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June 16, 2008 -- SymPowerco Corporation (SYMW.PK) CEO John Davenport today announces benchmark performance and operational details of SymPowerco Corporation's unique Flowing Electrolyte Direct Methanol Fuel Cell (FE DMFC). The company's operational 5 Watt (5W) FE DMFC, located in the laboratories of SymPowerco's development partner, Carleton University in Ottawa, Canada, proves the viability of the Flowing Electrolyte principle by demonstrating a 30% improvement in output of the fuel cell stack compared to previous designs. The stack generates up to 5 Watts of power with all cells in the stack converging towards essentially identical performance. The 5W stack demonstrates that the flowing electrolyte design effectively eliminates inefficiencies caused by methanol crossover, a performance-limiting factor found in other DMFC designs. The 5W stack also demonstrates a viable method of removing methanol from the recirculated electrolyte, a method that indicates the potential for several additional operational and performance benefits in future commercial designs.
The 5W stack has provided SymPowerco and its partners with design criteria and performance data that are serving as benchmarks in the design of the imminent next phase of our Flowing Electrolyte DMFC development program. Stated SymPowerco CEO, John Davenport, "We are very pleased with this 5W unit. It's going to continue to provide us with design and performance data, even as we ramp up the many aspects of our fuel cell program. Almost everything we do next will be based on the benchmarks provided by this fuel cell stack and the hybrid power system that it powers."
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.
June 16, 2008 -- Goodrich Petroleum Corporation (NYSE:GDP) and Chesapeake Energy Corporation (NYSE:CHK) today announced they have entered into a joint venture to develop Goodrich's Haynesville Shale acreage in the Bethany-Longstreet and Longwood fields of Caddo and DeSoto Parishes, Louisiana. Subject to customary due diligence, Chesapeake has agreed to pay Goodrich approximately $178 million for the deep rights to approximately 10,250 net acres of oil and natural gas leasehold comprised of a 20% working interest in approximately 25,000 net acres in the Bethany-Longstreet field and a 50% working interest in approximately 10,500 net acres in the Longwood field. Chesapeake has also agreed to purchase 7,500 net acres of deep rights in the Bethany-Longstreet field from a third party, bringing the ownership interest in the deep rights in both fields after closing to 50% each for Goodrich and Chesapeake. Chesapeake will be the operator of the joint venture for the Haynesville Shale development and closing is expected to occur on or before July 15, 2008. Goodrich is retaining the shallow rights (through the base of the Cotton Valley sand) and the existing production and reserves with respect to its 70% interest in the Bethany-Longstreet field and its 100% interest in the Longwood field and is retaining its interest in both the shallow and Haynesville Shale rights on all of its East Texas assets. Horizontal development of the Haynesville Shale for the joint venture is expected to commence in the 2008 third quarter with one rig dedicated to the
June 16, 2008 -- Key Energy Services, Inc. (NYSE: KEG | Quote | Chart | News | PowerRating) is set to join the broad-market Russell 3000 Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 27, 2008, according to a preliminary list of additions posted Friday, June 13, 2008, on http://www.russell.com.
Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May 30, 2008, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina and Mexico.
Market Wrap for June 16:
The stock market settled unchanged on Monday, as strength in financials offset weakness in consumer staples and telecom. Crude oil futures soared 3.7% to an all-time high of $139.89 per barrel in premarket trading -- which occurred despite reports that Saudi Arabia is going to increase its output by 200,000 barrels a day, increasing worldwide supply by 0.2%. the day with a loss of 0.8% at $133.82 per barrel. The financial sector was once again in focus on Monday. Lehman Brothers (LEH 27.09, +1.28) reported a second quarter loss of $2.8 billion, or $5.14 per share -- matching its preannouncement. Financials (+1.1%) outperformed throughout the session, and settled the day with the largest advance. Brokerage downgrades of giants General Electric (GE 28.96, -0.19), Verizon (VZ 36.19, -1.14) and AT&T (T 36.14, -0.54) -- which make up more than 5% of the S&P 500 -- prevented the broader market from making an advance.
In economic news, June manufacturing activity in the New York region contracted by a larger-than-expected amount, according to the NY Empire State Index. The reading slipped 5.5 to -8.7, which fell short of the consensus estimate of -2.0. The stock market responded negatively to the report.DJ30 -38.27 NASDAQ +20.28 NQ100 +1.0% R2K +1.0% SP400 +0.8% SP500 +0.11 NASDAQ Dec/Adv/Vol 1168/1673/1.85 bln NYSE Dec/Adv/Vol 1225/1879/1.16 bln
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