On Monday, Energy XXI Ltd (NASDAQ:EXXI)’s shares declined -1.80% to $2.18.
Energy XXI (EXXI) declared it has closed on the sale of the East Bay Field for $21 million to a private buyer. In addition, Energy XXI will retain a 5% overriding royalty interest on these assets for a period not to exceed 5 years from the closing date, and Energy XXI will also retain 50 percent of the deep rights associated with the East Bay Field.
The East Bay Field produced about 2,050 barrels of oil per day (Bbl/d) net on average for fiscal 2015, with net reserves associated with the East Bay Field estimated at about 9.4 million barrels of oil equivalent, 94 percent liquids, as of June 30, 2015. The buyer will assume plugging and abandonment liability.
Additionally, the company closed on the divestiture of the Grand Isle Gathering System. Total cash proceeds received were $245 million. As formerly declared, the company will continue to operate the system on behalf of the buyer, CorEnergy Infrastructure Trust, Inc.
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2014, the company had proved reserves of 246.2 million barrels of oil equivalent. It operated or had an interest in 984 gross producing wells on 432,954 net developed acres, counting interests in 61 producing fields.
American Electric Power Company Inc (NYSE:AEP)’s shares dropped -0.40% to $55.34.
Affiliates of American Electric Power (AEP), Berkshire Hathaway Energy, Duke Energy (DUK), Edison International (EIX), Eversource Energy (ES), Exelon (EXC), Great Plains Energy (GXP), and Southern Company (SO) have signed a memorandum of understanding to pursue development of Grid Assurance™, a limited liability company that expects to offer subscribers cost-effective solutions for enhancing grid resiliency and protecting customers from prolonged transmission outages.
As proposed, Grid Assurance will own and provide subscribers with timely access to an inventory of emergency spare transmission equipment that can otherwise take months to acquire. Grid Assurance filed a petition with the Federal Energy Regulatory Commission (FERC) late yesterday seeking confirmation that this service can be part of a transmission-owning entity’s strategy to effectively address grid resiliency mandates. Grid Assurance will not be FERC regulated, but plans to charge cost-based subscription fees, similar to FERC-regulated transmission formula rates. Cost-based subscription fees are expected to facilitate subscribers’ ability to recover expenses.
Restoration of the transmission grid can be hampered by long lead times required to design, build and deliver critical replacement equipment including large transformers, circuit breakers and other specialized electrical equipment. As proposed, Grid Assurance will be more cost-effective than companies independently securing emergency spare equipment for high-impact, low-frequency events due to economies of scale, diversification and improved logistics.
American Electric Power Company, Inc., a public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers. The company generates electricity using coal and lignite, natural gas, nuclear, and hydroelectric and other energy sources.
At the end of Monday’s trade, EnteroMedics Inc (NASDAQ:ETRM)‘s shares dipped -0.03% to $0.350.
EnteroMedics Inc. (ETRM), a developer and manufacturer of devices that use neuroblocking technology to treat obesity, metabolic diseases, and other gastrointestinal disorders, recently declared the closing of its formerly declared public offering of 32,000,000 units (the “Offering”) generating net proceeds of about US$14.7 million, with each unit compriseing of one share of common stock and one Series A warrant to purchase one share of common stock at a purchase price of $0.50 per unit. Investors whose purchase of units in the offering would result in them beneficially owning more than the initial beneficial ownership limitation to be comprised of in the warrants following the consummation of the offering will have the opportunity to acquire units with Series C pre-funded warrants substituted for any common stock they would have otherwise attained over the initial beneficial ownership limitation, paying the same price of $0.50 per unit. The Series A warrants will be exercisable right away and will expire 42 months after their date of issuance at an exercise price of $0.60 per share. The pre-funded Series C warrants will be exercisable right away and will expire five years following issuance.
Canaccord Genuity acted as sole book-running manager and Craig-Hallum Capital Group acted as co-manager for the offering. Northland Securities and Roth Capital Partners served as financial advisors to the Company in connection with this transaction.
EnteroMedics Inc., a medical device company, focuses on the design and development of devices that use neuroblocking technology to treat obesity, metabolic diseases, and other gastrointestinal disorders. The company’s proprietary neuroblocking technology is designed to intermittently block the vagus nerve using electrical impulses. It develops the Maestro Rechargeable System, which is used to limit the expansion of the stomach, control hunger sensations between meals, reduce the frequency and intensity of stomach contractions, and produce a feeling of early and prolonged fullness.
Chicago Bridge & Iron Company N.V. (NYSE:CBI), ended its Monday’s trading session with -0.50% loss, and closed at $46.22.
CB&I (CBI) declared it has been awarded a contract valued at about $120 million by a leading hydrocarbon operator for long-term maintenance at its facilities in Peru.
Chip Ray, President of CB&I’s Capital Services operating group stated that One of their key strategies is to expand their maintenance and related services globally, This award demonstrates their efforts are working, and it strengthens CB&I’s business in South America.
Chicago Bridge & Iron Company N.V. provides conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program administration, and environmental services worldwide. The companys Engineering, Construction and Maintenance segment offers engineering, procurement, and construction services for energy infrastructure facilities, in addition to comprehensive and integrated maintenance services. Its projects comprise nuclear, fossil, and renewable electric generating plants for the power industry; and upstream and downstream process facilities for the oil and gas industry.
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