--(www.USEquityNews.com)-- 07/08/2008 - 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 that is to change its name to "US BioFuels Exchange, Inc.," announced that it has opened its USBiofuelsExchange.com web site to pre-registration by Producers, Resellers and Buyers of Biofuels (Biodiesel and Ethanol) and other biofuel products. The determination to open the pre-registration process ahead of schedule was made in response to the high volume of inquiries seeking to register for participation on the US-BX. "The response to the US-BX has been greater than even our most optimistic projections," said Tom Gray, DMOI's newest director. "We are very happy with the biofuel industry's initial reception of our exchange and look forward to announcing more exciting developments in this important project," added Mr. Gray.
Storm Cat Energy Corporation (AMEX: SCU) recently provided an update of its operations in the Company's Arkansas Fayetteville Shale acreage. The first three of the Company's 2008 Fayetteville development program wells are now on production and tied into sales, two of which have undergone State of Arkansas Form 13 testing. Each well continues to produce significant volumes of fracturing fluid. Notwithstanding, the Owen 1-18H tested at a rate of 1,240 thousand cubic feet per day (Mcf/d) and the Ballard 1-18H tested at a rate of 1,341 Mcf/d. The Company is very encouraged by these test rates and anticipates that production from these wells will increase as cleanup progresses. The third well, the Roberts 1-13H, is tied into sales and is about to undergo a Form 13 rate test.
Rowan Companies, Inc. (NYSE: RDC) will host a conference call on Tuesday, August 5, 2008 at 8:30 a.m. CDT to discuss its operating results for the three months ended June 30, 2008, which will be released earlier that morning. Interested parties can listen to the conference call by telephone or over the Internet. Individuals who wish to participate on the conference call by telephone should dial-in approximately 5 to 10 minutes prior to the scheduled start time, using one of the numbers provided. The access or confirmation code is 4327385. Alternatively, to access the online, real-time simulcast and rebroadcast of its second quarter 2008 operating results conference call, please visit Rowan's website at www.rowancompanies.com.
NGAS Resources, Inc. (NASDAQ: NGAS) recently provided an update on its horizontal drilling activity in its core Leatherwood field. The company has been actively drilling horizontal wells through the Devonian shale in its Leatherwood field since February 2008. The fourth and fifth wells have now been on line for over 30 days, with average production rates of 203 thousand cubic feet per day (Mcf/d) and 360 Mcf/d, respectively. The company retained working interests of 100 percent in the fourth well and 87.5 percent in the fifth well.
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