DUBLIN--(BUSINESS WIRE)--The "Hybrid Train Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global hybrid train market reached a value of US$ 13.71 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 18.73 Billion by 2027, exhibiting a CAGR of 5.34% during 2021-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Hybrid train is a locomotive transportation medium that is powered by an on-board rechargeable energy storage system (RESS), in combination with other fuel, such as diesel. They are located between power source and traction transmission system that are directly connected with wheels to promote smooth operations.
They further use various energy storing devices, including supercapacitors, flywheels, and batteries, to sustain additional energy produced from regenerative braking. As compared to conventional fuel trains, hybrid trains are more reliable, emission-free, noise-free, cost-effective, and eco-friendly. At present, hybrid trains are commercially available in solar-powered, compressed natural gas (CNG), battery-operated, and electro-diesel propulsion types.
The widespread adoption of the hybrid train as a cost-effective, sustainable, and reliable mode of transportation can be attributed to the increasing scarcity of natural resources and the hiking fuel prices. This represents the key factor primarily driving the market growth.
Furthermore, the emerging trend of green transportation solutions, along with the introduction of stringency policies by governments of various nations to promote the uptake of alternative fuel-powered trains, such as hybrid trains that meet the required emission and efficiency standards, are propelling the market growth. Conventional fuel-powered trains generate various hazardous gases, including nitrogen dioxide (NO) and carbon dioxide (CO2), which is responsible for causing various ecological and health issues.
In line with this, freight companies are increasingly participating in frequent mergers and acquisitions (M&A) to collectively invest in hybrid trains, thus helping them in cutting down operating costs, including fuel and maintenance. Moreover, the incorporation of lithium-ion batteries in hybrid trains to ensure minimal power consumption, improved voltage capacity, longer charge retention is contributing to the market growth.
Other factors, such as rapid urbanization, expansion in construction activities to strengthen transportation infrastructure, and increasing railway connectivity, are positively stimulating the market growth.
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Hybrid Train Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Propulsion Type
7 Market Breakup by Operating Speed
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/er09d3
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
DUBLIN--(BUSINESS WIRE)--The "United States Smart Energy at Home: Renewable, Responsive, Resilient" report has been added to ResearchAndMarkets.com's offering.
This research examines consumer adoption and perception of utility energy solutions.
Energy providers are actively evaluating the integration of new consumer technologies into their products and services, as they aim to increase energy efficiency, improve service resilience, and manage distributed energy resources.
It also identifies consumer adoption of smart energy devices and interest in energy management use cases.
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/j442kp
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced it will issue financial results for the Company's first quarter ended July 30, 2022 after the market closes on Wednesday, Sept. 7, 2022. Management will host a conference call and live audio webcast to discuss the results at 4:30 p.m. Eastern Time that day.
Hosting the call to review results for the fiscal first quarter will be Wahid Nawabi, chairman, president and chief executive officer, Kevin P. McDonnell, senior vice president and chief financial officer, and Jonah Teeter-Balin, senior director corporate development and investor relations.
New this quarter, investors may access the conference call by registering via the participant registration link below up to 10 minutes prior to the start time.
Conference Call Event Summary
Date: Sept 7, 2022
Time: 4:30 PM ET (1:30 PM PT, 2:30 PM MT, 3:30 PM CT)
Participant registration URL: https://register.vevent.com/register/BI9db32ad42d4b4fd5a1ec1f9a55e658f5
Investors may also listen to the live audio webcast via the Investor Relations section of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.
Jonah Teeter-Balin
+1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us
NEW YORK--(BUSINESS WIRE)--#carbonmanagement--Carbon Direct, Inc., a science-first carbon management firm and software provider, today announced a $60 million funding round led by Decarbonization Partners, a partnership between Temasek and BlackRock, and Quantum Energy Partners.
Carbon Direct is the leading carbon management firm working to help its global clients to meet their climate goals by reducing and removing carbon from the atmosphere. The company enables organizations to turn industry-leading carbon science into climate action through its end-to-end carbon management platform.
Carbon Direct is helping lead the industry in creating quality criteria for carbon credits, reducing supply chain emissions, procuring low-carbon fuels and materials, and facilitating large-scale carbon credit and removal procurement. Carbon Direct will use the growth capital to continue investing in its science-based carbon management platform and will continue applying its rigorous science-first approach while expanding its offerings.
“Carbon Direct’s platform turns industry-leading carbon science into action through software and market expertise,” said Jonathan Goldberg, CEO of Carbon Direct. “We are excited to see the growth in net zero commitments from leading companies and governments as well as recent policy momentum. Without scientific expertise, carbon commitments will have far less impact than they could. This investment from Decarbonization Partners and Quantum Energy Partners will help us scale the work we are already performing for industry leading clients.”
The United Nations’ Intergovernmental Panel on Climate Change most recent report states to meet the agreed upon climate targets and to avoid the worst impacts of climate change, emissions from all sectors of the economy must be reduced aggressively while also removing billions of tonnes of carbon from the atmosphere per year by 2050.
“The transition to a net zero reality requires organizations to act boldly in managing their carbon emissions,” said Dr. Meghan Sharp, Global Head of Decarbonization Partners. “Carbon Direct, Inc. brings together a unique combination of science and software, enabling organizations to implement highly effective climate action at scale. We are pleased to support the company’s science-based approach to carbon management and we see a significant opportunity to build on the company’s strong existing momentum.”
“Organizations will need to significantly change how they manage their carbon footprint in order to meet their climate goals,” said Jeffrey Harris who oversees Quantum’s Innovation Fund. “We believe the combination of science and market expertise uniquely positions Carbon Direct, Inc. to enable organizations to operationalize carbon management and have a meaningful impact on climate change. We are excited to support the company’s next phase of growth.”
About Carbon Direct, Inc.
Carbon Direct, Inc. enables organizations to turn industry-leading carbon science into action through its end-to-end carbon management platform. Carbon management is the process through which an organization measures, reduces, and removes their carbon emissions. For it to be effective, both cutting-edge science and commercial expertise need to be applied at every stage of the process.
Carbon Direct is backed by a team of over 30 of the world’s top carbon scientists with expertise in every area of carbon management. Carbon Direct streamlines carbon science through their science-backed software to help leading companies and governments around the world reach their climate goals. Carbon Direct’s work has included establishing quality criteria with Microsoft, delivering millions of durable tonnes for clients, and building a client list that represented nearly 60% of the tonnes transacted in the voluntary carbon market in 2021. Carbon Direct brings this expertise to the World Economic Forum as an Implementation Partner for the First Movers Coalition, where they support sectoral pledges across carbon removal, aviation, shipping, and more. To learn more visit carbon-direct.com.
About Decarbonization Partners
Decarbonization Partners is a partnership between Temasek and BlackRock focused on late-stage venture capital and early growth private equity investing in next-generation companies that provide solutions and technologies to help accelerate global efforts to achieve a net zero global economy by 2050. Decarbonization Partners combines Temasek and BlackRock's expertise in sourcing and underwriting private investments, portfolio and risk management, and sustainable technology and analytics. Decarbonization Partners looks to invest in a wide range of companies that have proven technology but need capital to scale. The partnership targets multiple sectors, including energy, mobility, manufacturing & materials, and the built environment. The partnership reflects BlackRock and Temasek's shared commitment to help build more sustainable and resilient portfolios, while also contributing to consistent, long-term financial returns that benefit their clients and stakeholders.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading global provider of private equity, credit, structured capital and venture capital to the responsibly sourced energy and energy transition & decarbonization sectors, having managed together with its affiliates more than $18 billion in capital commitments since inception. For more information on Quantum, please visit www.quantumep.com.
Carbon Direct, Inc.
Elisse Roche
This email address is being protected from spambots. You need JavaScript enabled to view it.
Decarbonization Partners
Christopher Beattie
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced today that Benjamin M. Laura, who currently serves as Oceaneering’s Senior Vice President, Offshore Projects Group, has been promoted to Senior Vice President and Chief Innovation Officer (“CIO”), effective October 1, 2022.
Mr. Laura joined Oceaneering in 2014 as Director of Subsea Services, was appointed as Vice President of Service, Technology & Rentals in 2015, appointed as Senior Vice President, Service & Rental in March 2020 and appointed as Senior Vice President, Offshore Projects Group in May 2020. Prior to joining Oceaneering, Mr. Laura was with Baker Hughes where his most recent position was Vice-President and Managing Director for Baker Hughes do Brasil.
In the newly configured CIO role, Mr. Laura will be assuming certain responsibilities currently held by Eric A. Silva, Senior Vice President and Chief Transformation Officer, who has announced his intention to retire. Mr. Laura’s new responsibilities will include the leadership of Information Technology, Global Engineering, New Product Development, Supply Chain Management, Quality and Operational Excellence. Mr. Silva, who joined Oceaneering in 2014, has agreed to continue to serve Oceaneering in a supporting role as Senior Vice President, Strategic Planning during a transition period.
Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “Since joining Oceaneering, Ben has excelled in every position he has held and has progressively assumed more challenging and significantly higher responsibilities. He played a key role in our business realignment over the past few years and in creating innovative solutions to deliver increasing value to our customers. I am excited to welcome Ben to our executive leadership team and look forward to leveraging his insightful leadership and capabilities across all of Oceaneering’s businesses. I would also like to thank Eric for his executive leadership and significant contributions to the company over the last eight years and agreeing to remain with us in a supporting role for a transition period.”
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com.
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
This email address is being protected from spambots. You need JavaScript enabled to view it.
White River also secures two additional drilling rigs for its vertically integrated oil and gas operation with capabilities to perform in-house drilling projects to depths of up to 30,000 feet
LAS VEGAS & FAYETTEVILLE, Ark.--(BUSINESS WIRE)--BitNile Holdings, Inc. (“BitNile”) (NYSE American: NILE) and Fortium Holdings Corp (“Fortium”) (OTC: FRTM), today announced that Fortium’s wholly-owned subsidiary, White River Holdings Corp (“White River”), has commenced drilling a 9,800’ well, the Harry O’Neal 20-9 No. 1, on White River’s oil and gas mineral lease in Holmes County, Mississippi. The well will be drilled across multiple potential pay-zones in the Upper Dolomite, Lower Dolomite, and Smackover formations. White River’s wholly-owned subsidiary, White River Operating LLC commenced initial drilling on the well on August 22, 2022, using its MD Cowan Super Single drilling rig purchased in April 2022. White River intends to complete the well and commence production in late September 2022, assuming doing so would be economically viable.
BitNile obtained participation rights with respect to future oil wells when it invested $12 million in Ecoark Holdings, Inc. (“Ecoark”) (Nasdaq: ZEST) on June 8, 2022. Ecoark beneficially owns approximately eighty three percent (83%) of Fortium’s capital stock. When Ecoark subsequently sold White River to Fortium it transferred the participation rights to BitNile. BitNile’s subsidiary Ault Energy, LLC (“Ault Energy”) has exercised its participation right and acquired a forty percent (40%) working interest in the Harry O’Neal 20-9 No. 1 well. The Harry O’Neal 20-9 No. 1 well is the first project in an expected long-term partnership with White River that Ault Energy announced in July 2022 with the intention to drill approximately 100 oil wells over the next 60 months (see press release here). BitNile Founder and Executive Chairman Milton “Todd” Ault, III, who also serves as the Manager of Ault Energy, stated “We are excited to kick off this partnership with White River with a vertical drilling project in an oilfield with a long history of successful drilling projects. I will be conducting a site visit in September 2022 to monitor the progress of the drilling operations, and scope out additional oilfields for future drilling projects.”
In August 2022, White River made a security deposit to acquire two additional drilling rigs, including an additional MD Cowan Super Single drilling rig and an APEX PK drilling rig. White River expects to take possession of both rigs in September 2022. Fortium’s Executive Chairman, Randy May, stated “The addition of two more drilling rigs to our equipment portfolio will result in White River owning three drilling rigs and three workover rigs. White River will have both the equipment and the new enhanced team, which will be capable of conducting completely in-house drilling projects up to 30,000’ horizontally in formations on our leases, including the Austin Chalk and Tuscaloosa Marine Shale. Furthermore, we’re excited to expand our relationship with Ault Energy on this project and many more projects in the near future.”
After completing the Harry O’Neal 20-9 No. 1 well, and assuming it is economically viable, White River expects to move its drilling rig to the Pisgah Field lease in Rankin County, MS, where White River plans to drill three consecutive deep vertical drilling projects at approximately 13,000’ in the Rodessa and Hosston sand formations. Fortium plans to provide further communication to its investors as may be appropriate based upon the logged results from the Harry O’Neal 20-9 No. 1 well, including when it intends to commence each of the upcoming Pisgah Field drilling projects, and whether Ault Energy elects to participate in those projects.
White River was recently sold by Ecoark to Fortium in exchange for $30,000,000 of non-voting convertible preferred stock. Ecoark plans to spin off the underlying Fortium common stock to its shareholders of a future to be determined record date, subject to compliance with applicable securities laws (see press release here).
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
About Fortium Holdings Corp
Founded in 2021, Fortium is a diversified holding company. Fortium’s principal subsidiary is White River. White River is engaged in oil and gas exploration, production, and drilling operations on over 30,000 cumulative acres of active mineral leases in Louisiana and Mississippi.
Cautionary Note Regarding Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Fortium’s planned use of proceeds, acceleration and expansion of the businesses of both Fortium and BitNile, the ability to Fortium to capitalize on oil reserves, and the expectation of enhancing shareholder value of each company. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and neither BitNile nor Fortium undertakes any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the continuation of high oil prices and state regulation of Bitcoin mining, investors should review risk factors, that could affect either or both of BitNile’s and Fortium’s respective businesses and financial results which are included in BitNile’s and Fortium’s respective filings with the U.S. Securities and Exchange Commission, including, but not limited to, their respective Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.BitNile.com and https://fortium-holdings.com, respectively.
BitNile Holdings Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-888-753-2235
Fortium Holdings Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-800-203-5610
ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP):
Financial Highlights
For the three months ended June 30, 2022, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other Partnership Highlights and Events
Gary Chapman, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, commented, “During the second quarter, the Partnership’s operational performance remained strong, with 100% utilization for scheduled operations, while our financial results continued to reflect the high concentration of drydocking in the first half of the year. There will be some residual impact in the third quarter as vessels complete these works and their voyages back to Brazil, but the bulk of this heavy drydocking is now behind us. We have also recently agreed multiple interim charters and extensions to increase our substantial contracted forward revenue, though it remains the case that we expect the shuttle tanker charter market to be bumpy for at least the duration of 2022, largely attributable to production ramp-up delays caused by the initial onset of COVID-19. We remain focused on securing further employment as the expected medium-term market tightening draws closer, driven by the limited shuttle tanker orderbook and the offshore production growth plans evidenced by large oil major capital expenditure outlays for new FPSOs in Brazil in particular. On the basis of these strong medium-term fundamentals, we were pleased to acquire the Synnove Knutsen on a non-dilutive basis, and we remain committed to maintaining our longstanding leadership position in the shuttle tanker sector and delivering a strong operational performance to support our quarterly distributions to unitholders.”
(1) EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure.
Financial Results Overview
Total revenues were $64.0 million for the three months ended June 30, 2022 (the “second quarter”), compared to $65.2 million for the three months ended March 31, 2022 (the “first quarter”). The decrease was mainly due to increased off hire in connection with the scheduled drydockings.
Vessel operating expenses for the second quarter of 2022 were $23.0 million, an increase of $2.9 million from $20.1 million in the first quarter of 2022. The increase was mainly related to bunker costs for the Windsor Knutsen, the Lena Knutsen, the Anna Knusten and the Vigdis Knutsen in connection with their voyages to drydock.
Depreciation was $26.1 million for the second quarter, an increase of $0.2 million from $25.9 million in the first quarter. General and administrative expenses were $1.4 million for the second quarter compared to $1.7 million for the first quarter.
As a result, operating income for the second quarter was $13.4 million, compared to $17.5 million for the first quarter.
Interest expense for the second quarter was $8.3 million, an increase of $1.6 million from $6.7 million for the first quarter, the increase being mainly due to an increase in the US dollar LIBOR rate.
The realized and unrealized gain on derivative instruments was $5.1 million in the second quarter, compared to realized and unrealized gain of $16.4 million in the first quarter. The unrealized non-cash element of the mark-to-market gain was $6.7 million for the second quarter, compared to an unrealized gain of $18.2 million for the first quarter. The unrealized gain for the second quarter related to mark-to-market gain on interest rate swaps of $7.1 million and a loss of $0.4 million on foreign exchange contracts.
As a result, net income for the second quarter was $9.9 million compared to $26.8 million for the first quarter.
Net income for the second quarter of 2022 increased by $20.8 million from a net loss of $10.9 million for the second quarter of 2021 to $9.9 million for the second quarter of 2022. Operating income for the second quarter of 2022 increased by $14.6 million to $13.4 million, compared to an operating loss of $1.2 million in the second quarter of 2021. This increase is mainly due to the impairment of the Windsor Knutsen and higher operating expenses in the second quarter of 2021. Total finance expense for the second quarter of 2022 decreased by $6.1 million to $3.4 million, compared to finance expense of $9.5 million for the second quarter of 2021, mainly due to an increase in unrealized gain on derivative instruments.
Distributable cash flow was $9.4 million for the second quarter of 2022, compared to $14.5 million for the first quarter of 2022. The decrease was mainly a result of lower utilization of the fleet due to offhire in the second quarter of 2022 arising from the scheduled drydockings and associated bunker costs. The distribution declared for the second quarter was $0.52 per common and Class B unit, equivalent to an annualized distribution of $2.08.
COVID-19
The Partnership has continued to date to avoid any serious or sustained operational impacts from the coronavirus (“COVID-19”) pandemic, and there have been no effects on the Partnership’s contractual position. Enhanced protocols remain in place with a focus on ensuring the health and safety of our employees and crew onboard, while providing safe and reliable operations for our customers.
Travel restrictions and shortening of quarantine periods continue to ease in various places around the world; however costs related to the movement of maritime personnel and vessel operational logistics, including repairs and maintenance, remain above their historical average and the Partnership expects these higher costs to persist for some time into the future. Although the Partnership is negatively affected by such higher costs, they are not considered a material threat to the business.
Operational Review
The Partnership’s vessels operated throughout the second quarter of 2022 with 100% utilization for scheduled operations and 90.5% utilization taking into account the scheduled drydockings of the Lena Knutsen, the Anna Knutsen, the Vigdis Knutsen and the Windsor Knutsen which, together, were offhire for 147 days in the second quarter of 2022.
On February 14, 2022, the Anna Knutsen was redelivered to the Partnership at the start of her mobilization trip to Europe for her planned drydock. The Partnership then entered into a new time charter contract for the Anna Knutsen with a wholly owned subsidiary of TotalEnergies for two years, with options for the charterer to extend the time charter by up to three further one-year periods, and this charter commenced on April 28, 2022, immediately after the vessel returned to Brazil following completion of her drydock.
The Windsor Knutsen was redelivered from her time charter with PetroChina on June 14, 2022 to start on her mobilization trip to Europe for her planned 15-year special survey drydocking. On the same date, the Vigdis Knutsen, having successfully completed her own drydocking, replaced the Windsor Knutsen on the time charter contract for PetroChina. PetroChina has also exercised its first extension option for an additional period of 12 months, extending the firm period of the charter to September 2023.
The Windsor Knutsen successfully completed her drydock, departing the yard in early August bound for Brazil.
The Lena Knutsen was redelivered to the Partnership on June 2, 2022 in advance of the commencement of the vessel’s planned five-year special survey drydocking in Europe. After drydocking, the vessel returned to Brazil in early August. The Partnership entered into a new time charter agreement for the Lena Knutsen with TotalEnergies which commenced on August 21, 2022. The charter is for a fixed period of six months with charterer’s options to extend the charter by up to six further months.
Financing and Liquidity
On June 30, 2022, the Partnership through its wholly-owned subsidiary, Knutsen Shuttle Tankers 15 AS, which owned the Torill Knutsen, closed a sale and leaseback agreement with a Japanese-based lessor for a lease period of ten years. The gross sales price was $112.0 million and a portion of the proceeds was used to repay the outstanding loan related to the vessel. The bareboat rate under the lease consists of a fixed element per day and there is a fixed-price purchase obligation at maturity. After repayment of the previously existing loan, the Partnership realized net proceeds of $39 million after fees and expenses.
As of June 30, 2022, the Partnership had $123.5 million in available liquidity, which consisted of cash and cash equivalents of $88.5 million and $35.0 million of capacity under its revolving credit facilities, part of which was used to purchase the Synnøve Knutsen on July 1, 2022. The revolving credit facilities mature between August 2023 and November 2023. The Partnership’s total interest-bearing obligations outstanding as of June 30, 2022 were $988.5 million ($981.6 million net of debt issuance costs). The average margin paid on the Partnership’s outstanding debt during the second quarter of 2022 was approximately 2.05% over LIBOR.
As of June 30, 2022, the Partnership had entered into various interest rate swap agreements for a total notional amount of $415.8 million to hedge against the interest rate risks of its variable rate borrowings. As of June 30, 2022, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.85% under its interest rate swap agreements, which have an average maturity of approximately 3.2 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of June 30, 2022, the Partnership’s net exposure to floating interest rate fluctuations was approximately $286.5 million based on total interest-bearing contractual obligations of $988.5 million, less the Raquel Knutsen and Torill Knutsen sale and leaseback facilities of $197.7 million, less interest rate swaps of $415.8 million, and less cash and cash equivalents of $88.5 million. The Partnership’s outstanding interest-bearing contractual obligations of $988.5 million as of June 30, 2022 are repayable as follows:
(U.S. Dollars in thousands) |
|
Sale
|
|
|
Period
|
|
|
Balloon
|
|
|
Total |
|
||||
Remainder of 2022 |
|
$ |
6 439 |
|
|
$ |
39 664 |
|
|
$ |
— |
|
|
$ |
46 103 |
|
2023 |
|
|
13 161 |
|
|
|
73 101 |
|
|
|
245 906 |
|
|
|
332 168 |
|
2024 |
|
|
13 804 |
|
|
|
36 440 |
|
|
|
63 393 |
|
|
|
113 637 |
|
2025 |
|
|
14 399 |
|
|
|
28 372 |
|
|
|
65 506 |
|
|
|
108 277 |
|
2026 |
|
|
15 059 |
|
|
|
18 822 |
|
|
|
219 521 |
|
|
|
253 402 |
|
2027 and thereafter |
|
|
134 871 |
|
|
|
— |
|
|
|
— |
|
|
|
134 871 |
|
Total |
|
$ |
197 733 |
|
|
$ |
196 399 |
|
|
$ |
594 326 |
|
|
$ |
988 458 |
|
Acquisition of Synnøve Knutsen
On July 1, 2022, the Partnership’s wholly owned subsidiary, KNOT Shuttle Tankers AS, acquired KNOT Shuttle Tankers 35 AS (“KNOT 35”), the company that owns the shuttle tanker, Synnøve Knutsen, from Knutsen NYK (the “Synnøve Acquisition”). The purchase price was $119.0 million, less approximately $87.7 million of outstanding indebtedness related to the Synnøve Knutsen plus approximately $0.6 million for certain capitalized fees related to the financing of the vessel. The purchase price will be adjusted for post-closing working capital adjustments. The secured credit facility related to the vessel (the “Synnøve Facility”) is repayable in quarterly instalments with a final balloon payment of $71.1 million due at maturity in October 2025. The Synnøve Facility bears interest at an annual rate equal to LIBOR plus a margin of 1.75%. The purchase price was settled in cash.
The Synnøve Knutsen is operating in Brazil under a time charter with Equinor, which will expire in February 2027. The charterer has options to further extend the charter for up to three two-year periods and nine one-year periods. The Partnership’s board of directors (the “Board”) and the conflicts committee of the Board (the “Conflicts Committee”) approved the purchase price of the Synnøve Acquisition. The Conflicts Committee retained an outside financial advisor and outside legal counsel to assist with its evaluation of the Synnøve Acquisition.
Distributions
On July 14, 2022, the Partnership declared a quarterly cash distribution of $0.52 per common and Class B unit with respect to the quarter ended June 30, 2022 paid on August 11, 2022 to all common and Class B unitholders of record on July 28, 2022. On the same day, the Partnership declared a quarterly cash distribution to holders of Series A Preferred Units with respect to the quarter ended June 30, 2022 in an aggregate amount equal to $1.7 million.
Assets Owned by Knutsen NYK
In February 2021, Tuva Knutsen was delivered to Knutsen NYK from the yard and thereafter commenced on a five-year time charter contract with a wholly owned subsidiary of the French oil major TotalEnergies. TotalEnergies has options to extend the charter by up to ten further years.
In November 2021, Live Knutsen was delivered to Knutsen NYK from the yard in China and thereafter commenced on a five-year time charter contract with Galp Sinopec for operation in Brazil. Galp has options to extend the charter by up to six further years.
In June, 2022, Daqing Knutsen was delivered to Knutsen NYK from the yard in China and thereafter commenced on a five-year time charter contract with Petrochina International (America) Inc for operation in Brazil. The charterer has options to extend the charter by up to five further years.
In July 2022, Frida Knutsen was delivered to Knutsen NYK from yard in Korea and will commence on a seven-year time charter contact with ENI for operation in North Sea. The charterer has options to extend the charter by up to three further years.
Another vessel, Sindre Knutsen, is planned to be delivered by the end of August 2022 from the yard in Korea and will commence on a five-year time charter contract with Eni for operation in the North Sea. The charterer has options to extend the charter by up to five further years.
In May 2022, Knutsen NYK entered into a new ten-year time charter contract with Petrobras for a vessel to be constructed which will operate in Brazil, where the charterer has the option to extend the charter by up to five further years. The vessel will be built in China and is expected to be delivered in late 2024.
Pursuant to the omnibus agreement the Partnership entered into with Knutsen NYK at the time of its initial public offering, the Partnership has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.
There can be no assurance that the Partnership will acquire any additional vessels from Knutsen NYK.
Outlook
As of June 30, 2022, the Partnership’s fleet of seventeen vessels had an average age of 8.5 years and had charters with an average remaining fixed duration of 1.7 years. In addition, the charterers of the Partnership’s time chartered vessels had options to extend their charters by an additional 2.4 years on average. As of June 30, 2022, the Partnership had $487 million of remaining contracted forward revenue, excluding options.
The Partnership’s earnings for the third quarter of 2022 will be affected by the offhire related to the mobilization trip back to Brazil for the Windsor Knutsen and the Lena Knutsen, which have each completed their scheduled drydocking in Europe, and the planned redelivery of the Hilda Knutsen and the lack of firm employment for the Windsor Knutsen.
Notwithstanding the impact of the COVID-19 pandemic on the oil industry, and decisions made by our customers to delay and postpone offshore projects, Brazil continues to demonstrate increasing activity, which supports our view that demand for shuttle tankers in our main market, where 13 of our vessels typically operate, is improving. However, the delayed resumption of activity in the North Sea continues to dampen a return to high shuttle tanker demand in our secondary market, and we believe that this situation could persist for several more quarters.
Uncertainty caused by the ongoing war in Ukraine, the desire from developed economies for greater immediate and short-term energy security, continuing high oil prices and increases seen in newbuild vessel prices in 2022 are all contributory factors that could increase demand for shuttle tankers in the short and medium term. Although the North Sea market gives some cause for concern, the Partnership is working to address the gaps in vessel employment that have occurred and is looking at all commercial and financial avenues to ensure that the best interests of the Partnership’s unitholders are respected during what the Partnership believes is a bumpy, but temporary, period.
Several new contracts were recently agreed with customers and other opportunities remain under discussion. Due to the niche nature of the shuttle tanker market, the integral role that shuttle tankers play in customers’ supply chains and the absence of speculative ordering (meaning that the vast majority of the global fleet are not ‘in the market’), the Partnership believes that the mid to long-term expansion of deep and ultra-deep water offshore oil production in Pre-salt Brazil, and also some growth in the North Sea and the Barents Sea, remain fully supported by publicly announced investment decisions, production sharing agreements and production forecasts made by the Partnership’s customers, including the large number of FPSO orders intended for Brazilian Pre-salt fields.
As such, the Partnership believes that these factors will drive demand for existing and for newbuild shuttle tankers, and that shuttle tanker demand growth will outpace net shuttle tanker supply growth in the mid to long-term.
The Partnership’s financial information for the quarter ended June 30, 2022, included in this press release is preliminary and unaudited and is subject to change in connection with the completion of the Partnership’s quarter end close procedures and further financial review. Actual results may differ as a result of the completion of the Partnership’s quarter end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the quarter ended June 30, 2022, is finalized.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil.
KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.
The Partnership plans to host a conference call on Thurs
Gary Chapman
+44 1224 618 420
This email address is being protected from spambots. You need JavaScript enabled to view it.
White River also secures two additional drilling rigs for its vertically integrated oil and gas operation with capabilities to perform in-house drilling projects to depths of up to 30,000 feet
LAS VEGAS & FAYETTEVILLE, Ark.--(BUSINESS WIRE)--$AP #100_oil_wells--BitNile Holdings, Inc. (“BitNile”) (NYSE American: NILE) and Fortium Holdings Corp (“Fortium”) (OTC: FRTM), today announced that Fortium’s wholly-owned subsidiary, White River Holdings Corp (“White River”), has commenced drilling a 9,800’ well, the Harry O’Neal 20-9 No. 1, on White River’s oil and gas mineral lease in Holmes County, Mississippi. The well will be drilled across multiple potential pay-zones in the Upper Dolomite, Lower Dolomite, and Smackover formations. White River’s wholly owned subsidiary, White River Operating LLC commenced initial drilling on the well on August 22, 2022, using its MD Cowan Super Single drilling rig purchased in April 2022. White River intends to complete the well and commence production in late September 2022, assuming doing so would be economically viable.
BitNile obtained participation rights with respect to future oil wells when it invested $12 million in Ecoark Holdings, Inc. (“Ecoark”) (Nasdaq: ZEST) on June 8, 2022. Ecoark beneficially owns approximately eighty three percent (83%) of Fortium’s capital stock. When Ecoark subsequently sold White River to Fortium it transferred the participation rights to BitNile. BitNile’s subsidiary Ault Energy, LLC (“Ault Energy”) has exercised its participation right and acquired a forty percent (40%) working interest in the Harry O’Neal 20-9 No. 1 well. The Harry O’Neal 20-9 No. 1 well is the first project in an expected long-term partnership with White River that Ault Energy announced in July 2022 with the intention to drill approximately 100 oil wells over the next 60 months (see press release here). BitNile Founder and Executive Chairman Milton “Todd” Ault, III, who also serves as the Manager of Ault Energy, stated “We are excited to kick off this partnership with White River with a vertical drilling project in an oilfield with a long history of successful drilling projects. I will be conducting a site visit in September 2022 to monitor the progress of the drilling operations, and scope out additional oilfields for future drilling projects.”
In August 2022, White River made a security deposit to acquire two additional drilling rigs, including an additional MD Cowan Super Single drilling rig and an APEX PK drilling rig. White River expects to take possession of both rigs in September 2022. Fortium’s Executive Chairman, Randy May, stated, “The addition of two more drilling rigs to our equipment portfolio will result in White River owning three drilling rigs and three workover rigs. White River will have both the equipment and the new enhanced team, which will be capable of conducting completely in-house drilling projects up to 30,000’ horizontally in formations on our leases, including the Austin Chalk and Tuscaloosa Marine Shale. Furthermore, we’re excited to expand our relationship with Ault Energy on this project and many more projects in the near future.”
After completing the Harry O’Neal 20-9 No. 1 well, and assuming it is economically viable, White River expects to move its drilling rig to the Pisgah Field lease in Rankin County, MS, where White River plans to drill three consecutive deep vertical drilling projects at approximately 13,000’ in the Rodessa and Hosston sand formations. Fortium plans to provide further communication to its investors as may be appropriate based upon the logged results from the Harry O’Neal 20-9 No. 1 well, including when it intends to commence each of the upcoming Pisgah Field drilling projects, and whether Ault Energy elects to participate in those projects.
White River was recently sold by Ecoark to Fortium in exchange for $30,000,000 of non-voting convertible preferred stock. Ecoark plans to spin off the underlying Fortium common stock to its shareholders at a future to be determined record date, subject to compliance with applicable securities laws (see press release here).
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hotel operations and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
About Fortium Holdings Corp
Founded in 2021, Fortium is a diversified holding company. Fortium’s principal subsidiary is White River. White River is engaged in oil and gas exploration, production, and drilling operations on over 30,000 cumulative acres of active mineral leases in Louisiana and Mississippi.
Cautionary Note Regarding Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Fortium’s planned use of proceeds, acceleration and expansion of the businesses of both Fortium and BitNile, the ability to Fortium to capitalize on oil reserves, and the expectation of enhancing shareholder value of each company. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and neither BitNile nor Fortium undertakes any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the continuation of high oil prices and state regulation of Bitcoin mining, investors should review risk factors, that could affect either or both of BitNile’s and Fortium’s respective businesses and financial results which are included in BitNile’s and Fortium’s respective filings with the U.S. Securities and Exchange Commission, including, but not limited to, their respective Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.BitNile.com and https://Fortium-Holdings.com, respectively.
BitNile Holdings Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-888-753-2235
Fortium Holdings Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-800-203-5610
Lake Charles LNG Export Facility Now Contracted for Nearly 8 Million Tonnes of LNG per Annum
DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced its subsidiary, Energy Transfer LNG Export, LLC, has entered into a 20-year LNG Sale and Purchase Agreement (SPA) with Shell NA LNG LLC related to its Lake Charles LNG project. Under the SPA, Energy Transfer LNG will supply Shell 2.1 million tonnes of LNG per annum (mtpa). The LNG will be supplied on a free-on-board (FOB) basis and the purchase price will be indexed to the Henry Hub benchmark, plus a fixed liquefaction charge. The first deliveries are expected to commence as early as 2026. The SPA will become fully effective upon the satisfaction of the conditions precedent, including Energy Transfer LNG taking a final investment decision (FID).
“We believe that Lake Charles is the most competitive LNG project on the Gulf Coast,” said Tom Mason, President of Energy Transfer LNG. “And we are particularly pleased that one of the most prominent LNG industry participants has selected Lake Charles LNG as a supplier.”
Energy Transfer LNG has announced six SPAs in the last five months, bringing the total amount of LNG contracted from its Lake Charles LNG export facility to nearly 8 mtpa.
“We have had a long-standing relationship with Shell and its predecessor BG Group, as a customer of our regasification facility at Lake Charles,” added Mason. “It is great to have Shell re-engaged in the project as a LNG offtake customer. This SPA demonstrates their belief in the project and their commitment to continuing to deliver much-needed supplies of natural gas to markets around the world.”
Steve Hill, Executive Vice President Energy Marketing, Shell stated “LNG is a flexible energy source, connecting demand and supply centres globally and delivering reliable energy to millions of people. We are very happy to be working once again with Energy Transfer and adding Lake Charles volumes to our global LNG supply portfolio. This agreement will enable us to further meet the increasing demand for LNG and positions Shell as a leading buyer of LNG from the US – which in 2021 became the world’s biggest LNG supplier.”
Energy Transfer’s Lake Charles LNG export facility is a fully permitted project on the Gulf Coast having received authorizations from the Federal Energy Regulatory Commission as well as export authorizations from the Department of Energy. The LNG export facility will be constructed on the existing brownfield regasification facility site and will capitalize on four existing LNG storage tanks, two deep water berths and other LNG infrastructure. Lake Charles LNG will also benefit from its direct connection to Energy Transfer’s existing Trunkline pipeline system that in turn provides connections to multiple intrastate and interstate pipelines. These pipelines allow access to multiple natural gas producing basins, including the Haynesville, the Permian and the Marcellus Shale. Energy Transfer is one of the largest and most diversified midstream energy companies in North America, with a strategic footprint in all of the major U.S. production basins.
About Energy Transfer
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at energytransfer.com.
Media Relations
Vicki Granado or Lauren Atchley
214-840-5820
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Bill Baerg, Brent Ratliff or Lyndsay Hannah
214-981-0795
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to provide an update on its operations located in the Company’s Tishomingo field in Oklahoma.
OPERATIONS
The Company has completed the location work for the Glenn 16-3H and Brock 9-3H wells, which are the third and fourth wells in the Company’s 2022 drilling program. The location for the 5th well, the Emery 17-2H, should be completed by the end of the month. The drilling rig loads finished arriving on location last week and a third-party crane is expected on site tomorrow to begin rigging up the drilling rig.
The rig is expected to spud the Glenn 16-3H by September 1st. All three wells are planned to be drilled back to back and the completion operations for the Glenn 16-3H and Brock 9-3H wells have been tentatively scheduled for the first week of October.
Wolf Regener, President and CEO, commented, “I am excited that we will be continuing our 2022 drilling program shortly. The Barnes 7-3H and Barnes 8-4H wells both continue to exceed our management type curve. We are currently on target to meet or exceed our previously announced financial guidance. This guidance has the Company exiting the year with production rates that are about three times higher than the beginning of the year, with 2022 adjusted funds flow that is about four times higher than what we achieved in 2021, and a total debt to EBITDA ratio at year-end of less than 1.0.”
The Company’s investor presentation has been updated and can be found on the Company’s website.
NON-GAAP MEASURES
Adjusted funds flow is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have any standardized meaning prescribed by IFRS. Management of the Company believes that adjusted funds flow is relevant for evaluating returns on the Company's project as well as the performance of the enterprise as a whole. Adjusted funds flow may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations. Adjusted funds flow should not be construed as an alternative to net income, cash flows related to operating activities, working capital or other financial measures determined in accordance with IFRS, as an indicator of the Company's performance.
An explanation of how adjusted funds flow provides useful information to an investor and the purposes for which the Company’s management uses adjusted funds flow is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedar.com and is incorporated by reference into this news release.
Adjusted funds flow is calculated as cash from operating activities excluding changes in non-cash operating working capital and interest expense. The Company considers this a key measure as it demonstrates its ability to generate funds from operations necessary for future growth excluding the impact from short-term fluctuations in the collection of accounts receivable and the payment of accounts payable and financing costs.
The following is the reconciliation of adjusted funds flow to the comparable financial measures disclosed in the Company’s financial statements:
(US $000) |
Six months ended
|
|||||
2022 |
|
2021 |
||||
Cash flow from continuing operations |
9,557 |
|
3,013 |
|
||
Change in non-cash working capital |
1,494 |
|
(443 |
) |
||
Interest expense(a) |
385 |
|
404 |
|
||
Adjusted funds flow |
11,436 |
|
2,974 |
|
||
(a) Interest expense on long-term debt excluding the amortization of debt issuance costs |
||||||
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
Cautionary Statements
In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl 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 from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The type curve utilized by the Company’s management is the average of the 7 Caney wells that are located in the Corridor (well names can be found on the Company’s Corporate presentation), with lateral lengths normalized to a 4,900 ft lateral length, the other assumptions are the same as in the Company’s December 31, 2021 independent reserves evaluation.
Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the expected timing and completion of the Company’s work and operations in the Company’s 2022 drill program, the timing and expected funding sources of, and expected results from, planned wells development, and forecasted production rates, revenue, adjusted funds flow and net debt to EBITDA ratio.
Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including $90 a barrel oil price, $6 Henry Hub and NGL pricing of $36 bbl, cost inflation of over 20% for the three remaining wells planned for 2022, work and operations in the Company’s 2022 drill program being completed on schedule, future operating costs, forecast prices and costs, estimated production, capital and other expenditures, plans for expected results of drilling activity, that anticipated results and estimated costs will be consistent with management’s expectations, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through cash flow, debt, financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor or materials are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Caution Regarding Future-Oriented Financial Information and Financial Outlook
This news release may contain information deemed to be “future-oriented financial information” or a “financial outlook” (collectively, “FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed above under “Caution Regarding Forward-Looking Information”. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. FOFI contained in this news release was made as of the date of this news release and the Company disclaims any intention or obligations to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.
Wolf E. Regener, +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com
LIHEAP Action Month used to highlight Sept. 1 opening of new application season, along with ComEd bill-assistance programs available to customers
CHICAGO--(BUSINESS WIRE)--August is Low-Income Home Energy Assistance Program (LIHEAP) Action Month and ComEd encourages income-eligible customers to be ready to apply for utility-bill assistance when the new program year begins Sept. 1. For fiscal year 2022, $8.3 billion in LIHEAP funding was provided by the federal government – the most ever to help Americans meet their energy needs.
“We understand individuals and businesses alike still face economic challenges from the pandemic, while also dealing with the negative impacts of the rising prices for everyday products and services due to inflation,” said Melissa Washington, ComEd's chief customer officer and senior vice president of customer operations. “We encourage our customers to take action immediately if they need help paying their energy bills, as ComEd stands ready to connect customers in need with a variety of energy-assistance options, including LIHEAP.”
In Illinois, LIHEAP provides a one-time grant, per program year, with no payback required, based on a household's income and size. A customer's annual household income cannot exceed 200 percent of the federal poverty income guidelines which, for a family of four, is $4,625 a month. Homeowners, renters and subsidized housing tenants are eligible to apply for assistance. Customers do not have to be behind on their bills to receive a grant. Residents of Cook County can call the LIHEAP hotline at 800-571-2332. Residents outside Cook County can call 877-411-9276.
ComEd works closely with its Community Action Agencies to connect customers to grants and programs like LIHEAP and ComEd’s Supplemental Arrearage Reduction Program (SARP), which is available to ComEd residential customers who qualified to receive energy-assistance benefits from LIHEAP. In 2021 alone, ComEd helped connect more than 225,000 eligible customers to more than $146 million in energy assistance.
“Making sure residents have access to services when they need it is a top priority,” said Latoya Butler, Director of Energy Services for the Community and Economic Development Association of Cook County, Inc. (CEDA), one of the agencies who administer LIHEAP and other utility assistance programs in Cook County.
Any customer experiencing difficulty paying their electric bill can learn more about energy-assistance options, including how to apply, at ComEd.com/PaymentAssistance.
Additional energy-assistance options
In addition to state and federal grants, ComEd offers residential customers the following bill-assistance options. Visit ComEd.com/Eligibility for eligibility guidelines and information on how to apply.
To streamline access to bill-assistance options and programs, ComEd also offers its Smart Assistance Manager (SAM), an online self-service tool that can match customers with the payment-assistance programs and energy-efficiency offerings that can help customers manage their electric bills.
Support options are generated based on each customer’s household information, such as energy usage and billing history. Customers who create an online account with ComEd through the “My Account” tool can log in while using SAM to get even more personalized, targeted results.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
DUBLIN--(BUSINESS WIRE)--The "Offshore Hydropower Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2028" report has been added to ResearchAndMarkets.com's offering.
The report predicts the global offshore hydropower market to grow with a CAGR of nearly 5% over the forecast period from 2022-2028.
The report on the global offshore hydropower market provides qualitative and quantitative analysis for the period from 2022 to 2028. The study on offshore hydropower market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2022 to 2028.
The report on offshore hydropower market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global offshore hydropower market over the period of 2022 to 2028. Moreover, the report is a collective presentation of primary and secondary research findings.
Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global offshore hydropower market over the period of 2022 to 2028. Further, Growth Matrix gave in the report brings an insight into the investment areas that existing or new market players can consider.
What does this Report Deliver?
Report Findings
Drivers
Restraints
Opportunities
Company Profiles
Segment Covered
The global offshore hydropower market is segmented on the basis of types, and offshore type.
The Global Offshore Hydropower Market by Types
The Global Offshore Hydropower Market by Offshore Type
For more information about this report visit https://www.researchandmarkets.com/r/ogbnjr
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
TORONTO--(BUSINESS WIRE)--Viston United Swiss AG (“Viston”) and its indirect, wholly-owned subsidiary, 2869889 Ontario Inc. (the “Offeror”) today announced that they have received a communication from the United States Department of the Treasury in connection with the Offeror’s all-cash offer (the “Offer”) to acquire all of the issued and outstanding common shares (“Common Shares”) of Petroteq Energy Inc. (“Petroteq”) (TSX-V: PQE; OTC: PQEFF; FSE: PQCF) providing notice that the Committee on Foreign Investment in the United States (“CFIUS”) has rejected the joint voluntary notice submitted by the Offeror and Petroteq in connection with the Offer.
CFIUS Update
On May 16, 2022, the Offeror and Petroteq formally submitted to CFIUS a voluntary notice (the “Notice”) in connection with the transactions contemplated by the Offer. The purpose of the Notice was to obtain a clearance by CFIUS in respect of the Offeror’s acquisition of Common Shares pursuant to the Offer and the subsequent second-step acquisition, if any, by the Offeror of any Common Shares not acquired by it in the Offer (the “Transactions”), as reflected in: (i) a written notice from CFIUS that the Transactions do not constitute a “covered transaction” under relevant government regulations, (ii) a written notice from CFIUS that it has completed its assessment, review, or investigation of the Transactions and has concluded all action under Section 721 of the U.S. Defense Production Act of 1950, as amended (the “DPA”), or (iii) an announcement by the President of the United States, made within the period required by the DPA, of a decision not to take any action to suspend or prohibit the Transactions (each of (i), (ii), or (iii) being a “CFIUS Clearance”).
On May 24, 2022, the United States Department of the Treasury notified the Offeror and Petroteq that the Notice had been accepted by CFIUS for review, that the 45-day notice review period had commenced on May 24, 2022 and that the review would conclude no later than July 7, 2022.
On July 7, 2022, the United States Department of the Treasury notified the Offeror and Petroteq that CFIUS would be undertaking an investigation of the Transactions pursuant to Section 721(b)(2) of the DPA and that the investigation will be completed no later than August 22, 2022.
On August 22, 2022, the United States Department of the Treasury notified the Offeror and Petroteq that CFIUS has rejected the Notice. Viston and the Offeror are currently assessing their options.
Expiry Time for the Offer
The time for acceptance of the Offer is 5:00 p.m. (Toronto time) on September 9, 2022 (the “Expiry Time”). If any of the conditions to the Offer have not been satisfied by the Expiry Time, the Offeror may extend the Offer through one or more extensions until the date on which the conditions to the Offer have been satisfied or the Offeror may withdraw the Offer.
Summary of Offer Details
Viston reminds Shareholders of the following key terms and conditions of the Offer:
For More Information and How to Tender Shares to the Offer
Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Taking no action and not accepting the Offer comes with significant risks of shareholder dilution and constrained share prices. The deadline for Shareholders to tender their shares is currently September 9, 2022.
For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Advisors
The Offeror has engaged Gowling WLG (Canada) LLP to advise on certain Canadian legal matters and Dorsey & Whitney LLP to advise on certain U.S. legal matters. Kingsdale Advisors is acting as Information Agent and Depositary.
About the Offeror
The Offeror is an indirect, wholly-owned subsidiary of Viston, a Swiss company limited by shares (AG) established in 2008 under the laws of Switzerland. The Offeror was established on September 28, 2021 under the laws of the Province of Ontario. The Offeror’s registered office is located at 100 King Street West, Suite 1600, 1 First Canadian Place, Toronto, Ontario, Canada M5X 1G5. The registered and head office of Viston is located at Haggenstreet 9, 9014 St. Gallen, Switzerland.
Viston was created to invest in renewable energies and clean technologies, as well as in the environmental protection industry. Viston aims to foster innovative technologies, environmentally-friendly and clean fossil fuels and to help shape the future of energy. Since October 2008, Viston has undertaken its research, development and transfer initiatives in Saint Gallen, Switzerland. Viston has been working to optimize and adapt these technologies to current market requirements to create well-engineered products. Viston’s work also includes the determination of technical and economic risks, as well as the search for financing opportunities.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release contain “forward-looking information” and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as “plans”, “expects”, “intends”, “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information contained in this news release includes, but is not limited to, statements relating to a further variation of and/or extension of the time for acceptance of the Offer; the expectations regarding the process for, and timing of, obtaining regulatory approvals; statements relating to the CFIUS Clearance; expectations relating to the Offer; and the satisfaction or waiver of the conditions to consummate the Offer (including without limitation the SEC Order Conditions).
Although the Offeror and Viston believe that the expectations reflected in such forward-looking information are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking information, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, performance or achievements of the Offeror or the completion of the Offer to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information include, among other things, the ultimate outcome of any possible transaction between Viston and Petroteq, including the possibility that Petroteq will not accept a transaction with Viston or enter into discussions regarding a possible transaction, actions taken by Petroteq, actions taken by security holders of Petroteq in respect of the Offer, that the conditions of the Offer may not be satisfied or waived by Viston at the expiry of the Offer period, the ability of the Offeror to acquire 100% of the Common Shares through the Offer, the ability to obtain regulatory approvals and meet other closing conditions to any possible transaction, including any necessary shareholder approvals, potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Offer transaction or any subsequent transaction, competitive responses to the announcement or completion of the Offer, unexpected costs, liabilities, charges or expenses resulting from the proposed transaction, exchange rate risk related to the financing arrangements, litigation relating to the proposed transaction, the inability to engage or retain key personnel, any changes in general economic and/or industry-specific conditions, industry risk, risks inherent in the running of the business of the Offeror or its affiliates, legislative or regulatory changes, Petroteq’s structure and its tax treatment, competition in the oil & gas industry, obtaining necessary approvals, financial leverage for additional funding requirements, capital requirements for growth, interest rates, dependence on skilled staff, labour disruptions, geographical concentration, credit risk, liquidity risk, changes in capital or securities markets and that there are no inaccuracies or material omissions in Petroteq’s publicly available information, and that Petroteq has not disclosed events which may have occurred or which may affect the significance or accuracy of such information. These are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Offeror’s forward-looking information. Other unknown and unpredictable factors could also impact its results. Many of these risks and uncertainties relate to factors beyond the Offeror’s ability to control or estimate precisely. Consequently, there can be no assurance that the actual results or developments anticipated by the Offeror will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Offeror, its future results and performance.
Forward-looking information in this news release is based on the Offeror and Viston’s beliefs and opinions at the time the information is given, and there should be no expectation that this forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and each of the Offeror and Viston disavows and disclaims any obligation to do so except as required by applicable Law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Offeror or any of its affiliates or Petroteq.
Unless otherwise indicated, the information concerning Petroteq contained herein has been taken from or is based upon Petroteq’s and other publicly available documents and records on file with the Securities Regulatory Authorities and other public sources at the time of the Offer. Although the Offeror and Viston have no knowledge that would indicate that any statements contained herein relating to Petroteq, taken from or based on such documents and records are untrue or incomplete, neither the Offeror, Viston nor any of their respective officers or directors assumes any responsibility for the accuracy or completeness of such information, or for any failure by Petroteq to disclose events or facts that may have occurred or which may affect the significance or accuracy of any such information, but which are unknown to the Offeror and Viston.
Additional Information
This news release relates to a tender offer which Viston, through the Offeror, has made to Shareholders. The Offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase and Circular, the Notice of Variation and Extension dated February 1, 2022, the Second Notice of Extension dated February 24, 2022, the Third Notice of Extension dated April 14, 2022, the Fourth Notice of Variation and Extension dated June 17, 2022 and the Fifth Notice of Extension dated July 22, 2022, the letter of transmittal and other related offer documents) initially filed by Viston on October 25, 2021, as subsequently amended. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the Offer. Subject to future developments, Viston (and, if applicable, Petroteq) may file additional documents with the Securities and Exchange Commission (the “SEC”). This press release is not a substitute for any tender offer statement, recommendation statement or other document Viston and/or Petroteq may file with the SEC in connection with the proposed transaction.
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. Investors and security holders of Petroteq are urged to read the tender offer statement (including the Offer to Purchase and Circular, the Notice of Variation and Extension dated February 1, 2022, the Second Notice of Extension dated February 24, 2022, the Third Notice of Extension dated April 14, 2022, the Fourth Notice of Variation and Extension dated June 17, 2022, the Fifth Notice of Extension dated July 22, 2022, the letter of transmittal and other related offer documents) and any other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any investors and security holders may obtain free copies of these documents (if and when available) and other documents filed with the SEC by Viston through the web site maintained by the SEC at www.sec.gov or by contacting Kingsdale Advisors, the Information Agent and Depositary in connection with the offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Media inquiries:
Hyunjoo Kim
Vice President, Strategic Communications and Marketing
Kingsdale Advisors
Direct: 416-867-2357
This email address is being protected from spambots. You need JavaScript enabled to view it.
For assistance in depositing Petroteq Common Shares to the Offer, please contact:
Kingsdale Advisors
130 King Street West, Suite 2950
Toronto, ON M5X 1E2
North American Toll Free: 1-866-581-1024
Outside North America: 1-416-867-2272
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.petroteqoffer.com
NORWOOD, Mass.--(BUSINESS WIRE)--GZA GeoEnvironmental, Inc. (GZA), a leading multi-disciplinary firm providing geotechnical, environmental, ecological, water, and construction management services, has recently closed offshore wind contracts with clients in New England and New York that bring to more than 6 gigawatts (6,000 MW) the total offshore wind energy development that GZA is now supporting.
GZA’s capabilities in offshore wind include delivery of specialized offshore, nearshore, and onshore engineering. GZA’s scientists and engineers have extensive experience with completing projects for utilities, energy developers, and port operators and working with federal, state, and local regulators.
GZA President and Chief Executive Officer Patrick Sheehan said: “Offshore wind energy in the U.S. promises to bring us competitively-priced clean energy, thousands of new jobs, enormous opportunities to redevelop and revitalize working ports, and a transformation of our electric grid to receive and deliver wind energy. All of us at GZA are excited by this historic opportunity to help clients solve the many complex challenges related to successfully delivering on the promise of offshore wind.’’
GZA’s work in offshore wind began with providing geotechnical engineering services for the very first offshore wind farm conceived in the U.S., followed by the first offshore wind farm constructed in the U.S.: Orsted’s five-turbine, 30 MW Block Island Wind Farm.
Since then, GZA has supported other offshore wind projects including offshore turbine foundations, submarine cable routes, cable landings, on-shore interconnections, and electric network upgrades.
GZA also provided geotechnical, environmental, waterfront design, and health and safety services for new port terminals, and upgrades to existing ports requiring platforms and bulkheads capable of meeting the berthing and heavy-lift demands associated with manufacturing, assembly, construction, and operation and maintenance of the offshore turbines and cables.
About GZA
GZA is a multi-disciplinary, employee-owned firm providing Geotechnical, Environmental, Ecological, Water, and Construction Management services. GZA’s more than 650 professionals are based in 28 offices in New England, the Mid-Atlantic, the Great Lakes States and Colorado. Our corporate headquarters is at 249 Vanderbilt Avenue, Norwood, MA 02062.
Media: Angela Cincotta, GZA Chief of Marketing and Communications, 781.401.0561.
ST. LOUIS--(BUSINESS WIRE)--Western Metals Corporation (OTC: WTLC) (the “Company”), announced today that it has extended the expiration of its previously announced tender offer for all of the issued and outstanding shares of common stock without par value of the Company (“Shares”), other than the Shares owned by LOTO Energy II, LLC at a price of $0.44 per Share in cash. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on September 8, 2022, unless it is further extended.
The tender offer is being extended in order to allow additional time for shareholders to tender their Shares. All terms and conditions of the tender offer remain unchanged during the extension period. Shareholders who have already tendered their shares do not have to re-tender their shares or take any other action as a result of the extension. Complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials, which have been sent to the shareholders.
The transfer agent and the depositary for the Offer is Computershare Trust Company, N.A. The information agent for the tender offer is Georgeson LLC. Shareholders that have questions or need additional copies of the Offer to Purchase and the Letter of Transmittal should contact the information agent at its address and telephone number set forth below:
Georgeson
1290 Avenue of the Americas, 9th Floor
New York, NY 10104
Shareholders, Banks and Brokers
Call Toll Free:
866-695-6078
Notice to Shareholders
This announcement is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares. The Offer is being made solely pursuant to the Offer to Purchase and the related Letter of Transmittal. Shareholders are urged to read the Offer to Purchase and the related Letter of Transmittal in their entirety, as they contain various terms of, and conditions to, the Offer.
About Western Metals Corporation
Western Metals Corporation is a California corporation that owns and operates two natural gas wells located in Solano County, California.
Forward-Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will” and “expect” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which the Company becomes aware, after the date hereof.
Georgeson LLC, Information Agent
Phone: (866) 695-6078
www.westernmetalscorp.com
DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced it received notice that a renewable energy tenant plans to begin construction of a new solar power project in Clark County, Illinois, by the end of the month.
The development, which extends across six FPI properties spanning 1,542 acres, will generate increased rental income for the Company and expand its growing renewable energy portfolio.
The tenant will pay rents that are nearly 50% higher than current farm rents once construction is completed and will make payments above that higher level during the expected 12-month construction period.
“While working with farmers and supporting their efforts to responsibly feed the world remains our primary mission, we also recognize that investing in renewable energy benefits the environment and provides attractive returns to our shareholders,” said FPI Chairman and CEO Paul Pittman.
FPI’s renewable power portfolio currently has the capacity to produce more than 110 megawatts of electricity, across three operational wind projects and five solar projects. For perspective, that’s enough electricity to power 20,900 U.S. homes, according to methodology used by the Solar Energy Industries Association. The planned Clark County development will add additional generation capacity.
While solar projects replace farm rents entirely, wind projects supplement existing farm rents because agricultural production can continue around wind turbines. The chart below provides an overview of the Company’s energy portfolio, including expected revenue from the new solar project once it is operational.
Energy Type |
|
States |
|
Total Acres |
|
Avg. Energy
|
|
Avg. Increase
|
|
|
|
|
|
|
|
|
|
Solar |
|
IL, NC |
|
2,026 |
|
$578.15 |
|
107% |
Wind* |
|
CO, NC |
|
11,320 |
|
$25.66 |
|
35% |
*Wind leases are in addition to farm leases, as farms can continue agricultural production. |
||||||||
“Including the Clark County project, energy tenants account for nearly $1.5 million in revenue a year,” Pittman explained. “Given the long-term nature of solar and wind leases – ranging from 15 to 40 years – these projects reduce risk for the Company and provide long-term inflation protection.”
FPI also has more than 13,700 additional acres of renewable energy projects under option or at various stages of development and planning. Option payments generate, on average, $45 per acre in additional annual income above farm rents.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages more than 185,750 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, and Virginia. We have approximately 26 crop types and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to expected yields on acquired farmland, our outlook, proposed and pending acquisitions and dispositions, the potential impact of trade disputes and recent extreme weather events on the Company's results, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: risks relating to the commencement or completion of construction and development of the solar and wind projects discussed in this press release, the anticipated rents on solar and wind projects relative to existing rents, the timing and amount of rents expected to be received on the solar and wind projects discussed in this press release, the progression of the Company's other renewable energy projects, general volatility of the capital markets and the market price of the Company's common stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, availability of qualified personnel, changes in the Company's industry, interest rates or the general economy, adverse developments related to crop yields or crop prices, the degree and nature of the Company's competition, the timing, price or amount of repurchases, if any, under the Company's share repurchase program, the ability to consummate acquisitions or dispositions under contract and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Phillip Hayes
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Aramco and Wireless Seismic, Inc (WSI), have started joint development of a next-generation real-time seismic while drilling system, DrillCAM™, that aims to significantly decrease drilling cycle times, improving operational safety and providing significant cost reductions.
The DrillCAM system will deliver a real-time stream of intelligence during the drilling process to monitor the health of the drilling equipment, the accuracy of the subsurface model and provide imaging ahead of the drill bit. This is made possible by WSI’s core seismic acquisition technology that can transmit large amounts of wireless data in complex physical environments.
“I am excited to be working with Aramco on the DrillCAM development project. The repurposing of WSI’s wireless linear mesh technology will allow us to quickly productize and commercialize the DrillCAM suite of applications and provide better, faster, safer and more cost-effective information during the drilling process,” said Jim Hollis, CEO of WSI.
Aramco and WSI have already proven the technology in field trials. The joint development will allow the companies to deploy DrillCAM as a commercial offering.
Wireless Seismic is revolutionizing onshore seismic data acquisition, by delivering the industry’s only fully scalable wireless seismic recording systems with real-time data transmission. Headquartered in Stafford, Texas, USA, the company’s recording systems enable contractors to efficiently tackle the most challenging seismic projects by delivering commercially compelling solutions for conventional surveys and passive monitoring projects.
Wireless Seismic
Kevan Hanson
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 832-729-5008
HOUSTON--(BUSINESS WIRE)--$XPRO #Expro--Expro Group Holdings N.V. (NYSE: XPRO) today announced that Michael Jardon, Chief Executive Officer, will present to members of the investment community at the Barclays CEO Energy-Power Conference 2022 at 9:10 a.m. ET on Thursday, September 8, 2022.
A live webcast of Expro’s presentation can be accessed via Barclays CEO Energy-Power Conference or under the Investor section of www.expro.com. Please log on at least 15 minutes early to register and to download any necessary audio software. A replay will also be available under the Investor section of Expro’s website for 90 days following the presentation. In addition, the conference presentation and script may be accessed via the Investor section of www.expro.com.
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access and well intervention and integrity solutions.
With roots dating to 1938, Expro has approximately 7,200 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.
For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
Karen David-Green – Chief Communications, Stakeholder & Sustainability Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 281 994 1056
DUBLIN--(BUSINESS WIRE)--The "White Oil Market Intelligence Report - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global White Oil Market is projected to reach USD 4,483.77 million by 2027 from USD 3,331.04 million in 2021, at a CAGR 5.07% during the forecast period.
In this report, the years 2019 and 2020 are considered as historical years, 2021 as the base year, 2022 as the estimated year, and years from 2023 to 2027 are considered as the forecast period.
The report on white oil identifies key attributes about the customer to define the potential market and identify different needs across the industry.
Understanding the potential customer group's economies and geographies can help gain business acumen for better strategic decision-making. This market coverage across different industry verticals reveals the hidden truth about the players' strategies in different verticals and helps the organization decide target audience.
This report gives you the composite view of sub-markets coupled with comprehensive industry coverage and provides you with the right way of accounting factors such as norms & regulations, culture, to make right coverage strategy for your market plan.
Key Findings
Company Usability Profiles:
Market Segmentation & Coverage:
Grade:
Product:
Application:
Region:
For more information about this report visit https://www.researchandmarkets.com/r/lqmf2m
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
The Company provided shareholders with updates on its Endurion battery program and other notable 2022 milestones
ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group (OTCQB: CRTG), developers of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for EV, cleantech, and emerging tech applications, today released the transcript from its August 17, 2022 shareholder call. The full call transcript can be found on the Company’s Investor Relations Website.
On the call, CEO Matt Kappers, and other prominent Coretec leaders, detailed the latest updates to the Company’s Endurion battery program, which was the primary focus of the call. Endurion is the development of a silicon anode for lithium-ion batteries, which will increase energy density, extend cycle life and improve charging time. These improvements are highly sought after by EV companies as well as other applications, and are expected to be even more in demand following the recent passage of the Inflation Reduction Act of 2022.
The call also outlined a preliminary report from the French Alternative Energy and Atomic Commission (CEA) on the status of its research partnership to test its CHS technology’s potential to create silicon anodes and provided an update on the Company’s C-Space research project with partner The University of Adelaide.
The call concluded with Matt Kappers urging all who were interested in receiving the latest Coretec updates to sign up for Company notifications on the Investor Relations Website and to follow the Company’s social media channels.
About The Coretec Group
The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.
For more information, please visit thecoretecgroup.com.
Follow The Coretec Group on:
Twitter – @CoretecGroupInc
LinkedIn – www.linkedin.com/company/24789881
YouTube – www.youtube.com/channel/UC1IA9C6PoPd1G4M7B9QiZPQ/featured
Forward-Looking Statements
The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
Corporate Contact:
The Coretec Group, Inc.
Lindsay McCarthy
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (866) 916-0833
Media Contact:
Spencer Herrmann
FischTank PR
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (518) 669-6818
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.