--(www.USEquityNews.com)-- 07/09/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Grey Wolf, Inc. (AMEX: GW) recently announced the recommendation from Egan-Jones Proxy Services, a leading independent proxy voting advisory firm, that Grey Wolf stockholders vote in favor of the proposed merger with Basic Energy Services, Inc. at the upcoming Special Meeting of Stockholders scheduled for July 15, 2008. "Our Board of Directors strongly and unanimously believes that the Basic merger is in the best interests of Grey Wolf stockholders, and we are very pleased that Egan-Jones has agreed with our position," said Thomas P. Richards, Chairman, President and CEO of Grey Wolf.
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.
Transocean Inc. (NYSE: RIG) said recently that Italy's Eni SpA petroleum company gave it an offshore drilling contract that carries a potential value of about $1.19 billion. Eni will use Transocean's drillship Deepwater Pathfinder, which can drill in waters as deep as 10,000 feet, for five years, primarily in the U.S. Gulf of Mexico. RBC Capital Markets analyst Kurt Hallead said that "at a rate of $652,000 per day we believe this contract is the highest ever for an existing 'non-newbuild' deepwater rig. "This (contract) added 12 cents to our 2010 (earnings per share) estimate," he wrote in a client note. His earnings per share estimate for 2010 had been $20.23.
Royal Energy Resources, Inc. (OTCBB: ROYE) announced recently that the initial natural gas flow rate on its Washington County, Oklahoma well project exceeded 500,000 cubic feet of natural gas and 10 barrels of oil per day. This represents the second of a two-well project in Washington County, Oklahoma intended to increase the proven reserves and profitability of the company. Royal Energy owns a 25% working interest in both the well and second developmental wells. Jacob Roth, CEO of Royal Energy stated, "We are pleased with the initial results of both test wells and expect to participate in an additional 8 wells in the area over the next 6 months. We expect both wells that have been drilled to be online and producing revenue for the company by July 1, 2008."
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