SmallCapReview.com has been a leading site for information on small cap stocks, penny stocks and microcaps since 1999, to receive the free SmallCapReview newsletter visit http://www.smallcapreview.com/.
Strategic American Oil Corporation (OTCBB: SGCA) $0.27. Announced on April 21st that it has completed the purchase of the remaining 10% working interest in the Company's Calhoun Co., Texas "Welder" lease. The Company now owns 100% of the working interest in the producing 81-acre lease.
This 10% Working Interest purchase of the Welder Lease took place after the working interest investment had been fully recouped through production. This underscores both the skill with which the field is operated and the favorable market conditions of producing oil and gas from these proven zones. An independent engineering report, conducted by Lonquist & Co. LLC, demonstrates additional proven behind pipe reserves that make this acquisition attractive.
Company President and CEO, Jeremy Driver, stated, "The Welder Lease has been very profitable for the Company as we reached payout in a 24-month span. Production continues at a generous and healthy rate, and because of this we see it as in the best interest of the Company to lease the remaining 10% Working Interest in the producing wells. We are always ready to make investments when we believe the economics are in our favor. The Welder working interest lease makes good sense for our company and our shareholders."
What They Do: Strategic American Oil Corporation is an exploration and development company with operations in Texas, Louisiana, and Illinois. The Company draws on an internationally recognized team of geologists, engineers and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.
Patterson-UTI Energy (Nasdaq: PTEN) $15.05. Today announced that for the month of April 2010, the Company had an average of 150 drilling rigs operating, including 148 rigs in the United States and 2 rigs in Canada.
Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were operating under a drilling contract. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company's operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company's financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
What They Do: Patterson-UTI Energy, Inc. subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America.
L & L Energy (Nasdaq: LLEN) $10.50. Today announced it will exceed guidance for the fiscal year ending April 30, 2010.
Management believes revenues and earnings would exceed the previously provided guidance released in March 2010. Management said that it expects fiscal 2010 annual revenue ended on April 30, 2010 to be higher than $108.1 million. The Company also believes net income would exceed the previously announced $28.1 million, or $0.94 EPS, on a GAAP basis, subject to final audit.
What They Do: Founded in 1995 and headquartered in Seattle, L&L focuses on serving energy markets in China.
W&T Offshore, Inc. (NYSE: WTI) $10.00. Today announced that its Board of Directors on May 3, 2010 declared a regular cash quarterly dividend of $0.03 per share, payable to the holders of the Corporation's common shares. The dividend will be payable on June 23, 2010, to the shareholders of record on May 26, 2010.
What They Do: W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions, where it has developed significant technical expertise.
About SmallCapReview
Copyright SmallCapReview. SmallCapReview.com is a leading site for news on small-caps, penny stocks and microcaps. SmallCapReview has built a loyal opt-in following for their investor products by providing a newsletter at no cost, sent to subscribers, highlighting select stocks in play, to register visit http://www.smallcapreview.com/. To follow us on Twitter visit http://twitter.com/SmallCapReview. SmallCapReview may hold positions in securities mentioned herein, and may make purchases or sales in such securities featured on our website or within our reports In order to be in full compliance with the Securities Act of 1933, Section 17(b), SCR will disclose in it's disclaimer, what, if any compensation was received for our efforts in researching, presenting and disseminating this information to our subscriber database and featuring the report on the SmallCapReview website. SmallCapReview has been compensated up to six thousand dollars for its efforts with regards to Strategic American Oil by a third party New Millennium.
