--(www.USEquityNews.com)-- 09/17/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Oil driller Rowan Cos. said Tuesday one of the company's nine Gulf of Mexico rigs is missing following Hurricane Ike. Rowan said it is searching for its "Rowan-Anchorage" rig, which may have capsized and sunk. The company said it has notified the appropriate regulatory agencies. The rig, whose personnel were evacuated before the storm, was insured for $60 million, with a $17.5 million windstorm deductible. It had a carrying value of $4.5 million and had been operating under a well-to-well contract of about $60,000 per day, Rowan said.
Quest Resource Corporation (NASDAQ: QRCP), Quest Energy Partners, L.P., and Quest Midstream Partners, L.P. announced recently the termination of the companies' chief financial officer and the status of their internal investigation into certain questionable transfers of funds to an entity controlled by the former chairman and chief executive officer of the companies. On September 13, 2008, the boards of Quest Resource and the general partners of Quest Energy Partners and Quest Midstream Partners terminated Mr. David Grose as the chief financial officer of the companies, effective immediately. The companies have commenced their search for a new CFO, but pending the appointment of a new CFO, Mr. Jack T. Collins will continue to serve as interim CFO of the companies and Kroll Zolfo Cooper LLC will continue to assist in the accounting and finance functions for the companies.
Hercules Offshore, Inc. (NASDAQ: HERO) reported recently that all of its drilling rigs, liftboats and other marine vessels in the U.S. Gulf of Mexico have been accounted for. The company conducted an aerial survey of its rigs and has start-up crews on the majority of its active rigs and is presently coordinating the re-manning of the remaining rigs. The company has not identified any significant damage through the aerial surveys or reports from offshore personnel who have re-boarded the rigs, but a complete evaluation of their condition will require closer inspection by the offshore crews.
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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