--(www.USEquityNews.com)-- 07/09/2008 - 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.
Transocean Inc. (NYSE: RIG) recently announced that its deepwater drillship Deepwater Pathfinder, a single-activity rig capable of drilling in water depths up to 10,000 feet, has been awarded a five-year contract by a subsidiary of Eni for drilling operations primarily in the U.S. Gulf of Mexico. The contract is scheduled to commence in March 2010 following completion of the rig's existing contract commitments. Estimated contract revenues that could be generated over the five-year contract period are approximately $1.19 billion. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for cost escalations. The Deepwater Pathfinder drillship, which entered service in 1998, is one of 39 High-Specification Floaters in the Transocean fleet, 18 of which are Ultra-Deepwater Floaters capable of drilling in water depths of 7,500 feet or greater.
BPZ Resources, Inc. (AMEX: BZP) recently announced that the Company's Board of Directors has adopted a policy authorizing establishment of stock trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The policy permits participating Company executives, other key Company employees and Board members to enter into pre-arranged stock trading plans for future purchases or sales of pre-determined amounts of Company stock over time according to pre-determined pricing criteria. Rule 10b5-1 allows plans to be established that permit corporate executives to prearrange sales of company securities at a time when they are not aware of any material non-public information. Such plans typically involve a plan to buy or sell shares over a set period of time. These pre-arranged planned trades will be executed at a specified later date, as set forth in the plan, without further action or oversight by the executive officer.
Hyperdynamics Corporation (AMEX: HDY) announced that a new seismic services contract with Bergen Oilfield Services (BOS), out of Bergen, Norway was signed last Thursday, July 3, 2008. Over the last couple of months the two companies have been in negotiation regarding the details surrounding this extensive 3-D seismic program. This 3-D program, to begin in Q4 2008, is the next and most important step in preparation for drilling exploration wells offshore The Republic of Guinea, West Africa. While negotiating this program, the Company has also been working to line up drilling slots for drilling exploration wells as early as the fourth quarter of 2009. As such, management remains in contact and is now increasing efforts with drilling consortiums, drilling contractors, and potential Joint Venture Partners. The Company hopes to soon have more specific information on its drilling plans.
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.
