--(www.USEquityNews.com)-- 08/13/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) recently announced that it will make a presentation on August 14, 2008 at The 2008 Oil & Gas Conference in Denver. Representing the Company at the conference will be Mark S. Siegel, Chairman, and John E. Vollmer, Chief Financial Officer. The presentation will be webcast live beginning at approximately 9:15 a.m. Mountain Time on August 14, 2008. To access the webcast, go to http://www.patenergy.com or to http://www.TheOilandGasConference.com approximately 10 minutes prior to the scheduled start time. Replay of the webcast will be available through August 28, 2008 at http://www.patenergy.com.
MarkWest Energy Partners LP (NYSE: MWE) said recently it posted a wider loss in the second quarter, due in part to large losses related to derivative contracts. For the period ended June 30, MarkWest posted a loss of $177.8 million, or $3.19 per unit, compared with a loss of $7.3 million, or 32 cents per unit, in the year-ago period. Quarterly revenue increased to $278.2 million from $198.8 million. However, including a derivative loss of $312.6 million -- up from $13.9 million in the same period last year -- revenue slipped to a negative $34.4 million compared with a positive $184.9 million a year earlier. Analysts polled by Thomson Financial, expected, on average, earnings of 38 cents per share on revenue of $213.8 million. Analysts typically exclude one-time charges. Shares rose 89 cents, or 2.9 percent, to $32.16 in afternoon trading.
FX Energy, Inc. (NYSE: FXEN) announced recently the successful workover of the Company's Grabowka-12 well. It is expected to begin production early next year at approximately 1.0 to 1.2 million cubic feet of gas per day. Two more wells in the field, Grabowka-6 and Grabowka-8, are scheduled for re-entry later this year. The Grabowka field is located in western Poland in the Company's Block 287. Though FX owns a 100% working interest in and operates the field, this three-well re-entry venture is part of an unusual and creative venture with PL Energia, a gas distributor in Poland. PL Energia agreed to pay all re-entry and workover costs, all operating costs, and all processing and distribution costs. Thus, FX Energy incurs no capital or operating costs. In return for funding all of the costs, PL Energia gained the right to purchase production from these three wells at the reduced price of $60 per thousand cubic meters of methane, or about $1.00 per thousand cubic feet of raw gas.
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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