Tag Archives: West Texas

Army probes radiation exposure at Fort Bliss

Army investigators have detected radiation at a former nuclear weapons bunker at Fort Bliss and they’re determining whether people on the West Texas post have been exposed, officials said Tuesday.

Post leaders said contaminated residue was buried in the 1950s and 1960s, when the base was operated by the Air Force. A man who worked there at the time contacted officials earlier this year expressing concern in case additional housing were to be built on the sprawling post, where officials launched an investigation.

They found levels of radiation in a bunker at Biggs Army Airfield that, along with other bunkers nearby, is used to store rifles and other weaponry. Soldiers preparing for deployment use the equipment for training prior to departure overseas, though it’s not believed that any radiation transferred to the equipment used by the soldiers.

Still, officials said about 30 people have been working in the bunker taking inventory and conducting other tasks. They are being tested to determine whether they’ve been exposed.

Fort Bliss spokesman Maj. Joe Buccino said the levels of radiation are low and the contamination is contained to the area where the bunker is located, at least 1.5 miles from residential neighborhoods.

“We are unable to assess the level of risk,” Buccino said.

…read more

Source: FULL ARTICLE at Fox US News

Has Valero Already Seen Its Best Days?

By Dan Caplinger, The Motley Fool

Filed under:

On Tuesday, Valero will release its latest quarterly results. The key to making smart investment decisions on stocks reporting earnings is to anticipate how they’ll do before they announce results, leaving you fully prepared to respond quickly to whatever inevitable surprises arise. That way, you’ll be less likely to make an uninformed knee-jerk reaction to news that turns out to be exactly the wrong move.

Refining stocks have done extremely well lately, with relatively cheap domestic crude fueling low input costs while high international prices for gasoline and other refined products widen crack spreads and boost profits for Valero and its peers. But how long can those good times continue? Let’s take an early look at what’s been happening with Valero over the past quarter and what we’re likely to see in its quarterly report.

Stats on Valero

Analyst EPS Estimate

$0.98

Change From Year-Ago EPS

216%

Revenue Estimate

$30.41 billion

Change From Year-Ago Revenue

(13.5%)

Earnings Beats in Past 4 Quarters

4

Source: Yahoo! Finance.

Will Valero keep pressing higher this quarter?
Analysts have gotten even more optimistic on Valero’s earnings recently, raising their earnings-per-share estimates by $0.17 for the first quarter and by $0.30 for the full 2013 year. Yet even though the stock has posted an 8% gain since late January, it has pulled back considerably in the past month from more substantial gains.

Valero has been able to cash in on extremely strong conditions in the market for refined energy products, especially gasoline. In large part, international demand is to blame for continued high gasoline prices in the U.S., with Venezuela having become a huge new player in importing gasoline. Competitors are taking advantage, with rival Phillips 66 having boosted its exports by half in the fourth quarter of 2012 in order to maximize its benefit from those favorable conditions. Still, Valero has a huge share of between 20% and 25% of all the U.S. petroleum products that get sent abroad.

Yet Valero and its peers have seen new challenges pop up recently. Price spreads between U.S. West Texas intermediate and European Brent crude oil have narrowed considerably in April, threatening those wide margins. That’s especially bad news for HollyFrontier , Tesoro , and Valero, whose western-U.S. exposure has helped those companies benefit the most from cheap mid-continent crude supplies. Phillips 66’s recent deal to transport U.S. crude by rail may look a lot less lucrative if spreads narrow further, and Valero and the rest of the industry will inevitably see profits shrink if the financial incentive to export gasoline gets smaller.

Valero could also feel a big hit from regulation. Ethanol credits that Valero and other refiners are required to obtain have soared in cost lately, raising fears that the mandate for higher ethanol use will lead to higher prices at the pump for consumers and a big decrease

Source: FULL ARTICLE at DailyFinance

Market Minute: Investors Rush Away From Gold; Earnings Parade

By DailyFinance Staff

Filed under: , ,

Getty Images

Stocks suffered their biggest loss of 2013 yesterday, and gold plunged to its lowest level in two years. The Dow Industrials tumbled 265 points, the S&P 500 slid 36 and the Nasdaq dropped 78 points.

We’re watching mining and gold stocks again today. Freeport McMoRan (FCX) and Cliffs Natural Resources (CLF) could recover some of yesterday’s losses; both plunged 8 percent.

Carnival Cruise Lines (CCL) has reversed course and now says it will reimburse the U.S. for the cost of Coast Guard aid to help its Triumph and Splendor ships, both of which were disabled by fires.

Meanwhile, Royal Caribbean (RCL) is expected to unveil details of the latest ship in its fleet. The Quantum of the Seas will carry 4,100 passengers when it sets sail next year. Royal Caribbean is hoping to benefit from the series of mishaps involving Carnival.

Leading today’s earnings parade: Coca-Cola (KO). Its net edged past expectations, and volume shipments rose a bit more than expected.

Goldman Sachs’s (GS) earnings rose seven percent, also topping expectations. After the close today we’ll get results from tech giants Intel (INTC) and Yahoo (YHOO).

Shares of HCA (HCA) are likely to slide. The healthcare operator warns that sales will fall short of expectations. It says growth in hospital admissions has slowed.

JCPenney (JCP) tapped its credit line for $850 million dollars, giving it enough cash for day-to-day operations as its new/old CEO tries to reverse the steep slide in sales. And Bloomberg reports the company may borrow against its real estate holdings to raise more cash. Analysts say these moves suggest that Penney sales are off to a bad start this year.

And Plains All-American (PAA) is building a pipeline to bring 200,000 barrels a day of oil from the Permian Basin in West Texas to the refineries near Houston. The company will invest up to $375 million in the project.

-Produced by Drew Trachtenberg

%Gallery-185683%

Permalink | Email this | Linking Blogs | Comments

From: http://www.dailyfinance.com/on/gold-price-mining-stocks/

Vanguard Natural Resources, LLC to Switch Stock Exchange Listing to The NASDAQ Stock Market

By Business Wirevia The Motley Fool

Filed under:

Vanguard Natural Resources, LLC to Switch Stock Exchange Listing to The NASDAQ Stock Market

HOUSTON–(BUSINESS WIRE)– Vanguard Natural Resources, LLC (NYS: VNR) (“Vanguard”) announced today its intention to voluntarily transfer its stock exchange listing from the New York Stock Exchange (“NYSE”) to The NASDAQ Global Select Market (“NASDAQ”), an exchange of The NASDAQ OMX Group Inc. (NAS: NDAQ) . Vanguard currently expects that its Class A common units will commence trading on the NASDAQ on April 23, 2013 and will continue to be listed under the ticker symbol “VNR.” Vanguard’s common units will continue to trade on the NYSE until the transfer has been completed.

Scott W. Smith, President & Chief Executive Officer, commented, “After careful consideration, we believe the NASDAQ will provide our unitholders with access to an advanced trading platform and will be a more cost effective platform for Vanguard currently and even more so in the future as we continue to grow. In addition, NASDAQ offers quantitative and qualitative governance standards more beneficial to listed companies with significant retail unitholders, particularly those related to quorum requirements.”

“We are proud to welcome Vanguard Natural Resources to NASDAQ’s family of premier energy companies,” said Bruce Aust, Executive Vice President, Global Corporate Client Group, NASDAQ OMX. “Vanguard Natural Resources joins more than 130 companies to transfer their listings to The NASDAQ Stock Market in recent years, and we look forward to supporting VNR and its unitholders in the years to come.”

About Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of mature, long-lived oil and natural gas properties in the United States. The Company’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Arkoma Basin in Arkansas and Oklahoma, Permian Basin in West Texas and New Mexico, the Big Horn Basin in Wyoming and Montana, the Piceance Basin in Colorado, South Texas, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, the Powder River Basin in Wyoming and Mississippi. More information on Vanguard can be found at www.vnrllc.com.

Forward-Looking Statements

We make statements in this news release that are considered forward-looking statements

From: http://www.dailyfinance.com/2013/04/11/vanguard-natural-resources-llc-to-switch-stock-exc/

Renewable Energy Joins the Army

By Aimee Duffy and Tyler Crowe, The Motley Fool

Filed under:

The U.S. military has long been an innovator, and the field of renewable energy is no exception to that. In this video, Fool.com contributor Aimee Duffy talks to fellow contributor Tyler Crowe about the army’s recent announcement to build a solar farm in West Texas.  The 200-acre plant will be the military’s largest solar installation, capable of generating 20 megawatts of power. Aimee talks about the military’s commitment to alternative energy, which includes not only solar, but biofuels and energy efficiency initiatives as well.

Investors and bystanders alike have been shocked by First Solar‘s precipitous drop over the past two years. The stakes have never been higher for the company: Is it done for good, or ready for a rebound? If you’re looking for continuing updates and guidance on the company whenever news breaks, The Motley Fool has created a brand-new report that details every must know side of this stock. To get started, simply click here now.

var FoolAnalyticsData = FoolAnalyticsData || []; FoolAnalyticsData.push({ eventType: “TickerReportPitch”, contentByline: “Aimee Duffy and Tyler Crowe“, contentId: “cms.31763”, contentTickers: “NYSE:BA, NYSE:CVX, NASDAQ:SCTY”, contentTitle: “Renewable Energy Joins the Army”, hasVideo: “True”, pitchId: “18”, pitchTickers: “NASDAQ:FSLR”,

From: http://www.dailyfinance.com/2013/04/11/renewable-energy-joins-the-army/

Matador Resources Company to Present at the 2013 IPAA Oil & Gas Investment Symposium

By Business Wirevia The Motley Fool

Filed under:

Matador Resources Company to Present at the 2013 IPAA Oil & Gas Investment Symposium

DALLAS–(BUSINESS WIRE)– Matador Resources Company (NYS: MTDR) (“Matador” or the “Company”), an independent energy company currently focused on the oil and liquids rich portion of the Eagle Ford shale play in South Texas, announced today Joseph Wm. Foran, Chairman, President and Chief Executive Officer, will present at the 2013 IPAA Oil & Gas Investment Symposium held in New York City on Tuesday, April 16, 2013 at 9:10 a.m. Eastern Time.

Investors and the general public are invited to listen to the live webcast of the presentation via the following link: http://www.investorcalendar.com/CEPage.asp?ID=170780. The webcast can also be found at www.matadorresources.com under the Events page of the Investors section of the website.

A copy of the Company’s latest investor presentation is available at www.matadorresources.com under the Presentations page of the Investors section of the website.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with a particular emphasis on oil and natural gas shale plays and other unconventional resource plays. Its operations are focused primarily on the oil and liquids rich portion of the Eagle Ford shale play in South Texas and the Wolfcamp and Bone Spring plays in West Texas and Southeast New Mexico. Matador also operates in the Haynesville shale and the Cotton Valley natural gas plays in Northwest Louisiana and East Texas.

For more information, visit Matador Resources Company at www.matadorresources.com.

Matador Resources Company
Mac Schmitz, 972-371-5225
Investor Relations
mschmitz@matadorresources.com

KEYWORDS:   United States  North America  New York  Texas

INDUSTRY KEYWORDS:

The article Matador Resources Company to Present at the 2013 IPAA Oil & Gas Investment Symposium originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The

From: http://www.dailyfinance.com/2013/04/11/matador-resources-company-to-present-at-the-2013-i/

Matador Resources Company Announces Acreage Acquisition and Files Form S-3

By Business Wirevia The Motley Fool

Filed under:

Matador Resources Company Announces Acreage Acquisition and Files Form S-3

DALLAS–(BUSINESS WIRE)– Matador Resources Company (NYS: MTDR) (“Matador” or the “Company”), an independent energy company primarily engaged in the exploration, development, production and acquisition of oil and natural gas resources, with a particular emphasis on oil and natural gas shale plays and other unconventional plays, today provided an update on various aspects of its business.

Matador continues to build its leasehold position in the Delaware Basin of Southeast New Mexico and West Texas. In March and April 2013, the Company acquired approximately 9,617 gross and 7,446 net acres in Lea and Eddy Counties, New Mexico for approximately $11.3 million. This acquisition effectively doubles Matador’s existing leasehold interests in the Delaware Basin giving Matador a total of 25,477 gross and 15,117 net acres in Southeast New Mexico and West Texas. The Company considers approximately 17,795 gross and 13,049 net acres to be prospective for the Wolfcamp, Bone Spring and other oil and liquids-rich targets. The Company expects to begin testing this acreage beginning in late April.

Matador also announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). Under the registration statement, when declared effective by the SEC, the Company may offer to the public from time to time in one or more offerings up to $300 million of its senior and subordinated debt securities, common stock, preferred stock, warrants or any combination of the foregoing at prices and on terms that Matador will decide at the time of any offering. The specific terms of any future offerings will be described in a prospectus supplement that will be filed with the SEC in connection with such offering. The shelf registration statement is intended to provide Matador with additional flexibility to take advantage of financing opportunities on a timely and cost effective basis if and when the Company deems it appropriate. Matador does not have any present plans or commitments to sell securities of any kind under the shelf registration statement. At April 9, 2013, Matador has long-term borrowings of $215 million outstanding under its revolving credit facility with a borrowing base of $255 million based on the lenders’ review of its proved reserves at December 31, 2012.

Joseph Wm. Foran, Matador’s Chairman, President and CEO commented, “We are very excited by these recent additions to our leasehold position in Southeast New Mexico and West Texas and look forward to testing this acreage for the Wolfcamp, Bone Spring and other …read more

Source: FULL ARTICLE at DailyFinance

Concho Resources Inc. Announces Participation in Upcoming Conference

By Business Wirevia The Motley Fool

Filed under:

Concho Resources Inc. Announces Participation in Upcoming Conference

MIDLAND, Texas–(BUSINESS WIRE)– Concho Resources Inc. (NYS: CXO) (the “Company”) today announced its upcoming participation at IPAA OGIS New York on Monday, April 15th at 2:50 PM EDT. The presentation will be available on Concho’s website, www.concho.com. Additionally, the presentation will be webcast and can be accessed through the Company’s website.

About Concho Resources Inc.

Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas. For more information, visit Concho’s website at www.concho.com.

Concho Resources Inc.
Price Moncrief, 432-683-7443
Vice President of Capital Markets and Strategy

KEYWORDS:   United States  North America  New York  Texas

INDUSTRY KEYWORDS:

The article Concho Resources Inc. Announces Participation in Upcoming Conference originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

(function(c,a){window.mixpanel=a;var b,d,h,e;b=c.createElement(“script”);
b.type=”text/javascript”;b.async=!0;b.src=(“https:”===c.location.protocol?”https:”:”http:”)+
‘//cdn.mxpnl.com/libs/mixpanel-2.2.min.js’;d=c.getElementsByTagName(“script”)[0];
d.parentNode.insertBefore(b,d);a._i=[];a.init=function(b,c,f){function d(a,b){
var c=b.split(“.”);2==c.length&&(a=a[c[0]],b=c[1]);a[b]=function(){a.push([b].concat(
Array.prototype.slice.call(arguments,0)))}}var g=a;”undefined”!==typeof f?g=a[f]=[]:
f=”mixpanel”;g.people=g.people||[];h=[‘disable’,’track’,’track_pageview’,’track_links’,
‘track_forms’,’register’,’register_once’,’unregister’,’identify’,’alias’,’name_tag’,
‘set_config’,’people.set’,’people.increment’];for(e=0;e<h.length;e++)d(g,h[e]);
a._i.push([b,c,f])};a.__SV=1.2;})(document,window.mixpanel||[]);
mixpanel.init("9659875b92ba8fa639ba476aedbb73b9");

function addEvent(obj, evType, fn, useCapture){
if (obj.addEventListener){
obj.addEventListener(evType, fn, useCapture);
return true;
} else if (obj.attachEvent){
var r = obj.attachEvent("on"+evType, fn);
return r;
}
}

addEvent(window, "load", function(){new FoolVisualSciences();})
addEvent(window, "load", function(){new PickAd();})

var themeName = 'dailyfinance.com';
var _gaq = _gaq || [];
_gaq.push(['_setAccount', 'UA-24928199-1']);
_gaq.push(['_trackPageview']);

(function () {

var …read more

Source: FULL ARTICLE at DailyFinance

Approach Resources Inc. Announces Participation in Upcoming Conferences

By Business Wirevia The Motley Fool

Filed under:

Approach Resources Inc. Announces Participation in Upcoming Conferences

FORT WORTH, Texas–(BUSINESS WIRE)– Approach Resources Inc. today announced that J. Ross Craft, the Company’s President and Chief Executive Officer, will present at Hart Energy’s Developing Unconventionals (DUG) Permian Basin conference on Thursday, April 4, 2013, at 8:30 AM CT in Fort Worth, Texas. Mr. Craft’s slide presentation will be available on the Investor Relations section of the Company’s website at www.approachresources.com.

The Company will also participate in IPAA’s Oil and Gas Investment Symposium in New York, New York, on Monday, April 15, 2013, at 4:10 PM ET. The slide presentation for the event will be available on the Investor Relations section of the Company’s website. Additionally, the live presentation will be webcast and accessible through the Company’s website.

Approach Resources Inc. is an independent oil and gas company with core operations, production and reserves located in the Permian Basin in West Texas. The Company targets multiple oil and liquids-rich formations in the Permian Basin, where the Company operates approximately 148,000 net acres. The Company’s estimated proved reserves as of December 31, 2012, total 95.5 million Boe, comprised of 39% oil, 30% NGLs and 31% natural gas. For more information about the Company, please visit www.approachresources.com. Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.

Approach Resources Inc.
Megan P. Hays, 817.989.9000
Manager, Investor Relations & Corporate Communications

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article Approach Resources Inc. Announces Participation in Upcoming Conferences originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

(function(c,a){window.mixpanel=a;var b,d,h,e;b=c.createElement(“script”);
b.type=”text/javascript”;b.async=!0;b.src=(“https:”===c.location.protocol?”https:”:”http:”)+
‘//cdn.mxpnl.com/libs/mixpanel-2.2.min.js’;d=c.getElementsByTagName(“script”)[0];
d.parentNode.insertBefore(b,d);a._i=[];a.init=function(b,c,f){function d(a,b){
var c=b.split(“.”);2==c.length&&(a=a[c[0]],b=c[1]);a[b]=function(){a.push([b].concat(
Array.prototype.slice.call(arguments,0)))}}var g=a;”undefined”!==typeof f?g=a[f]=[]:
f=”mixpanel”;g.people=g.people||[];h=[‘disable’,’track’,’track_pageview’,’track_links’,
‘track_forms’,’register’,’register_once’,’unregister’,’identify’,’alias’,’name_tag’,
‘set_config’,’people.set’,’people.increment’];for(e=0;e<h.length;e++)d(g,h[e]);
a._i.push([b,c,f])};a.__SV=1.2;})(document,window.mixpanel||[]);
mixpanel.init("9659875b92ba8fa639ba476aedbb73b9");
…read more
Source: FULL ARTICLE at DailyFinance

Texas mother, son indicted in 1977 murder of Army officer

The wife and stepson of a decorated Army officer killed in a decades-old cold murder case have been charged with his death, the El Paso Times reported.

Roger Evan Garrett, 54, and his mother, Lisbeth Ann Garrett, 74, were indicted on murder charges in the Jan. 3, 1977, killing of Army Maj. Chester Garrett, according to the newspaper.

West Texas investigators said in February they had solved the murder of the Army Green Beret, who was found with a fractured skull and stab wounds in an El Paso County desert 35 years ago.

Roger Garrett was extradited from Knoxville, Tenn., where he had been living, to El Paso, the newspaper reported. Both Roger and Lisbeth Garrett are being held in the El Paso County Jail on $1 million bonds.

The 35-year-old major’s bloody body was found in the back seat of his 1972 Volkswagen in the desert east of El Paso. Investigators say he’d been stabbed 10 times but died of a skull fracture.

At the time of his death, investigators found footprints and a set of tracks belonging to a different car in the area, but no signs of a struggle, according to the newspaper.

The case eventually went cold after all leads became exhausted. The investigation was not reopened until 2006.

Click for more from the El Paso Times

…read more
Source: FULL ARTICLE at Fox US News

EXCO Resources, Inc. Schedules Earnings Release and Conference Call

By Business Wirevia The Motley Fool

Filed under:

EXCO Resources, Inc. Schedules Earnings Release and Conference Call

DALLAS–(BUSINESS WIRE)– EXCO Resources, Inc. (NYS: XCO) today announced that it will be releasing first quarter 2013 results on Tuesday, April 30, 2013, after market close.

EXCO will host a conference call on Wednesday, May 1, 2013, at 9:00 a.m. (Dallas time) to discuss the contents of this release and respond to questions. Please call (800) 309-5788 if you wish to participate, and ask for the EXCO conference call ID# 32095842. The conference call will also be webcast on EXCO‘s website at www.excoresources.com under the Investor Relations tab. Presentation materials related to this release will be posted on EXCO‘s website on Tuesday, April 30, 2013, after market close.

A digital recording will be available starting two hours after the completion of the conference call until 11:59 p.m., May 15, 2013. Please call (800) 585-8367 and enter conference call ID# 32095842 to hear the recording. A digital recording of the conference call will also be available on EXCO‘s website.

EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in East Texas, North Louisiana, Appalachia and West Texas.

Additional information about EXCO Resources, Inc. may be obtained by contacting EXCO‘s Chairman and CEO, Douglas H. Miller, or President and COO, Hal Hickey, or Executive Vice President and CFO, Mark F. Mulhern, at EXCO‘s headquarters, 12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by visiting EXCO‘s website at www.excoresources.com. EXCO‘s SEC filings and press releases can be found under the Investor Relations tab.

EXCO Resources, Inc.
Douglas H. Miller, 214-368-2084
Chairman and CEO
or
Hal Hickey, 214-368-2084
President and COO
or
Mark F. Mulhern, 214-368-2084
Executive Vice President and CFO
www.excoresources.com

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article EXCO Resources, Inc. Schedules Earnings Release and Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights …read more
Source: FULL ARTICLE at DailyFinance

Vanguard Natural Resources, LLC Signs Announces Closing of Assets in the Permian Basin

By Business Wirevia The Motley Fool

Filed under:

Vanguard Natural Resources, LLC Signs Announces Closing of Assets in the Permian Basin

HOUSTON–(BUSINESS WIRE)– Vanguard Natural Resources, LLC (NYS: VNR) (“Vanguard” or “the Company”) today announced that on April 1, 2013 it consummated the previously announced acquisition of natural gas, oil and natural gas liquids assets in the Permian Basin located in southeast New Mexico and West Texas from two subsidiaries of Range Resources Corporation for an adjusted purchase price of $268.8 million, subject to customary final post-closing adjustments. The effective date of the acquisition is January 1, 2013.

The Company expects the following significant benefits from the acquisition:

  • Immediately accretive to distributable cash flow;
  • Company estimated proved reserves of approximately 137 Bcfe (78% proved developed with approximately 43% being natural gas, 25% oil and 32% NGLs);
  • Reserve to production ratio of approximately 20 years;
  • Current net production of approximately 17 MMcfe/d (41% natural gas) from 230 gross wells; and
  • Significantly hedged the expected natural gas and oil production for the next four years

The Company funded this acquisition with borrowings under its existing reserve-based credit facility.

About Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. The Company’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Permian Basin in West Texas and New Mexico, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Piceance Basin in Colorado, the Powder River and Wind River Basin in Wyoming, the Williston Basin in North Dakota and Montana, Mississippi and South Texas. More information on Vanguard can be found at www.vnrllc.com.

Forward-Looking Statements

We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect …read more
Source: FULL ARTICLE at DailyFinance

Midstream Companies See Opportunity in This Shale Play

By Arjun Sreekumar, The Motley Fool

Filed under:

As new shale plays have been discovered and developed over the past few years, they’ve helped exploration and production companies boost production tremendously. They’ve also created massive opportunities for midstream companies to provide the infrastructure necessary to support these beehives of activity.

Consider the Permian Basin in Texas, for instance. The play has been producing oil for decades, but the recent application of new technologies has drastically improved recovery rates. For instance, companies like Apache have seen tremendous success in the Permian by drilling longer laterals and employing a greater number of fracking stages.

Others have used secondary and tertiary recovery methods to coax more oil and gas out of the ground. For example, LINN Energy has utilized waterflooding, a technique that involves injecting hot water into a reservoir to drive oil and gas into nearby producing wells, in some parts of its Permian acreage.

As production from the basin has soared, pipeline companies have eagerly moved in to capitalize on the region’s growth. For instance, Sunoco Logistics Partners, which was acquired for more than $5 billion last year by Energy Transfer Partners , is currently under way with two projects to boost capacity on its existing West Texas pipeline system that serves the Permian Basin.

Similar opportunities await in other plays across the country. One major play worth watching is the Utica, a vast shale rock formation that spans parts of Ohio, New York, Pennsylvania, Virginia, and West Virginia. With several producers looking to ramp up drilling in the play this year, opportunities abound for midstream companies.

Infrastructure hurdles
With the exception of Chesapeake Energy , which drilled fairly actively in 2012 and currently has 14 rigs operating in the play, production growth for most Utica operators remained flat to moderate last year as many of them held off on bringing new wells online. The main reason why they’ve been reluctant to do so is because of infrastructure constraints.

Harry Schurr, general manager of CONSOL Energy’s CNX Gas operations in the Utica, explained: “I need pipelines… If I put a well in the ground, but I can’t transport (the natural gas), it’s not much good.” According to Schurr, pipelines are even more important than roadways and rail access for getting the Utica’s oil and gas production to market.

Well, it looks like a handful of midstream companies have heeded the call. As they form joint ventures to provide gas gathering and processing facilities, it looks like relief may soon be on the way for Utica producers.

New infrastructure projects in the Utica
For instance, NiSource , an Indiana-based company involved in natural gas transmission, storage and distribution, announced in July that it has entered into an agreement with affiliates of Hilcorp Energy, a privately held energy exploration and production company based in Houston, to build new gathering and processing infrastructure to support gas production in the Ohio and Pennsylvania portions of the Utica Shale.

The joint venture – Pennant Midstream, …read more
Source: FULL ARTICLE at DailyFinance

Russia contests autopsy results of Russian adoptee

Russia‘s children rights ombudsman blamed the U.S. authorities for hastily performing an autopsy into a January death of a 3-year-old Russian boy adopted by a West Texas couple, whose death has fanned opposition to American adoptions.

Pavel Astakhov on Tuesday said that Russia wants Max Alan Shatto‘s parents to face justice.

An autopsy report released to the Odessa American on Monday said that Max Alan Shatto‘s had more than 30 bruises and other marks on his body as well as signs that he was routinely injured by accident. Pathologists could not find the specific injury that caused the internal bleeding leading to the boy’s Jan. 21 death. His death was ruled to be accidental.

Astakhov said he found out about the autopsy report from the media.

…read more
Source: FULL ARTICLE at Fox World News

Dead Russian adoptee bruised all over, autopsy shows

A 3-year-old adopted by a West Texas couple had more than 30 bruises and other marks on his body as well as signs that he was routinely injured by accident, according to an autopsy report released Tuesday.

Russian authorities have blamed Max Alan Shatto‘s death on abusive treatment by his adoptive parents, despite West Texas authorities’ insistence that the boy’s death was an accident. An Ector County grand jury has declined to indict the parents, Alan and Laura Shatto, who also adopted Max’s half brother, Kristopher.

The autopsy report released to the Odessa American suggests that the Shattos were struggling to care for Max due to his behavioral problems and his tendency to hurt himself. The Shattos have declined to comment publicly about the boy’s death.

The boy, born Maxim Kuzmin, died Jan. 21 after Laura Shatto found him unresponsive outside their home in Gardendale, Texas.

A medical examiner’s investigator wrote in the report that she found abrasions, scrapes and bruises from head to toe on Max’s body. Alan Shatto told authorities that the boy hit his head against items in the home and had serious behavioral problems.

He said a doctor had prescribed the anti-psychotic drug Risperidone, but the couple stopped giving Max the drug after about four days after reading about the side effects and because it appeared the boy was having trouble swallowing. Laura Shatto reported that three days before his death, Max nearly choked on a cooked carrot.

She said he tended to bang his head and claw himself, which she tried to prevent by cutting his nails short and having him wear gloves at night.

Russian authorities and state media have used the boy’s death to fan anger over the fate of Russian children adopted by Americans. Russia has used the case to justify its controversial decision in December to ban U.S. adoptions. Americans have adopted an estimated 60,000 Russian children over the last two decades, at least 20 of whom have died.

The lack of charges against the Shatto family “raises serious questions,” Konstantin Dolgov, a Foreign Ministry official, told a state-controlled television channel last week. “It turns out that the child died and his adoptive parents are in no way guilty of this. Moreover, they are trying to persuade us that the boy’s lethal injuries were inflicted by himself.”

Bobby Bland, the Ector County district attorney, has said four pathologists reviewed an autopsy report and ruled Max’s death to be accidental.

“The injuries on the child were not consistent with abuse,” Bland said this month. “They were, instead, consistent with the previously diagnosed behavioral disorder.”

He said Max likely suffered the fatal injuries during 10 minutes when he was playing outside and Laura Shatto was in the bathroom.

Laura Shatto told authorities that on the day of his death, Max “began throwing a fit” when his parents tried to take him to the bathroom in the morning, according to the report. He eventually went back to bed and wasn’t woken up until 3 p.m., Laura Shatto told authorities.

He and his half brother watched TV for …read more
Source: FULL ARTICLE at Fox US News

Autopsy: Dead Russian adoptee bruised all over

Authorities investigating the death of a 3-year-old Russian boy adopted by a West Texas couple found more than 30 bruises on his body and signs that he routinely hurt himself.

An autopsy report released to the Odessa American (http://bit.ly/XaJUoU ) says that Max Alan Shatto had abrasions, bruises and scars all over. Pathologists could not find the specific injury that caused the internal bleeding leading to the boy’s Jan. 21 death.

According to the report, Max’s parents, Alan and Laura Shatto, told authorities Max injured himself several times before and had behavioral problems.

His death was ruled to be accidental. A grand jury declined to indict the Shattos.

Russian authorities have blamed Max’s parents for his death and used the incident to justify a ban on all American adoptions.

…read more
Source: FULL ARTICLE at Fox US News

Anonymous threat prompts evacuation at University of Texas at El Paso

The University of Texas at El Paso is being evacuated due to an anonymous threat.

UTEP said in a statement Tuesday that it had ordered a campus-wide evacuation and canceled evening classes. Students were seen hurrying away from buildings Tuesday afternoon.

UTEP Police Chief Cliff Walsh said about an hour after the threat that the campus was considered safe.

The El Paso Times reports that students and staff received a text message at about 2 p.m. saying: “The university has a bomb threat please evacuate the university campus.” Police were seen swarming the school.

UTEP officials would not comment on the details of the threat or when it was received.

El Paso is a U.S.-Mexico border city in far West Texas. UTEP has more than 22,000 students enrolled.

…read more
Source: FULL ARTICLE at Fox US News

3 Companies That Could Save America From $250 Oil

By Tyler Crowe, The Motley Fool

Filed under:

Despite increased oil production in the U.S. from unconventional sources such as the Bakken and Eagle Ford shales, oil prices haven’t gone down. In fact, the price for a barrel of West Texas Intermediate crude is at about $93 and climbing. What’s even worse is that one international group believes that the price of oil is poised to go up — way up.

Who is proclaiming this bad news? The Organization of Economic Cooperation and Development, or OECD. Based on its models, a barrel of oil could be in the range of $150 to $270 by the end of the decade. Let’s look at why they could be right and how we could avoid the sting of surging oil prices.

Why they could be right
Despite the large increase in domestic production, it costs more to access these new sources, and demand is still outpacing supply. According to EIA, demand for oil was about 1 million barrels per day higher than supply in 2011, and the projections for global demand are expected to continue to climb, thanks in large part to two countries: China and India.

On a worldwide proven-reserve basis, China and India are not well endowed, nor do they have a copious amount of deposits. Collectively, the two countries have only about 20.4 billion barrels of proven reserves, or about 1.3% of the world’s total supply. Also, a few weeks ago, the U.S. Department of Energy reported that China had surpassed the U.S. as the world’s largest importer of oil. From a raw numbers perspective, India doesn’t hold a candle to China, but it still imports about 80% of its oil needs. With China and India — the two most populous countries in the world — growing GDP at roughly 8% and 6% annually, demand will more than likely skyrocket.

Why they could be wrong
Models are great, and they can give a decent window into the future — if the correct assumptions are made. The OECD admits that these projections could be thrown off by two things: a slowing of global GDP, and the potential for oil substitutes to capture market share. Obviously, a slowing economy would put a dent in oil demand, but growing oil prices could be what brings GDP down as well. According to the IMF, imbalances in oil supply and demand could affect global GDP growth by as much as 1% annually — a bit of a Catch-22.

With oil potentially getting that expensive, we need to seriously consider the potential of seeing another energy source replace oil demand. In the past 23 years, gasoline prices and the price for a barrel of West Texas intermediate in the U.S. have traded at a multiple of roughly 33.1. Based on the OECD‘s projections, this could mean that gasoline in the U.S. would cost somewhere in the range of $6.05 to $10.85. With current prices already causing a consideration of alternative fuels, $10 a gallon certainly would tip the scales …read more
Source: FULL ARTICLE at DailyFinance