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North American Energy Resources, Inc. (OTCBB: NAEY) $0.69. Announced Tuesday after market close that it has entered into a letter of intent to acquire 480 mineral acres in Washington County, Oklahoma. The leases include 14 existing oil producing wells. At current oil prices, the acquisition would provide NAEY enough positive cash flow to drill additional wells. Historically, Wayside wells initially flow 3-5 BOPD.
The acquisition of these leases would be a major step in bringing NAEY to profitability. Aggregate stripper wells can be economically managed to produce profits," stated Ross Silvey, President of North American Energy Resources, Inc.
What They Do: North American Energy Resources (NAEY) is an independent oil and natural gas company, engaging in the acquisition, exploration, and development of oil and natural gas properties with a focus on properties in northern Oklahoma. Currently NAEY has leases on 900 acres and plans to acquire an additional 1,400 acres within the next 90 days.
Its wells produce both oil and/or natural gas, with gas production coming primarily from the mulky coal seam. The company's primary goal is to acquire natural gas and oil properties that are relatively close to NAEY's Apwash pipeline of which it owns 75%. This pipeline will provide service to approximately 11,500 acres of potential leases that contain multiple zones of oil and CBM formations.
BEN Merger Sub, Inc. and BEN Holdings, Inc., corporations formed for the purpose of acquiring Bankrate, Inc. (Nasdaq: RATE) Announced Tuesday after market close that in accordance with the previously announced Agreement and Plan of Merger, dated as of July 22, 2009, entered into by BEN Holdings, BEN Merger Sub and Bankrate, they have commenced a tender offer to acquire all of the outstanding shares of Bankrate's common stock for $28.50 per share in cash. BEN Merger Sub and BEN Holdings are whollyowned subsidiaries of funds advised by Apax Partners, a global private equity firm with over $35 billion in funds under advice and significant expertise in financial services and media. The aggregate value of the proposed transaction is approximately $570.8 million excluding transaction fees and expenses.
What They Do: The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgagecalc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers make informed decisions about their personal finance matters.
Trustmark Corporation (Nasdaq: TRMK) $19.34. Announced Tuesday after market close net income available to common shareholders of $13.4 million in the second quarter of 2009, which represented basic earnings per common share of $0.23. Earnings during the quarter were impacted by a previously announced special FDIC deposit insurance assessment applicable to all insured depository institutions, which reduced Trustmark’s net income by $2.7 million, or $0.05 per share. Trustmark’s second quarter 2009 net income produced a return on average tangible common equity of 8.20%. During the first six months of 2009, Trustmark’s net income available to common shareholders totaled $36.8 million, which represented basic earnings per common share of $0.64. Trustmark’s performance during the first half of 2009 resulted in a return on average tangible common equity of 11.28%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per common share. The dividend is payable September 15, 2009, to shareholders of record on September 1, 2009.
What They Do: Trustmark Corporation, through its subsidiaries, provides banking and financial solutions to individuals and corporate institutions.
Elron Electronic Industries (Nasdaq: ELRN) $4.63. Announced Tuesday after market close, that further to it previous announcement on July 28, 2009, Medingo Ltd., a group company held 92% by Elron and its subsidiary, RDC – Rafael Development Corporation Ltd., has received formal clearance from the Food and Drug Administration ("FDA"), to market its Solo™ MicroPump Insulin Delivery System in the United States.
Medingo intends to introduce the Solo™ MicroPump at the American Association of Diabetes Educators Meeting which will take place in August 2009 in Atlanta, U.S.A.
What They Do: Elron Electronic Industries, Ltd., through its subsidiaries, provides technologies primarily in the fields of medical devices, information and communications technology, semiconductors, and clean technology worldwide.
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