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InvestSource, Inc.: Results for the Second Quarter of Fiscal Year 2008
Announced by Universal Energy Corp
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:21082008
Stocks in the news: Universal Energy Corp. (OTC Bulletin Board: UVSE),
Avenue Group, Inc. (OTC BB:AVNU.OB), Energas Resources, Inc. (OTCBB:
EGSR), Enbridge Energy Partners, L.P. (NYSE:EEP)
August 20, 2008 -- Universal Energy Corp. (OTC Bulletin Board: UVSE),
an emerging U.S. oil and gas exploration and production company,
reported financial and operational results for its second quarter of
the fiscal year ended June 30, 2008.
Financial Summary The Company reported net income of $2.9 million, or
$0.09 per basic share, $0.00 per diluted share, for the second quarter
of fiscal 2008 compared to a net loss of $2.03 million, or $(0.07) per
basic and diluted share, for the second quarter of fiscal 2007. For the
six months ended June 30, 2008, the Company reported net income of
$3.55 million, or $0.11 per basic share, $0.01 per diluted share, for
the six months ended June 30, 2008 compared to a net loss of $2.7
million, or $(0.10) per basic and diluted share, for the same period in
fiscal 2007. Revenue for the second quarter of fiscal 2008 totaled
$0.33 million which was derived from producing wells in the Company's
Lake Campo and Amberjack prospects.
Dyron Watford, Universal Energy Corp. Chairman and CEO, commented,
"Exceeding the high end of our revenue guidance for the quarter by 11%
is fantastic. As we continue to increase revenues with production in
the 3rd quarter from Caviar #1 and Caviar #4, the financial picture for
Universal Energy becomes more solid with each day of production.
Conference Call Information The earnings conference call to review the
second quarter 2008 results will be today at 9:00 a.m. To participate
in the conference call, callers in the United States and Canada can
dial (800) 567-5900 (alternate dial-in number is (702) 835-5025. The
conference i.d. for all callers is 801094.
August 20, 2008 - Avenue Group, Inc. (OTC BB:AVNU.OB) ("AGI") is
pleased to announce that it has produced over 3,200 barrels of oil from
its 50% owned Heletz-Kokhav License, part of the Heletz Field in
southern Israel ("Heletz").
Since restarting production in June, four wells have been returned to
production, with total daily production currently exceeding 65 Barrels
of Oil Per Day (32.5 BOPD net to AGI).
Three additional wells are currently awaiting the delivery and
installation of downhole pumps in preparation to returning them to
production.
August 20, 2008 - Energas Resources, Inc. (OTCBB: EGSR) announced today
that the engineer has reported that the workover rig plans to move onto
the Finley #5 well location in Wyoming on August 25, 2008 to begin the
completion phase of the well.
Review of the Finley #5 mud and electric logs indicate the potential
for commercial oil production from zones in the Leo formation at
approximately 6,000 ft. Energas will own a 51% working interest (.408
net revenue interest) in this well and owns a 44% working interest in
this property, named the Rusty Creek Prospect, which covers
approximately 1,760 acres. Further announcements will be forthcoming.
August 20, 2008 - Enbridge Energy Partners, L.P. (NYSE:EEP) (the
"Partnership") announced today that it has extended the expiration date
with respect to its previously announced offers to exchange
$400,000,000 of its 6.50% Series B Notes due 2018 that have been
registered under the Securities Act of 1933 for $400,000,000 of 6.50%
Series A Notes due 2018 that have not been registered under the
Securities Act of 1933 and $400,000,000 of 7.50% Series B Notes due
2038 that have been registered under the Securities Act of 1933 for
$400,000,000 of 7.50% Series A Notes due 2038 that have not been
registered under the Securities Act of 1933.
The Partnership has received tenders for $395,000,000 aggregate
principal amount of the outstanding $400,000,000 of 6.50% Series A
Notes due 2018 and $400,000,000 aggregate principal amount of the
outstanding $400,000,000 of 7.50% Series A Notes due 2038. The
expiration date for the exchange offers has been extended to 5:00 p.m.,
New York City time, on August 25, 2008. All other terms of the exchange
offers remain unchanged.
Market Wrap for August 20, 2008 -- Stocks settled with solid gains
following a late-day surge in what was a volatile session on a
relatively slow news day. Volume was light, as it has been throughout
the week.
Six of the ten economic sectors posted a gain as market participants
digested a massive build in crude oil inventories, speculation that
government sponsored enterprises Fannie Mae (FNM 4.47, -1.54) and
Freddie Mac (FRE 3.23, -0.94) will need a government bailout and solid
earnings from Hewlett-Packard (HPQ 46.20, +2.51).
The financial sector saw large swings -- falling as much as 1.6% and
rising as much 1.8% -- as market participants speculated if Fannie Mae
and Freddie Mac would need to be bailed out by the federal government.
Still, investors looked past the Fannie and Freddie turmoil, sending
financials to a 1.7% gain with notable strength in diversified banks
(+3.7%).
Hewlett-Packard reported quarterly earnings of $0.83, which topped
expectations by three cents thanks to 10.5% year-over-year revenue
growth that was driven by strong notebook sales and the weak dollar.
The Dow component also issued fiscal fourth quarter earnings guidance
that was above estimates.
Commodity related stocks saw the most buying interest. The energy
sector rallied 2.8%, with strength in oil production and exploration
companies (+5.0%). The materials sector rose 2.1%, as diversified
mining company Freeport McMoRan (FCX 90.91, +6.21) rallied 7.3% on no
specific news item. DJ30 +68.88 NASDAQ +4.72 NQ100 +0.2% R2K +0.2%
SP400 +0.4% SP500 +7.85 NASDAQ Adv/Vol/Dec 1379/1.77 bln/1414 NYSE
Adv/Vol/Dec 1654/1.07 bln/1448
ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO
TO: www.investsourceinc.com.
Coming in late Summer of this year: Go Baby GO!!! The first book of its
kind on the OTCBB and Pink Sheet Markets
www.gobabygobook.com .
To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to
www.ceo-corner.com 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 InvestSource has received 5 million shares of Greenstone
Holdings for services rendered. Please consult your broker before
purchasing or selling any securities mentioned herein. To view full
disclaimers, please go to http://investsourceinc.com/php/disclaimer.php
(disclaimers).
This release may contain statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E the Securities Exchange Act of 1934,
as amended. The words "may," "would," "will," "expect," "estimate,"
"anticipate," "believe," "intend," and similar expressions and
variations thereof are intended to identify forward-looking statements.
Investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors. The information contained in an InvestSource profile is
provided as an information service only. The accuracy or completeness
of the information is not warranted and is only as reliable as the
sources from which it was obtained. InvestSource has agreed to be
compensated $5,000 by USVE for services rendered.
CONTACT: InvestSource, Inc
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
info@m2.com)).
Copyright ? 2008 M2 Communications Ltd.
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