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U.S. Energy Corp. (Nasdaq: USEG) $6.17. Announced Tuesday after market close the initial production rate from its State 36-1 #1H well which was recently completed with Brigham Exploration Company.
The State 36-1 #1H well, which is operated by Brigham Exploration Company, produced approximately 3,236 barrels of oil and 3.42 MMCF of natural gas per day or 3,807 BOE/D during an early 24-hour flow back period. The well was completed with swell packers and 30 fracture stimulation stages. U.S. Energy's initial working interest in this well is approximately 29% (~23% net revenue interest). Oil and gas sales (of 1.5 MMCFD due to line constraints) from this well have commenced.
"We are extremely pleased to see a 3,800 BOE/D initial production rate well to round out our six initial well program with Brigham," stated Keith Larsen, CEO of U.S. Energy Corp. "We anticipate continuing an aggressive drilling pace in 2010, with wells seven and eight currently drilling forward in the horizontal portion of the well bore while well number nine is now drilling forward in the vertical well bore. We expect to provide further updates as wells seven and eight are completed," he added.
What They Do: U.S. Energy Corp. is a diversified natural resource company with interests in oil and gas, molybdenum, geothermal and real estate assets.
FLO TV, a wholly owned subsidiary of Qualcomm Incorporated (Nasdaq: QCOM) $48.07, and mophie today announced they are teaming to create a series of products that will bring live mobile TV to the iPhone and iPod touch platforms.
The products, which are expected to begin shipping in the first half of this year, will bring the award-winning FLO TV mobile TV service to the cutting-edge mophie juice pack, letting consumers view their favorite live entertainment, sports and news from the world's top entertainment brands on their iPhone and iPod touch.
What They Do: Qualcomm engages in the development, design, manufacture, and marketing of digital wireless telecommunications products and services.
Gran Tierra Energy (Amex: GTE) $6.02, Today announced that the company was unable to establish hydrocarbon flow from the Dantayaco-1 exploration well in Colombia. The Company also provided an update on the completion of Costayaco-10, the drilling of Juanambu-2 in Colombia, and preparations for initiating natural gas sales from VM.x-1001 in Argentina.
What They Do: Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE Amex Exchange (GTE) and the Toronto Stock Exchange (GTE), and operating in South America.
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