MILPITAS, Calif.--(BUSINESS WIRE)-- Steel Excel Inc. (Other OTC: SXCL.PK) (the “Company”) announced today that it has acquired the business and assets of Eagle Well Services, Inc., a leader in the oilfield service industry serving customers in the Bakken basin in North Dakota and Montana.
“We are excited to complete the acquisition of the Eagle Well Services business. This business complements the Rogue Pressure Services acquisition we completed last December. We are looking forward to having a major presence in the Bakken basin as well as the Eagle Ford basin in Texas,” said John Quicke, President and Chief Executive Officer of the Company.
About Steel Excel Inc.
The Company's business is to identify and acquire profitable business operations in which it can utilize its existing working capital and maximize the use of the Company’s net operating losses. The identification of new business operations includes, but is not limited to, businesses in the oilfield services, sports, training, education, entertainment and lifestyle industries. More information is available at the Company's web site: www.steelexcel.com.
Safe Harbor Statement
This news 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 and Exchange Act of 1934, as amended. Forward-looking statements such as “will,” “believe,” “are projected to be” and similar expressions are statements regarding future events or the future performance of the Company, and include statements regarding projected operating results. These forward-looking statements are based on current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. These risks include, but are not limited to: the Company's ability to identify suitable acquisition candidates or business and investment opportunities; the ability to realize the benefits of our net tax operating losses; the possibility of being deemed a “shell company” under the federal securities laws, which may adversely impact our ability to offer our stock to officers, directors and consultants, and would likely increase the costs of registration compliance following the completion of a business combination; the possibility of being deemed an investment company under the Investment Company Act of 1940, as amended, which may make it difficult for us to complete future business combinations or acquisitions; the potential need to record additional impairment charges for long-lived assets or marketable securities based on current market conditions; the necessity to record material tax provisions or pay additional tax payments in the future as a result of estimates for tax provisions that materially differ from actual outcomes and tax audits and redetermination by the United States and foreign taxing authorities in which we operate or formerly operated; the ability to reduce our operating costs; general economic conditions and our expected liquidity in future periods. For a more complete discussion of risks related to our business, reference is made to the section titled “Risk Factors” included in our Transition Report on Form 10-K for the nine month period ended December 31, 2010 on file with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any forward-looking information that is included in this release.
Steel Excel Inc.Investor Relations, 408-957-7811Investor_Relations@steelexcel.com
Source: Steel Excel Inc.
HOUSTON, Feb. 9, 2012 /PRNewswire/ -- GSE Holding, Inc. ("GSE") today announced the pricing of its initial public offering of 7,000,000 shares of common stock at a public offering price of $9.00 per share. All of the shares in the offering are being sold by GSE. GSE has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares at the initial public offering price to cover over-allotments, if any. The shares are expected to begin trading tomorrow, February 10, 2012, on the New York Stock Exchange under the ticker symbol "GSE", and the offering is expected to close on February 15, 2012.
GSE expects to use the net proceeds from the offering to, among other things, repay $20.0 million of borrowings under its Second Lien Term Loan and all outstanding borrowings under its Revolving Credit Facility, and for working capital and general corporate purposes.
Oppenheimer & Co. Inc., William Blair & Company, L.L.C. and FBR Capital Markets & Co. are acting as joint book-running managers for the offering. BMO Capital Markets Corp. and Macquarie Capital (USA) Inc. are acting as co-managers for the offering.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. The offering of these securities is being made only by means of a prospectus forming part of the effective registration statement, copies of which may be obtained by sending a request to one of the following: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, Telephone: 212-667-8563, Email: EquityProspectus@opco.com; William Blair & Company, L.L.C., Attention: Prospectus Department, 222 West Adams Street, Chicago, Illinois 60606, Telephone: 800-621-0687, Email: prospectus@williamblair.com; and FBR Capital Markets & Co., Attention: Syndicate Prospectus Department, 1001 Nineteenth Street North, Arlington, Virginia 22209, Telephone: 703-312-9500, Email: prospectuses@fbr.com. The final prospectus, when it is available, also may be obtained on the Securities and Exchange Commission's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About GSE
GSE Holding, Inc., a Delaware corporation, is a leading global provider of highly engineered geosynthetic containment solutions for environmental protection and confinement applications. Its products are used in a wide range of infrastructure end markets such as mining, waste management, liquid containment (including water infrastructure, agriculture and aquaculture), coal ash containment and shale oil and gas. The company is headquartered in Houston, Texas.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the U.S. federal securities laws in addition to historical information. These statements include but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes" and variations of such words or similar expressions that predict or indicate future events, or that do not relate to historical matters. These statements, which include but are not limited to statements regarding our intended use of proceeds from this offering, are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. There can be no assurance that our beliefs or expectations will be achieved. Actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market and regulatory factors. We do not intend to update the forward-looking statements in this press release unless we are required to do so under applicable securities laws.
CONTACT: Cade Kohoutek, Phone: 281-230-6733, Email: ckohoutek@gseworld.com
SOURCE GSE Holding, Inc.
BUFFALO, N.Y., Feb. 9, 2012 /PRNewswire/ -- Goldberg Segalla LLP is pleased to announce James J. Wrynn will join the law firm March 5. He will run the firm's New York office and will be a senior partner in its Global Insurance Services Practice Group.
Mr. Wrynn served as the 40th and last Superintendent of Insurance in the State of New York until it merged with the New York State Department of Banking to form the new Department of Financial Services. He then served as the first Deputy Superintendent of the new department. Prior to serving as Superintendent, Mr. Wrynn served as the Executive Director of the New York State Insurance Fund, New York's Largest workers' compensation and disability benefits carrier.
In addition to overseeing the state's supervision of all insurance companies that do business in New York, Mr. Wrynn played a key role in developing national and international regulations and policies governing the insurance industry. In 2010 he was elected Chair of the Northeast Zone of the National Association of Insurance Commissioners (NAIC), the organization of the chief insurance regulatory officials of the 50 states, the District of Columbia, and five U.S. territories. He also served as a member of the NAIC's Executive Committee, as Vice Chair of its International Insurance Relations "G" Committee, as Co-Chair of its Credit Rating Task Force, and as Vice Chair of the task force involved in a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in United States insurance regulation as part of a critical self-examination of the United States Insurance Solvency Regulation framework known as the "Solvency Modernization Initiative."
Mr. Wrynn also represented the United States as a member of the International Association of Insurance Supervisors (IAIS), an organization of insurance supervisory authorities from nearly 140 countries that sets international standards for insurance regulators. He participated heavily in international issues such as Solvency II (an economic risk-based solvency regulatory framework to be utilized by all European Union member states); systemic risk (and the development of a methodology for the identification of globally systemically important financial institutions and the measures to be taken once identified); the development of a common framework for the supervision of internationally active insurance groups (known as "COMFRAME"); group supervision; and numerous other issues and initiatives.
"The addition of Jim Wrynn to our team marks a significant milestone in our firm's growth and a reinforcement of our position as a premier law firm for the global insurance and reinsurance markets," said Richard J. Cohen, Managing Partner of Goldberg Segalla. "He knows the industry and insurance law inside and out, and he is tremendously respected in the business community. His experience will bring a unique perspective and a distinct advantage to Goldberg Segalla's insurance and reinsurance clients across the globe. We are thrilled to have him on board."
Mr. Wrynn said: "In my career I've had the opportunity to develop great relationships with a number of the partners at Goldberg Segalla, and I felt this firm would be the perfect fit for my return to private practice because of its high regard in the insurance industry and its refreshing service ethic that truly does put clients first. I've always admired the breadth and depth of the firm's capabilities, as well as its bold vision to become the go-to law firm for insurers and reinsurers everywhere. I'm excited to join this talented team, and I look forward to serving the needs of our clients."
Mr. Wrynn has more than 25 years of experience as an attorney focusing in the areas of life, accident, and health insurance; property and casualty insurance; general liability insurance; insurance coverage disputes; professional malpractice; and product liability. His extensive legal background includes counseling agents, brokers, risk-retention groups, and insurance companies in most lines of insurance and excess insurance, reinsurance, self-insurance, and captive insurance.
Mr. Wrynn began his legal career in 1982 and later was a founding partner in the law firm of MacKay Wrynn & Brady, LLP. He received his B.A. in Accounting from St. John's University College of Business Administration and his J.D. from St. John's University School of Law.
About Goldberg Segalla LLP
Goldberg Segalla LLP is an AV-rated, Best Practices law firm 130 lawyers strong, with offices in New York (Buffalo, Rochester, Syracuse, Albany, New York, White Plains, and Long Island), New Jersey (Princeton), Pennsylvania (Philadelphia), and Connecticut (Hartford). The firm focuses on litigation and trial practice, in areas such as insurance coverage, bad faith, reinsurance, professional liability, catastrophic personal injury, products liability, fire and arson, drug and medical device, commercial and business litigation, environmental, intellectual property, construction defect, labor and employment, trucking and transportation, and municipal liability. Additional information about the firm can be found at www.GoldbergSegalla.com.
SOURCE Goldberg Segalla LLP
CALGARY, ALBERTA--(Marketwire - Feb. 9, 2012) - Rock Energy Inc. (TSX: RE) ("Rock") is pleased to announce that today it has entered into a purchase and sale agreement and closed the sale of some of its Montney natural gas assets at Elmworth to a Canadian oil and gas producer for gross proceeds of $36 million. FirstEnergy Capital Corp. acted as exclusive financial advisor to Rock for this transaction.
The assets are located in the deep basin region of west central Alberta. Production from these natural gas assets averaged 190 boe per day during the fourth quarter of 2011 with proved reserves of 4.2 million boe and proved and probable reserves of 9.7 million boe (based on the GLJ reserves report dated August 31, 2011).
Adjusted for the sale of the Elmworth assets, current production is estimated to be 2,500 boe per day (75% crude oil and natural gas liquids). Rock has used the proceeds to eliminate the bank indebtedness, and the company has an additional $45 million of undrawn bank lines.
Rock is also pleased to announce operating results for 2011:
-- Daily production for the year averaged 3,132 boe per day (73% crude oil
and natural gas liquids); fourth quarter 2011 production averaged 3,036
boe per day, an increase of 6% above the third quarter 2011 average
production of 2,862 boe per day;
-- Rock's net undeveloped heavy oil lands increased to 62,270 acres as at
December 31, 2011 and to more than 68,000 acres as at February 9, 2012
including over 10,000 acres on its newly discovered oil exploration
project in southwest Saskatchewan; and
-- Drilled a total of 27 (26.5 net) wells in 2011 with a success rate of
85%.
Current Activity Update
Up to 9 (9.0 net) heavy oil wells are expected to be drilled in the first quarter of 2012 as part of a planned 21 heavy oil well program for 2012. In addition to the drilling activity, Rock has successfully added more than 5,800 acres of undeveloped land in the first quarter of 2012 in a newly discovered oil property in southwest Saskatchewan and expects to complete and evaluate a 3D seismic program on those lands during the second quarter of 2012.
During the first quarter Rock has established the following Western Canada Select ("WCS") crude oil hedges:
-- 650 barrels per day from January 1, 2012 to June 30, 2012 at a WCS price
of CDN $84.25 per barrel.
-- 600 barrels per day from July 1, 2012 to September 30, 2012 at a WCS
price of CDN $86.10 per barrel.
-- 550 barrels per day from October 1, 2012 to December 31, 2012 at a WCS
price of CDN $85.18 per barrel.
Approved Capital Program for 2012
In light of the current forecast for natural gas prices, the management and board of directors of Rock have decided to pursue oil initiatives in the Plains region of western Canada. More specifically, Rock will focus on oil plays that provide repeatable, scalable projects that are within Rock's control and financial capability. Rock also plans to pursue projects that it can apply new technology to increase recovery factors from known reservoirs. The sale of the Elmworth assets is the first step toward this direction as it removes the ongoing capital requirement to maintain our assets in that area, and provides Rock with cash to pursue oil projects in the Plains core area.
Rock's board of directors has approved a capital budget of $30 million for 2012 that is focused entirely on oil assets in the Plains core area. Capital spending will be focused on projects including a 15 well drilling program at Rock's new oil discovery in southwest Saskatchewan, the waterflood project at Onward and operating cost reduction initiatives in the Lloydminster area to improve water handling costs. The capital program is expected to provide significant growth in Rock's oil production and, reserve base while improving the operating cost structure.
Rock is forecasting 2012 production to average between 2,500 and 2,600 boe per day (assuming further non-core asset sales of 120 boe per day during the year) generating estimated cash flow of approximately $23 million ($0.60 per share) based on a Western Canada Select ("WCS") price estimate of CDN $81.00 per barrel.
With cash on its balance sheet, available bank debt and its inventory of crude oil drilling locations, Rock is well positioned to execute its business plan, grow oil production through the drill bit and pursue strategic acquisitions/mergers to complement its existing asset base.
Advisory Regarding Forward-Looking Information and Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning: further non-core asset sales of 120 boe per day during 2012; 2012 average production and 2012 cash flow; Rock's drilling plans; Rock's plans to initiate a waterflood project at Onward; Rock's plans to complete a 3D seismic program on its newly discovered heavy oil property; and the approved capital budget for 2012.
The forward-looking statements and information in this press release are based on certain key expectations and assumptions made by Rock, including prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future well production rates; reserve and resource volumes; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and other required approvals. Although Rock believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Rock can give no assurance that they will prove to be correct. There is no certainty that Rock will achieve commercially viable production from its undeveloped lands and prospects.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the oil and gas industry in general such as: operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation of petroleum and natural gas and loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; stock market volatility; and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Rock are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements and information contained in this press release are made as of the date hereof and Rock undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
We have adopted the standard of 6 mcf:1 barrel of oil equivalent ("boe") when converting natural gas to boes. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.
For further information please visit our website at www.rockenergy.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rock Energy Inc.
Allen J. Bey
CEO
(403) 218-4380
Rock Energy Inc.
John H. Van de Pol
President & CFO
(403) 218-4380
www.rockenergy.ca
Source: Rock Energy Inc.
San Francisco, California, Feb 10, 2012 - (JCN Newswire) - CyberAgent America Inc., a fully owned subsidiary of Tokyo based CyberAgent, Inc. and creator, innovator and distributor of social experiences that engage millions of people across the world, today announced the launch of limited edition Pico World "tokidoki" lifestyle brand virtual goods in partnership with tokidoki, LLC. With this partnership, Pico World will be selling and distributing virtual limited edition tokidoki lifestyle goods with designs inspired by tokidoki's original designer, Simone Legno, within Pico World - a virtual world service with millions of users worldwide.Designed in collaboration with tokidoki, LLC., Pico World will be bringing new collaborative virtual goods to allow users to express themselves online with tokidoki fashions. Such items include:- Cactus Rocker Outfit- Stellina Unicorno- And many others"Social game and virtual worlds are booming worldwide, and we feel Pico World is on the forefront of bringing Japanese culture to other countries. We want to continue to allow users to express themselves as freely as possible in our virtual world," said Toshimichi Namba, CEO of CyberAgent America, Inc. "Working with tokidoki and their iconic characters will allow us to bring this Japanese-inspired style and, more importantly, tokidoki's brand to fans worldwide."Come express yourself with the free-to-play virtual world service, Pico World, on Facebook. The latest Japanese styles and fashions are readily available at: http://apps.facebook.com/amebapico/ .Press Kit (Screenshots)Screenshots of CyberAgent services can be found from the URL below. http://www.cyberagent.info/presskit120210/ About "tokidoki"Tokidoki, which translates as "sometimes" in Japanese, is the vision of Italian artist Simone Legno and his partners, serial entrepreneurs Pooneh Mohajer and Ivan Arnold.Since debuting in 2005, tokidoki has amassed a cult-like following for its larger-than-life characters and emerged as a sought-after global lifestyle brand. This innovative company is known not only for its eye-popping aesthetic and criminally cute characters but also its megawatt partnerships with the likes of mega brands such as, Hello Kitty, Karl Lagerfeld, Sephora, LeSportsac, Barbie, Onitsuka Tiger, Marvel and others. tokidoki is sold in its own retail stores located in Milan, Los Angeles and Santa Monica, CA. For more information, please visit www.tokidoki.it .About CyberAgent, Inc.CyberAgent, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment for PCs, handheld and wireless devices. Founded in 1998, the company has provided many kinds of businesses in Japan including being the largest social game provider, running the #1 blog based communication service (Ameba), the #1 internet, and the #1 corporate venture capital. CyberAgent maintains operations in the U.S., China, Vietnam, Japan with corporate headquarters located in Tokyo, Japan. For additional information on the company and its offerings, please visit www.cyberagent.info or contact pub@cyberagent.co.jpContact:
CyberAgent PR/IR Division Akiko Kashiwa Tel: +81-3-5459-0227 E-mail: pub@cyberagent.co.jpCopyright 2011 JCN Newswire. All rights reserved. www.japancorp.net
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