--(www.USEquityNews.com)-- 08/22/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Pengrowth Corporation, administrator of Pengrowth Energy Trust (NYSE: PGH), has closed a U.S. $265 million and C$15 million offering of notes issued on a private placement basis in the United States and Canada. The private placement consists of U.S. $265 million of 6.98 percent notes and C$ 15 million of 6.61 percent notes due in 2018. The notes are unsecured and rank equally with Pengrowth's bank facilities and existing term notes. Pengrowth intends to use the net proceeds of the notes to reduce amounts outstanding on its bank facilities which increases Pengrowth's available credit capacity.
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.
Rex Energy Corporation ("Rex Energy") (NASDAQ: REXX) announced recently that its wholly owned subsidiary, Rex Energy I, LLC, has completed the sale of approximately 79,000 net undeveloped acres in Indiana and certain related non-producing wells for approximately $8.4 million. The acreage divested consisted of all of Rex Energy's interests in acreage known as the Wabash and Lawrence areas of mutual interest, which are operated by Aurora Oil and Gas Corp., and all of its undeveloped acreage in Knox, Sullivan and Daviess Counties, Indiana, which was operated by Rex Energy. The proceeds of this sale will be used to fund a portion of Rex Energy's planned capital budget items, including its Marcellus Shale exploration projects in the Appalachian Basin and its Alkali-Surfactant-Polymer (ASP) projects in the Illinois Basin.
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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