--(www.USEquityNews.com)-- 09/08/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Mariner Energy, Inc. (NYSE: ME) recently provided a preliminary update on the impact of Hurricane Gustav on the company's Gulf of Mexico production and assets. The company has completed initial assessments of virtually all Mariner-operated offshore structures and received reports from most operators at its third-party operated assets. Based upon these assessments and reports, it does not appear that any of the structures sustained any material damage. As of Thursday, September 4, approximately 220 million cubic feet of natural gas equivalent per day (MMcfe/d) of offshore production was online. Mariner plans to provide updates about ongoing restoration of its offshore production shut in due to Hurricane Gustav on the company website (http://www.mariner-energy.com) beginning Monday, September 8, 2008, and periodically thereafter.
Petro Resources Corporation (AMEX: PRC) ("the Company") provides an update on recent operations. The East Chalkley field suffered no setbacks due to storm activity; however, was shut in during Hurricane Gustav coming ashore. The Pine Pasture #2 well was producing approximately 95 barrels of oil per day (gross) prior to the hurricane. A second field well is scheduled to be drilled in the fourth quarter of 2008. This well will be drilled from the same pad site as the Pine Pasture #2 in an effort to determine the extent of the reservoir. The Company has a 34% working interest in the field.
Dune Energy, Inc. (AMEX: DNE) announced it has closed $38.1 million of its previously announced sale of its Barnett Shale assets, located in Denton and Wise Counties, TX. The difference between the $38.1 million and the $41.5 million original sale price reflects post-closing adjustments. These funds will be used to eliminate the $28.1 million outstanding on Dune's $40 million revolver, and for general corporate purposes. James A. Watt, President and Chief Executive Officer stated, "This disposition allows Dune to focus its activity on high rate of return projects in the Gulf Coast and develop significant new deeper pool exploratory projects across our high quality property base."
Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."
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