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November 8 Urex Energy Corporation (OTCBB:URXE) reports that it has obtained exploration permits from mining officials in Argentina and has started its uranium exploratory program. The program is intended to include airborne geophysics, ground geologic mapping and prospecting, and drilling. The Company is in the process of securing a drill rig to implement a proposed Cerro Solo Extension drilling program designed to drill test for extensions of known uranium mineralization adjacent to and on trend with the Cerro Solo uranium deposit. Environmental permitting is complete with final land access agreements nearly complete. Drilling is expected to start in January 2008, but the final start date will depend on drill rig availability. The Company has contracted with New-Sense Geophysics Ltd. of Thornhill, Ontario, Canada, to complete a fixed wing aeromagnetic/radiometric survey over its Argentine properties. The survey will start in early November 2007 and is expected to be completed within about four weeks. The geophysical survey is designed to identify fault structures and surface uranium anomalies across the Company's 170,000-hectare land position. The last airborne geophysical survey flown in the region was completed in 1978 before the use of GPS (Global Positioning Systems) and therefore lacked precise geographic control. The Company's geologists believe that the current state-of-the-art airborne system will provide new understanding of uranium occurrences within the Chubut Basin and will accelerant target definition. A comprehensive field program is planned to follow the airborne survey and is designed to characterize uranium anomalies in preparation for drill testing. Urex is fielding a young, energetic team of geologic professionals who will conduct the field program guided by South American Manager Oscar Yokoi and Brian Cole, Urex's Professional Geologist. Management believes in the technical viability of the project and robustness of Argentina for new uranium discoveries. The Cerro Solo project area represents a small fraction of the total property holdings controlled by Urex in Argentina. In New Mexico, the Company's La Mesa Extension Uranium Project is awaiting approval of an exploration permit that will allow the commencement of Phase I drilling. Meetings with the relevant agencies have identified issues raised by interested third parties. The Company is confident that it will be successful in obtaining permission to start its exploration program. Currently, USFS (United States Forest Service) is conducting consultation with local Indian Tribes with the expectation to complete that process by March 2008. For more information, please visit the Company's website located at www.urexenergy.com.
Stock Price: 0.18, Up+0.00 on 60,444 shares traded
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November 8 Cereplast, Inc. (OTCBB:CERP), manufacturer of proprietary bio-based sustainable plastics, today reported financial results for the nine months ended September 30, 2007. For the first nine months of 2007, Cereplast reported gross sales of $1.6 million, a 258% increase over the comparable 2006 period. The increase in sales can be directly attributed to the commercial launch of Cereplast Compostables resins, which resulted in a larger customer base and increased volume from existing customers. Cereplast reported net cash used in operating activities of $4.0 million for the first nine months 2007, which compares to net cash used in operating activities of $2.3 million for the comparable first nine months 2006. Cash and short-term investments at September 30, 2007 totaled $10.9 million. The Company reported a net loss of $1.6 million or $0.01 per share for the third quarter of 2007 as compared to a net loss of $1.1 million or $0.01 per share for the third quarter 2006. The number of shares used in the calculation of earnings per share was 258.2 million for the third quarter 2007 as compared to 200.4 million for the third quarter 2006. The increase in the number of shares primarily reflects the shares issued in the Company's July 2007 private offering. "Over the last nine months, we have experienced tremendous success in all aspects of our operations and have established Cereplast as a leader in the bio-plastics field," said Frederic Scheer, Cereplast's Chairman, CEO and President. "We are pleased to see that our proprietary resins are answering a growing demand for more sustainability in the plastic industry and that more customers are testing and introducing products made from Cereplast resins. Operating Highlights: Product Development and Intellectual Property - The Company now has two distinct families of resins that are available for commercial sale. These resins are covered under nine formulation patents and patent applications:
a) Cereplast CompostablesTM, which are made from annually renewable resources and certified biodegradable and compostable by the BPI, were launched commercially in November of 2006. Cereplast CompostablesTM target single use disposable markets, including foodservice ware and packaging applications. Cereplast currently has 15 grades of compostable resins in its product portfolio, including a higher heat resistant compostable resin launched on November 4, 2007.
b) Cereplast Hybrids, which are blends of traditional petroleum based resins and a proprietary basket of starches, were launched in October 2007. The target markets for these resins include consumer goods, consumer electronics, toys and the automotive industry. Cereplast currently has one grade of Hybrid Resins, Biopropylene, and will continue to develop and introduce resins to meet market demand. This new family of resins significantly expands the market applications for Cereplast resins. In excess of 25 companies have requested samples for testing and many major trade magazines have published articles on the properties and commercial benefits of the new resin. Commercial Manufacturing - During the first nine months of the year, the Company focused on refining and improving its production process and capacity. The Company currently has 45 million pounds of production capacity, with a proprietary state-of-the-art process designed by Cereplast specifically for processing bio-plastics at high speed. Management is actively looking for a location to establish a second facility to further expand production capacity. Customer Development - The Company's pipeline of customer prospects continues to grow. Currently, there are approximately 65 prospective customers evaluating more than 100 different potential product applications for both the Compostables and the Hybrids resins. Of these prospects, approximately 30 are in various stages of prototype product testing and qualification. This comes in addition to the existing 57 products already being commercialized by large companies such as Alcoa, Genpak, Innoware, SoloCup and other converters. Genpak - Genpak, LLC, a leader in providing single use food service items, introduced its "Harvest Collection" in early spring 2007. This full line of biodegradable and compostable food service ware is made exclusively with Cereplast resin. Thus far the product has been very successfully accepted by consumers around the Country and Genpak is satisfied with the growth of the new line. Alcoa, Inc. (NYSE:AA)- Following the signing of a multi-year supply agreement with the Company, Alcoa-Kama, a wholly-owned subsidiary of Alcoa, continued its testing of Cereplast resins and recently started to market a new thermoformed sheet under the brand name "PlasTerra," a brand specifically designed by Alcoa for the Cereplast resin. Innoware - In early Summer 2007, Innoware, Inc. (previously known as Duni) started to actively market its new line of bioplastics material made of Cereplast's resins under the brand name: "ECO". The first products introduced to market were the ECO-Expressions container now being used by several of Innoware's clients around the country. Corporate Infrastructure - Emerging from its research and development stage into commercialization of its proprietary bio-resins, the Company has been very successful in attracting and retaining the necessary talent to manage its growth, including adding several well-known scientists and process engineers. The Company now has 43 full time employees. At the Board level, the addition of Petros Kitsos brings to the Company an extensive knowledge of M&A and joint venture structuring that will be critical in the growth of the Company. Also, after having identified key target markets for its resins, Cereplast has been focused on developing its sales force domestically and internationally, including opening a sales office in Hong Kong earlier this year. "Cereplast has become the solutions provider of choice to the converting industry," added Scheer. "Cereplast Compostables and Cereplast Hybrids resins have received great reviews from the marketplace and are starting to become a daily reality for major converters around the country."
Stock Price: 0.58, Up+8.41% on 7,150 shares traded
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November 6 Aspen Exploration Corporation (OTCBB:ASPN), with offices in Bakersfield, California and Denver, Colorado, announced today it has drilled a new gas well located in the Sacramento Valley gas province of northern California. The Delta Farms #10 well, located in the Butte Sink Gas Field, Colusa County, California, was directionally drilled to a depth of 5,600 feet and encountered over 100 feet of potential gross gas pay in several intervals in the Forbes and Kione formations. Production casing was run based on favorable mud log and electric log responses. If the Forbes intervals prove to be productive in this well, it will be a new pool discovery for this field which has produced over 7.5 BCF, primarily from the shallower Kione formation. Aspen has additional potential locations based on 3-D seismic data and well control on its 1,000 acre leasehold in this field. Aspen owns a 38% operated working interest before payout and a 44.3% working interest after payout in this well. In the Sacramento Valley, Aspen has drilled 38 successful gas wells out of 41 attempts during the last 4 years (93% success rate) and drilled 46 successful gas wells out of 53 attempts during the last 6 years, a success rate of 87%. Aspen currently operates 64 gas wells and has non-operated interests in 21 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 27 oil wells in Montana. Future news releases will keep shareholders informed of Aspen's continuing progress and drilling activity. Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN.OB. For more information concerning Aspen, contact Bob Cohan, President and CEO, in Aspen's Bakersfield office at . Aspen's web page can be found at www.aspenexploration.com.
Stock Price: 3.28, Up+5.13 on 11,378 shares traded
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November 5 China Media Group Corporation (OTCBB: CHMD) announces today that it has completed the testing of the beta version of the China TieTong Communications Co., Ltd. Guangdong Branch ("Guangdong TieTong") Yellow Page Online directory website: www.cttyp.com and will now move towards the planning and commercialization of the online operations. Mr. Con Unerkov, Chairman of China Media Group Corporation, stated, "There is tremendous growth potential in the online advertising and directory listing business in China, which has been evident by the high profile listing of the alibaba.com listing in Hong Kong. We have high hopes and expectations that with a recognizable brand name under the China Tietong Yellow Page directory, it will provide a market presence to draw advertisers to our website. Ultimately our aim is to build a directory listing that specializes in certain sectors to become web portals i.e. health portal and biz trading portals." Online advertising industry is the highest growing segment in the advertising industry and China is experiencing the same growth as the rest of the world. In China, the online advertising revenue is expected to grow from US$621 million in 2006 to US$2,188 million in 2010, an annualized growth rate of 37%. Mr. Unerkov further added, "We will put a lot of emphasis into online advertising business. Our recently announced WebCall product will provide a differentiation to advertisers connecting them to interested customers. WebCall unleashes the power of the interactivity of the internet, connecting parties seamlessly. WebCall will be featured as one of the mainstays of our online advertising product, to our customers for our China Tietong Yellow Pages online directory. We expect many of our advertisers will be based in Hong Kong, Taiwan, and Macau and overseas Chinese communities advertising in China, and what better way to provide an advertising forum to talk to the customers direct. WebCall is a way to connect potential customer to advertisers easily and seamlessly; all the user has to do is to enter his telephone number on the popup web page and click the call button, then within seconds his phone will ring and he will be speaking to the advertiser." CMG has a cooperative agreement with Guangzhou Waho Culture & Media Co., Ltd ("GWCM") which holds the operational rights to the print and online edition to Guangdong Tietong Yellow Page. Guangdong Tietong is the provincial arm for China Tietong Telecommunications, one of the 6 licensed telecom carriers in China. Guangdong is next to the affluent market of Hong Kong and Macau, thus it provides an excellent opportunity for us to tap into the online advertising market for these locations. GWCM was incorporated in the People's Republic of China in August 2006. Its mission is to become a leading new age "Online Advertising" and "Information Portal Website" for the Chinese Market. It focuses in 5 specific areas: "Online Directories," "Advanced Information Portals," "Online Advertising," "Print Media" and "Valued Added Services." CMG currently owns approximately 18% equity stake in GWCM.
Stock price: 0.028 Up+3.70% on 115,000 shares traded
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November 05 Pilgrim Petroleum Corporation (OTC: PGPM) is pleased to announce Pilgrim's nine months ended September 30, 2007 financial results maintain management's positive expectations. Since the fiscal year ending December 31, 2006, the Company has kept steady revenues and has maintained its earnings-per-share (EPS) of $.01. P/E Ratio is situated at $0.8 with the average of the stock price of $0.0081. The company estimates adding at least 25% growth for the end of the year 2007 earnings as well as an improved asset portfolio. Next week, the company will release a corporate update to shareholders, giving additional details of its latest acquisitions. Pilgrim Petroleum Corporation's CEO, Rafael Pinedo said: "Our Management believes in the company's incremental and steady growth potential. Although crude prices have been dramatically increasing, our revenues and reserves may set a record this year. Pilgrim is now focused on higher profitability, long-term sustainability and increasing proven reserves".
Stock Price: 0.0075, Up+7.14% on 2,000 shares traded
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November 8 Ivanhoe Energy Inc. (NASDAQ: IVAN) today will file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007. Heavy Oil Activities: In the third quarter, Ivanhoe Energy built on the momentum of the first half of 2007 as the company continued to focus on and gear up for full-scale HTL(TM) commercial heavy oil operations.
- Ivanhoe Energy made concrete progress in identifying, prioritizing and analyzing key heavy oil targets, primarily in Canada, that would be excellent candidates for the company's first commercial HTL facility. Discussions are underway related to key opportunities.
- Significant progress was made with AMEC, Ivanhoe Energy's Tier 1 contractor, in advancing the design and engineering of full-scale HTL facilities.
- Ivanhoe Energy released technical data related to the Athabasca bitumen test that was carried out in June, pursuant to a long- standing technical agreement with ConocoPhillips Canada. This, and other test run data, correlated the performance of the Commercial Demonstration Facility (CDF) with earlier runs on the smaller-scale pilot facility and validated the assumptions in Ivanhoe Energy's economic models.
- Integrated HTL/Steam Assisted Gravity Drainage (SAGD) financial models for Athabasca were updated and refined, incorporating newly revised capital costs from AMEC and revised price assumptions and currency exchange rate changes. These updated models show that HTL integration represents robust added value for thermal bitumen projects in Western Canada.
- Work was initiated with AMEC in its Canadian and U.K. offices to evaluate the benefits of HTL/SAGD integrated projects.
Financial Highlights
Cash flow from operating activities remained positive for the 12th consecutive quarter, generating US$1.8 million. In the third quarter, a $30 million Revolving/Term Credit Facility with an initial borrowing base of $10 million was obtained from Standard Bank Plc for the Dagang project in China. vanhoe Energy will host a conference call today, November 8, 2007, for investors and analysts at 4:30 p.m. EST (1:30 p.m. PST) to discuss 2007 third quarter results and provide an update on operations. The conference call may be accessed by dialing toll-free in Canada and the United States, or in the Toronto area and internationally. A simultaneous webcast of the conference call will be provided through www.ivanhoeenergy.com. If you are unable to participate in the call it will be archived for later playback by dialing and entering the pass code 3237896 followed by the number sign, or via www.ivanhoeenergy.com. The archived playback will be available until December 10, 2007. This news release summarizes our 2007 third quarter results of operations and financial condition and should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, which contains condensed financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. The Form 10-Q is expected to be filed today and copies may be obtained from the Ivanhoe Energy website at www.ivanhoeenergy.com, on EDGAR at www.sec.gov or SEDAR at www.sedar.com.
Stock Price: 2.19, -2.23% on 272,115 shares traded
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