Our Stocks to Watch today include Infinity Energy Resources, Inc. (NASD: IFNY), Perihelion Global (OTC: PHGI), International Power Group, Ltd. (OTCBB: IPWG), Electron Solar Energy (OTC: ESRG)
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INFINITY ENERGY RESOURCES (NASD: IFNY)
"Up 32.61% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/IFNY.php
Infinity Energy Resources, Inc., through its subsidiaries, engages in the acquisition, exploration, development, and production of natural gas and oil in the United States. The company's properties are located in the Fort Worth Basin of north central Texas; the Rocky Mountain region in the Greater Green River Basin in southwest Wyoming; and the Sand Wash and Piceance Basins in northwest Colorado. It also has interest in an oil and gas exploration property offshore Nicaragua in the Caribbean Sea. As of December 31, 2006, the company's total proved reserves were 7.7 billion cubic feet of gas equivalent. Infinity Energy Resources was founded in 1987 and is based in Denver, Colorado.
IFNY News:
January 4 - Infinity Enters Into Asset Sale and Joint Venture Agreements With Forest Oil Corporation
Infinity Energy Resources, Inc. (NASD: IFNY) ("Infinity"), an independent oil and gas exploration and development company, announced that its wholly-owned Infinity Oil & Gas of Wyoming, Inc. ("Infinity-Wyoming") subsidiary entered into a definitive Asset Purchase and Sale Agreement with Forest Oil Corporation (NYSE: FST) ("Forest Oil") on December 27, 2007.
Under the terms of the Asset Purchase and Sale Agreement, Infinity-Wyoming has agreed to sell, and Forest Oil has agreed to purchase, essentially all of Infinity-Wyoming's producing oil and gas properties in Colorado and Wyoming, along with 80% of the working interest owned by Infinity-Wyoming in undeveloped leaseholds in Routt County, Colorado and Sweetwater County, Wyoming, for $17.4 million in cash, subject to ordinary and customary adjustments from the effective date of October 1, 2007 through the date of closing, which is anticipated to occur on or about January 7, 2008. The closing of the Asset Purchase and Sale Agreement is contingent upon the satisfaction of certain customary closing conditions.
Infinity currently expects the adjusted proceeds from the sale to be approximately $16 million. Sale proceeds will be utilized to (1) retire approximately $12 million in outstanding bank debt; (2) settle open oil and gas commodity derivative liabilities of less than $2 million; and (3) pay accrued interest and forbearance fees and prepay interest totaling approximately $0.8 million to Amegy Bank N.A. The remainder of the sale proceeds, along with amounts to be received from Forest Oil under the Farmout and Acquisition Agreement described below, are anticipated to be reserved for the payment of certain accounts payable and accrued liabilities.
"We are very pleased to announce this agreement to sell our Colorado and Wyoming producing properties to Forest Oil Corporation," stated Stanton E. Ross, Chairman and Chief Executive Officer of Infinity Energy Resources, Inc. "Not only will the transaction allow Infinity to significantly reduce its bank debt, but we will retain 100 percent ownership of the Piceance Basin and Labarge exploratory properties in the Rocky Mountains and have retained the right to a 20 percent working interest in any future wells that Forest may drill in the Sand Wash Basin on the exploratory acreage sold."
Also on December 27, 2007, Infinity Oil and Gas of Texas, Inc. ("Infinity-Texas"), a wholly-owned subsidiary of Infinity, entered into a Farmout and Acquisition Agreement for certain oil and gas leaseholds owned by Infinity-Texas in Erath County, Texas. The Farmout and Acquisition Agreement provides that Forest Oil will operate and earn a 75% interest in the spacing unit for each well in a ten-well drilling program. If Forest Oil completes the drilling program, Forest Oil will earn a 50% interest in the approximate 31,000 remaining undeveloped net acres and existing Erath County infrastructure owned by Infinity. The drilling obligation begins no later than March 15, 2008. Infinity Texas retains 100% of its interest in all currently completed wells and 100 acres surrounding each currently completed well.
"We are delighted that Forest Oil has agreed to joint venture with Infinity-Texas in the development of a significant portion of our acreage in the Barnett Shale play in Erath County," noted Ross. "The acreage involved in the joint venture is largely undeveloped, and Infinity will retain full ownership of the 24 wells we have drilled in the northern portion of Erath County, along with our acreage and wells in Comanche County, Texas. We are optimistic that our operating cash flows will be sufficient to service our remaining bank debt and future corporate overhead expenses."
"The sale of the Rocky Mountain properties and farmout of the Texas Erath acreage to an experienced and well-qualified operator completes the first part of a business plan designed to resolve Infinity's liquidity problems and bring the Company back to a growth mode," stated Dr. Renato Bertani, Infinity's Chief Operating Officer. "The transactions were structured not only to raise the proceeds necessary to substantially reduce the Company's debt but also to afford Infinity a participation in the upsides that we have identified in the undeveloped acreage of both areas."
"Looking forward, in addition to the prospects for our joint venture with Forest Oil in Texas and the exploration potential of our other properties in Texas and the Rocky Mountains, Infinity management will devote its primary attention to our 1.4 million-acre offshore oil and gas concession in Nicaragua. We are scheduled to travel to Nicaragua again in January 2008 for what will hopefully be a productive meeting with federal and regional government representatives to finalize our exploration contracts. Once the contracts have been signed by all parties, Infinity plans to acquire additional seismic information and pursue discussions with potential partners in what we believe has the potential to be a 'world-class' oil and gas development opportunity," concluded Ross.
Infinity has filed a Current Report on Form 8-K with the SEC that provides significant additional information on the subjects discussed in this press release. Investors are encouraged to review such Form 8-K filing in detail.
PERIHELION GLOBAL (OTC: PHGI)
"Up 33.33% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/PHGI.php
Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace. For more information, visit http://www.perihelionglobal.com/.
PHGI News:
January 4 - Perihelion Global and Petroleum Distributor Crew Distributing Co., Inc. Execute 5 Year Biofuel Purchase, Distribution & Marketing Agreement
Perihelion Global (OTC: PHGI) announced that the company has executed a formal 5-year agreement with Petroleum Distributor Crew Distributing Co., Inc. to purchase, distribute and market Biodiesel from the company's Opp, Alabama Biofuel Refinery.
The 5-year Purchase, Distribution & Marketing agreement calls for Crew Distributing to purchase the permitted production capacity of (currently permitted for approximately 3 Million Gallons annually) Perihelion's Opp Refinery. Additionally, Crew Distributing has secured a first right of purchase, distribution and marketing option on all increases in production capacity for the Opp Refinery. The Opp Refinery is planned to have annual production of 60 Million gallons per year with the Phase Two addition.
The new 5-year Purchase, Distribution and Marketing agreement greatly expands on the previously announced Letter of Intent for Crew Distributing to purchase 1.2 million gallons of Biodiesel from Perihelion. Under the formal agreement that is being announced today, Crew Distributing will also provide logistical transport, distribution, marketing and additional storage capacity and for all Biofuel produced at the Opp Refinery.
With over 30 years experience, Crew Distributing, Co., Inc. is a major oil company distributor, operates a fleet of tanker trucks and is licensed, bonded and insured to distribute petroleum fuels, chemicals and lubricants in the Southeastern United States to portions of Alabama, Georgia, Mississippi and Florida. Crew Distributing also owns and operates several major oil company branded retail gas stations.
"We are very excited to announce this formal agreement with Crew Distributing to our shareholders," stated John H. Beebe, Chairman, Chief Executive Officer & President of Perihelion Global. "Crew Distributing's decades of experience combined with their existing distribution capability, infrastructure and sterling reputation makes an ideal partnership for our company."
INTERNATIONAL POWER GROUP (OTCBB: IPWG)
"Up 11.11% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/IPWG.php
International Power Group, Ltd. engages in the construction and management of waste disposal plants in the United States. It primarily intends to build and operate waste-to-energy facilities to process solid and hazardous wastes by incineration. International Power Group, through its subsidiary, also offers waste disposal services. The company was founded in 1998 and is based in Celebration, Florida.
IPWG News:
January 3 - International Power Group Egypt, Ltd. Concludes Royalty Agreements with Two Egyptian Companies
International Power Group Egypt, Ltd. (“IPWG Egypt”), a subsidiary of International Power Group, Ltd. (OTCBB: IPWG), announced that it has consummated royalty agreements with Egypt Rubber, Ltd. (ERL) and the LOL Group (LOL) — two companies with considerable expertise in the waste oil and used tire recycling fields.
Louis D, Garcia, Chief Financial Officer of IPWG Egypt, stated, “These agreements are in furtherance of the August 2007 Memorandum of Understanding and Cooperation Protocol Agreement between the Egyptian government and IPWG Egypt’s principal shareholders. ERL will be constructing and operating a state-of-the-art tire recycling plant in Alexandria, Egypt, and LOL will be taking over from the Egyptian government operations of an existing waste oil recycling facility in Alexandria, Egypt. ERL and LOL already have in place agreements for the supply of waste oil and used tires to their plants, as well as orders for all of the recycled lube oil and rubber they will be producing. IPWG Egypt will receive a five percent (5%) royalty from both ERL and LOL for consulting and business development services.”
ELECTRON SOLAR ENERGY (OTC: ESRG)
"Up 20.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ESRG.php
Electron Solar Energy, based in Miami, Florida, is engaged in the international distribution of alternative energy systems. The Company’s turnkey solutions provide solar and wind energy generation, as well as energy storage systems sold B2B and B2C worldwide. The Company also sells a proprietary line of sealed batteries, inverters, converters, Solar Panels, Related components, and gas and diesel fuel generators. For more information, visit http://www.electronsolarenergy.com/.
ESRG News:
January 4 - Electron Solar Energy Selected by Two Major U.S. Manufacturers to Distribute Wind Energy Systems
Electron Solar Energy (OTC: ESRG), an international distributor of alternative energy systems, announced that it entered into a sales and distribution arrangement with two major U.S. manufacturers of wind energy systems to bring their wind generators to the Latin American and Caribbean markets.
President and CEO of Electron Solar Energy, Christopher Quinn said, “Wind energy is a very exciting renewable and eco-friendly technology. This move represents an important complement to our suite of solar energy products. On cloudy days, wind power is ideal for use as a compliment or add-on to solar energy systems, and is a viable power generation option in itself, in lieu of solar panel arrays in other regions. Wind generator technology is being embraced by Latin American countries like Brazil, Argentina, Mexico and Costa Rica as a means to cost-effectively bring reliable power to remote locations as well as densely populated cities without using existing power lines.”
“Many of our existing distributors have requested wind generator systems, and we are now capable of dispatching industry-leading wind generator systems directly from our warehouse in Miami, Florida to anywhere in Latin America or the Caribbean with same-day delivery if needed. We have a knowledgeable staff and web portal capable of communicating in English, Spanish or French, which enables us to best serve hard-to-reach markets in need of renewable energy sources,” added Quinn.
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