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Strategic American Oil Corporation (OTCBB: SGCA) $0.27. Today announced it has made strides to further its goal of increasing production through various means to build its revenues and enhance shareholder value while it prepares for upcoming drilling operations. The Company has leased, reworked and purchased oil and gas projects at various stages of development in an effort to build revenues and reserves with a multi faceted approach, including the following:
Executed the drilling contract for Koliba lease and booked the drill rig for May 15th. Acquired the final 10% working interest in the two Barge Canal producing wells. Leased a 1,043 net acre (m/l) Frio Sand (gas) target in South Texas identified through its acquired 303 sq. mile 3D seismic database. Leased and reworked the Dixon #1 well to the point of production and currently preparing to rework the Dixon #2, Identified and began leasing second waterflood prospect in Illinois BasinPresident and CEO Jeremy Driver stated, "We have had a great year to date at Strategic American Oil, where we have seen developments on all fronts and we have only just begun. We are ready to begin drilling the Koliba (our first in-house generated prospect), we have purchased current production at the Barge Canal (at great value to the Company) and we have reworked the first Dixon well to the point of production. These developments are examples of our progress in executing the Company strategy and adding value to our shareholders. We have set a path, we are walking the path and we will continue to walk the path to build Strategic American Oil into a Company of significance."
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.
Uranium Energy Corp (NYSE- UEC) $2.94. Today announced a near-term production update on each of its Palangana and Goliad in-situ recovery (ISR) uranium projects and an update on its current and anticipated balance sheet and capital structure.
Palangana ISR Project: The Company's technical team, including recent hires from Uranium One, is at present on the ground at the 100%-controlled Palangana project in South Texas. The road and drill pads for the disposal well are being built at the project site. Drilling equipment is slated to arrive at Palangana on June 7, 2010. The Company estimates 45-60 days to drill and complete the disposal well. Simultaneous with the drilling of the disposal well, the Company anticipates drilling the first wellfield for Palangana and installing the satellite operation. The Company is pleased to report that all facets of the Palangana project are on time and on budget to date. Notably, all necessary funds and production permits are firmly in hand.
Goliad ISR Project: Yesterday, as scheduled months ago and as reported by the Company in a news release dated January 11, 2010, a remaining hearing commenced in Austin with an Administrative Court pertaining to the Company's Goliad project. In June 2009, the Texas Commission on Environmental Quality ("TCEQ") approved draft permits that would fully authorize the Company to install the initial wellfield and commence production at Goliad. The hearing addresses questions and comments from the public regarding the Company's mine permits at Goliad. The state examiner will provide recommendations to the TCEQ Commissioners who will make the final ruling later this year. It should be noted that the TCEQ Commissioners have the authority and latitude to agree or disagree with the state examiner's recommendations and the TCEQ approved a draft Mine Permit and a draft Production Area Authorization for the Goliad project last year.
What They Do: Uranium Energy Corp is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including Palangana, and the Goliad in-situ recovery uranium project which is in the final stages of mine permitting.
Pharmasset, Inc. (Nasdaq: VRUS) $32.74. Today announced the efficacy and preliminary safety results from its 28 day phase 2a study with PSI-7977 dosed once daily (QD) in combination with Pegasys (peginterferon alfa-2a) and Copegus (ribavirin), the current standard of care (SOC) in patients with hepatitis C virus (HCV) genotype 1 who were naïve to antiviral therapy. PSI-7977 is one of Pharmasset's investigational nucleotide analogs.
In this study, PSI-7977 demonstrated potent short term antiviral activity and was generally safe and well tolerated. All patients receiving active PSI-7977 demonstrated continuous and substantial declines in HCV RNA with no viral breakthrough during 28 days of therapy at any dose.
What They Do: Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections.
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