--(www.USEquityNews.com)-- 06/26/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Diamond I, Inc. (OTCBB: DMOI), a fully reporting company trading on the OTCBB, announced that it has determined to change its corporate name to "US BioFuels Exchange, Inc.," in a move intended to better link its name to its main business focus. The name change will be made, after approval is obtained from shareholders. These efforts will begin immediately. "This is a natural step in our progression as we sharpen our business focus. We look forward to announcing more developments in this important project," said Tom Gray, DMOI's newest director.
BPZ Resources, Inc. (AMEX: BZP) announced today that the Company has signed a Memorandum of Understanding (MOU) with Shell Exploration Company (West) B.V. (Shell). This non-binding MOU allows both parties to move forward with their negotiations on a possible Farm-out Agreement (Agreement) with the ultimate goal of jointly developing Blocks Z-1, XIX and XXIII in Northwest Peru into large-scale oil and gas ventures, including regional power generation, gas supply for local and regional industry, and LNG. The intent of forming a joint venture is to complement BPZ Energy's assets, local knowledge and experience, stakeholder relationships, and vision with Shell's technology, equipment, manpower and leadership, especially in gas marketing.
Key Energy Services, Inc. (NYSE: KEG) announced today that effective June 25, 2008, Newton W. "Trey" Wilson III has been promoted to Executive Vice President and Chief Operating Officer. Mr. Wilson joined the Company in January 2005 and has served as its Senior Vice President, General Counsel and Secretary. Commenting on the appointment of Mr. Wilson, Dick Alario, Chairman and Chief Executive Officer, said "In addition to his prior duties, Trey has been a leader in the strategic and operational decisions of the Company, including his heavy involvement with the successful development and execution of our international growth plan. His long history in the E&P sector, a keen knowledge of the energy business and years of experience at the Company uniquely prepare Trey to lead our operating groups to the next level of growth and value for our customers and shareholders.
Allis-Chalmers Energy Inc. (NYSE: ALY) and Bronco Drilling Company, Inc. (NASDAQ/GM:BRNC) announced today that they each have set record dates for their respective special meetings of stockholders relating to the amended merger agreement providing for the acquisition of Bronco Drilling Company, Inc. by Allis-Chalmers Energy Inc. The amended merger agreement, which was previously announced on June 2, 2008, provides that at the effective time of the merger, stockholders of Bronco Drilling will receive aggregate merger consideration comprised of (a) $200 million in cash and (b) 16,846,500 shares of Allis-Chalmers common stock. Allis-Chalmers plans to submit the issuance of Allis-Chalmers common stock in the merger to the stockholders of Allis-Chalmers for approval at a special meeting of stockholders to be held on a date still to be determined and announced.
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