InvestSource, Inc.: Jericho Energy Company Gives Report on Recent Conference

Jul 29, 2008 (M2 PRESSWIRE via COMTEX) -- SRE | Quote | Chart | News | PowerRating -- Stocks in the News: Jericho Energy (PINKSHEETS: JECI), Puget Sound Energy (NYSE: PSD), Black Hills Energy (NYSE: BKH), Sempra Energy (NYSE: SRE)

Jul 28, 2008 -- On May 30, 2008, Jericho Energy (PINKSHEETS: JECI | Quote | Chart | News | PowerRating) held a special scientific conference at its Tampa, Florida location, which focused on the latest scientific advancements in locating oil reserves and the company's upcoming role in United States domestic oil production. Renowned geophysicist and geologist Robert Dunbar who, for the last twenty-five years, has been working with a method for finding oil reserves called radiometrics, conducted the conference. Mr. Dunbar has found over 830 oil producing wells using this radiometric technique. In recent years, Mr. Dunbar has perfected a new method of radiometrics testing called Radiometric Plus, which has a much higher degree of accuracy than the standard Radiometric system. Robert Dunbar stated, "Radiometric Plus is a truly amazing advancement in the science of finding oil reserves. Since finding oil is a percentage game, you need to increase your odds as much as you can, and we have done that with Radiometric Plus because it increases the chances for success to 95%, which is 20% higher than the standard Radiometrics 75% accuracy level." Robert Dunbar, who was initially engaged by Jericho in 2006 to survey certain geographic locations the company believed held production potential, has recently used Radiometric Plus to map specific Jericho land lease areas. The maps are contained on the company's site at www.JerichoEnergy.com under the company's current projects. Jericho Energy also is examining the potential for additional supportive and supplemental testing of the areas utilizing satellite imaging to ensure the highest accuracy level possible. "Following the conclusion of the conference given by Robert Dunbar, we are more convinced than ever that the Rush Valley in Utah holds enormous oil reserves, and we plan on drilling for them by November of this year. The recovery of these reserves will allow Jericho to assist in the country's growing petroleum needs. The future is extremely bright for Jericho Energy and its shareholders," stated Vice President Joseph Abdo.

Jul 28, 2008 -- Puget Sound Energy (NYSE: PSD | Quote | Chart | News | PowerRating) today announced that it has completed the purchase of a 125-megawatt (MW) power plant in northwest Washington to help the company meet its customers' steadily growing electricity demands. The utility bought the natural-gas-fired power plant in Sumas, Wash., from Sumas Cogeneration Co., a subsidiary of National Energy Systems Co., based in Kirkland, Wash. "This acquisition not only gives our customers another efficient, clean-burning source of power right here in our service territory, but the plant comes already connected to PSE's power-transmission grid and has direct pipeline access to the region's natural gas supply," said Kimberly Harris, PSE executive vice president and chief resource officer. The approximately $30 million transaction also gives PSE part ownership in a 3.7-mile pipeline that brings natural gas to the Sumas plant from the main Canadian gas-transmission pipeline into Washington state.

Jul 28, 2008 -- Colorado State University-Pueblo soon will be the home of a solar electric system in excess of one megawatt, one of the largest such systems for an education facility in the United States. Under this innovative arrangement with Black Hills Energy (NYSE: BKH) and BP Solar, the system is estimated to contribute more than 10 percent of the University's electricity needs. Installation of the ground- based solar array will begin in July with full operation scheduled for late this fall. The University will purchase the electricity generated by the solar array from BP Solar, who will install and operate the system. Black Hills Energy will purchase the solar on-site renewable energy credits generated from the system from BP Solar. The system will be constructed on the east side of campus between the physical plant complex and the softball fields on a strip of land that could not easily serve any other purpose. "We view this as an extension of the commitment the University and the CSU System have made to renewable and sustainable energy," said CSU-Pueblo President Joseph Garcia. "Because this solar array will be visible from new facilities being constructed to support our new athletic programs and the planned development on our eastern campus border, it will serve as a strong statement about the University's commitment to supporting sustainable energy resources."

Jul 28, 2008 -- Jul 28, 2008 -- Sempra Energy (NYSE: SRE | Quote | Chart | News | PowerRating) and EnergySouth, Inc. today jointly announced a definitive merger agreement for Sempra Energy to acquire Mobile, Ala.-based EnergySouth for $510 million in cash. Shareholders of EnergySouth will receive $61.50 per share for their EnergySouth stock. Central to the transaction will be Sempra Energy's acquisition of the assets of EnergySouth's subsidiary, EnergySouth Midstream, Inc., including a majority ownership in two large, high-cycle underground natural gas storage facilities that, when fully developed, will have capacity of 57 billion cubic feet (Bcf) of natural gas serving the nation's fastest-growing natural gas markets. Sempra Energy also will acquire Mobile Gas Service Corp., an Alabama natural gas distribution utility owned by EnergySouth, as part of the transaction. Mobile Gas serves approximately 93,000 customers in southwest Alabama, a region that stands to benefit from strong economic development within its service territory. "This acquisition supports our natural gas strategy by expanding our Gulf Coast operations to serve key markets where gas demand outpaces the national average," said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. "These new assets complement our existing operations in the region and position us for future growth."

Market Wrap for July 28, 2008

Monday was not a good session for stock market bulls. Stocks tumbled 1.9%, settling at session lows, after the financial sector was unable to hold onto its opening gains, prompting a broad-based sell off. A 1.2% rise in oil prices compounded selling interest.

All ten of the economic sectors posted a loss on relatively light trading volume.

The financial sector got off to a good start, rising 1.6%, even though news ahead of the opening bell was somewhat negative. Over the weekend, the FDIC shut down two undercapitalized regional banks -- First National Bank of Nevada and First Heritage Bank -- marking the sixth and seventh failures this year. The banks' deposits were taken over by Mutual of Omaha. The closures did not come as a complete shock, as it is widely expected that more regional banks will fail, although the news certainly did not help bring buyers to the table. The financial sector quickly reversed course as a sharp drop in shares of Merrill Lynch (MER 24.21, -3.31) sent the sector tumbling. There was no specific news item to account for the 12% drop in MER, although there were heightened concerns due to some increased options buying. In late afternoon, Treasury Secretary Paulson and four of the U.S. largest banks announced support for covered bonds as an instrument to improve mortgage financing oportunities. Covered bonds are similar to traditional asset-backed securities, but would remain on the issuers' balance sheet. The announcement did little to please investors, with the financial sector ending the session down 4.5%. The sector is down 11.5% in the last three sessions, but is still up 18.5% from its July 15 52-week low. The consumer discretionary sector fell 2.5%, as the 1.2% rise in crude oil prices weighed on oil-sensitive names. Oil advanced on reports of unrest in Nigeria. Conversely, the energy sector outperformed on a relative basis with a 0.5% loss, although the sector fell from a gain of 1.6% as the broader market slipped.

As stocks struggled, Treasuries rallied. The 10-year note rose 21 ticks, sending its yield to 4.0%.

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