to $245.0 million, compared with $233.5 million.
- Income Before Taxes increased 72.0% to $43.8 million, compared with $25.4 million.
- GAAP Net Income Attributable to Common Shareholders increased to $33.0 million, compared with $14.3 million.
- Basic EPS increased to $0.33 per share and Diluted EPS to $0.32 per share, compared to $0.15 per Basic EPS and $0.14 per Diluted EPS for the six months ended December 31, 2010.
- The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $123.1 million and $111.1 million, respectively. Agency fees contributed $10.8 million to revenues.
"We delivered another quarter of solid operating results, highlighted by a 130% increase in net income year-over-year for the six months ended December 31, 2011," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "Given the demand for petroleum products in China, we expect revenue and earnings growth to increase as we enter the second half of our fiscal year. The Huajie Petroleum asset purchase, once completed, will provide an additional catalyst for potential growth by nearly doubling our storage capacity and expanding our footprint in central China. We believe our strong market position and proven business model will result in long-term sales and earnings growth."
"Our sales increased by $7.8 million or 6.5% between the first and second quarters of 2012, while our sales volume increased 9.7% during this period. During this timeframe we experienced some pressure on our margins from the impact of the increasing international price of crude oil and the retail price decrease implemented by the PRC in October 2011," stated Michael Toups, Chief Financial Officer of Longwei. "We pay market prices to our refinery suppliers and carefully manage our inventory levels to adjust to pricing fluctuations. During this timeframe we had volatility in both sales price and costs as the PRC tried to control the retail price of petroleum to cool inflation."
The cost basis of finished petroleum products fluctuates during the year due to the pricing mechanism in place in the PRC. The retail price of finished petroleum products is established by a PRC regulatory body, the National Development and Reform Commission ("NDRC"), under a formula based on the movement of international prices (a weighted basket of crude oil prices including Brent, Dubai and Cinta crudes), over a look-back period of 22 working days and generally resets when the weighted basket increases or decreases by 4%. The NDRC adjusts domestic finished oil prices by modifying the retail price of gasoline and diesel in all provinces, which has an upstream pricing effect over the wholesale price of finished oil products. The Company attempts to manage its costs by utilizing its storage capacity to adjust inventory levels based on the anticipated movement of industry pricing to take advantage of pricing, supply and demand fluctuations within the marketplace.
At December 31, 2011, the Company held more inventory "on-hand" to take advantage of additional product purchases during a period of fluctuating prices. During this time, the Company also increased its advances to suppliers to lock in pricing based on uncertainty associated with the international crude oil price fluctuations from tensions in the Middle East. The Company is continuously working to optimize its inventory turnover, which expands sales capacity based on increased inventory movement. In times of anticipated rising prices, the Company tries to lock in pricing and increase inventory on-hand prior to the PRC pricing mechanism adjusting the set retail price upwards. Longwei's supplier advance balance with refineries also allows the Company to lock in supply so that it can react quickly to purchases based on the timing of the PRC pricing level adjustments.
On February 8, 2012, the NDRC announced its first retail price increase since April 2011. The retail price of gasoline and diesel was increased by 300 yuan (approximately $48 USD) per metric ton.
"Given that China's inflation appears to be confirmed on a downward trend, we expect that policy makers will feel more comfortable allowing upward fuel price adjustments," wrote Soozhana Choi, Head of Asian Commodities Research at Deutsche Bank AG, in a report released on February 1, 2012. The government controls fuel costs to curb inflation, which cooled to a 15-month low of 4.1% in December 2011 (Bloomberg News, February 2, 2012).
"China may raise retail gasoline and diesel prices 15% in five separate increases to about $4.10 a gallon this year," Gordon Kwan, Head of Energy Research at Mirae Asset Securities Ltd. in Hong Kong, said in a December report.
2012 Financial Outlook
Based on forecasted volume improvement and expected price increases, the Company maintains its current guidance for fiscal 2012. The Company anticipates revenues of approximately $576 million with net income of approximately $78 million (adjusted net of non-cash warrant derivative liability expense) for the fiscal year ending June 30, 2012. The Company will update its fiscal 2012 guidance to reflect its purchase of the assets of Huajie Petroleum Co., Ltd. once the asset purchase is closed and online.
The assets of Huajie Petroleum Co., Ltd. include commercial licenses, land use rights for 98 acres of land, 100,000-tonnage fuel tanks with accessory facilities and equipment, a special transportation railway line, and a 3,000-square-meter office building. To date Longwei has paid a RMB 550 million (approximately $86.5 million USD) deposit toward the total purchase price of RMB 700 million (approximately $110.1 million USD).
"The Energy Information Administration projects that China's oil-product demand will grow 4.3% this year to reach 9.9 million barrels per day," stated Mr. Toups. "Rising car ownership and industrialization in the PRC continue to drive energy demand growth, creating an ideal climate for us to acquire new customers. The Huajie Petroleum asset purchase remains an important element in our expansion plans, and we are working to finalize the transaction as soon as possible."
Conference Call and Webcast
Management will host a conference call to discuss these financial results on Friday, February 10, 2012 at 10:30 a.m. EST (7:30 a.m. PST).
To participate in the call, please dial (888) 500-6948, or (719) 325-2315 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.longweipetroleum.com, or alternately at http://ViaVid.net.
A replay of the call will be available for two weeks from 1:30 p.m. EST on February 10, 2012, until 11:59 p.m. EST on February 24, 2012. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 3411565. In addition, a recording of the call will be available via the Company's website at http://www.longweipetroleum.com for one year.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at info@redchip.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Longwei's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Longwei's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact: | |
At the Company: | |
Michael Toups, Chief Financial Officer | |
U.S. Office +1 727-641-1357 | |
Investor Relations: | |
Mike Bowdoin | |
RedChip Companies, Inc. | |
Tel: +1-800-733-2447, Ext. 110 | |
Email: info@redchip.com | |
Longwei Petroleum Investment Holding Limited and Subsidiaries Condensed Consolidated Balance Sheets | |||||||||
December 31, 2011 | June 30, 2011 | ||||||||
Assets | (In Thousands) | ||||||||
Current Assets: | |||||||||
(Unaudited) | |||||||||
Cash | $ | 9,963 | $ | 9,422 | |||||
Accounts Receivable, Net of Allowance for Doubtful Accounts of $0 as of December 31, 2011 and June 30, 2011 | 30,847 | 23,883 | |||||||
Inventories | 58,909 | 51,489 | |||||||
Advances to Suppliers | 74,563 | 57,756 | |||||||
Total Current Assets | 174,282 | 142,550 | |||||||
Deposit | 86,498 | 85,093 | |||||||
Property Plant and Equipment, Net | 47,411 | 45,662 | |||||||
Total Assets | $ | 308,191 | $ | 273,305 | |||||
Liabilities and Stockholders' Equity | |||||||||
Current Liabilities: | |||||||||
Accounts Payable | $ | 752 | $ | 589 | |||||
Warrant Derivative | 1,558 | 2,893 | |||||||
Taxes Payable | 6,643 | 8,096 | |||||||
Total Current Liabilities | 8,953 | 11,578 | |||||||
Total Liabilities | 8,953 | 11,578 | |||||||
Stockholders' Equity: | |||||||||
Preferred Stock, No Par Value, 100,000,000 Shares Authorized; 914,643 and 914,643 Issued and Outstanding as of December 31, 2011 and June 30, 2011 | 418 | 418 | |||||||
Common Stock, No Par Value; 500,000,000 Shares Authorized; 100,766,966 and 100,751,966 Issued and Outstanding as of December 31, 2011 and June 30, 2011 | 31,519 | 31,502 | |||||||
Additional Paid-in Capital | 7,992 | 7,992 | |||||||
Retained Earnings | 229,634 | 196,641 | |||||||
Other Comprehensive Income | 29,675 | 25,174 | |||||||
Total Stockholders' Equity | 299,238 | 261,727 | |||||||
Total Liabilities and Stockholders' Equity | $ | 308,191 | $ | 273,305 | |||||
Longwei Petroleum Investment Holding Limited and Subsidiaries Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income | |||||||||
For the Six Months Ended December 31, | |||||||||
2011 | 2010 | ||||||||
(In Thousands, Except Per Share Data) | |||||||||
Net Sales | $ | 245,015 | $ | 233,532 | |||||
Cost of Sales | 200,616 | 187,911 | |||||||
Gross Profit | 44,399 | 45,621 | |||||||
Operating Expenses | 1,977 | 3,016 | |||||||
Operating Income | 42,422 | 42,605 | |||||||
Derivative Income (Expense) | 1,336 | (17,169) | |||||||
Interest Income | 8 | 9 | |||||||
Interest Expense | - | - | |||||||
Income Before Income Tax Expense | 43,766 | 25,445 | |||||||
Income Tax Expense | (10,744) | (10,949) | |||||||
Net Income | 33,022 | 14,496 | |||||||
Foreign Currency Translation Adjustment | 4,501 | 6,278 | |||||||
Comprehensive Income | $ | 37,523 | $ | 20,774 | |||||
Net Income | $ | 33,022 | $ | 14,496 | |||||
Preferred Stock Dividends Paid in Cash | (30) | (161) | |||||||
Net Income Attributable to Common Stockholders | $ | 32,992 | $ | 14,335 | |||||
Earnings per Common Share: | |||||||||
Basic | $ | 0.33 | $ | 0.15 | |||||
Diluted | $ | 0.32 | $ | 0.14 | |||||
Weighted Average Common Shares Outstanding: | |||||||||
Basic | 100,760 | 95,316 | |||||||
Diluted | 101,748 | 103,137 | |||||||
Longwei Petroleum Investment Holding Limited and Subsidiaries Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income | |||||||||
For the Three Months Ended December 31, | |||||||||
2011 | 2010 | ||||||||
(In Thousands, Except Per Share Data) | |||||||||
Net Sales | $ | 126,384 | $ | 120,184 | |||||
Cost of Sales | 104,002 | 96,661 | |||||||
Gross Profit | 22,382 | 23,523 | |||||||
Operating Expenses | 1,003 | 1,460 | |||||||
Operating Income | 21,379 | 22,063 | |||||||
Derivative Income (Expense) | (791) | (6,763) | |||||||
Interest Income | 4 | 6 | |||||||
Interest Expense | - | - | |||||||
Income Before Income Tax Expense | 20,592 | 15,306 | |||||||
Income Tax Expense | (5,420) | (5,704) | |||||||
Net Income | 15,172 | 9,602 | |||||||
Foreign Currency Translation Adjustment | 1,646 | 2,811 | |||||||
Comprehensive Income | $ | 16,818 | $ | 12,413 | |||||
Net Income | $ | 15,172 | $ | 9,602 | |||||
Preferred Stock Dividends Paid in Cash | (15) | (54) | |||||||
Net Income Attributable to Common Stockholders | $ | 15,157 | $ | 9,548 | |||||
Earnings per Common Share: | |||||||||
Basic | $ | 0.15 | $ | 0.10 | |||||
Diluted | $ | 0.15 | $ | 0.09 | |||||
Weighted Average Common Shares Outstanding: | |||||||||
Basic | 100,767 | 97,382 | |||||||
Diluted | 101,796 | 101,216 | |||||||
Longwei Petroleum Investment Holding Limited and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||
For the Six Months Ended December 31, | |||||||||
2011 | 2010 | ||||||||
(In Thousands) | |||||||||
Cash Flows From Operating Activities: | |||||||||
Net Income | $ | 33,022 | $ | 14,496 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||||||||
Depreciation and Amortization | 1,045 | 930 | |||||||
Stock Based Compensation | 17 | 630 | |||||||
Changes in Warrant Derivative Liability | (1,336) | 17,169 | |||||||
(Increases) Decreases in Assets: | |||||||||
Accounts Receivable | (6,570) | (7,932) | |||||||
Inventories | (6,570) | (13,090) | |||||||
Advances to Suppliers | (15,853) | (7,587) | |||||||
Increases (Decreases) in Liabilities: | |||||||||
Accounts Payable | 155 | (154) | |||||||
Taxes Payable | (1,587) | (955) | |||||||
Net Cash Provided By (Used in) Operating Activities | 2,323 | 3,507 | |||||||
Cash Flows From Investing Activities: | |||||||||
Purchase and Improvements to Land and Buildings | (2,044) | (1,960) | |||||||
Net Cash Provided By (Used in) Investing Activities | (2,044) | (1,960) | |||||||
Cash Flows From Financing Activities: | |||||||||
Payment of Dividends | (30) | (161) | |||||||
Proceeds from the Exercise of Warrants | - | 2,908 | |||||||
Net Cash Provided By (Used in) Financing Activities | (30) | 2,747 | |||||||
Effect of Exchange Rate Changes in Cash | 292 | 705 | |||||||
(Decrease) Increase in Cash | 541 | 4,999 | |||||||
Cash, Beginning of Period | 9,422 | 10,125 | |||||||
Cash, End of Period | $ | 9,963 | $ | 15,124 | |||||
Supplemental Cash Flow Information: | |||||||||
Cash Paid During the Year for: | |||||||||
Income Taxes | $ | 12,232 | $ | 12,139 | |||||
Supplemental Schedule of Noncash Investing and Financing Activities: | |||||||||
Conversion of Preferred Stock into Common Stock | $ | - | $ | 2,421 | |||||
SOURCE Longwei Petroleum Investment Holding Ltd.
OAKLAND, Calif., Feb. 9, 2012 /PRNewswire/ -- Fulcrum Methods, the leading developer of toolkits to assist health care providers with program management and meaningful use, announced today that it will be exhibiting at the HIMSS12 Health IT Conference in Las Vegas at the Venetian Sands Expo Center from February 20th through February 24th. Hospitals, health systems, and medical groups will be able to learn more about and demo Fulcrum Methods' project-ready tools and templates.
Fulcrum Methods' toolkits include work plans, guidebooks, libraries of deliverables, and online assessment tools that cover systems planning, vendor selection, implementation, building a program management office, ICD-10 transition, and meeting meaningful use requirements. The program management tools and templates have been proven out in the field with a wide variety of hospitals and health systems over a 20-year period. They are encyclopedias of best practices and designed to develop core competencies, accelerate project rollout, and ensure organization knowledge remains in-house.
Users of Fulcrum Methods' tools are well-respected healthcare organizations and include Stanford Hospital & Clinics, a HIMSS Stage 7 organization, and NorthBay Healthcare, which attested to Meaningful Use Stage 1 requirements in November 2011. Other notable clients include Lucile Packard Children's Hospital, University Hospitals (Cleveland), MaineHealth, University of Kentucky HealthCare, John Muir Health, and Community Medical Centers.
Fulcrum Methods also announced that Tim Tarnowski, CIO at University of Kentucky HealthCare, and Joe DeLuca, Knowledge Architect at Fulcrum Methods, will be holding an interactive discussion on Methods For Analytics Program Excellence during the Conference at the Business and Clinical Analytics/Intelligence Center Theatre on Tuesday, February 21st at 1:15 p.m. The discussion will cover the current environment for business and clinical analytics, successfully integrating analytics capabilities into a healthcare organization's long-range plan, how to manage governance around analytics programs, how to select analytics vendors that deliver maximum value, and how to implement analytics around electronic health records. Attendees at the discussion will be eligible to win an Apple iPad.
To learn more about Fulcrum Methods visit us on the exhibit floor at the Business and Clinical Analytics/Intelligence Knowledge Center - Booth 13247 Kiosk 6 or visit http://www.fulcrummethods.com.
About Fulcrum Methods
Fulcrum Methods is the leading provider of program and project management, planning, vendor selection, system implementation, process redesign, change management, and meaningful use toolkits to the healthcare IT industry. Our approach delivers immediate value to healthcare organizations while developing sustained core competencies and proficiency. We are a community of over 1,200 licensed Fulcrum Methods users, influencing 10,000 healthcare professionals who daily oversee thousands of complex initiatives.
Contact: Rick Beberman 510/287-3927rbeberman@fulcrummethods.com
This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.
SOURCE Fulcrum Methods
SUNNYVALE, CA -- (MARKET WIRE) -- 02/09/12 -- Vitria Technology, Inc., the Operational Intelligence company, announces that Brian Bohan, Vice President of Worldwide Professional Services, will present the topic of Operational Intelligence for customer experience management at Telecom IQ's CEM in Telecoms event in Miami, Florida on February 16, 2012.
"In an increasingly competitive marketplace, telecommunications service providers need to deliver a complex set of products and services in an environment where commoditization has substantially leveled the playing field," explains Bohan. "The most effective way to differentiate is to optimize customer experience to maintain customer loyalty, drive profits, and build brand recognition. Service providers must look beyond traditional service assurance, which is too often overly network-centric and narrowly focused on managing known outages and issues. Instead, service providers must tap into the invaluable signaling data in the network control plane and correlate it with OSS and BSS processes and events to identify the real customer experience risks and opportunities."
Bohan will discuss how Operational Intelligence can be used to derive meaningful and actionable insight from these various event sources to identify risks and opportunities previously unattainable to network operations center analysts and marketing teams.
The Customer Experience Management conference, with keynote presentations from TELUS HR, US Cellular, and IQPC, will provide insights from CEM experts on key issues, including maximizing the profitability of CEM programs, empowering employees at all levels to deliver a superior customer experience, and transforming contact resolution rates to increase customer satisfaction and reduce churn.
The CEM in Telecoms conference will be held from February 14-16, 2012 in Miami, Florida and is sponsored by Vitria. To request a demonstration of Vitria's M3O Operational Intelligence Suite, please contact info@vitria.com.
Additional Resource Links Vitria Website Vitria Blog Vitria on Twitter
About Vitria Vitria Technology, Inc. provides the industry's leading Operational Intelligence suite, empowering partners and customers alike to develop innovative Operational Intelligence solutions to analyze business activities in the proper context and take real-time action. The result is faster, better decision-making. With a rich heritage as a technology pioneer, Vitria's award-winning process integration solutions provide the backbone for many Global 2000 companies' mission-critical business processes. Vitria has customers in North America, South America, Europe, Asia, and Australia.
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Vitria Technology, Inc. Email Contact
Source: Vitria Technology, Inc.
TORONTO, ONTARIO -- (MARKET WIRE) -- 02/09/12 -- CUB Energy Inc. ("CUB", or the "Company") (TSX VENTURE: KUB), an international upstream oil and gas company, is pleased to refer to the news release of Kulczyk Oil Ventures Inc. ("Kulczyk") dated February 9, 2012 (the "Kulczyk Release"), reporting that the Olgovskoye-6 ("O-6") well in Ukraine has commenced commercial production at a rate of more than 1.5 million cubic feet per day ("MMcf/d") increasing total field production to more than 18.5 MMcf/d. The O-6 well is operated by KUB-Gas LLC ("KUB-Gas"), a partially-owned subsidiary of Kulczyk. As announced in CUB's news release of January 26, 2012, CUB has entered into a definitive agreement to acquire KUB-Gas' 30% owner, Gastek LLC ("Gastek") (the "Gastek Acquisition"). CUB expects to complete the Gastek Acquisition in the first half of 2012, subject to shareholder and regulatory approval (including approval of the TSX Venture Exchange). Upon completion of the Gastek Acquisition, CUB will be the beneficial holder of Gastek's effective 30% interest in KUB-Gas.
The Kulczyk Release reported the following with respect to KUB-Gas:
"Olgovskoye-6
The O-6 well was drilled in 2008 to a total depth ("TD") of 2,530 metres. A potential gas-bearing zone, the R30c zone of Middle Bashkirian age, was penetrated at a depth of approximately 2,270 metres but subsequent evaluation of the zone at that time indicated that the zone had a very low permeability of less than 1 millidarcy and was not capable of flowing gas at commercial rates.
The R30c zone in the O-6 well was successfully fracture stimulated in the fourth quarter of 2011 as a part of a two well frac program also involving the Olgovskoye-8 ("O-8") well. The 14 metre thick interval was frac'd using 25 tonnes of ceramic proppant. The frac, which was designed to penetrate beyond the immediate vicinity of the wellbore by creating fractures and increasing permeability to liberate gas trapped in the R30c reservoir, was very successful with test rates as high as 2.3 MMcf/d as reported in the KOV press release of 2 November 2011.
The O-8 well, which was successfully frac'd shortly after O-6, is expected to be on stream by early March."
About CUB Energy Inc.
CUB Energy Inc. is a Canadian-based company focused on the exploration and development of oil and gas reserves in Eastern Europe. In the Transcarpathian basin of Ukraine, CUB is the 100% owner and operator of a 20-year production licence with a gas producing asset, as well as three exploration licences with exploration targets and a further development opportunity on a total of 300 square kilometres. The Corporation's strategy is to use proven technology, capital, and expertise to grow the reserves base and build a portfolio of low cost gas production assets in Eastern Europe to capitalize on high regional gas prices. CUB shares are traded on the TSX Venture Exchange under the stock symbol KUB.
Reader Advisory
Information contained herein related to the licenses of KUB-Gas is taken from the press release of Kulczyk's dated February 9, 2012, and such information has not been independently verified by CUB, and CUB makes no representation or warranty with respect to the accuracy of such information.
Completion of the Gastek Acquisition is subject to a number of conditions, including but not limited to TSX-V acceptance and shareholder approval. The Gastek Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Gastek Acquisition will be completed as proposed or at all.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to, the entering into of the Gastek Acquisition and statements with respect to future activities of KUB-Gas and related to its five license areas in Ukraine and to certain wells drilled or seismic activities undertaken within those license areas that either are not or may not be historical facts. All forward-looking information concerning the licenses of KUB-Gas has been taken from the Kulczyk Release and there can be no assurance that the expectations reflected therein will prove to be correct. CUB believes that the expectations reflected in the forward-looking information concerning the Gastek Acquisition are reasonable, however there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in the Ukraine and globally; industry conditions, including fluctuations in the prices of natural gas; governmental regulation of the natural gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for natural gas; liabilities inherent in natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the natural gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
This cautionary statement expressly qualifies the forward-looking information contained in this news release. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the 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.
Contacts: CUB Energy Inc. Mas Kobuchi (604) 618-1768
Source: CUB Energy Inc.
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