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Holly Corporation (HOC)

Holly Corporation (NYSE: HOC) today announced that a fire was detected at approximately 12:40 PM MST in a new asphalt tank that was under construction at its subsidiary's Navajo Refinery in Artesia, New Mexico. The fire was extinguished after approximately 90 minutes by the refinery's fire fighting team. The fire resulted in two confirmed injuries that are believed to be serious, one missing and one likely fatality that is pending confirmation by authorities. The injured individuals are all employees of the independent contractor that was working on the new tank. The Company will provide an update when more information is available.
The new asphalt tank was under construction, and this incident will have no impact on the refining capabilities of the Navajo Refinery, the company says. Operations at the refinery continue as usual.

Mar 3 · 11:44:00 AM · Source: Company Press Release
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by Jeffrey Epstein

Carrizo Oil & Gas Inc. (CRZO)

Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced record year-end proved reserves and record production for the fourth quarter and full year 2009. Year-end proved reserves were a record 601.9 Bcfe based on reports from Carrizo's third-party reserve engineers. This is an increase of approximately 20% over the year-end 2008 proved reserves of 502.6 Bcfe. The calculation of these reserves was based on oil and natural gas prices of $56.10 per barrel and $3.30 per Mcf, respectively. These prices reflect the SEC's new pricing methodology, which requires the use of the trailing 12-month arithmetic average of the price on the first day of the month. These prices were 40% higher and 34% lower than the prices used at the end of 2008 for oil and natural gas, respectively. This reserve increase equates to the replacement of 400% of 2009 production.
Additional reports and adjustments are in the full statement, not all positive. But the company is pleased it had an excellent operational year in net reserve additions, despite its reduced drilling program and the impact of lower prices.

Mar 3 · 11:36:00 AM · Source: Company Press Release
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by Jeffrey Epstein

Chevron (CVX)

As a verdict nears in the long-running environmental lawsuit against Chevron Corp. in Ecuador, both sides are ratcheting up the pressure, the San Francisco Chronicle reports. The man who says oil field contamination in Ecuador's rain forest killed two of his children will try to meet with Chevron's new chief executive officer, John Watson, the newspaper says. Together with some of his American supporters, Emergildo Criollo will go first to Watson's home in Lafayette, then to the company's headquarters in San Ramon, carrying with him petitions signed by 325,000 people asking Chevron to settle the suit. Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/03/01/BULA1C97V3.DTL#ixzz0h2ArSRBj
This litigation is a long-running sad story, and it is unclear when or if it will end.

Mar 2 · 10:48:00 AM · Source: San Francisco Chronicle
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by Jeffrey Epstein

Double Eagle Petroleum Company (DBLE)

Double Eagle Petroleum Co. (Nasdaq: DBLE) announces that the Company achieved annual production for the year ended December 31, 2009 of 9.3 Bcfe, an increase of 39% over 2008 production of 6.7 Bcfe. The increase was driven primarily by the Company's operated Catalina Unit, which accounted for 73% of the year over year increase. Significant production increases were also realized from our interest in the Pinedale Anticline non-operated properties.
Company notes that amid falling natural gas prices, it managed to increase productivity through existing well and gathering system enhancements.

Mar 2 · 10:34:00 AM · Source: Company Press Release
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by Jeffrey Epstein

Hercules Offshore Inc. (HERO)

Hercules Offshore, Inc. (Nasdaq: HERO) reports a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008. The Company reported a loss from continuing operations of $90.1 million, or $0.93 per diluted share, on revenues of $742.9 million for the twelve month period ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.25 per diluted share, on revenues of $1.1 billion for the twelve month period ended December 31, 2008.
The company says it tried hard to cut costs last year, and is hoping for improved results this year.

Mar 2 · 10:28:00 AM · Source: Company Press Release
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by Jeffrey Epstein

ECO International (ESV)

ECO International reported for the full year 2009 earnings of $779 million, or $5.48 per share, on sales of $1.946 billion. That compares to the prior year earnings of $1.151 billion, or $8.04 per share, on sales of $2.397 billion.
Chairman, President and Chief Executive Officer Dan Rabun stated, "In the fourth quarter, earnings grew significantly compared to the third quarter. The increase was driven by higher utilization across the fleet and our growing deepwater segment - which equaled one-quarter of total revenues in the fourth quarter. Looking ahead, we project deepwater segment revenue will continue to grow significantly as more of our new ultra-deepwater semisubmersibles commence drilling for our customers. Growth in our deepwater segment is expected to lessen the impact of declining average day rates in our jackup business - as rates from expiring jackup rig contracts are adjusted to today's lower market rates. Fortunately, market rates for premium jackup rigs have been stabilizing somewhat over the past several months."

Feb 25 · 10:30:00 PM · Source: Company Press Release
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by Michael Oliveto

American Oil & Gas Inc. (AEZ)

American Oil & Gas Inc. (NYSE Amex: AEZ) announces that drilling operations have commenced on American's Ron Viall 1-25H well located in 156N-98W Sections 24 and 25 in Williams County, ND. The well is currently drilling at an approximate vertical depth of 10,930' and a measured depth of 11,080'. Casing has been set around the curve and current operations are focused on drilling the planned 9,000' lateral in the Bakken formation. The Ron Viall well is spaced on 1,280 acres. American owns a 95% working interest in this well. The Tong Trust 1-20H well, located in Sections 17 and 20 of T157N-R96W, Williams County, ND, is scheduled for completion operations to commence in early March. This well is being drilled, completed and funded under the terms of a previously announced participation agreement. The casing, and the associated completion assembly have been set which will facilitate up to 26 fracture stimulation stages in the Bakken formation.
One more well in production.

Feb 25 · 9:05:00 PM · Source: Company Press Release
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by Jeffrey Epstein

Chevron (CVX)

Chevron Corporation today announced that executive vice president, Charles A. James, will leave the company effective May 2, 2010. James, who intends to retire from the active practice of law, will join the adjunct faculty of the law school at Arizona State University and pursue other charitable ventures. This move is part of a planned transition under which James led the recruitment of his successor, R. Hewitt Pate, vice president and general counsel. Pate joined the company in August 2009 and has reported to James during this transition period. "Charles has provided tremendous leadership to our global legal team over the past eight years," said John Watson, Chevron`s chairman and CEO. "During his tenure, he created a world-class law function and guided our legal strategy on a range of complex and important legal matters. Charles will have an ongoing consulting relationship with Chevron and we look forward to drawing on his deep understanding of the law and our business. We wish him well."
No known reason to think this is anything other than a pre-planned transition, expected to go smoothly. If not, oil sheen in the executive suite would be evident.

Feb 25 · 8:59:00 PM · Source: Company Press Release
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by Jeffrey Epstein

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