--(www.USEquityNews.com)-- 08/21/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. BPZ Resources, Inc. (AMEX: BZP) announced recently it has signed a Mandate Letter and Facility Term Sheet with a large international bank to underwrite and structure, on an exclusive basis, a $200 million reserve based facility. This facility is in addition to the initial tranche of senior debt in the amount of $15 million with International Finance Corporation (IFC) which, as previously announced, was closed last week. Both the bank and IFC facilities will be governed by a Common Terms Agreement, ensuring cooperation among the lenders. This second tranche of senior debt is expected to close in fourth quarter 2008. The Company will draw down on this facility only when necessary.
The shutdown of the rich gas pipeline between Kvitebj?rn and Kollsnes will impact StatoilHydro's production for the remainder of the year. Visund will continue to inject gas during the shutdown and liquids will consequently be produced. Kvitebj?rn liquids and gas production will be shut down. Our gas customers are not likely to be affected by the incident. StatoilHydro (NYSE: STO) maintains the guiding on 1,9 million barrels per day of equity production for 2008.
Pengrowth Corporation, administrator of Pengrowth Energy Trust (NYSE: PGH), recently announced its September 15, 2008 cash distribution will be Cdn $0.225 per trust unit. The distribution is net of amounts withheld to partially finance capital expenditures. The ex-distribution date is August 27, 2008. The distribution will be payable to all Pengrowth unitholders who hold trust units on the record date of August 29, 2008. The distribution of Cdn $0.225 per trust unit is equivalent to approximately U.S. $0.212 per trust unit using a U.S./Canadian dollar exchange ratio of 0.9409.
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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