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North American Energy Resources (OTCBB: NAEY | Quote | Chart | News | PowerRating) Trading at $0.50, Up 35%. Today announced that it has completed the acquisition of 37 oil and gas producing mineral acres in Washington County, Oklahoma, for which it had entered into a letter of intent last month. The Company issued 175,000 shares of its common stock for the acquisition. Currently, there are three oil-producing wells producing from two separate zones and one producing gas well.
"Based on the current wells' production, we believe there are still significant reserves of oil in what was once thought to be only coal bed methane gas areas," stated Ross Silvey, President of North American Energy Resources, Inc. "Over the next few months, we will be working to quantify the total oil reserves."
What They Do: North American Energy Resources, Inc. is an oil and gas development company focused on building a diversified portfolio of valuable oil and gas assets in the United States. The company's primary goal is to identify, acquire and develop natural gas and oil properties that are relatively close to NAEY's Apwash pipeline in Washington County, Oklahoma.
Brigham Exploration Company (Nasdaq: BEXP) Trading at $6.76, Up 13%. Announced Monday after market close that the Anderson 28-33 #1H produced approximately 2,154 barrels of oil equivalent per day from the Bakken formation during its early 24 hour flow back period. Brigham's Anderson 28-33 #1H well, to our knowledge, is the first successful 24 stage fracture stimulation completion in the Williston Basin.
Brigham announced that the Anderson 28-33 #1H was successfully fracture stimulated and produced approximately 1,838 barrels of oil and 1.9 MMcf of natural gas, or 2,154 barrels of oil equivalent, from the Bakken formation during its early 24 hour flow back. The long lateral Anderson 28-33 #1H was completed with 24 fracture stimulation stages. Brigham maintains an approximate 66% working interest and 55% net revenue interest in the Anderson 28-33 #1H well, located in Brigham's Ross Area of Mountrail County, North Dakota.
What They Do: Brigham Exploration Company is a leading independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore for and develop onshore domestic oil and natural gas reserves.
AVANIR Pharmaceuticals (Nasdaq: AVNR) Trading at $3.07, Up 40%. Today announced that the investigational drug Zenvia (dextromethorphan/quinidine) met its primary efficacy endpoint in the treatment of pseudobulbar affect (PBA) in the confirmatory Phase III STAR trial. Both Zenvia 30/10 mg and 20/10 mg provided a statistically significant reduction in episode rates over the course of the study when compared to placebo (p<0.0001). In an additional analysis of the primary endpoint, at week twelve (end of study), patients in the Zenvia 30/10 mg group reported a statistically significant mean reduction of 88% from baseline in PBA episode rates (p=0.01). Also in this study, Zenvia was generally safe and well tolerated. AVANIR management will conduct a conference call to discuss this announcement today at 5:00 AM PDT (8:00 AM EDT).
What They Do: AVANIR Pharmaceuticals, Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing novel therapeutic products for the treatment of central nervous system disorders.
ShengdaTech (Nasdaq: SDTH) Trading at $6.36, Up 14%. Today announced financial results for the second quarter ended June 30, 2009. Total revenue and gross profit including the NPCC and the chemical business for the second quarter 2009 declined 34.0% and 22.3%, respectively, year-over-year, due to the ceased production at the Company's Bangsheng Chemical Facility on October 31, 2008 -- NPCC revenue for the second quarter of 2009 increased 36.2% year-over-year to a record $26.0 million -- NPCC gross profit rose 46.3% to $11.4 million, NPCC gross margin increased to 43.8% from 40.7% in the second quarter of 2008 -- EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) for the second quarter of 2009 was $10.4 million (See Table 4) -- Net income was $6.5 million, or $0.12 per diluted share -- Mr. Andrew Weiwen Chen joined ShengdaTech as Chief Financial Officer and Ms. Anhui Guo, ShengdaTech's previous CFO, was promoted to Chief Operating Officer -- In June 2009, ShengdaTech was honored with the 2008 "China Frost & Sullivan Award for Growth Excellence
What They Do: ShengdaTech is engaged in the business of manufacturing, marketing, and selling nano-precipitated calcium carbonate ("NPCC") products.
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