Ontario Energy Association Releases Report on Energy Governance in Ontario

TORONTO, Nov. 17, 2017 (GLOBE NEWSWIRE) — The Ontario Energy Association (OEA) and Association of Power Producers of Ontario (APPrO) are pleased to release “Report on Energy Governance in Ontario.” The report is written by George Vegh, head of McCarthy Tétrault’s Toronto energy regulation practice. George is also Adjunct Professor at the University of Toronto Law School and the School of Public Policy and Governance. Prior to joining McCarthy Tétrault, he was General Counsel of the Ontario Energy Board.

The report addresses how energy decisions are governed in Ontario and proposes solutions to improve it. The main conclusion in this report is that energy agencies have not provided the check and balance function that regulators perform in other jurisdictions and recommends that energy governance should be improved to better reflect the principles of transparency, accountability and integration.

“Ontario needs to update its energy planning governance framework to ensure consumers achieve maximum benefit from an energy sector that is going through an accelerating transformation,” said Vince Brescia, President & CEO of the OEA. “This report sets a number of important issues with the existing regulatory framework and offers strong and practical recommendations to improve the framework to ensure Ontario can deliver a system that is meeting the consumer’s evolving needs.”

David Butters, President & CEO of APPrO, stated that, “Our hope is that this paper will stimulate further discussion among policy makers, regulators and sector participants about governance improvements. The recently released LTEP provides a good foundation for those kinds of discussions to unfold.”

A digital copy of the Report can be viewed here.

About the OEA
The Ontario Energy Association (OEA) is the credible and trusted voice of the energy sector. We earn our reputation by being an integral and influential part of energy policy development and decision making in Ontario. We represent Ontario’s energy leaders that span the full diversity of the energy industry.

For more information:
Vince Brescia, President & CEO
Ontario Energy Association
416.961.8874
vince@energyontario.ca

Leanne Ryan, Marketing & Communications Associate
Ontario Energy Association
647.463.5244
leanne@energyontario.ca




Royale Energy, Inc. Announces Shareholder Approval of the Merger with Matrix Oil Management Corporation

SAN DIEGO, Nov. 17, 2017 (GLOBE NEWSWIRE) — Royale Energy, Inc. (OTCQB:ROYL) (the “Company” or “Royale”) today announced the results of its annual meeting of shareholders. At the meeting, holders of Royale’s common stock voted to approve the following actions:

(1)  adopting the Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”) dated effective as of December 31, 2016, by and among Royale, Royale Energy Holdings, Inc., a Delaware corporation (“Holdings”), Royale Merger Sub, Inc., a California corporation and a direct, wholly-owned subsidiary of Holdings, Matrix Merger Sub, Inc., a California corporation and a direct, wholly-owned subsidiary of Holdings, and Matrix Oil Management Corporation (“Matrix”);

(2)  issuing Holdings common stock to the limited partners of Matrix Investments, L.P., Matrix Las Cienegas Limited Partnership, and Matrix Permian Investments, L.P. in exchange for all limited partnership interests of such partnerships (other than the preferred limited partnership interests of Matrix Investments, L.P.);

(3)  issuing Series B Preferred Stock by Holdings to the holders of certain preferred limited partnership interests of Matrix Investments, L.P., in accordance with the terms of the exchange agreement of Holdings with the holders of such preferred limited partnership interests attached as an exhibit to the Merger Agreement;

(4)  issuing common stock by Holdings to stockholders of Matrix Oil Corporation (“Matrix Operator”) in exchange for common stock of Matrix Operator;

(5)  approving the conversion of certain convertible notes issued by Royale into Royale common stock; and

(6)  electing seven members of the Royale board of directors to serve until the 2018 annual meeting.

Also, today, in a separate meeting, shareholders of Matrix Oil unanimously approved the Merger Agreement.

Closing of the Merger remains conditioned upon Matrix’s senior lenders consent to the Merger Agreement. Because of the importance of the oil and gas assets securing Matrix’s senior debt, it is essential that Matrix either obtain consent from its lenders or find an alternative financing source to repay and replace the current lenders.

About Royale Energy, Inc.

Founded in 1986, Royale Energy, Inc. (OTCQB:ROYL) is an independent exploration and production company focused on the acquisition, development, drilling and marketing of oil and natural gas. Royale typically sells fractional working interests to accredited investors in wells drilled by Royale. Royale has its primary operations in the Sacramento and San Joaquin basins in California and has royalty interests in Alaska.

About Matrix Oil Management Corp.

Matrix is a private independent oil and natural gas production company based in Santa Barbara, California. The company formed in 1999 is focused on the acquisition and development of long-life, low-risk producing oil leases that have drilling upside or operations optimization opportunities. The company owns and operates oil-producing properties in the Los Angeles and San Joaquin Basins of California. It owns non-operated natural gas producing properties in the Sacramento Basin of California and oil-producing royalty and non-operated leases in the Permian Basin and Midland Basin.

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved.  The forward-looking statements include statements about future operations, estimates of reserve and production volumes, and the anticipated timing for closing the proposed merger.  Forward-looking statements are based on current expectations and assumptions and analyses made by Royale and Matrix in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances.  However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: the possibility that the companies may be unable to obtain stockholder approval or satisfy the other conditions to closing; that problems may arise in the integration of the businesses of the two companies; that the acquisition may involve unexpected costs; the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas); risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; revisions to reserve estimates as a result of changes in commodity prices; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather; further declines in oil and gas prices; inability of management to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change.  Royale’s annual report on Form 10-K/A for the year ended December 31, 2016, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission (“SEC”) filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  Royale and Matrix undertake no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact:
Royale Energy, Inc.
Chanda Idano
(619) 383-6600
ir@royl.com
http://www.royl.com




Buckeye Partners, L.P. Announces Start of Open Season for Line 602 Expansion

HOUSTON, Nov. 17, 2017 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) announced today that one of its operating subsidiaries, Buckeye Pipe Line Company, L.P. (“Buckeye Pipe Line”), launched a binding open season to solicit commitments for the transportation of distillate on an expansion of its Line 602 (the “Project”), which transports refined petroleum products from Linden, New Jersey to destination points in Inwood and Long Island City, New York.  Buckeye expects that the Project will provide approximately 12,000 barrels per day of distillate expansion capacity on or before April 1, 2018 with a potential subsequent expansion increasing to 30,000 barrels per day of capacity on or before December 1, 2019.

Distillate shippers electing to make long-term volume commitments to the Project during the open season will be eligible to receive firm service for their committed volumes.  The binding open season will commence on November 17, 2017, and is scheduled to conclude at 5:00 p.m. Central Time on December 20, 2017. 

For more information about the open season, please contact Marc Davidson, Senior Director of Pipeline Marketing, at mdavidson@buckeye.com or at 832-615-8628.  A detailed explanation of the key terms and conditions of service and the initial form of the transportation services agreement will be made available to interested customers upon the execution of the necessary confidentiality agreement.  All investor and media inquiries should be directed to Kevin Goodwin, Vice President and Treasurer, at irelations@buckeye.com (800-422-2825).  All project construction inquiries should be directed to David Pepe, Sr. Director, at dpepe@buckeye.com.

About Buckeye Partners, L.P.

Buckeye Partners, L.P. (NYSE:BPL) is a publicly traded master limited partnership which owns and operates, or owns a significant interest in, a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products.  Buckeye is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline.  Buckeye also uses its service expertise to operate and/or maintain third-party pipelines and perform certain engineering and construction services for its customers.  Buckeye’s global terminal network, including through its interest in VTTI B.V. (“VTTI”), comprises more than 135 liquid petroleum products terminals with aggregate storage capacity of over 173 million barrels across our portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean, Northwest Europe, the Middle East and Southeast Asia.  Buckeye’s global network of marine terminals enables it to facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centers through some of the world’s most important bulk liquid storage and blending hubs.  Buckeye’s flagship marine terminal in The Bahamas, Buckeye Bahamas Hub, is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for the global flow of petroleum products.  Buckeye’s Gulf Coast regional hub, Buckeye Texas Partners, offers world-class marine terminalling, storage and processing capabilities.  Through its 50% equity interest in VTTI, Buckeye’s global terminal network offers premier storage and marine terminalling services for petroleum product logistics in key international energy hubs.  Buckeye is also a wholesale distributor of refined petroleum products in certain areas served by its pipelines and terminals.  More information concerning Buckeye can be found at www.buckeye.com

This press release includes forward-looking statements that we believe to be reasonable as of today’s date.  Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions.  Actual results may differ significantly because of risks and uncertainties that are difficult to predict and that may be beyond our control.  Among the forward-looking statements set forth in this press release are statements regarding our expectation of increasing quarterly distributions in the future.  These statements are subject to, among other risks, (i) changes in federal, state, local, and foreign laws or regulations to which we are subject, including those governing pipeline tariff rates and those that permit the treatment of us as a partnership for federal income tax purposes, (ii) terrorism and other security risks, including cyber risk, adverse weather conditions, including hurricanes, environmental releases, and natural disasters, (iii) changes in the marketplace for our products or services, such as increased competition, changes in product flows, better energy efficiency, or general reductions in demand, (iv) adverse regional, national, or international economic conditions, adverse capital market conditions, and adverse political developments, (v) shutdowns or interruptions at our pipeline, terminalling, storage, and processing assets or at the source points for the products we transport, store, or sell, (vi) unanticipated capital expenditures in connection with the construction, repair, or replacement of our assets, (vii) volatility in the price of liquid petroleum products, (viii) nonpayment or nonperformance by our customers, (ix) our ability to integrate acquired assets with our existing assets and to realize anticipated cost savings and other efficiencies and benefits, (x) our ability to realize the expected benefits of our investment in VTTI and (xi) our ability to successfully complete our organic growth projects and to realize the anticipated financial benefits.  You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2016, for a more extensive list of factors that could affect results.  We undertake no obligation to revise our forward-looking statements to reflect events or circumstances occurring after today’s date except as required by law.

  

Contact:

Kevin J. Goodwin
Vice President & Treasurer
irelations@buckeye.com
(800) 422-2825
                                                                                                                                                                           

 




At SC17, ExaScaler and PEZY Computing Unveil Gyoukou Supercomputer with a High Combined Green500/Top500 Ranking

DENVER, Nov. 16, 2017 (GLOBE NEWSWIRE) — At SC17, ExaScaler and PEZY Computing unveiled their Gyoukou supercomputer whose Green500 and Top500 rankings attest to a unique combination of high efficiency and computing power. The Gyoukou supercomputer is installed at the Yokohama Research Institute in Japan. (Video: PEZY Liquid immersion cooling)

PEZY supercomputers leverage 48V Factorized Power, a high efficiency, high density power distribution architecture. PEZY’s CPUs are co-packaged with Vicor’s Power-on-Package (“PoP”) Modular Current Multipliers (“MCMs”), which enable efficient, direct 48V to sub-1V current multiplication at the XPU.

ExaScaler and PEZY Computing also achieved the #1, #2 and #3 positions on the Green500. These supercomputer system installations also utilize 48V Factorized Power.

Come see us at SC17 at Booth 633 where ExaScaler / PEZY Computing will be demonstrating its technology.

Images:
Gyoukou Liquid Cooling Tanks
PEZY-SC@ chip package

Follow Vicor on Social Media
Twitter: @VicorPower
Vicor Corporation on LinkedIn
Vicor PowerBlog

About Vicor Corporation
Headquartered in Andover, Massachusetts, Vicor Corporation, manufactures and markets innovative, high-performance modular power components, from power modules to semiconductor-centric solutions, to enable customers to efficiently convert and manage power from the power source to the point of load.

www.vicorpower.com

Vicor and MCM are trademarks of Vicor Corporation

Contact
Colin Boroski
Rainier Communications
508-475-0025 x 142
cboroski@rainierco.com




AFPM Commends Passage of House Tax Reform Legislation

Washington, D.C., Nov. 16, 2017 (GLOBE NEWSWIRE) —

FOR IMMEDIATE RELEASE

Thursday, November 16, 2017

Contact: AFPM Communications

media@afpm.org

WASHINGTON, D.C. — Statement from Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers (AFPM) on H.R.1, the Tax Cuts and Jobs Act, which passed in the U.S. House of Representatives today:

“Today’s House vote for comprehensive tax reform is a welcome and long overdue step to a more competitive US manufacturing sector. This plan modernizes the tax code and eliminates market-distorting credits, including those for electric vehicles, which will stimulate economic growth and create jobs. We applaud the House for moving this plan forward and encourage the Senate to follow course in short order.”

###

About AFPM

The American Fuel & Petrochemical Manufacturers (AFPM) is a national trade association representing more than 400 companies that encompass virtually all U.S. refining and petrochemical manufacturing capacity. 

 

Follow us on twitter @AFPMonline

Learn about us at Industry 101

Like us on Facebook

 

CONTACT: Michael Frohlich
American Fuel & Petrochemical Manufacturers
202-222-5950
mfrohlich@afpm.org



Sundance Energy Australia Limited Schedules Third Quarter 2017 Earnings Conference Call

DENVER, Nov. 16, 2017 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX:SEA) (NASDAQ:SNDE) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, announced it will host a conference call to review third quarter results. 

Date:   Australia: Tuesday, November 21, 2017 – United States: Monday November 20, 2017

Time:  Australia: 10:00 AM AEDT – United States: 4:00 PM MST

Australian participants Toll Free dial-in: 1 80 0005 989
Australian (Sydney) Local dial-in: 2 82 239 773

Hong Kong Participants Toll Free dial-in: 800 966 253
Hong Kong Local dial-in: 3011 4522

Singapore participants Toll Free dial-in: 800 852 6412
Singapore Local dial-in: 6622 1010

USA participants Toll Free dial-in: (844) 831 3022

Webcast Link: http://www.sundanceenergy.net/events.cfm

All participants will be asked for their full name and company when joining the conference call.

About Sundance Energy Australia Limited
Sundance Energy Australia Limited (“Sundance” or the “Company”) is an Australian-based, independent energy exploration company, with a wholly owned US subsidiary, Sundance Energy Inc., located in Denver, Colorado, USA.

The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford.  A comprehensive overview of the Company can be found on Sundance’s website at www.sundanceenergy.net.

For more information, please contact:

United States
Eric McCrady, Managing Director
Tel: +1 (303) 543 5703
Australia
Mike Hannell, Chairman
Tel: +61 8 8363 0388
 



Virtual Sourcing, Inc. Receives Increase to $25 Million in Funding Engagement Package

Independence, KS, Nov. 16, 2017 (GLOBE NEWSWIRE) — Virtual Sourcing, Inc. Receives Increase to $25 Million in Funding Engagement Package

WASHINGTON, DC–Virtual Sourcing, Inc. (OTC Pink: PGCX) has received an increase to $25 million in acquisition financing in preparation for additional acquisitions currently being reviewed. Our capital formation agreement for acquisitions and operational funding remains at $25 million bringing our current total engagement package to $50,000,000.

The company is continuing in its quest to grow by acquisition and joint ventures. We are negotiating for a substantial acquisition in the fiberglass manufacturing sector and potential joint venture partners in the fiberglass manufacturing industry. Our auditors are progressing on our audits and those of the operation that has signed a letter of intent to be acquired.

We are expecting to close the initial acquisition in mid-December. Our auditors are continuing to work diligently with the expectation of releasing the audit report near the end of the first week of December allowing us to close the transaction shortly thereafter. Discussions have been held on the need to increase the capital formation package. These discussions indicate that it is likely the capital formation engagement would be increased to at least sufficient funds to complete the second acquisition in Spring.  The requirement to close the second acquisition would cause the capital formation package to rise to approximately $75 million meeting our total funding needs of $100,000,000 to complete both acquisitions plus supply funding for product expansion and operations.

CONTACT: Contact:
Virtual Sourcing, Inc.
info@virtualsourcinginc.com
Investor Relations @ 877-291-0053



Pollution to Products

CHICAGO, Nov. 16, 2017 (GLOBE NEWSWIRE) — With the global average levelized cost of renewable electricity in 2016 at 4.6 cents/kWh, a future powered by renewables is increasingly likely, enabling us to reserve our precious carbon budget for the production of products such as aviation fuel and chemicals. Efficient use of carbon is driven by carbon recycling technologies, like LanzaTech’s, that can provide economic routes to carbon capture and utilization locking carbon into new products.

While traditional fermentation uses sugars and yeast to make alcohol, LanzaTech uses anaerobic bacteria (originally found in rabbit droppings) to ferment waste emissions from industry to make fuels and chemicals. The chemicals are used to make polymers, rubber and synthetic fibres, effectively recycling the carbon into new products preventing carbon pollution. LanzaTech’s first commercial gas fermentation facility is coming online in China in early 2018. This plant will initially produce fuel ethanol.

“Imagine wearing yoga pants made from recycled carbon!” said LanzaTech CEO, Jennifer Holmgren. “We want people to have a choice of where their carbon comes from. Fresh fossil or recycled, ‘carbon smart’, products. Much like the idea of buying organic, fair trade or recycled products, we see a future where you can walk into a store and make a conscious decision to buy everything from a chair to running shoes made from recycled carbon. This future is now possible through advancements in synthetic biology which enable the production of targeted molecules.”

Anaerobic bacteria must be handled in a highly specialized “air free” laboratory which makes the design, build and optimization of chemical production pathways especially challenging. To accelerate development while at the same time reduce costs and increase throughput of so-called “biomanufacturing”, LanzaTech is partnering with Department of Energy (DOE) laboratories: Lawrence Berkeley National Laboratory (Berkeley Lab); Joint Genome Institute (JGI: a DOE Office of Science User Facility at Berkeley Lab); Sandia National Laboratories (SNL); the Joint BioEnergy Institute (JBEI, a DOE Bioenergy Research Centre) and Oak Ridge National Lab (ORNL) to develop new foundational technologies that will open new frontiers in this space.

Under a Technology Commercialization Fund (TCF) grant by the DOE, LanzaTech, with Berkeley Lab, SNL and JBEI are focusing on microfluidics, as a path to shrink the physical footprint of the facility using fewer cells and reducing the cost and time needed to test the outcome of each experiment. A second recent grant from the DOE will take this further and will see LanzaTech working with Northwestern University and ORNL to establish a new centre: the Clostridia Foundry for Biosystems Design (cBioFAB) pioneering the use of non-living (cell-free) approaches for rapid prototyping and computer-aided design of novel pathways, enabling the work to shift from a large scale laboratory to a mini air free lab, the size of an office desk and access virtually any molecule, even those not produced in nature! 

To support this work, LanzaTech is also working with the JGI that will synthesize 1 million base pairs of DNA for novel pathways and to construct a library for modification of every gene in LanzaTech’s organism.

The advances LanzaTech and its partners have already made in optimizing the bacteria, has enabled the production of a wide array of chemicals including isopropanol (used to make solvents, resins and personal care products) to be demonstrated and scaled. The isopropanol market alone is worth around USD$2.5B/year.

“We think of our bacteria as the software and the fermenter at the industrial site as the hardware,” said Holmgren. “Today, LanzaTech provides the bacteria to make ethanol but, in the future, if you want to make something else, you can upgrade or switch out the bacteria. It’s like upgrading software. You can choose what you want to produce depending on the market without having to invest in a new production facility or plan years ahead. This is a carbon smart future, one we are excited to create in partnership with National Labs, Universities and the US Department of Energy.” 

For more information about LanzaTech please visit: http://www.lanzatech.com

Selected Quotes:

Anup Singh, Manager at SNL:

“Microfluidic experts from Sandia have been working closely with synthetic biologists from Berkeley Lab to develop microfluidic platforms that carry out very large number of biochemical experiments faster and cheaper than traditional approaches. We are very excited to work with LanzaTech as it provides the perfect opportunity to explore the usefulness of our platforms for commercial applications.”

Michael Jewett, Principal Investigator Clostridia Foundry for Biosystems Design (cBioFAB):

“Microorganisms haven’t evolved to produce the sustainable chemicals that we want. We end up fighting a tug of war between what the cell wants to do and what us engineers want it to do. It can take three to six months to produce and test one iteration, and that’s too slow. This work will give us 1,000 shots on goal rather than just a few, giving us a better chance at finding something that works.”

Nigel Mouncey, JGI Director:

“Through the Community Science Program (CSP), the JGI’s expertise in DNA synthesis and designing gene knock-out constructs, is now enabling companies like LanzaTech to deploy technologies for understanding gene functionality, interactions and regulation on a genome-wide basis. This project, led at the JGI by Yasuo Yoshikuni, targeting CO2 fixation and gas fermentation, aligns well with the JGI’s efforts to support DOE’s strategic interests in designing systems to solve significant practical problems associated with the production of biofuels and related coproducts from renewable sources.”

CONTACT: Media Contact:
Freya Burton
+1 (630) 347 8054
freya@lanzatech.com



Vantage Drilling International Reaches Agreement with ADES International Holdings Ltd. to Provide Deepwater Drilling Services in Egypt

HOUSTON, Nov. 15, 2017 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage”), announces today that it has reached an agreement with a subsidiary of ADES International Holding Ltd. (LON:ADES), the London-listed offshore and onshore provider of oil and gas drilling and production services in the Middle East and Africa, to form a joint venture that will provide deepwater drilling services offshore of Egypt. 

The Egyptian joint venture company will capitalize on Vantage’s modern fleet and deepwater drilling experience and ADES International’s experience, expertise and leadership position in Egypt’s Mediterranean basin.  The agreement will allow Vantage to bareboat charter its available deepwater units to the joint venture while allowing it to access a new, attractive and low cost market.  The joint venture will operate on a shared profit basis and will have exclusive deepwater marketing rights within Egypt.  The relationship will enable ADES to gain experience in the deepwater drilling arena and grant Vantage access to the attractive Mediterranean basin while increasing the marketability of its deepwater fleet.

Commenting on the joint venture, Mr. Ihab Toma, Chief Executive Officer of Vantage Drilling International stated, “In ADES we have found a professional, well experienced Egyptian partner that will allow the joint venture to leverage each team’s capabilities, thereby providing a unique service in Egypt. We very much look forward to a long and mutually beneficial relationship with ADES.” 

Dr. Mohamed Farouk, Chief Executive Officer of ADES stated, “We are very excited to be partnering with such a reputable operator as Vantage and we look forward to implementing favorable synergies that will benefit both parties.  This agreement exemplifies our asset-light model, a natural development of ADES’s strategy that targets optimized cost structures across operating environments. We have a proven track record of offering exceptional value for money within our primary focus in shallow, non-harsh environments. While this remains our core strategy, our long-term JV with Vantage will extend our reach into deepwater drilling while retaining our low-cost model.”

Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships, four premium jackup drilling rigs and one standard jack-up drilling rig. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and large independent oil and natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.  www.vantagedrilling.com

ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and Africa, offering onshore contract drilling as well as workover and production services in Egypt, Algeria and Saudi Arabia. The company is pre-qualified in markets including Egypt, Saudi Arabia, Algeria, India, Mexico and the Saudi–Kuwaiti Neutral Zone. Its over 1,200 employees serve clients including major national oil companies (“NOCs”) such as Saudi Aramco and Sonatrach as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of nine jack-up offshore drilling rigs, three onshore drilling rigs, a jack-up barge, and a mobile offshore production unit (“MOPU”), which includes a floating storage and offloading unit.  ADES International Holding is the largest offshore drilling operator in Egypt by number of rigs. http://investors.adihgroup.com

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company’s filings that it may be required to make, or may otherwise voluntarily make, with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Public & Investor Relations Contact:

Thomas J. Cimino
Chief Financial Officer
Vantage Drilling International
(281) 404-4700




Ultra Petroleum Provides Update on Horizontal Well, Asset Sales and Hedging Program

HOUSTON, Nov. 15, 2017 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (NASDAQ:UPL) announces the following updates:

Pinedale Horizontal Program Update

Last week, the Company announced a test rate of 21 million cubic feet equivalent per day (MMcfe/d) for its two-mile horizontal well targeting the Lower Lance A interval.  Yesterday, this well achieved a 24-hour test rate of 42 MMcfe/d.  Flow-back parameters include a gas rate of 38 MMcf/d, a condensate rate of 700 barrels per day and a flowing casing pressure of 3,000 psi. This morning’s spot rate is 46 MMcfe/d.

“The well has steadily increased over the past week and remains on a controlled choke. With only 17% of the frac fluid recovered to date, and flowing pressures well above normal operating pressure, we expect to manage the flow-back for several more weeks,” said Brad Johnson, Senior Vice President, Operations. “In addition to being excited about this well’s high productivity, we are also encouraged that it is generating a condensate yield of 18 barrels per MMcf, which is more than double the historic field average.” 

The Company is in the process of drilling two additional horizontal wells.  One will test a deeper Mesaverde interval and one will be a half mile offset to the WB 9-23-A1H in the same Lower Lance A target interval.  Both wells are expected to be online by the end of January.

Asset Sales

The Company previously announced that it was exploring the divestment of its non-core assets. The Company has now engaged CIBC Griffis & Small as exclusive technical and financial advisor to assist in that process.

Commodity Hedges

Ultra has increased its hedge position and will continue to opportunistically add additional hedges. The company is targeting to hedge at least 50% of production for 2018. Currently, the Company has the following NYMEX natural gas derivative transactions in place as shown in the table below:

  Production Period
   

4Q17

 

1Q18

 

2Q18

 

3Q18

 

4Q18

Total 2018
Natural Gas Collars:            
Total Volume (Bcf)     3.4          3.4 
Floor Price per Mcf   $3.44        $3.44 
Ceiling price per Mcf   $3.77        $3.77 
             
Natural Gas Swaps:            
Total Volume (Bcf)   16.7      32.5    32.8    11.1    76.4 
Average price per Mcf $3.38    $3.17  $3.17  $3.17  $3.17 

Note:  Volumes and prices based on a conversion factor of 1.065 MMBtu/Mcf.

About Ultra Petroleum

Ultra Petroleum Corp. is an independent energy Company engaged in domestic natural gas and oil exploration, development and production. The Company is listed on NASDAQ and trades under the ticker symbol “UPL”. Additional information on the Company is available at www.ultrapetroleum.com.

This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement, including any opinions, forecasts, projections or other statements, other than statements of historical fact, are or may be forward-looking statements. Although the Company believes the expectations reflected in any forward-looking statements herein are reasonable, we can give no assurance that such expectations will prove to have been correct and actual results may differ materially from those projected or reflected in such statements. Certain risks and uncertainties inherent in our business as well as risks and uncertainties related to our operational and financial results are set forth in our filings with the SEC, particularly in the section entitled “Risk Factors” included in our most recent Annual Report on Form 10-K for the most recent fiscal year, our most recent Quarterly Reports on Form 10-Q, and from time to time in other filings made by the Company with the SEC. Some of these risks and uncertainties include, but are not limited to, increased competition, the timing and extent of changes in prices for oil and gas, particularly in the areas where we own properties, conduct operations, and market our production, as well as the timing and extent of our success in discovering, developing, producing and estimating oil and gas reserves, weather and government regulation, and the availability of oil field services, personnel and equipment. Our SEC filings are available written request to Ultra Petroleum Corp. at 400 North Sam Houston Parkway East, Suite 1200, Houston, Texas 77060 (Attention: Investor Relations) or on our website (www.ultrapetroleum.com) or from the SEC on their website at www.sec.gov or by telephone request at 1-800-SEC-0330.

For further information contact:
Sandi Kraemer
Director, Investor Relations
Phone: 281-582-6613
Email: skraemer@ultrapetroleum.com