Carrizo Oil & Gas Nasdaq: CRZO) $25.60. Today announced record year-end proved reserves and record production for the fourth quarter and full year 2009.
Year-end proved reserves were a record 601.9 Bcfe based on reports from Carrizo's third-party reserve engineers. This is an increase of approximately 20% over the year-end 2008 proved reserves of 502.6 Bcfe. The calculation of these reserves was based on oil and natural gas prices of $56.10 per barrel and $3.30 per Mcf, respectively. These prices reflect the SEC's new pricing methodology, which requires the use of the trailing 12-month arithmetic average of the price on the first day of the month. These prices were 40% higher and 34% lower than the prices used at the end of 2008 for oil and natural gas, respectively. This reserve increase equates to the replacement of 400% of 2009 production.
What They Do: Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and natural gas primarily in the Barnett Shale in North Texas, the Marcellus Shale in Appalachia, and in proven onshore trends along the Texas and Louisiana Gulf Coast regions.
Hoku Solar Nasdaq: HOKU) $2.21. Today announced it has been engaged to design, engineer and install a photovoltaic (PV) power system for Diagnostic Laboratory Services, Inc., a provider of clinical laboratory and related services in Hawaii and other Pacific Islands.
Hoku reported it had been selected by Diagnostic Laboratory Services through a competitive bidding process, and that it had entered into a subcontract with Allied Builders System to install the 339-kilowatt, turnkey PV system. The solar energy project will be completed as a part of a renovation of the former Panasonic warehouse in Halawa valley on Oahu, which will house Diagnostic Laboratory Services' new state-of-the-art laboratory and headquarters. Once installed, the system is expected to generate more than 490,000 kilowatt hours of clean, renewable solar electricity each year.
What They Do: Hoku Scientific is a diversified clean energy technologies company with three business units: Hoku Materials, Hoku Solar and Hoku Fuel Cells. Hoku Materials plans to manufacture, market, and sell polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho.
Seattle Genetics Nasdaq: SGEN) $10.84. Today announced that it has achieved a milestone under its antibody-drug conjugate (ADC) collaboration with Genentech, Inc., a wholly owned member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY). The milestone was triggered by Genentech’s submission of an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) for an ADC utilizing Seattle Genetics’ technology for the treatment of cancer.
“This IND submission is reflective of the continued progress by our collaborators in the development of product candidates based on our proprietary ADC technology,” said Eric L. Dobmeier, Chief Business Officer of Seattle Genetics. “We are pleased that Genentech has advanced an ADC program using our technology towards clinical trials. We believe this further demonstrates the potential of ADCs to play an increasingly important role in the treatment of cancer and other serious diseases.”
What They Do: Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.
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