Dalmac Energy Reports Q3’17 Financial Results

EDMONTON, Alberta, March 24, 2017 (GLOBE NEWSWIRE) — John Babic, President and CEO of Dalmac Energy Inc. (“Dalmac”) (TSX-V:DAL) is pleased to announce the unaudited three and nine month results for the reporting period ended January 31, 2017.

 FINANCIAL HIGHLIGHTS     Change     Change
 (000’s Cdn Dollars, except per share data) Q3’17 Q3’16 % YTD ’17 YTD ’16 %
Revenues 4,326   6,096   (29 )% 12,175   17,147   (29 )%
Gross Profit 1,276   1,441   (11 )% 2,859   2,645   8 %
Gross Margin (%) 30 % 24 % 25 % 26 % 24 % 11 %
EBITDAS (loss) 595   650   (8 )% 1,412   1,612   (12 )%
Net earnings (loss) (338 ) (297 ) 14 % (1,551 ) (1,133 ) 37 %
Earnings (loss) per share – basic (0.01 ) (0.01 ) nil % (0.05 ) (0.05 ) nil %
Earnings (loss) per share – diluted (0.01 ) (0.01 ) nil % (0.05 ) (0.05 ) nil %

Business Highlights

  • Industry activity levels during first month of Q3’17 began on a very favorable trend. By the second month of the quarter it was apparent that the supply chain logistics for the drilling and completions sector couldn’t ramp up quick enough to meet the demand for their services. The main bottle neck was the availability of a seasoned and trained labour force. After two years of slumbering inactivity, the staffing levels were coming off of all-time lows. This impairment resulted in delays to start dates for the primary provider, which in turn resulted in pushing back the demand for secondary service providers such as Dalmac. So, what began as a good start for Dalmac soon plateaued and didn’t rebound until the second half of the third month of Q3’17.
  • It is anticipated that the traditional spring and break up, which occurs in yearly fourth and first quarters, will be tempered with increased activity resulting in rescheduled work projects as our customers strive to catch up on delays caused by the aforementioned supply logistics.
  • Gross margin increased almost 6% to 30% from Q3’16
  • Even though quarterly revenue was down by 29% as compared to last year, EBITDA for the quarter decreased only 8% to $595K.
  • The net loss for the quarter was $338K, of which the loss on sale of assets amounted to $221K


Confidence in the oil and gas industry is trending higher in conjunction with WTI oil prices hovering in the low $50 range for most of the quarter. On January 30, 2017, the Petroleum Services Association of Canada (“PSAC”) increased its 2017 Canadian Drilling Activity Forecast by 975 wells or 23% to 5,150 wells from the original November 2016 forecast.  As demand for drilling and completion services continues to increase across the industry, it has become apparent that the deterioration in the skilled labour force due to the lack of work and layoffs that have occurred over the last two years has become a limiting factor as to how quickly oilfield service companies will be able to service their E&P customers.

Dalmac anticipates that if this tight labour market continues to strain the industry for several more quarters, it should also lead to increased pricing for our services and improved operating and cash flow margins in future quarters. Dalmac’s continued proactive focus on targeted reductions to variable and fixed costs, headcount, wages, and strategic and prudent capital expenditures has contributed to the Company being able to achieve positive EBITDAS and hold their gross margin % throughout fiscal 2017 despite competitive pricing pressures.

Management feels that these operational and financial measures will not only result in significant and sustainable cash flow benefits to the Company but will also provide us with the necessary framework and discipline as we plan our return to profitability. While Dalmac continues to maintain focus on its operational and financial performance, it is also mindful of taking advantage of opportunities as they arise. Dalmac will actively continue to evaluate strategic opportunities when they arise and pursue those it believes will be fundamentally beneficial to the creation of long-term shareholder value.

Statements throughout this report that are not historical facts may be considered ‘forward looking statements’.  Such statements are based on current expectations that involve risks and uncertainties, which could cause actual results to differ from those anticipated.  Important factors that can cause anticipated outcomes to differ materially from actual outcomes include the impact of general economic conditions, industry conditions, competition from other industry participants, volatility of petroleum prices, the ability to attract and retain qualified personnel, changes in laws or regulation, currency fluctuations, continued ability to access capital from available facilities and environmental risks.  References to “Dalmac’, the “Corporation”, “Company”, “us”, “we”, and “our” mean Dalmac Energy Inc. and its subsidiary Dalmac Oilfield Services Inc.  The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  We seek safe harbor.

CONTACT: For more information contact:

John Babic - CEO - Dalmac Energy
Tel: 780-988-8510 
Email: jbabic@dalmac.ca

Western Refining Stockholders Approve Tesoro Acquisition

EL PASO, Texas, March 24, 2017 (GLOBE NEWSWIRE) — Western Refining, Inc. (NYSE:WNR) today announced that WNR stockholders have approved the proposed acquisition of Western Refining by Tesoro Corporation (NYSE:TSO).  At a special stockholders meeting, WNR stockholders approved the adoption of the previously disclosed agreement and plan of merger.  The proposal to approve the acquisition was supported by approximately 80 percent of Western Refining’s outstanding shares entitled to vote.

“We are pleased that our stockholders voted in favor of this transaction.  This is an important step in the process of combining two great companies to form a premier, highly integrated refining, retail and logistics company,” said Jeff Stevens, CEO of Western Refining.

Tesoro stockholders today approved the issuance of shares of Tesoro common stock in connection with the acquisition by more than 99 percent of Tesoro’s outstanding shares present and entitled to vote.

Completion of the acquisition remains subject to the satisfaction or waiver of customary closing conditions, including the expiration or termination of the waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.  Tesoro and Western Refining continue to expect the transaction to close in the first half of 2017.

Also at the Western Refining special meeting, WNR stockholders approved, among other things, (i) on a non-binding, advisory basis, certain compensation that may be paid or become payable to Western’s named executive officers in connection with the acquisition, and (ii) on a non-binding, advisory basis, an amendment to the restated certificate of incorporation of Tesoro to increase the number of authorized shares of Tesoro common stock from 200 million to 300 million.

About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The Company operates refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. The Company’s retail operations include retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy’s, and SuperAmerica brands.

Western Refining, Inc. also owns the general partner and approximately 53 percent of the limited partnership interest of Western Refining Logistics, LP (NYSE:WNRL).

More information about Western Refining is available at www.wnr.com.

This communication contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Words such as “may,” “will,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the proposed acquisition of Western Refining by Tesoro, integration and transition plans, synergies, opportunities, anticipated future performance, expected share buyback program and expected dividends . There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the proposed merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or cause the parties to abandon the acquisition, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement for the acquisition, the risk that the parties may not be able to satisfy the conditions to the proposed acquisition in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed acquisition, the risk that any announcements relating to the proposed acquisition could have adverse effects on the market price of Tesoro’s common stock or Western Refining’s common stock, the risk that the proposed acquisition and its announcement could have an adverse effect on the ability of Tesoro and Western Refining to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies, the risk that the combined company may not buy back shares, the risk of the amount of any future dividend Tesoro may pay, and other factors. All such factors are difficult to predict and are beyond our control, including those detailed in Tesoro’s annual reports on Form 10-K, quarterly reports on Form 10-Q, Current Reports on Form 8-K and registration statement on Form S-4 filed with the SEC on December 14, 2016, as amended (the “Form S-4”) that are available on Tesoro’s website at http://www.tsocorp.com and on the SEC’s website at http://www.sec.gov, and those detailed in Western Refining’s annual reports on Form 10-K, quarterly reports on Form 10-Q and Current Reports on Form 8-K that are available on Western Refining’s website at http://www.wnr.com and on the SEC website at http://www.sec.gov.  Tesoro’s and Western Refining’s forward-looking statements are based on assumptions that Tesoro and Western Refining believe to be reasonable but that may not prove to be accurate. Tesoro and Western Refining undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which we become aware of, except as required by applicable law or regulation. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

No Offer or Solicitation:
This communication relates to a proposed business combination between Western Refining and Tesoro. This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It:
In connection with the proposed transaction, Tesoro has filed with the SEC, and the SEC has declared effective, a registration statement on Form S-4 (Reg. No. 333-215080 ), containing a joint proxy statement/prospectus of Tesoro and Western Refining, which proxy statement/prospectus was first mailed to Tesoro and Western Refining stockholders on February 17, 2017. This communication is not a substitute for the registration statement, proxy statement/prospectus or any other documents that Tesoro or Western Refining may file with the SEC or send to stockholders in connection with the proposed transaction.  STOCKHOLDERS OF TESORO AND WESTERN REFINING ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE FORM S-4 AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS INCLUDED THEREIN, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  Investors and security holders will be able to obtain copies of these documents, including the proxy statement/prospectus, and other documents filed with the SEC (when available) free of charge at the SEC’s website, http://www.sec.gov. Copies of documents filed with the SEC by Tesoro will be made available free of charge on Tesoro’s website at http://www.tsocorp.com or by contacting Tesoro’s Investor Relations Department by phone at 210-626-6000. Copies of documents filed with the SEC by Western Refining will be made available free of charge on Western Refining’s website at http://www.wnr.com or by contacting Western Refining’s Investor Relations Department by phone at 602-286-1530 or 602-286-1533.

CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
(602) 286-1530

Michelle Clemente
(602) 286-1533

Media Contact:
Gary Hanson
(602) 286-1777

Advanced Emissions Solutions Announces the Lease of an Additional Refined Coal Facility

HIGHLANDS RANCH, Colo., March 23, 2017 (GLOBE NEWSWIRE) — Advanced Emissions Solutions, Inc. (NASDAQ:ADES) (the “Company” or “ADES”) today announced that Tinuum Group, LLC (“Tinuum Group”), a joint venture among the Company’s subsidiary ADA-ES, Inc., an affiliate of NexGen Resources Corporation, and an affiliate of The Goldman Sachs Group, Inc., has leased an additional Refined Coal (“RC”) facility to an existing RC investor.  The RC facility is located at a coal plant that has historically burned approximately 5.5 million tons of coal per year and is royalty bearing to ADES.  With this addition, Tinuum Group has 14 invested facilities in full-time operation.

L. Heath Sampson, President and CEO of ADES, commented, “As we stated on our fourth quarter’s earnings call, we have completed the lease of an RC facility to an existing investor and are pleased to see the growth in our business.  We are proud to help power utilities and investors achieve their emission reduction requirements and business goals. This closing further reflects the strength in Tinuum’s offerings and business model.  Tinuum, with support from ADES and Tinuum’s other owners, is diligently focused on securing additional tax equity investors and increasing production of lower emission coal to power our country.”

About Advanced Emissions Solutions, Inc.
Advanced Emissions Solutions, Inc. serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.

ADA-ES, Inc. (“ADA”) is a wholly-owned subsidiary of Advanced Emissions Solutions, Inc. (“ADES”) that provides emissions control solutions for coal-fired power generation and industrial boiler industries. With more than 25 years of experience developing advanced mercury control solutions, ADA delivers proprietary environmental technologies, equipment and specialty chemicals that enable coal-fueled boilers to meet emissions regulations. These solutions enhance existing air pollution control equipment, maximizing capacity and improving operating efficiencies.   Our track record includes securing more than 30 US patents for emissions control technology and systems and selling the most activated carbon injection systems for power plant mercury control in North America. For more information on ADA, and its products and services, visit www.adaes.com or the ADA Blog (http://blog.adaes.com/).

Tinuum Group, LLC is a 42.5% owned joint venture by ADA that provides ADA’s patented Refined Coal CyClean™ technology to enhance combustion of and reduce emissions of NOx and mercury from coal in cyclone boilers and ADA’s patented M-45™ and patent pending M-45-PC™ technologies for Circulating Fluidized boilers and Pulverized Coal boilers respectively. www.tinuumgroup.com

CONTACT: Investor Contact:

Alpha IR Group
Chris Hodges or Ryan Coleman

Toscana Energy Announces Fiscal Year 2016 Financial Results

CALGARY, Alberta, March 22, 2017 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX:TEI) announces financial and operating results for the year ended December 31, 2016.

Financial and operating results:

The following summarizes information contained in the Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2016. This news release should not be considered a substitute for reading the full disclosure documents, which are available on SEDAR at www.sedar.com and on the Corporation’s website at www.sprott-toscana.com.

  Year ended
December 31
Three months ended
December 31
  2016 2015 Change 2016 2015 Change
Average daily production (boe/d) 2,252 2,259 (0 %) 2,085 2,517 (17 %)
Petroleum and natural gas revenue, net of royalties ($) 20,731,084 22,705,919 (9 %) 5,429,739 6,084,131 (11 %)
Netback ($) 11,571,753 16,403,222 (29 %) 2,147,161 4,972,688 (57 %)
Netback per boe ($/boe) 14.04 19.90 (29 %) 11.20 21.48 (48 %)
Funds flow from operations ($) 5,965,398* 6,317,344 (6 %) 246,604* 2,997,122 (92 %)

*Impacted by one-time site remediation costs.

Non-IFRS measures:

Management uses “net asset value”, “netback”, “funds flow from operations”, “unused portion of credit facility”, “credit facility utilization” and “credit facility availability” to analyze operating performance and to determine the Corporation’s ability to fund future capital investment.  These terms, as presented, do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore may not be comparable with the calculation of similar measures for other entities. Readers are cautioned regarding the reliability of such measures.

Forward-Looking Statements:

This news release contains forwardlooking statements and forwardlooking information within the meaning of applicable securities laws. These statements relate to future events or future performance.  All statements other than statements of historical fact may be forwardlooking statements or information.  Forwardlooking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.

More particularly and without limitation, this news release contains forwardlooking statements and information concerning the Corporation’s petroleum and natural gas production and reserves. The forwardlooking statements and information are based on certain key expectations and assumptions made by management of the Corporation, including expectations and assumptions concerning well production rates and reserve volumes; project development and overall business strategy. Although management of the Corporation believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forwardlooking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Corporation relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forwardlooking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions and failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Accordingly, readers should not place undue reliance on the forwardlooking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

The forwardlooking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forwardlooking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Toronto Stock Exchange (“TSX”).  The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation. Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

For further information, please visit our website at www.sprott-toscana.com or contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
E-Mail: jdurante@sprott-toscana.com

Trent J. Jabbia Named as Vice President of North America Sales at RigNet, Inc.

HOUSTON, March 22, 2017 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ:RNET), a leading global provider of customized systems and solutions serving customers with complex data networking and operational requirements, announced today the appointment of Trent J. Jabbia as Vice President of North America Sales.  He will be taking responsibility for the North America sales efforts.

Mr. Jabbia brings over 18 years of professional experience with companies in the upstream oilfield services sector. During Trent’s 12-year tenure at RigNet, he has held positions as a Field Engineer, Sales Executive, Offshore Sales Team Lead, and a Global Sales Executive.  Prior to joining RigNet in 2005, Mr. Jabbia worked as a Senior Technical Professional for Halliburton, where he led a crew of service operator technicians in conducting highly technical downhole acquisition services at remote well sites on land and in the Gulf of Mexico.  Mr. Jabbia holds a Bachelor’s of Science in Electrical Engineering from the University of Louisiana at Lafayette.

“Trent has been a top performer in RigNet’s Sales team since his arrival at RigNet over 12 years ago. Trent’s reputation and expertise in the oil and gas industry will add significant value to our Sales team,” said Jay T. Hilbert, RigNet’s Senior Vice President, Sales. “We are excited that Trent will now lead our North America Sales team expansion with his extensive knowledge in delivering superior service and support to our customers.”

About RigNet

RigNet (NASDAQ:RNET) is a leading global provider of customized systems and solutions serving customers with complex data networking and operational requirements. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing, crew welfare, asset monitoring and real-time data services. RigNet is based in Houston, Texas and has operations around the globe. 

For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.

CONTACT: Media / Investor Relations Contact:
Charles E. Schneider 
SVP & Chief Financial Officer
RigNet, Inc. 
Tel: +1 (281) 674-0699

Vega Biofuels Completes Reseller Agreement to Market Biochar to Alaska’s Legal Cannabis Industry

NORCROSS, Ga., March 22, 2017 (GLOBE NEWSWIRE) — Vega Biofuels, Inc. (OTCPink:VGPR) announced today that it has completed a reseller agreement with Alaska-based AK Provisions, Inc. (AKP) to market Vega’s biochar product to the legal cannabis industry throughout the state of Alaska. The state of Alaska is the most recent state to legalize both medical and recreational cannabis use.

The Agreement with AKP gives Vega Biofuels an immediate presence in the fast growing cannabis market in Alaska.  Vega Biofuels recently announced that the Company has entered into a five year agreement to provide AKP with biochar for its own grow facilities.  Today’s agreement allows AKP to market Vega’s biochar throughout the state to other cannabis grow facilities.

Biochar is a highly absorbent specially designed charcoal-type product primarily used as a soil enhancement for the agricultural industry to significantly increase crop yields. Biochar offers a powerfully simple solution to some of today’s most urgent environmental concerns. The production of Biochar for carbon sequestration in the soil is a carbon-negative process.  Biochar is made from timber waste using torrefaction technology and the Company’s patent pending manufacturing machine.  When put back into the soil, biochar can stabilize the carbon in the soil for hundreds of years.  The introduction of biochar into soil is not like applying fertilizer; it is the beginning of a process.  Most of the benefit is achieved through microbes and fungi.  They colonize its massive surface area and integrate into the char and the surrounding soil, dramatically increasing the soil’s ability to nurture plant growth and provide increased crop yield.

Vega Biofuels recently announced that the Company received the first Purchase Order from the five year agreement with AKP.  The first order has been completed and is being shipped to Anchorage this week.  AKP is in the process of setting up their own grow facility in Anchorage and will include Vega’s biochar in its soil mixture. 

“Things are moving faster than we expected in the Alaska market,” stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc.  “We are pushing to get this first shipment to AKP in time for their first planting. This Reseller Agreement will allow us to have an immediate presence throughout Alaska.  Since making our first announcement about the Alaska market, we’ve received requests from growers all over the world that are interested in using our biochar product.  The return on investment is substantial and the result on the plants is staggering.  We are already in discussions with growers in other states that are interested in reselling our product.  This reseller model will allow us to grow faster and create a much larger footprint within the cannabis industry.”

For plants that require high potash and elevated pH, Biochar can be used as a soil amendment to significantly improve yield. Biochar can improve water quality, reduce soil emissions of greenhouse gases, reduce nutrient leaching, reduce soil acidity, and reduce irrigation and fertilizer requirements. Biochar was also found under certain circumstances to induce plant systemic responses to foliar fungal diseases and to improve plant responses to diseases caused by soil-borne pathogens. The various impacts of Biochar can be dependent on the properties of the Biochar, as well as the amount applied. Biochar impact may depend on regional conditions including soil type, soil condition (depleted or healthy), temperature, and humidity. Modest additions of Biochar to soil reduces nitrous oxide N2O emissions by up to 80% and eliminates methane emissions, which are both more potent greenhouse gases than CO2.

About Vega Biofuels, Inc. (OTCPink:VGPR):

Vega Biofuels, Inc. is a cutting-edge energy company that manufactures and markets a renewable energy product called Bio-Coal and a soil enhancement called Biochar, both made from timber waste using unique technology called torrefaction.  Torrefaction is the treatment of biomass at high temperatures under low oxygen conditions.  For more information, please visit our website at vegabiofuels.com.   

This press release contains 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. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.

Vega Biofuels, Inc.: 800-481-0186

Enphase Energy Revolutionizes Residential Rooftop Solar Installations

Enphase IQ Microinverter System Now Shipping in the U.S.

PETALUMA, Calif., March 21, 2017 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced today it has begun shipping the Enphase IQTM Microinverter System. Introduced at Solar Power International in September 2016, the sixth generation of Enphase microinverters builds on more than ten years of innovation to offer unmatched simplicity, reliability and ease of installation.

“Enphase continues to be the innovation leader in solar with the delivery of our IQ Microinverter System which dramatically simplifies the solar installation,” said Paul Nahi, president and CEO of Enphase Energy. “Our IQ technology will also enable the introduction of Enphase Energized AC Modules which will be the ultimate game changer for the residential solar industry.”

Like all previous generations of their technology, the Enphase IQ System is a complete AC solution that uses no high voltage DC, providing the safest possible solar solution for homeowners. The system is also designed and manufactured for reliability, assured by over one million hours of power-on testing.

Lighter and easier to install, IQ microinverters use a unique double insulated, non-corroding polymeric enclosure that contributes to a design that is 30 percent lighter than Enphase S-Series microinverters. The new two-wire Q Cable that is part of the IQ Microinverter System uses half the copper and is 50 percent lighter than the previous generation of Enphase trunk cables.

IQ Microinverters meet or exceed regulatory requirements set by the National Electrical Code (NEC) and individual states. For example, Enphase is certified compliant with NEC 2014 and 2017 rapid shutdown requirements. Unlike string inverters, this capability is built-in, with no additional equipment necessary. In addition, Enphase IQ microinverters comply with requirements for distributed solar on utility networks included in Rule 21 in California and Hawaiian Electric Company Rule 14H, such as power factor, voltage and frequency ride-through requirements.

Addressing the growing market demand for high-powered modules, the Enphase IQ 6+ Micro supports both 60- and 72-cell modules up to 400 W DC and is now shipping in the U.S. Solar installers should contact an Enphase Authorized Distributor for details. The Enphase IQ 6 Micro which pairs with modules up to 330 W DC will become available in the U.S. this summer.

Also coming to market this summer, IQ Microinverters will be integrated into Enphase Energized™ AC Modules with IQ from LG, SolarWorld and Jinko Solar. AC modules will further simplify residential solar installations by streamlining the supply chain, reducing capital costs, and expediting the design and installation processes.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The Company revolutionized solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped more than 13 million microinverters, and more than 580,000 Enphase systems have been deployed in more than 100 countries. Visit www.enphase.com for more information and follow the company on Facebook, LinkedIn and Twitter.

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to Enphase Energy’s future financial performance, product performance, timing of availability of new products, and advantages of its technology and market trends. These forward-looking statements are based on the company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the “Risk Factors” and elsewhere in Enphase Energy’s latest Securities and Exchange Commission filings and reports, including its Annual Report on Form 10-K for the year ended December 31, 2016. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Images Available:


CONTACT: Contact:

Christian Zdebel 

Cornerstone Sustainable Energy Announces Corporate Name Change to PwrCor, Inc.

NEW YORK, March 21, 2017 (GLOBE NEWSWIRE) — Receivable Acquisition & Management Corporation (OTCQB:CSEI), d/b/a Cornerstone Sustainable Energy, a cleantech energy technology company launching advanced and disruptive solutions for the Waste Heat to Energy, Geothermal, and Solar Thermal markets, today announced that it has changed the Company’s corporate name to PwrCor, Inc.  The change is effective immediately.

“Our new corporate name more closely relates to the Company’s main operations in the alternative energy business based on our green PwrCorTM engine technology, and represents a key milestone in the development of a strong corporate identity that more accurately represents our company and its technology to our clients and prospects,” said Tom Telegades, Chief Executive Officer. “With the onset of our first geothermal project that will convert ultra-low-grade heat into electricity in northern California advancing our commercialization program, the Board felt that now was the appropriate time for this change.”

Stockholders approved the name change at the Annual Meeting of Stockholders held on January 20, 2017. The Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware on March 3, 2017 and a subsequent Form 8K was filed with the SEC on March 8, 2017.

In addition to the name change, the Company adopted a new corporate logo and has established a new website that can be found at www.pwrcor.com. The website will be revised and updated over the coming weeks.  The Company has also filed a request with FINRA to change its trading symbol, approval of which is expected shortly.

About the Technology

PwrCorTM engines use proprietary technology that can cost effectively convert ultra-low-grade heat to usable mechanical or electrical energy, opening up an immense market that competing technologies cannot exploit with a cost effective solution.  PwrCorTM is a cleantech  ‘GREEN’ technology that uses no fossil fuels, does not operate via combustion, has no emissions, and does not process any working fluids that are flammable, harmful to the environment, or costly to replace.  PwrCorTM is scalable, modular, and runs relatively silently, all within a small footprint.

About PwrCor, Inc.

PwrCor, Inc. is a cleantech energy technology company offering advanced and disruptive solutions for the Waste Heat to Energy, Geothermal, and Solar Thermal markets,, as well as other applicable markets. PwrCor is also focused on energy infrastructure development projects and delivering cleantech energy solutions to commercial and not-for-profit customers. Please visit our website at www.pwrcor.com for additional information.

Forward-Looking Statement Safe Harbor

With the exception of the historical information contained in this release, the matters described herein contain 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.  These statements involve unknown risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to raise sufficient financing to implement its growth strategy, and its ability to successfully develop and commercialize its proprietary products. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s most recent reports on Forms 10-K, 10-Q, 8-K, Schedule 14A and other filings made with the SEC. Copies of these reports are available from the SEC’s website, www.sec.gov, or without charge from the Company.  The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future. For additional information go to www.pwrcor.com.

CONTACT: Company Contact:
Thomas Telegades, CEO

Investor Relations Contact:
PCG Advisory Group
Stephanie Prince, Managing Director 
Ph: (646) 762-4518

Virtus Oil Announces Purchase of San Juan Properties

LAS VEGAS, March 21, 2017 (GLOBE NEWSWIRE) — Virtus Oil and Gas Corporation (OTC Pink:VOIL), is pleased to announce the purchase of Squaw Canyon and Tin Cup Mesa oil fields.  Both properties are located in San Juan County Utah.  The effective date of the purchase is March 1, 2017.

Virtus acquired 100% Working Interest in Tin Cup and 75% WI in Squaw Canyon. After remedial work on various wells, the Company anticipates gross production of 250 bopd.

Tin Cup Mesa Unit and Squaw Canyon are in the Paradox Basin producing in the Upper Ismay formation.  The cumulative production for Tin Cup Mesa is 2,138,000 BO and 3,263,000 Mcf of gas.  The cumulative production for Squaw Canyon is 356,000 BO and 930,000 Mcf of gas. There is potential production in the Lower Ismay and Desert Creek.  Eight of the wells are candidates for Horizontal Drilling.

About Virtus Oil and Gas Corporation

Virtus Oil and Gas Corp. (OTC Pink:VOIL) is a Nevada-based oil and gas exploration and production company currently focused on producing assets in the State of Colorado and Utah. Virtus’ strategy is to acquire proven and producing assets and/or develop oil and gas resources in proven, onshore basins in the United States.

Forward-looking Statements

This news release may contain “forward-looking” statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company’s products, as well as additional risks and uncertainties that are identified and described in the Company’s SEC reports. The company will need to raise additional financing in order to advance its exploration and drilling program. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.

CONTACT: Contact:

Dan Green
Virtus Oil and Gas Corporation
848 North Rainbow Blvd. #170
Las Vegas, NV 89107
(775) 636-3132

Marathon Oil Announces $700 Million Northern Delaware Acquisition

Houston, March 21, 2017 (GLOBE NEWSWIRE) — Marathon Oil Corporation (NYSE: MRO) announced today the signing of a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian’s Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million in cash, excluding closing adjustments.

“Today’s 21,000 acre bolt-on in the Northern Delaware is an excellent fit with the basin entry acquisition we announced earlier this month. The combined deals provide us more than 90,000 acres in the Permian, over 70,000 of which is concentrated in the Northern Delaware,” Marathon Oil President and CEO Lee Tillman said. “While we expect to pursue additional trades and grassroots leasing, this bolt-on achieves the scale necessary for efficient long-term development in the basin.”

Black Mountain Acreage Highlights:

  • Up to 10 target benches within approximately 5,000 feet of stacked pay; base case assumes up to 6 target benches
  • Approximately 21,000 net acres with 20,000 net acres in the Northern Delaware basin; primary targets in world-class Wolfcamp and Bone Spring; roughly 400 boed of current production
  • Approximately 230 million BOE of risked resource with 440 gross Company operated locations
  • Approximately 550 million BOE of total resource potential with 950 total gross Company operated locations
  • High quality Northern Delaware inventory produces greater than 90% before-tax IRRs at $55 WTI flat and competes for capital allocation at top of Marathon Oil’s portfolio

Combined Permian Acreage Highlights:

  • Approximately 91,000 net Permian acres including 71,500 in the Northern Delaware
  • Implied total acreage cost of $18,400 per acre, or $23,400 per Northern Delaware acre, adjusting for existing production
  • Approximately 580 million BOE of risked resource with 1,070 gross Company operated locations
  • Approximately 1.45 billion BOE of total resource potential with 2,650 total gross Company operated locations from both tighter density and secondary targets
  • Further upside opportunities from 18,500 net acres in Northwest Shelf
  • One operated rig drilling with plans to add two more rigs mid-year

The Black Mountain acquisition is expected to close in second quarter 2017 with an effective date of March 1, 2017.


BOE: barrels of oil equivalent
BOED: barrels of oil equivalent per day
IRR: Internal rate of return
WTI: West Texas intermediate crude

This release (and oral statements made regarding the subjects of this release)  contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the Company’s 2017 capital program and the program objectives and flexibility; the proposed Permian basin acquisition and expected timing and projected impacts, including valuation, resource estimates, production estimates, asset quality and internal rates of return; the Company’s operational, financial and growth strategies, including drilling plans, rig count, asset development, planned projects, capital discipline, balance sheet protection, operational flexibility, cost reductions, efficiencies and non-core asset sales; and the Company’s ability to successfully effect those strategies and the expected timing thereof. While the Company believes that the assumptions concerning future events are reasonable, a number of factors could cause results to differ materially including, but not limited to: conditions in the oil and gas industry; capital available; drilling and operational risks, well production timing; availability of drilling rigs, materials and labor, including the costs associated therewith; the inability to obtain or delay in obtaining necessary government or third-party approvals and permits; the inability of any party to satisfy closing conditions with respect to the acquisition; and any non-performance by third parties of their contractual obligations. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s 2016 Annual Report on Form 10-K and other public filings and press releases, available at www.marathonoil.com. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.

Cautionary Note to Investors – The U.S. Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. Any resource estimates in this release, such as risked resource or total resource potential, that are not specifically designated as being estimates of proved, probable or possible reserves, may include other estimated resources that the SEC’s guidelines prohibit us from including in filings with the SEC. Investors are urged to closely consider the disclosures in the Company’s periodic filings with the SEC, available at www.marathonoil.com or on the SEC’s website at www.sec.gov.

CONTACT: Media Relations Contact
Lee Warren: 713-296-4103

Investor Relations Contact
Zach Dailey: 713-296-4140