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There is important news coming from PrimeGen Energy Corporation (OTC: PGNE), and investors should be watching this one. Yesterday after the markets closed, the company issued a press release announcing that it has signed an agreement to acquire a 40% working interest in the Timan-Pechora Oil Field in Russia from Moscow-based corporation, Kozik Energy Ltd. The deal is subject to certain regulatory requirements, approvals and additional conditions.
This is great news, as according to the press release, the Timan-Pechora Project area currently consists of 24 existing production oil wells with close to one billion barrels and 132 BCF of proven reserves. A discovery well tested 5,589 BOPD from zone at 3,958-3,974 meters. Timan-Pechora region is 17 kilometers from Ukhta, a major town in the Republic of Komi. The oil plays are situated approximately 1,200 km from Moscow. Its surrounding areas have well established infrastructure, allowing all year access for field operations. Power lines and a major highway pass through the territory. There is also a branch of the Transneft pipeline between Ukhta and Moscow that passes directly over the project. Additional transportation routes include a railway system, with the nearest terminal located close to Ukhta.
Robert Charlton, CEO of PrimeGen, commented, "We believe this acquisition adds significant shareholder value to the company at an attractive purchase price and brings immediate revenue through existing oil production. Our strategic advantage with this project is to bring in the necessary expertise and specialized equipment to ensure access to the reserves long-term. We will build on this position to evaluate other projects in this region of Russia, which is internationally known as having substantial oil and gas potential. Furthermore, this oil project provides an excellent complement to our existing oil & gas assets and offers shareholders leverage for any increase in the oil price from current levels."
Investors are urged to keep a close eye on future developments
The stock closed yesterday at Four cents a share.
For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_051909.
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Patriot Energy Corporation (OTC: PGYC | Quote | Chart | News | PowerRating) up 33.3% on 16.1 million shares traded.
On May 19, 2009 Patriot Energy Corporation announced that it will issue a joint press release with Marmara Motorlu on Thursday May 21, 2009. According to the company, several shareholders have questioned the process and even the validity of the all cash purchase offer and the acquirer has requested that a formal joint release be disseminated to shareholders on May 21, 2009 at 11am. Marmara Motorlu has also divulged through a representative that it is purchasing stocks in the market and it has purchase 17,654,000 shares thus far at an average of $0.034 and that they intend to continue acquiring stocks until the transaction is concluded and therefore saving a considerable amount for the acquisition.
Patriot Energy Corp. is a management holding corporation, which owns a wholly owned subsidiary named TelTeck Solutions and owns a 99 year exclusive leased license agreement with Tectane Technologies Corporation for the Dual H2O Engine Oxygenator and New Tri-Brid Engine (Electric/Flex-Fuels/H2O) Technologies. Patriot Energy specializes in the development and marketing of energy efficient technologies with a focus on reducing America's dependence on Foreign Oil.
mPhase Technologies, Inc. (OTCBB: XDSL | Quote | Chart | News | PowerRating) up 2% on 3.2 million shares traded.
On May 18, 2009 mPhase Technologies, Inc. recently announced that it's thrilled Lucent Government Systems (LGS) and Alcatel-Lucent Bell Labs have successfully demonstrated a prototype Microcompass Magnetometer to the U.S. Army. In March 2005, mPhase entered into a joint development agreement with Alcatel-Lucent Bell Labs to develop magnetometer technology for military and commercial applications. Under the terms of the agreement, mPhase would be due royalties if the magnetometer is successfully commercialized.
Ronald Durando, the CEO of mPhase said, "We are excited that the original funding mPhase provided to the technical team for work started under the joint development agreement, with the then Lucent Bell Labs, has allowed the program to move from the research phase, to a developed prototype that appears to have successfully met the needs of the Army." mPhase is a micro and nanotechnology development company focused on advanced power and sensing solutions. mPhase designs and develops proprietary technology by manipulating matter at the scale of atoms and molecules, controlling properties at the micro- and nanometer levels, and packaging solutions into products that provide value to customers. The SmartBattery(tm) one of the projects that mPhase is developing, offers a revolutionary approach to energy storage and power management.
ZAP (OTCBB: ZAAP | Quote | Chart | News | PowerRating) up 17.2% on 880,000 shares traded.
On May 19, 2009 Electric vehicle pioneer ZAP, announced it has unveiled an 8,000-watt wheel motor powering both rear wheels of a production ZAP electric truck. This latest wheel motor design is the result of more than five years of research to improve the power and efficiency of its electric vehicles (EVs). Wheel motors are lighter and more compact, eliminating the need for a transmission and drive train. The unique design translates to more available space, which can be dedicated to a larger battery for range extension. This new design could go into production in various electric car and truck configurations by next year with adequate funding. ZAP has delivered more than two thousand wheel motor EVs, beginning with the ZAPPY3 scooter in 2004, followed by the Zapino motor scooter in 2007.
The new motor is a breakthrough in efficiency that resulted from a collaboration between ZAP's engineers and other industry experts. The 8,000-watt motor design is almost ten inches in diameter compared to the seven-inch diameter, 3,000-watt motor powering the Zapino scooter.
"This is a genuinely remarkable advance in the world of electric vehicles," said ZAP CEO Steve Schneider. "Based on the core technology we use for the production of the Zapino model, we have been able to achieve a far higher horsepower output with just a slight increase in weight and size. Given the growing necessity of reducing our carbon emissions and the rising demand for more environmentally sound vehicles, we are extremely excited about the potential applications of this motor for a range of EVs both here and abroad."
Mr. Schneider indicated this news could help in a collaborative electric vehicle manufacturing project with ZAP Motor Manufacturing Kentucky (ZMMK), based in Franklin, Kentucky. ZAP's wheel motor developments were an integral part of ZMMK's presentation to the Department of Energy for a $160 million loan application earlier this year. Pending acceptance by the DOE, ZMMK President Gary Dodd intends to use ZAP's wheel motor technology exclusively in the development of its electric truck manufacturing under a manufacturing and distribution agreement with ZAP.
"We have seen many wheel motors still in the prototype stages, but ZAP is the only company that has proven the technology to be cost-effective compared to conventional electric motors," said Mr. Dodd. "We believe the 8,000-watt motor design to be a significant step forward toward making EVs an affordable, everyday reality."
ZAP has been a leader in electric transportation since 1994, delivering over one hundred thousand vehicles to consumers in more than seventy-five countries. ZAP manufactures a line of electric vehicles, including electric city-cars and trucks, motorcycles, scooters, bicycles, and ATVs. ZAP sells some of the only electric city-speed cars, trucks and vans in production today and is developing a freeway capable electric vehicle called the ZAP Alias.
Market Commentary: Economists had expected home construction to post a modest increase in April, but the Commerce Department said construction of new homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units, the lowest pace on records going back a half-century.
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