--(www.USEquityNews.com)-- 08/06/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Wexford Capital LLC announced recently that ISS Governance Services ("ISS"), a leading proxy voting and corporate governance firm, issued a report on August 4, 2008 recommending that shareholders of Bronco Drilling Company, Inc. (NASDAQ: BRNC) vote AGAINST the proposed merger with Allis-Chalmers Energy Inc. ISS joins a growing number of shareholders, proxy advisory firms and Wall Street analysts that believe the proposed merger with Allis-Chalmers is not in the best interest of Bronco's shareholders.
Approach Resources Inc. (NASDAQ: AREX) (the ``Company'') recently reported its second quarter 2008 financial and operating results. Production for the second quarter of 2008 totaled 2.0 Bcfe (22.4 MMcfe/d), compared to 1.3 Bcfe (13.7 MMcfe/d) produced in the second quarter of 2007, an increase of 63%. Second quarter 2008 production was 82.2% natural gas and 17.8% oil and NGLs, compared to 91.5% natural gas and 8.5% oil and NGLs in the second quarter of 2007. Net income for the second quarter of 2008 was $0.9 million, or $0.04 per diluted share, on revenues of $24.1 million, compared to net income of $3.0 million, or $0.29 per diluted share, on revenues of $9.7 million for the second quarter of 2007. A pre-tax, unrealized loss on commodity derivatives decreased net income for the second quarter of 2008 by $9.7 million.
Kodiak Oil & Gas Corp. (AMEX: KOG), an oil and gas exploration and production company with assets in the Green River Basin of southwest Wyoming and Colorado and the Williston Basin of North Dakota and Montana, today reported financial and operating results for the second quarter 2008. The Company reported a net loss for the quarter-ended June 30, 2008, of $1.9 million, or $0.02 per basic and diluted share, compared with a net loss of $449,000, or $0.01 per basic and diluted share, for the same period in 2007.
Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."
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