--(www.USEquityNews.com)-- 06/18/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Diamond I, Inc. (OTCBB: DMOI) announced that it has established www.USBiofuelsExchange.com (the "USBE"), a new Internet biofuels marketplace. The USBE is the brainchild of DMOI's newest director, Tom Gray. Mr. Gray has over 25 years' experience marketing biofuels, including 25 years of marketing ethanol, and has been marketing biodiesel since its market introduction. Mr. Gray is a past winner of the "Northern Colorado Entrepreneur of the Year." Also, Mr. Gray served the Colorado Wyoming Petroleum Marketers Association in various capacities, including Co-Chairman of the Board, President and Trustee.
JED Oil Inc. (AMEX: JDO) ("JED" or the "Company") today announced that it has been informed that the Canadian Chartered Bank with whom it has been negotiating since January 2008, a $32 million credit facility agreement, did not approve the facility with no explanation. These funds were earmarked to repay a portion of the principal amount of the 10% Senior Subordinated Convertible Notes ("Notes"), in accordance with the Note Amending Agreement to restructure the Notes and provide for their redemption and also provide additional working capital. JED's management is pursuing alternative financial options including a possible sale of some or all of its assets or additional equity and debt financing.
NGAS Resources, Inc. (NASDAQ: NGAS) today announced that its board of directors has appointed Steve U. Morgan to serve as a member of the board and its audit committee and compensation committee. Mr. Morgan has served since 1993 as the President and CEO of First & Farmers National Bank and President of its parent company, Albany Bancorp, Inc. He previously held senior management positions with several regional banks in Florida and Kentucky. Mr. Morgan is currently the Chairman of the Clinton County Library Board and has served as a member of the Somerset Community College Advisory Board, on the Board of Directors of the Clinton County Industrial Authority and other community organizations. Mr. Morgan holds a B.S. Degree in Banking from Western Kentucky University in Bowling Green, Kentucky.
Transmeridian Exploration Incorporated (AMEX: TMY) (``Transmeridian'') announced today that it intends to cause Transmeridian Exploration Inc., a British Virgin Islands company and wholly owned subsidiary of Transmeridian (``TMEI''), to commence an exchange offer and related consent solicitation for any and all of TMEI's outstanding 12% Senior Secured Notes due December 15, 2010 (the ``12% Senior Notes''). Under the terms of the exchange offer as currently contemplated by Transmeridian and United Energy Group Limited (HK: 467.HK) (``UEG''), participating holders of the 12% Senior Notes would receive cash consideration for 10% of their 12% Senior Notes, and would receive new senior notes for the remaining 90% of their 12% Senior Notes.
About U.S. Equity News
U.S. Equity News provides information, resources and news services for investors of small-cap, micro-cap and emerging companies. U.S. Equity News distributes RSS news feeds and a free subscription-based newsletter available through its website at www.usequitynews.com.
U.S. Equity News is a financial news distribution service by Equity Solutions, Inc. (www.equityirsolutions.com) that provides a platform for public companies to disseminate important news to key Wall Street interest such as shareholders and new investors. Equity Solutions, Inc. can assist by providing an effective increase in the awareness of a public company's news, development and corporate story through its proprietary network and its financial portal. U.S. Equity News and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.USEquityNews.com.
