Today’s Trade Alerts include: Energy XXI Limited (Nasdaq: EXXI), Ivanhoe Energy Inc. (Nasdaq: IVAN), Abraxas Petroleum Corp. (Nasdaq: AXAS), MannKind Corp. (Nasdaq: MNKD), Cytokinetics Inc. (Nasdaq: CYTK) and Sirius Satellite Radio Inc. (Nasdaq: SIRI).
“Energy XXI Limited (EXXI) shares fell nearly 4% to $5.03 Thursday morning. Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program...
“Energy XXI recently offered an exchange of common shares for its outstanding warrants to purchase common shares. In total, 64.1 million or 83.1% of the warrants outstanding were exchanged for common shares through a combination of cash and cashless transactions, providing $237.2 million of cash to be used for debt reduction and general corporate purposes…
“Energy XXI also joined the broad-market Russell 3000 Index and the Russell Global Index effective June 27 when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes...”
“Ivanhoe Energy Inc. (IVAN) shares fell 6% to $2.43 in Thursday’s mid-day trading. Ivanhoe Energy is an independent, international heavy-oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary, patented heavy-oil upgrading process (HTL)…
“On July 11, 2008, Ivanhoe entered into an Asset Transfer Agreement with Talisman Energy Canada, an affiliate of Talisman Energy Inc., pursuant to which Ivanhoe completed the acquisition from Talisman of all of Talisman's interests in Leases 10 and 6 located in the Athabasca oilsands region in the Province of Alberta together with certain related wells, data and right…
“The agreement finalized the terms and conditions relating to the Talisman Lease Acquisition agreed to in a preliminary agreement between Ivanhoe and Talisman dated May 29, 2008…”
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Beacon Equity Research Disclosure
The analysts contributing to this report do not hold any shares of Energy XXI Limited (Nasdaq: EXXI). Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. The analyst(s) writing this report recognize and aspire to all of the CFA Institute Guidelines for Independent Research. Beacon Equity Research (“Beacon”) certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analysts in the report. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change.
Source: BeaconEquity.com
Beacon Equity Research
Jeff Bishop, (469)-252-3505
press@beaconequity.com
