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Stock Market & Financial Investment News

News Breaks
March 5, 2014
10:37 EDTEGY, MPO, EPM, SFYMidstates Petroleum rises after earnings delayed for 'positive' developments
Shares of Midstates Petroleum (MPO) are increasing after the company rescheduled its fourth quarter earnings release, citing positive developments in its discussions with its banks. WHAT'S NEW: Midstates Petroleum announced last night that the company has rescheduled its fourth quarter earnings release to Tuesday, March 11 after the close of trading from Tuesday, March 4. Midstates noted that, as previously disclosed, the company is pursuing "a number of different options to streamline its portfolio," including sales of assets, joint ventures, and other possible farm-out arrangements. The company said it is in discussions with its commercial banking group to modify its debt structure to facilitate implementing such actions and Midstates added that it will discuss these "positive developments" during its rescheduled conference call. The actions currently in progress do not include additional equity or long-term debt issuance, Midstates noted. PRICE ACTION: During mid-morning trading, shares of Midstates Petroleum rose 49c, or 10.77%, to $5.04. OTHERS TO WATCH: Oil and gas exploration and production companies with market capitalization similar to Midstates Petroleum include Evolution Petroleum (EPM), Swift Energy (SFY), and VAALCO Energy (EGY).
News For MPO;EPM;SFY;EGY From The Last 14 Days
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October 24, 2014
08:05 EDTEGYVAALCO Energy enters subsequent exploration phase on Block 5 offshore Angola
VAALCO Energy announced that the company has entered into the Subsequent Exploration Phase on Block 5 offshore Angola together with its working interest partner, Sonangol P&P, as provided for in the Production Sharing Agreement signed in 2006 with the Republic of Angola. The SEP extends the exploration license for an additional three year period such that the new expiry date for exploration activities is November 30, 2017. The SEP requires the company and its partner to acquire a 3D seismic program covering six hundred square kilometers and to drill two additional exploration wells. The seismic obligation has been satisfied with a seismic program already completed covering 1,058 square kilometers over the outboard portion of the block. By entering the SEP, the Company is now required to drill a total of four exploration wells during the exploration extension period. The four well obligation includes the two well commitment under the primary exploration period that carries over to the SEP period. A $10M assessment applies to each of the four commitment exploration wells, if any, that remain undrilled at the end of the exploration period in 2017. The decision to enter the SEP was made in part to remove uncertainty that the primary term of the exploration license would be extended by the Republic of Angola before the November 30, 2014 expiration date.
October 17, 2014
07:02 EDTSFYSwift Energy comments on Form 13D filing
Swift Energy Co confirmed receipt of a letter to its Board of Directors from Baker Street Capital, LLC. The company welcomes the perspectives of its shareholders and has a longstanding policy of open communications with all of its investors, including Baker Street Capital, LLC. The Swift Energy Board of Directors and management team regularly evaluate the company's strategic priorities, capital structure and allocation of capital expenditures. The company works towards the goal of enhancing value for all shareholders by taking the right steps to manage the business while focusing on strategic initiatives to position Swift for long-term success.
October 16, 2014
17:18 EDTSFYBaker Street Capital reports 9.99% stake in Swift Energy, says shares worth $15
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16:53 EDTEGYVAALCO Energy commences new drilling campaign offshore Gabon
VAALCO Energy announced the commencement of a new six well drilling campaign offshore Gabon on its Etame Marin block. The development drilling campaign follows the recent on-schedule installation of the Etame platform and the Southeast Etame/North Tchibala platform. All work on this project was accomplished without a safety or environmental incident. All six wells in the current drilling campaign are development wells and VAALCO has spudded the first well, Etame 8-H, using the contracted Transocean "Constellation II" jack-up rig. The Constellation II rig will be used to drill two additional development wells, each targeting the Gamba sand formation in the Etame field, where VAALCO has been producing oil since 2002 utilizing subsea wells. First oil production from the Etame 8-H well is expected in December. The Constellation II will be mobilized to drill three additional development wells from the SEENT platform, beginning with a well to be drilled in the Southeast Etame field where the company drilled a successful exploration well in 2010. The remaining two development wells in the six well campaign will target Dentale sand formations in the North Tchibala field. The newly installed Etame and SEENT platforms are each equipped with eight well slots to provide for the option to drill up to five additional development wells from each platform after the completion of the current six well drilling campaign.
October 13, 2014
05:36 EDTEGYVAALCO Energy management to meet with Global Hunter
Meetings to be held on the West Coast October 13-15 hosted by Global Hunter.

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