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Stock Market & Financial Investment News

News Breaks
May 28, 2014
07:42 EDTSXCP, ANR, EPM, RTK, FTEK, SXC, PVABrean Capital to hold a conference
Global Resources & Infrastructure Conference to be held in New York on May 28.
News For SXC;RTK;PVA;FTEK;EPM;ANR;SXCP From The Last 14 Days
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February 26, 2015
12:39 EDTPVAOn The Fly: Midday Wrap
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11:07 EDTPVAPenn Virginia says 'not company's policy to comment' on sale rumors
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09:25 EDTPVAOn The Fly: Pre-market Movers
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09:15 EDTPVAPenn Virginia volatility flat into report exploring sale
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09:10 EDTPVAPenn Virginia jumps 15% to $7.15 after WSJ says exploring sale
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09:10 EDTPVAPenn Virginia working with bank to explore sale, WSJ reports
Penn Virginia (PVA) is working with Bank of America (BAC) to find potential buyers of the company, Wall Street Journal reports, citing people familiar with the matter. George Soros has urged the energy product to find a buyer with its stock down 60% since June, the Journal adds. Reference Link
08:10 EDTEPMEvolution Petroleum and Denbury Resources sign reversal of suspended revenue
Evolution Petroleum (EPM) and Denbury (DNR) executed an agreement under which Denbury will reverse the previously disclosed suspension of 2.89% of Evolution's overriding royalty interest revenues and will release to Evolution amounts previously suspended totaling approximately $712K Denbury further agreed not to suspend any future revenues attributable to any of Evolution's revenue interests, except under limited circumstances, and will limit any cash calls to amounts needed to fund near term capital expenditures. This agreement does not settle any of the outstanding litigation matters with Denbury, including their counterclaim related to the net revenue interest conveyed in the 2006 Purchase and Sale Agreement. The litigation is continuing and currently scheduled for trial in July 2015.
08:08 EDTEPMEvolution Petroleum to proceed with NGL plant in Delhi FieldEvolution Petroleum
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February 25, 2015
16:15 EDTPVAPenn Virginia sees 2015 product revenue $312M-$343M
May not compare to consensus $496.76M. Sees 2015 production 8.7 to 9.6 MMBOE, or 23,800 to 26,200 BOEPD. Production in Q1 is expected to range between 23,500 and 25,500 BOEPD, an increase of 10% to 20% over Q4. Capital expenditures are expected to be $295M-$345M, a decrease of 57% to 63% from 2014.
16:14 EDTPVAPenn Virginia reports Q4 EPS (35c), consensus (10c)
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February 23, 2015
07:10 EDTRTKRentech unit acquires assets of Allegheny Pellet Corporation for $7M in cash
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February 18, 2015
09:10 EDTPVAOn The Fly: Pre-market Movers
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07:42 EDTPVAPenn Virginia sees FY15 production 8.7-9.6 MMBOE
Sees FY15 daily production 23,800-26,300 BOEPD. Sees FY15 CapEx $2.95M-$345M. Sees drilling and completion capital expenditures to range between $6.0M-$7.5M per well for wells with two strings of casing, assuming 15 to 25 frac stages, and between $6.5M-$10.5M per well for 3-string wells, assuming 12 to 33 frac stages.
February 17, 2015
07:06 EDTRTKRentech says 'supports' decision by Rentech Nitrogen to explore alternatives
Rentech, Inc. (RTK) stated that it supports the decision by the board of Rentech Nitrogen Partners, L.P. (RNF) to retain a financial advisor to evaluate strategic alternatives for the partnership. Rentech owns the general partner and approximately 60% of the common units of Rentech Nitrogen.
07:05 EDTRTKRentech Nitrogen says exploring strategic alternatives
Rentech Nitrogen Partners, L.P. (RNF) that its Board of Directors has initiated a process to explore and evaluate potential strategic alternatives for the partnership, which may include a sale of the partnership, a merger with another party, a sale of some or all of the assets of the partnership, or another strategic transaction. The Board of Directors of Rentech, Inc. (RTK), which is the General Partner of, and owns approximately 60% of the common units of, the partnership, concurred with the partnership’s decision to explore its strategic alternatives. Rentech Nitrogen has retained Morgan Stanley as its financial advisor to assist with the strategic review process. The partnership stated that there can be no assurance that this strategic review process will result in a transaction. Rentech Nitrogen has not set a timetable for completion of the review process, and it does not intend to comment further regarding the review process unless a specific transaction is approved by its Board of Directors, the review process is concluded, or it is otherwise determined that further disclosure is appropriate or required by law.
07:02 EDTRTKRentech secures additional loan commitment of up to $63M from GSO Capital
Rentech, Inc. (RTK) announced that GSO Capital Partners LP, the credit investment arm of Blackstone (BX), has increased its credit facility for Rentech by up to $63M. The majority of the proceeds from this new facility are expected to fund completion of Rentech’s Canadian wood pellet projects through positive cash flow. Rentech now estimates the cost to complete the construction of its Canadian wood pellet projects to be $125M-$130M. Rentech expects that the new term loan, together with its other cash resources, will be sufficient to fund its Atikokan and Wawa pellet projects until they have been commissioned and begin to generate positive cash flow. Rentech currently estimates that the cost to acquire and construct the two plants will be $125M-$130M, up from $105M. The majority of the increase is due to delays in construction and higher labor costs for installation of electrical and mechanical components. Rentech expects that working capital and the cost to commission the plants will add approximately $6 to $10 million to the estimated total project cost. Rentech does not expect the plants to generate positive EBITDA or cash flow for the year 2015. Annual stabilized EBITDA projected for both plants remains in line with previous guidance of C$17M-C$20M.

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