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OTCPicks.com: OTCPicks.com Stocks to Watch for Friday, September 19th
SBKC, EXXI, NTEC
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:19092008
Our Stocks to Watch tomorrow include Security Bank Corp. (Nasdaq:
SBKC), Energy XXI Limited (Nasdaq: EXXI) and Neose Technologies Inc.
(Nasdaq: NTEC).
Visit http://www.otcpicks.com to register for our Daily Market Mover's
Digest Newsletter, and Email Stock Watch Alerts.
SECURITY BANK CORPORATION (NASDAQ: SBKC) "Up 72.38% on Thursday"
Detailed Quote: http://www.otcpicks.com/quotes/SBKC.php
Based in Macon, Georgia, Security Bank Corporation is a multi-bank
holding company with assets of $2.9 billion at June 30, 2008. Security
Bank Corporation operates six community banks with offices located
throughout middle Georgia, coastal Georgia and north metropolitan
Atlanta. In addition, Security Bank Corporation operates an interim
real estate and development lender and traditional mortgage originator,
Security Real Estate Services, Inc., with offices throughout Georgia.
SBKC News:
September 17 - Security Bank Corporation Announces Resignation of
Averett 'Rett' Walker and Names Tony E. Collins Interim President and
CEO
Security Bank Corporation (Nasdaq: SBKC) announced that, effective
September 16, 2008, H. Averett "Rett" Walker resigned as President and
CEO of Security Bank Corporation. Mr. Walker also resigned his position
as director of Security Bank Corporation and its affiliate, Security
Bank of Bibb County. Tony E. Collins, Executive Vice President and
Regional Executive - Atlanta, has assumed the functions of President
and CEO on an interim basis. Mr. Collins has over 30 years of banking
industry experience, including three years most recently with Security
Bank Corporation.
Al Bridges, Chairman of the Board of Directors, stated, "Rett Walker
has served our institution with loyalty and dedication. We wish him
success in his future pursuits." Mr. Bridges further stated, "Tony
Collins, with his significant industry experience, is well suited to
lead Security Bank during this interim period. The Board of Directors
will conduct a careful search for a permanent President and CEO."
ENERGY XXI LIMITED (NASDAQ: EXXI) "Up 29.50% on Thursday"
Detailed Quote: http://www.otcpicks.com/quotes/EXXI.php
Energy XXI is an independent oil and natural gas exploration and
production company whose growth strategy emphasizes acquisitions,
enhanced by its value-added organic drilling program. The company's
properties are located in the U.S. Gulf of Mexico waters and the Gulf
Coast onshore. Collins Stewart Europe Limited and Tristone Capital
Limited are Energy XXI listing brokers in the United Kingdom.
EXXI News:
September 18 - Energy XXI Provides Storm Update
Energy XXI (Bermuda) Limited (Nasdaq: EXXI) (LSE: EXXI.L) (LSE: EXXS.L)
provided an operational update related to storm impacts.
Energy XXI safely evacuated all operating personnel and shut in a
majority of its production ahead of Hurricane Ike. Following the storm,
inspections have revealed limited damage to company-operated facilities
from Hurricane Ike, although two non-operated fields accounting for
approximately 1,750 barrels of oil equivalent per day (BOE/d), or about
7 percent of the company's pre-storm net production, will be off-line
indefinitely due to toppled production platforms.
The Eugene Island 330 field, in which Energy XXI holds a 17.5 percent
working interest, has lost its two primary producing platforms, which
accounted for approximately 1,200 BOE/d of the company's net production
prior to the recent storms. In addition, a single well at Ewing Bank
948 that had been producing about 550 BOE/d net is off-line due to the
loss of the third-party platform through which it produced via sub-sea
tie-back. These outages are incremental to the 300 BOE/d of net volumes
knocked offline by Hurricane Gustav due to the loss of a small
producing platform at South Timbalier 21. Assessments will be conducted
to determine potential redevelopment options at all three locations.
The company's total clean-up and repair costs related to Hurricane Ike
are expected to be capped at its $7.5 million insurance deductible.
Energy XXI does not purchase business interruption insurance. There
have been no reported injuries to personnel or environmental impacts
related to the company's properties.
Restoration efforts following Hurricane Gustav were delayed further by
Hurricane Ike, but have since resumed. As of today, Sept. 18, the
company's production has reached about 10,000 BOE/d, or approximately
38 percent of pre-storm levels. Due to the effects of Hurricanes Gustav
and Ike, Energy XXI estimates that production for the quarter ending
Sept. 30 will average approximately 18,000 BOE/d. In addition to the
indefinite delay of volumes from the Eugene Island 330 and Ewing Banks
948 fields, production constraints could continue beyond September,
depending on the return to service of third-party pipelines and related
facilities. Energy XXI expects quarterly production to exceed its
hedged volumes. Lehman Brothers is a minor participant in the company's
outstanding hedges and revolving credit facility. Their bankruptcy
filing is expected to have no material impact on the company.
Key Field and Rig Status
With the exception of Eugene Island 330, all of the company's key
fields are expected to be restored to production once third-party
take-away pipelines are placed back in service, although some may flow
at constrained levels while portions of the pipeline systems remain
under repair. The current status of key fields follows:
Eastern Gulf Fields
* Main Pass 61 - Production was fully restored as of Sept. 16;
* Main Pass 72/73 - Production was fully restored as of Sept. 16;
* South Pass 49 - All top side facilities are ready to flow; volumes
remain shut-in due to a leak in the third-party-operated oil sales line
and water damage at a related third-party facility at South Pass 24.
Central Gulf Fields
* South Timbalier 21: - The ST-21 D&H platform's 6-inch departing gas
sales line and 14-inch low-pressure gas loop line are damaged; repairs
are underway; - The Gulf South take-away pipeline that handles most of
the natural gas production from South Timbalier 21 sustained damage at
Timbalier Island during Hurricane Gustav and is expected to be off-line
for up to a month.
* East Cameron 334/335 - These fields had been returned to partial
production Sept. 8 and were shut in again for Hurricane Ike. The
third-party take-away pipeline servicing the area has reportedly
sustained additional damage that will likely require several weeks to
repair.
Onshore/Gulf Coast Fields
* Rabbit Island - The field facilities incurred no significant damage;
awaiting third-party pipeline availability, expected in the near term;
* Lake Salvador - No significant damage was incurred; the Joe McHugh
field flowed throughout Hurricane Ike; awaiting flood waters to recede
in some other areas;
* Laphroaig - No significant damage was incurred; production is
curtailed approximately 20 percent awaiting third-party pipeline
availability, expected in the near term.
Other Activity
The company's operational headquarters in downtown Houston also were
safely evacuated ahead of Hurricane Ike's landfall. While most
Houston-area residents have experienced electrical power outages and
varying degrees of home damage due to the storm, there have been no
reported injuries to personnel, and the company's offices have
re-opened and daily corporate functions have resumed.
Of the eight rigs drilling wells in which Energy XXI has an interest,
the three land rigs continued operations throughout the storm. The
remainder, which include three barge rigs and two offshore rigs, were
safely evacuated ahead of the storm and have since returned to
operations.
NEOSE TECHNOLOGIES INCORPORATED (NASDAQ: NTEC) "Up 21.74% on Thursday"
Detailed Quote: http://www.otcpicks.com/quotes/NTEC.php
Neose is a clinical-stage biopharmaceutical company focused on the
development of next-generation therapeutic proteins that are
competitive with best-in-class protein drugs currently on the market.
The lead candidates in its pipeline, GlycoPEG-GCSF for
chemotherapy-induced neutropenia, and GlycoPEGylated hemostasis
compounds Factor VIIa, Factor VIII and Factor IX target markets with
aggregate 2007 sales of approximately $8 billion.
NTEC News:
September 18 - Neose Technologies to Sell its Assets to Novo Nordisk
and BioGeneriX
Neose Technologies, Inc. (Nasdaq: NTEC) announced that it has signed
definitive asset purchase agreements with Novo Nordisk A/S (NYSE: NVO)
and BioGeneriX AG providing for the sale of substantially all of the
assets of Neose in all-cash transactions for an aggregate purchase
price of approximately $43 million. Neose, based in Horsham,
Pennsylvania, is a clinical-stage biopharmaceutical company focused on
the development of next-generation therapeutic proteins, and Novo
Nordisk and BioGeneriX each are existing collaborative partners of
Neose. Certain intellectual property rights, including those related to
producing glycolipids, have been retained by Neose for future
disposition.
The consummation of the asset sales remain subject to certain customary
closing conditions, which include approval by Neose's stockholders. The
asset sales are the initial step in a contemplated liquidation of
Neose. Stockholder approval will also be required for the plan of
liquidation.
"The announcement of these asset sales follows an extensive review of a
range of strategic alternatives for the Company, including obtaining
further financing to continue as an independent entity and exploring
mergers and acquisitions," said George J. Vergis, Ph.D., Neose
president and chief executive officer. "We believe that the sale of
these assets to our existing collaborative partners maximizes
stockholder value and increases the probability that patients will
benefit from the continued development of drug candidates that
incorporate our intellectual property, including GlycoPEG-GCSF and
GlycoPEGylated Factors VIIa, VIII and IX."
Assuming stockholder approval, liquidating distributions, in an amount
to be determined, are expected to begin shortly after the closing of
the asset sales. Neose's preliminary estimate is that there would be
between $15 million to $24 million available for distribution over time
to common stockholders assuming completion of the asset sales to Novo
Nordisk and BioGeneriX, with the final distribution amount to be
determined, and the final distribution made, after settlement of
certain contingent liabilities and satisfaction of other liabilities.
This preliminary estimate of aggregate distribution amounts represents
$0.27 to $0.45 per share of common stock. The closing price of Neose's
common stock on September 17, 2008 was $0.23 per share.
Pursuant to the terms of the common stock purchase warrants issued in
connection with Neose's March 2007 equity financing, each warrant
holder has an option to receive a cash payment within 30 days of the
closing of the asset sales in exchange for such holder's warrants. The
aggregate cash payment amount for all warrants, which will be
determined according to the terms of the warrants, is expected to be up
to $5 million, or up to $0.52 per warrant, depending on the trading
volatility of Neose's common stock prior to, and common stock price at
the time of, valuing the warrants. These amounts have been factored
into the estimated aggregate distribution per share of common stock.
Commenting on these transactions, L. Patrick Gage, Ph.D., chairman of
the Neose Board of Directors, added, "These transactions represent the
conclusion of an extremely thorough process. We believe that the asset
sales and anticipated liquidation provide the greatest value to our
stockholders."
Morgan Lewis acted as special transaction counsel and RBC Capital
Markets acted as exclusive financial advisor to Neose in these
transactions.
ABOUT NOVO NORDISK A/S
Novo Nordisk is a healthcare company and a world leader in diabetes
care. In addition, Novo Nordisk has a leading position within areas
such as hemostasis management, growth hormone therapy and hormone
replacement therapy. Novo Nordisk manufactures and markets
pharmaceutical products and services that make a substantial difference
to patients, the medical profession and society. With headquarters in
Denmark, Novo Nordisk employs approximately 26,300 employees in 80
countries, and markets its products in 179 countries. Novo Nordisk's B
shares are listed on the stock exchanges in Copenhagen and London. Its
ADRs are listed on the New York Stock Exchange under the symbol "NVO."
ABOUT BIOGENERIX AG
BioGeneriX AG was founded in June 2000 to develop biopharmaceutical
drugs with known modes of action and established drug markets. With its
internal resources and a large network of strategic partners and
service providers, BioGeneriX develops a high-quality biotech portfolio
for marketing and distribution by its parent company and global
partners.
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