--(www.USEquityNews.com)-- 06/24/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Diamond I, Inc. (OTCBB: DMOI) announced that it has retained an experienced software engineer and web development specialist to expedite the completion of its USBiofuelsExchange.com (the "USBE") web site, a web site that will feature real time pricing, quantities and matching of producers, sellers and buyers. The USBE, DMOI's planned Internet biofuels marketplace, is scheduled for beta testing beginning Summer 2008. "The US Biofuels Exchange platform will address all the inefficiencies currently plaguing the biofuels industry," said Tom Gray, DMOI's newest director.
Researched by Industrial Info Resources (Sugar Land, Texas) -- Petrobras' (NYSE: PBR) refinery REGAP (Refinaria Gabriel Passos), located in the Minas Gerais state of Brazil, will have a major maintenance shutdown at the delayed-coking, diesel-hydrotreament and hydrogen-generation units by the end of August 2008. These maintenance shutdowns will last 30 days. The main work will be performed at the diesel-hydrotreament unit, during which two of the reactor's catalysts will be changed. This unit has a 22,000-barrel-per-day capacity and has been processing since 2005. Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.
Glen Rose Petroleum Corporation (NASDAQ: GLRP), a public company involved in the development of medium gravity crude oil assets announced that it has received a new engineering report for its Wardlaw Field from TEC Engineering that shows total proved reserves of 701,000 barrels of oil, valued at a 10% discounted rate and risk adjusted to $9.4 million. The Company currently has four developed and producing wells with reserves of 27,000 barrels valued at $691,000. Chip Langston, GLRP's President, stated, "This report demonstrates that our field activities since the previous engineering report have had a positive effect on our company's outlook. Since then, we have made great strides in bringing this property along as shown by the $9.4 million of proven reserves in this latest engineering report."
Quest Resource Corporation (NASDAQ: QRCP) ("Quest") announced today that it has commenced, subject to market conditions, an underwritten public offering of approximately 8.4 million shares of its common stock, par value $0.001 per share. Quest also intends to grant the underwriters a 30-day option to purchase up to approximately 1.26 million additional shares to satisfy any over-allotments. Quest intends to use approximately $70 million of the net proceeds from this offering to fund a portion of the previously announced $140 million acquisition, subject to closing adjustments, of privately held PetroEdge Resources (WV) LLC ("PetroEdge"). The remainder of the purchase price will be paid with the proceeds from the sale to Quest Energy Partners, L.P.
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