--(www.USEquityNews.com)-- 07/03/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Quest Resource Corporation (NASDAQ: QRCP) ("Quest") announced recently the pricing of a follow-on public offering of 8,800,000 shares of its common stock at a price of $10.25 per share. Quest has also granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,320,000 shares of its common stock. The offering is expected to close on or about July 8, 2008. Quest expects to receive net proceeds from this offering of approximately $84.2 million (approximately $97 million if the underwriters exercise their over-allotment option in full). 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").
PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) recently reported that for the month of June 2008, the Company had an average of 253 drilling rigs operating, including 248 rigs in the U.S. and 5 rigs in Canada. For the three months ended June 2008, the Company had an average of 245 drilling rigs operating, including 243 rigs in the U.S. and 2 rigs in Canada. Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were moving or operating under a drilling contract. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company's operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company's financial performance.
TT Energy Services Inc. (NASDAQ: TTES) named James Mitchell chief financial officer, replacing Michael Mino, who took over the role of vice president for special projects, the oilfield services company said Wednesday. Mitchell, who is also a senior vice president, was most recently CFO for a unit of Pride International Inc.
Diamond I, Inc. (OTCBB: DMOI (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.
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