On Monday, Warren Resources, Inc. (NASDAQ:WRES)’s shares declined -7.62% to $0.970.
Warren Resources, Inc. (WRES) stated its first quarter 2015 financial and operating results, counting a net loss of $102.3 million, or ($1.26) per basic and diluted share, which comprises a non-cash ceiling test write-down of its oil and gas properties totaling $91.4 million. This compares to net income of $8.2 million, or $0.11 per basic and diluted share, stated in the first quarter of 2014. First quarter 2015 adjusted net loss* was $10.9 million contrast to adjusted net income of $7.9 million in the first quarter of 2014.
In announcing the results, Lance Peterson, Interim Chief Executive Officer, stated that Warren has responded to a volatile commodity market environment and has taken action to position the Company to weather these challenging times. They acted quickly to right-size capital spending, operating costs and G&A to get ahead of a commodity market downturn. They are focusing on operational programs that will allow them to optimize production, build reserves, and seize opportunities in their key markets. They raised their hedging activity to protect the Company against further deterioration of oil and gas prices. They are actively working on initiatives to enhance liquidity and position Warren to respond quickly to a future commodity price recovery and be able to react to opportunities that they feel will develop over the near term. Warren will continue to execute on a business strategy that ensures their financial health while positioning them for growth, and he remain optimistic about Warren’s potential in the months ahead.
Warren Resources, Inc., an independent energy company, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. The company primarily focuses on the exploration and development of waterflood oil recovery projects in the Wilmington field within the Los Angeles Basin of California; Marcellus Shale project in northeastern Pennsylvania; and coalbed methane natural gas properties located in the Rocky Mountain region.
Penn Virginia Corporation (NYSE:PVA)’s shares dropped -6.81% to $5.47.
Penn Virginia Corporation (PVA) stated financial results for the three months ended March 31, 2015 and offered updates of its operations and 2015 capital plan and guidance.
Key Highlights
First quarter 2015 results contrast, as applicable, to fourth quarter 2014 results were as follows:
- Total production during the first quarter was 2.2 million barrels of oil equivalent (MMBOE), or 24,721 barrels of oil equivalent (BOE) per day (BOEPD), a 16% sequential enhance contrast to 21,314 BOEPD.
- Total production raised 17% over the first quarter of 2014 and 29%, pro forma to exclude volumes from Mississippi properties sold in July 2014.
- Eagle Ford production was 21,390 BOEPD, a 23% sequential enhance contrast to 17,459 BOEPD.
- Realized oil and gas prices were $71.79 per barrel and $3.14 per Mcf, contrast to $77.99 per barrel and $4.03 per Mcf, counting oil and gas derivatives.
- Product revenues were $110.6 million, contrast to $111.8 million, counting oil and gas derivatives.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States.
At the end of Monday’s trade, Noble Energy, Inc. (NYSE:NBL)‘s shares dipped -6.21% to $46.07.
Noble Energy, Inc. (NBL) and Rosetta Resources Inc. (Rosetta) (ROSE) recently declared a definitive merger agreement whereby Noble Energy will acquire all of the common stock of Rosetta in an all-stock transaction valued at $2.1 billion, plus the assumption of Rosetta’s net debt of $1.8 billion as of March 31, 2015.
Under the definitive agreement, Rosetta shareholders will receive 0.542 of a share of Noble Energy common stock for each share of Rosetta common stock held. Based on the Noble Energy closing price on May 8, 2015, the transaction has an implied value to Rosetta shareholders of $26.62 per share, representing a 28 percent premium to the average price of Rosetta stock over the last 30 trading days. Following the transaction, shareholders of Rosetta are predictable to own 9.6 percent of the outstanding shares of Noble Energy.
Noble Energy, Inc., an independent energy company, engages in the acquisition, exploration, and production of crude oil, natural gas, and natural gas liquids worldwide. Its principal projects are located in onshore DJ Basin and Marcellus Shale, the United States; the deepwater Gulf of Mexico; offshore West Africa; and offshore Eastern Mediterranean.
MagneGas Corporation (NASDAQ:MNGA), ended its Monday’s trading session with -6.15% loss, and closed at $0.892.
MagneGas Corporation (MNGA) declared that a major waste to energy company with 51 existing operating facilities processing solid waste into renewable energy, has requested formal testing of MagneGas® as an immediate replacement to acetylene.
Company officials viewed a MagneGas® demonstration in Florida and requested formal testing at their corporate headquarters. MagneGas® will be tested as a replacement to acetylene for repairs and demolition. The waste to energy company is publicly traded on the New York Stock Exchange (NYSE), with a market value in excess of $2 billion. Their name is being held confidential until testing has been accomplished. Formal testing is planned to start this week and is predictable to be complete within 30 days.
MagneGas Corporation, an alternative energy company, hydrogen based alternative fuel through the gasification of carbon-rich liquids in the United States and internationally. The company produces and distributes gas bottled in cylinders to the metalworking market as an alternative to acetylene.
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