--(www.USEquityNews.com)-- 09/05/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Gulf Island Fabrication, Inc. (NASDAQ: GIFI) recently reported it sustained very minimal damage at its Houma facilities from Hurricane Gustav that moved through the Gulf Coast Monday. The Company's Texas facilities were not affected by the hurricane and remains fully operational. Local officials will allow residents to return to the area beginning tomorrow, Friday, September 5, 2008. As utility services, such as electric power, water and natural gas is restored to the area, office and essential yard personnel will begin performing various tasks to return the Corporate headquarters and all the Company's operating facilities (Gulf Island, L.L.C., Dolphin Services, L.L.C. and Southport, L.L.C.) to pre-Hurricane Gustav operations.
Cubic Energy, Inc. (AMEX: QBC) (``Cubic'' or the ``Company'') announced the Company has reached total depth of 11,950 feet on its Red Oak Timber 5 No. 1. 4 1/2`` casing was set at 11,950 feet. The Red Oak Timber 5 No. 1 is Cubic's fifth Haynesville Shale well in its northwest Louisiana acreage. The Red Oak Timber 5 No. 1 is Cubic's second Haynesville Shale well to be drilled in the Company's southern acreage position of Bethany Longstreet. Log analysis identified Cotton Valley and Hosston zones in addition to two Shale zones in the Red Oak Timber 5 No. 1. The Red Oak Timber 5 No. 1 is a direct offset to the Estes 7 No. 1. The two Shale zones in the Red Oak Timber 5 No. 1 are comparable to the Estes 7 No. 1 (see press release dated July 23, 2008).
Key Energy Services, Inc. (NYSE: KEG) announced recently that its Mexican subsidiary, Key Energy Services de Mexico S. de R.L. de C.V. has been awarded a 24-month contract valued at $68 million by PEMEX to provide field production solutions and well workover products and services. The new project will cover PEMEX' North Region assets and will initially focus on oil wells in the Poza Rica-Altamira and Cerro Azul assets. Under the terms of the contract, Key will initially provide four well service rigs outfitted with its proprietary KeyView(R) system and will install five KeyView(R) systems on PEMEX-owned well service rigs. The contract grants PEMEX the option to call for additional rigs and KeyView(R) systems in the future. This work is in addition to the $46 million PEMEX contract awarded to Key in early 2007. Key currently has nine rigs working for PEMEX.
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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