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InvestSource, Inc.: Crown Oil and Gas Closes Offering
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:29092008
Stocks in the News: Crown Oil and Gas Inc. (OTCBB: CWOI), Torrent
Energy Corporation (OTCBB: TRENQ), Alon USA Energy, Inc. (NYSE: ALJ),
Crosstex Energy, L.P. (NASDAQ: XTEX)
Sep 26, 2008 -- Crown Oil and Gas Inc. (OTCBB: CWOI) is pleased to
announce that the Company has closed an offering, by way of private
placement, of 5,655,000 units at a purchase price of US$1.00 per unit,
raising gross proceeds of US$5,655,000. Each unit consists of one
common share and one common share purchase warrant exercisable at $1.50
per share during the first year after the closing of the offering and
at US$2.00 per share during the second year. The securities offered in
the private placement were not registered under the Securities Act of
1933 as amended and may not be offered or sold in the United States
absent registration, or an applicable exemption from registration,
under the Act.
Sep 26, 2008 -- Torrent Energy Corporation (OTCBB: TRENQ) today
announced that the Company successfully completed the field work for
fracture stimulation of five wells located in its Westport pilot
project area in late August and has now commenced a process of
production testing these wells located in Coos Bay, Oregon. The frac
program at the Company's Coos Bay Westport project tested both nitrogen
foam and cross linked gel fluids as carriers for the frac sand and it
is the Company's position that the preliminary technical analysis of
the frac results indicates that the fracs were successful and met
expectations in terms of increasing the productivity of the wells and
most importantly providing confirmation in management's opinion of the
proof of concept for the Coos Bay CBM project. The data will allow for
optimization of completion techniques on all future wells drilled in
the project area. The wells have been producing a combined rate of
approximately 356 barrels of water per day and 48 MCF per day of gas.
The wells have been on test for three weeks starting the dewatering
process, which is a key component of the gas desorption process and
developing future gas production. This early data is the order of
magnitude predicted by the Company's reservoir modeling. Baker Energy
Services from Sheridan, Wyoming is the project manager for both the
frac program and the production testing. Additionally, the Company
announced that it is negotiating a sale process under Section 363 of
the Bankruptcy Code. The sale will be made to YA Global Investments,
L.P. in satisfaction of its DIP funding unless the Company receives a
better offer from another party pursuant to a sale process that would
be approved by the Bankruptcy Court. On September 18, 2008, YA Global
issued to the Company a "Notice of Lender's Election to Cease Funding"
pursuant to the DIP Credit Agreement.
Sep 26, 2008 -- Alon USA Energy, Inc. (NYSE: ALJ) announced today that
it has restarted its 24,000 barrel-per-day Fluid Catalytic Cracking
Unit at its refinery in Big Spring, Texas. The FCCU, damaged in a fire
on February 18th of this year, is operating at planned rates and will
enable the refinery to return to its 70,000 bpd operating capacity.
Jeff Morris, Alon's President and Chief Executive Officer, commented,
"I am extremely proud of the performance of my colleagues at the Big
Spring Refinery in returning this major unit to operations so
professionally and quickly. We are grateful for the support of our
insurers who have already advanced us $250 million and the Big Spring
community and for the work of our contractors, vendors and suppliers. I
would like to also thank Israel Discount Bank and Bank Leumi for their
continued support. In addition, I want to express our gratitude to
Credit Suisse and Bank of America for providing us with financing to
support our acquisition of the Krotz Springs Refinery. I am also
humbled and encouraged by the support of our majority owner Alon
Israel, our Board of Directors and our Executive Chairman David
Wiessman who have been unfailing in their support, including the $80
million of equity provided to purchase Krotz Springs and the $55
million of Letter of Credit support from Alon Israel. We have all been
heartened by this concrete example of support by our employees, our
leadership, our majority investor and our banks. We intend to
demonstrate that their support is well placed."
Sep 26, 2008 -- Crosstex Energy, L.P. (NASDAQ: XTEX) announced today
that the majority of its assets in Texas and Louisiana sustained
minimal physical damage as a result of Hurricane Ike. Most of the
Partnership's facilities along the Gulf Coast are resuming or have
resumed operations. However, the Sabine plant, because of its proximity
to the Louisiana Gulf coast, sustained some damage that is still being
assessed. It is expected the plant will not be operational for at least
four to six weeks. In addition, several offshore production platforms
and pipelines transporting gas production to the Pelican and Bluewater
processing plants were damaged by the storm, and it is unclear when
offshore production will return in full. Consequently, it is
anticipated that Pelican and Bluewater volumes could remain at a lower
level until those repairs are completed by the owners of the platforms
and pipelines. The Partnership estimates that the combined negative
impact of Hurricanes Gustav and Ike on third-quarter cash flows will be
approximately $12-14 million. The Partnership has not quantified the
impact of the reduced operations at the Sabine, Pelican and Bluewater
plants on fourth-quarter financial results. In addition, the
Partnership is currently unable to estimate potential increases, if
any, in its processing business from gas redirected to its facilities
from other damaged plants in the region. "Our employees encountered two
back-to-back hurricanes in just a few days, and we are extremely
fortunate that they made it through Hurricane Ike safely and the
majority of our property that was affected incurred only minor damage,"
said Barry E. Davis, Crosstex Chairman, President and Chief Executive
Officer. "We are exceptionally proud of our employees who reached out
and helped each other recover from the storm."
Market Wrap for September 26th, 2008 Uncertainty made its way back into
the stock market Friday. Participants spent the latter part of this
week awaiting approval of a federal asset purchase plan designed to
help restore financial conditions. However, failure to make a speedy
agreement shook investor confidence. Confidence was further shaken by
the largest bank failure in U.S. history. The major indices spent the
vast majority of the session in negative territory. Only in the final
hour of trading did the indices spike upward. They finished at session
highs. Infighting is keeping congressional leaders from approving a
$700 billion plan to purchase distressed assets from financial firms,
intended to restore firms' balance sheets and capital markets. While
politicians remain concerned about the implications for taxpayers, Wall
Street is convinced the plan serves as a positive alternative to
inaction that will bode well for the overall economy. Though no details
have been released, congressional leaders repeatedly offered their
assurances that an agreement will be reached. That notion began to be
reflected as the session progressed, eventually giving way to a
late-session rally. The improved disposition helped participants look
past what is still a cloudy financial picture, in which the largest
thrift in the U.S., Washington Mutual (WM 0.16, -1.53), was taken over
by federal regulators. JPMorgan Chase (JPM 48.24, +4.78) stepped
forward to acquire WaMu's deposits, assets, and certain liabilities
from the FDIC for $1.9 billion in a government-brokered deal.
JPMorgan's acquisition gives it the second largest branch network
behind Bank of America (BAC 36.70, +2.33). Diversified financial
service firms, effectively JPMorgan Chase, Bank of America, and
Citigroup (C 20.15, +0.74), were some of the session's strongest
players. The group advanced 7.5% on the presumption their strength will
enable them to stave off problems in financial and credit markets,
later swooping in to pick up the choicest of assets from floundering
firms. Their influence helped the Dow reverse an early 1.4% loss into a
1.1% advance. Financials were down as much as 3.2% early on. The sector
rallied to close 3.2% higher. With only a few days remaining in the
third quarter, economic data pertaining to the second quarter is of
little issue anymore. In turn, market participants looked past lowered
second quarter real GDP data. The final real GDP reading indicated the
economy expanded at an annual rate of 2.8% from the prior reading of
3.3%. Real final sales of domestic product increased 4.4%.
ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO
TO: www.investsourceinc.com.
To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to
www.ceo-corner.com This opinion contains forward-looking statements
that involve risks and uncertainties. This material is for
informational purposes only and should not be construed as an offer or
solicitation to buy or sell securities. InvestSource, Inc. has prepared
all material herein based upon information believed to be reliable. The
information contained herein is not guaranteed by InvestSource, Inc. to
be accurate, and should not be considered to be all-inclusive. The
companies that are discussed in this release have not given an opinion
or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market
maker, investment banker, investment advisor, analyst or underwriter.
InvestSource, Inc. affiliates, officers, directors and employees may
also have bought, or may buy the shares discussed in this opinion and
may profit in the event of a rise in value. InvestSource, Inc. will not
advise as to when it decides to sell and does not, and will not, offer
any opinion as to when others should buy or sell; each investor must
make that decision based on his or her judgment of the market. Please
consult your broker before purchasing or selling any securities
mentioned herein. To view full disclaimers, please go to
http://investsourceinc.com/content/disclaimer.php (disclaimers).
CONTACT: InvestSource, Inc
e-mail: info@investsourceinc.com
WWW: http://www.investsourceinc.com
((M2 Communications Ltd disclaims all liability for information
provided within M2 PressWIRE. Data supplied by named party/parties.
Further information on M2 PressWIRE can be obtained at
http://www.presswire.net on the world wide web. Inquiries to
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Copyright ? 2008 M2 Communications Ltd.
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