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Luminent Mortgage Capital, Inc.(NYSE: LUM)
October 1st, 2007-- Luminent Mortgage Capital, Inc. (the "Company") (NYSE: LUM) today announced it has completed numerous actions in light of the changed market conditions caused by the extraordinary disruptions that have occurred in real estate and mortgage markets in recent months.
Specifically, Luminent reported: -- The Company has completed the sale of assets financed by its asset- backed commercial paper program, and no longer has any outstanding commercial paper liabilities under its asset-backed commercial paper program.
-- Luminent repaid all of its warehouse lines of credit that were used to finance whole loan purchases, and has no balances currently outstanding under its warehouse lines of credit.
-- Luminent has either paid in full or negotiated settlement agreements for all but less than $25 million of disputed repurchase agreement liabilities.
-- The Company expects to cure the events of default with respect to its convertible senior debt upon delivery of an officer's certificate to the trustee.
-- The Company has entered into an amended and restated definitive credit agreement with Arco Capital Corporation Ltd. ("Arco"), providing the Company with a revolving liquidity line of credit of up to $60.0 million to be used to stabilize existing repurchase agreements, to meet financing maturities and to provide working capital.
-- Arco has also provided a limited guarantee with regard to possible future excess margin deficit payments through the remainder of 2007 to support repurchase obligations we entered into as part of clearing our commercial paper liabilities.
-- The Company has reduced expenses by downsizing its work force, and it plans to close its San Francisco office by December 31, 2007.
After signing the definitive agreement with Arco, Luminent appointed four new members to its Board of Directors, who will bring their substantial experience and expertise in the financial sector to the Company. Craig Cohen, co-founder of Proprietary Capital LLC and an Arco director, will serve as Chairman of the Board; and Jay Johnston, Chairman and CEO of Arco, Francesco Piovanetti, President and COO of Arco, and Zachary H Pashel, Executive Vice President and Head of Structured Finance of The Chotin Group Corporation, will join the Board as directors. They succeed Gail Seneca, who resigned as Chairman of the Board, and Leonard Auerbach and Donald H. Putnam, who resigned as directors. The Company increased the total number of board members from eight to nine.
Jay Johnston, CEO of Arco, said, "We at Arco are impressed with the ability of the Company to navigate through the difficult events of the past months, including the precipitous decline in prime asset valuations, all while negotiating a new infusion of capital into the Company. Luminent's progress speaks to the strength of CEO Trez Moore and his management team.
"As a result of their hard work, we believe that Luminent is now well- positioned to pursue the successes that characterized its prior years' performance. We look forward to working closely with Trez and his team as part of our investment," Johnston continued.
Craig Cohen, the newly appointed Chairman of the Board, said, "I believe that Luminent has made tremendous progress in the past six weeks towards stabilizing its funding sources. In my opinion, Luminent has a world-class platform and is a premier credit risk manager in this sector. I am delighted to be joining the Board as Chairman."
Trez Moore, Chief Executive Officer, said, "We have taken many steps to strengthen Luminent's financial position and are pleased with our forward momentum. We look forward to working together with Arco to position the Company for long-term growth."
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Monogram Energy, Inc. (PINKSHEETS: MGRA)
October 2nd, 2007-- Monogram Energy, Inc. (PINKSHEETS: MGRA), an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties, is pleased to announce that the company has acquired the mineral rights to the Wright Lease located in the Corsicana, Texas area. The lease includes two workover wells and favorable prospects to add additional production wells.
Billy King, President and CEO of Monogram Energy, stated, "Our Workover Program is progressing ahead of schedule with the addition of these two wells and closing on a multiple of others in the near future the goal of fifty by years end is closer to reality." The Company is currently assessing more then 25 wells in the Corsicana area. This is in keeping with the company's intent to attain as much production as possible in the Corsicana area.
Mr. King continued, "As we continue to execute on our business plan and meet our goals I will reiterate our cumulative initial production numbers of 10,000 barrels of oil per month once all wells have completed the Workover Program and the revenue numbers have also increased with oil trading at all time highs."
Corsicana is located in Navarro County, Texas. The first commercial oil well west of the Mississippi was drilled in Corsicana in 1894. There are currently around 700 producing wells in Navarro County, and many of them have been producing for 40 years. The county produces around 600,000 barrels annually.
About Monogram Energy, Inc.:
Monogram Energy, Inc. is an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties. The Company specializes in acquiring oil & gas leases with proven reserves that have the potential for increased production. Our goal is to maintain a high risk/reward profile, thereby enabling us to return the most value to our shareholders.
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Great Northern Oilsands Inc.(Pink Sheets: GNNS)
October 1st, 2007-- Great Northern Oilsands Inc. - (Pink Sheets: GNNS) ("Great Northern" or the "Corporation") is pleased to announce it has been informed by the operator, Montello Resources Ltd., (TSXV: MEO), that the John Bowen #2 Well ("Test Well") in Morgan County Tennessee is currently drilled to a depth of 5,670 feet. Montello has encountered at approximately 5,300 feet the Upper Cambrian Copper Ridge formation ("Copper Ridge") that was not anticipated to be hydrocarbon-bearing. Circulation was lost while drilling through the Copper Ridge between 5,300 feet and 5,670 feet. The fact that large volumes of fluids were lost into the Copper Ridge and then were quickly recovered along with traces of light oil, gas and major water suggest that the zone has very good porosity and excellent permeability in a completely dolomitized host strata. From samples, this 370-foot gross interval (net porous zone of approximately 100+ feet) has exhibited very good inter-crystalline porosity, good vuggy stringers and open permeable fractures. The operator is in the process of running a cement plug over the lost circulation portion of the Copper Ridge so as to be able to continue to drill the Test Well ahead to basement which is anticipated to occur at between 7,000 to 9,500 feet. Montello continues to search for the over-pressured zone which caused Pryor Oil's Howard-White #1 Well (www.pryoroil.com) to blow out at an estimated initial flow rate of over 400 barrels of light gravity crude per hour. The theory continues to be that a major over-pressured hydrocarbon reservoir exists under the Test Well which is feeding the fractures which caused the Pryor Oil blow-out as well as the initial large production volumes in the John Bowen #1 Well. The Copper Ridge formation will be further evaluated after the Test Well reaches total depth and logs are run and analyzed.
Montello as to a 55% earned interest, (TSXV: MEO), Austin Developments Corp., as to a 40% earned interest (TSXV "AUL") and Great Northern Oilsands Inc., as to a 5% earned interest anticipate being in a position later today to commence drilling the Test Well ahead underbalanced, tentatively to the basement.
Great Northern Oilsands Inc., President and CEO said: "We are very excited about the results to date and look forward to more positive results as we drill towards the basement of the test well".
The Operator commenced drilling the John Bowen #2 Test Well on August 15th, 2007. The Test Well is expected to take approximately 45 days to drill to a total depth of between 7,000 to 9,500 feet to tentatively test the Precambrian formation which lies directly above the Granite - Basement. The Operator is and will be testing and evaluating the various formations while it drills the well under-balanced. The Morgan Highpoint Project is located in a part of the State of Tennessee where a limited number of deep tests have been drilled. Nabors Drilling USA, Strata Energy Services of Red Deer, Alberta and Pason Systems Inc. of Calgary, Alberta are the current key drilling and service contractors that have been hired by the Operator to drill the John Bowen #2 Test Well.
Great Northern has recently partnered in drilling high impact oil and gas exploration prospects and is also active in the Athabasca Region of the Alberta Oilsands.
Great Northern will keep shareholders apprised of developments with respect to this project as they occur.
Please visit Great Northern Oilsands Inc. corporate website at www.greatnorthernoilsands.ca
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Global Warming Solutions, Inc. (Pink Sheets: GWSO)
October 1, 2007-- Global Warming Solutions, Inc. - a developer of technologies aimed at mitigating the effects of global warming - today announced positive results in its LETG solar technology test.
The results indicate that LETG has successfully produced 300 watts of electric power and simultaneously 1000 watts of thermal power from one square meter of its monocrystalline silicon cells. This huge increase in output comes as a result of the LETG's patented double-side photovoltaic cells and the use of flat reflectors in its hybrid solar module.
LETG is an acronym for Light Electric and Thermal Generator.
"We are very excited by these results," said Dr. Alexander Kornaraki, lead developer of LETG. "To put these numbers into perspective, an LETG module with a surface area of just 10 square meters could produce enough electricity to meet the needs of a small house."
These results mean that one square meter of LETG hybrid solar cells can easily replace two square meters of ordinary photovoltaic cells and 1.5 square meters of ordinary solar thermal converters.
"These results bring us a step closer to the realization of our goal to build full-fledged LETG power plants," says Dr. Vasilenko. "With LETG technology, Global Warming Solutions is increasing output, lowering costs, and contributing to a clean, green planet for our children."
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Gold River Production, Inc. (Pink Sheets: GRPS)
October 1st, 2007-- Gold River Production, Inc. (Pink Sheets: GRPS) announced today that it is on track to completing its first feature film by the end of the first quarter of 2008. The screenplay is a political satire in nature and shall remain untitled until the registrations of Trademarks have been approved for the merchandising of film image and title. The film is scheduled for commercial release by the end of 2008.
As filming continues, production of the accompanying motion picture soundtrack will consist of 5 new recording artists with 12 original tracks. The soundtrack to be released 6 weeks prior to the film release date.
The company believes that it is poised to meet or exceed its original revenue projection of $12,400,000 by the end of 2008.
Gold River Productions, Inc. is an entertainment company focused on low- budget feature films, audio/video mobile media and internet production with accompanying artist/soundtrack production, promotion, and distribution. Based in Ventura, CA, the company is positioned to realize optimal financial returns from five (5) profit centers: low-budget films, audio/video mobile media, soundtracks, a record label (United Network Music Group), and marketing/distribution arrangements with third-party filmmakers.
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