Archive for May, 2010
Penn Virginia Corporation Announces Acquisitions in the Marcellus Shale
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Penn Virginia Corporation Announces Acquisitions in the Marcellus Shale
Adds Acreage Primarily in Potter, Somerset and Tioga Counties, Pennsylvania
Radnor, PA, May 31, 2010 – Penn Virginia Corporation (NYSE: PVA) announced on May 28 that it has acquired approximately 10,000 net Marcellus Shale acres primarily in Potter, Somerset and Tioga Counties, Pennsylvania in two transactions for approximately $19.5 million in cash and overriding royalty interests on a portion of the acquired acreage.
The first acquisition was from a private oil and gas firm who was PVA’s joint venture partner. The acquired leases were located primarily in Potter, Somerset and Tioga Counties, including approximately 7,900 net acres with Marcellus Shale rights and approximately 23,000 net acres with deeper rights. In connection with the acquisition, PVA granted the seller a 1.5 percent overriding royalty interest on the acquired acreage. After taking into account the override, PVA’s net revenue interest in the joint venture acreage is approximately 84 percent.
The second acquisition was from another private oil and gas firm of leases primarily in Potter County covering approximately 2,100 net acres, with rights to the Marcellus Shale and all other formations.
A. James Dearlove, President and Chief Executive Officer, said, “We are pleased to have expanded our Marcellus Shale acreage position from approximately 35,000 net acres to 45,000 net acres, and to have accomplished this expansion at a very attractive cost. We plan to begin testing the acreage in these areas later in 2010. In addition, we continue our leasing efforts and our review of other acquisition opportunities, as we seek to establish a significant presence in this emerging play over the next few years.”
Penn Virginia Corporation (NYSE: PVA) is an independent natural gas and oil company focused on the exploration, acquisition, development and production of reserves in onshore regions of the U.S., including the Mid-Continent region, East Texas, Mississippi and the Appalachian Basin. PVA also owns approximately 23 percent of Penn Virginia GP Holdings, L.P. (NYSE: PVG), the owner of the general partner and the largest unit holder of Penn Virginia Resource Partners, L.P. (NYSE: PVR), a manager of coal and natural resource properties and related assets and the operator of a midstream natural gas gathering and processing business.
For more information, please visit our website at www.pennvirginia.com.
Certain statements contained herein that are not descriptions of historical facts are “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. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for natural gas, natural gas liquids, or NGLs, and crude oil; reductions in our anticipated capital expenditures; the relationship between natural gas, NGL and crude oil prices; the projected demand for and supply of natural gas, NGLs and crude oil; the availability and costs of required drilling rigs, production equipment and materials; our ability to obtain adequate pipeline transportation capacity for our oil and gas production; competition among producers in the oil and natural gas industries generally; operating risks, including unanticipated geological problems, incidental to our business; environmental risks affecting the drilling and producing of oil and gas wells; the timing of receipt of necessary governmental permits by us; hedging results; accidents; changes in governmental regulation or enforcement practices, especially with respect to environmental, health and safety matters; risks and uncertainties relating to general domestic and international economic (including inflation, interest rates and financial and credit markets) and political conditions (including the impact of potential terrorist attacks); and other risks set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009.
Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2009. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
For More Information Contact
James W. Dean
Vice President, Corporate Development
Penn Virginia Corporation
610-687-7531
Fax: 610-687-3688
invest@pennvirginia.com
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US Department of Labor fines South Dakota Wheat Growers Association of Aberdeen, SD, more than $1.6 million for grain handling violations
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National News Release 10-711-DEN
May 27, 2010
Contact: Jason Surbey
Phone: 202-693-4668
Email: surbey.jason@dol.gov
US Department of Labor fines South Dakota Wheat Growers Association
of Aberdeen, SD, more than $1.6 million for grain handling violations
Worker suffocated in December 2009 after being engulfed in grain
WASHINGTON – The U.S. Department of Labor’s Occupational Safety and Health Administration has fined the South Dakota Wheat Growers Association of Aberdeen, S.D., more than $1.6 million following the Dec. 22, 2009, death of a worker at the company’s McLaughlin, S.D., grain handling operation. The worker suffocated after being engulfed by grain in one of the facility’s bins. OSHA’s investigation found that five additional workers were also at risk of being engulfed when they were sent into the bin to dig the victim out.
“The South Dakota Wheat Growers Association ignored long-established standards addressing safety in grain handling operations,” said Secretary of Labor Hilda L. Solis. “The company’s intentional disregard for its safety and health responsibilities put its workers at risk, and more egregiously, led to an unnecessary loss of life. Worker safety must be a top priority.”
Following its investigation, OSHA proposed $1,610,000 in fines for 23 alleged willful violations of the grain handling and confined space standards, including: failing to prohibit workers from walking on top of clumped grain; failing to prohibit entry into the grain bins where the buildup of grain existed; failing to shut off and lock out equipment to prevent grain from moving through the bin while workers were inside; failing to equip workers with grain engulfment protection; failing to provide observers equipped to provide assistance; failing to train workers; failing to issue permits to control entry into grain bins; failing to test the atmosphere; a lack of rescue equipment; and failing to implement an emergency action plan prior to entry. A willful violation is one committed with intentional, knowing or voluntary disregard for the law’s requirements, or with plain indifference to employee safety and health.
“We know that safety precautions could have prevented this tragedy,” said Dr. David Michaels, assistant secretary of labor for OSHA. “The dangers of grain bin entry are well known in the industry, yet the South Dakota Wheat Growers Association chose to ignore these hazards.”
The death in South Dakota follows a similar May 2009 death of a 17-year old employee of Tempel Grain LLP in Haswell, Colo. That worker also suffocated after being engulfed by grain. OSHA issued $1,592,500 in fines for 22 alleged willful and 13 alleged serious violations in that case.
OSHA has implemented a regional emphasis inspection program in the grain handling industry to address the serious hazards associated with grain bins and confined spaces, and operators and industry associations have been sent letters announcing the program. OSHA’s area offices covering Colorado, Montana, North Dakota and South Dakota are also providing assistance to help grain storage facilities comply with safety standards.
The company has 15 business days from receipt of all OSHA citations to pay the penalties, request an informal conference with OSHA’s area director or contest the findings before the independent Occupational Safety and Health Review Commission.
Under the Occupational Safety and Health Act, OSHA’s role is to promote safe and healthful working conditions for America’s working men and women by setting and enforcing standards, and providing training, outreach and education. For more information, visit http://www.osha.gov.
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U.S. Department of Labor releases are accessible on the Internet at http://www.dol.gov. The information in this news release will be made available in alternate format (large print, Braille, audiotape or disc) from the COAST office upon request. Please specify which news release when placing your request at 202-693-7828 or TTY 202-693-7755. The Labor Department is committed to providing America’s employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit http://www.dol.gov/compliance.
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Global Industries Names New Senior Executives
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Global Industries Names New Senior Executives
Carlyss, LA, May 28, 2010 – Global Industries, Ltd. (NASDAQ:GLBL) (“Global”) announced on May 27 the appointment of Ashit J. Jain as Chief Operating Officer and James G. Osborn as Chief Marketing Officer of the Company. In these newly-created positions, Jain and Osborn will report directly to John B. Reed, Chief Executive Officer. In his role as Chief Operating Officer, Jain will be responsible for project management, operations, vessel management and engineering activities across the world. As Chief Marketing Officer, Osborn will be responsible for leadership and management of all of Global’s commercial activities including marketing, business acquisition and development, proposals and estimating.
“The appointment of Ashit Jain and Jim Osborn are a critical part of Global’s strategic plans to become a worldwide provider of deepwater construction and installation projects for the offshore oil and gas industry,” said John Reed, Global’s Chief Executive Officer. “When we take delivery of the Global 1200 in September and the Global 1201 late next year, it is imperative that we have the centralized management and technical expertise to work successfully all around the world. Ashit Jain and Jim Osborn have the leadership skills and experience to help us win and successfully execute the complex deepwater installation projects that are key to the Company’s future.”
Ashit J. Jain, 39, is currently Senior Vice President, Asia Pacific/Middle East and is located in the Company’s Singapore office. Earlier in his career with Global, Jain was responsible for worldwide estimating and project policies after holding a variety of increasingly responsible operations, engineering and project management positions. He previously held similar roles with J. Ray McDermott. Mr. Jain holds a Bachelors Degree in Civil Engineering from the University of Delhi and earned his MBA at the University of Houston’s Bauer College of Business.
James G. Osborn, 59, joins Global after eight years with IntecSea, a unit of the worldwide engineering firm of Worley Parsons Limited, where he was most recently Senior Vice President, Business Development. Earlier in his career, Mr. Osborn spent 17 years with Kellogg Brown & Root where he held a variety of commercial, business development and operations positions. Mr. Osborn holds Bachelors and Masters Degrees in Engineering from the Massachusetts Institute of Technology.
Global also announced that Peter S. Atkinson, President, will be retiring from the Company in March 2011. Until that time, Mr. Atkinson will continue to report to Mr. Reed focusing his activities on implementation of the Company’s deepwater strategy and ensuring a smooth management transition as an advisor to Mr. Reed and the Company’s new leadership team.
Global Industries, Ltd. is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company’s shares are traded on the NASDAQ Global Select Market under the symbol “GLBL”.
This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are industry conditions, prices of crude oil and natural gas, the Company’s ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.
For More Information Contact
Jeff Miller
Global Industries, Ltd.
+1-281-529-7250
www.globalind.com
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OSHA seeks members to serve on national advisory committee for improving worker safety and health
May 28, 2010
Contact: Office of Communications
Phone: 202-693-1999
OSHA seeks members to serve on national advisory
committee for improving worker safety and health
WASHINGTON – OSHA is accepting membership nominations to the National Advisory Committee on Occupational Safety and Health (NACOSH) to further the agency’s efforts to protect the safety and health of America’s workers.
NACOSH is a continuing advisory committee established under the Occupational Safety and Health Act of 1970 that has advised the Secretaries of Labor, and Health and Human Services for nearly 40 years on occupational safety and health issues such as site-specific targeting, whistleblower protection, and continuing outreach to Latino workers.
OSHA is seeking nominees who possess occupational safety and health expertise and are qualified to represent workers, employers, the public, safety and health professionals. Nominees will fill two public, one management, one occupational safety and one occupational health representative vacancies. The Secretary of Labor appoints the committee’s 12 members, two of whom are designated by the Secretary of Health and Human Services. Committee members serve two year terms and meet at least twice a year.
Nominations may be submitted at www.regulations.gov, the Federal eRulemaking Portal. If submitting nominations by mail, send three copies to the OSHA Docket Office, Docket No. OSHA-2010-0012, U.S. Department of Labor, N-2625, 200 Constitution Ave., N.W., Washington, DC 20210. Nominations not exceeding 10 pages may be faxed to 202-693-1648. The nominations deadline is July 20, 2010.
for general information, contact Deborah Crawford, OSHA Directorate of Evaluation and Analysis, at 202-693-1932.
Under the Occupational Safety and Health Act of 1970, employers are responsible for providing safe and healthful workplaces for their employees. OSHA’s role is to assure these conditions for America’s working men and women by setting and enforcing standards, and providing training, education and assistance. For more information, visit http://www.osha.gov.
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U.S. Labor Department news releases are accessible on the Internet at www.dol.gov. The information in this release will be made available in alternative format upon request (large print, Braille, audiotape or disc) from the Central Office for Assistive Services and Technology. Please specify which news release when placing your request. Call 202-693-7828 or TTY 202-693-7755.
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Alberta stimulates new energy investment, new technologies
Alberta stimulates new energy investment, new technologies
Calgary, AB, May 28, 2010 – To further energize investment, the Alberta government unveiled initiatives to accelerate new technologies to encourage development of Alberta’s vast unconventional and deep resource pools and finalized royalty curves for conventional oil and gas.
“This initiative to unlock Alberta’s unconventional resources offers the potential for decades of employment and community benefits” said Energy Minister Ron Liepert. “The final adjustments to royalty formulas will help industry make important investment decisions for the fall and winter drilling season and maintain Alberta as a competitive jurisdiction for investment.”
Building on the work of government and industry that resulted in the release of Energizing Investment in March, the Emerging Resources and Technologies Initiative modifies the royalty rate for wells that require use of high-cost technologies. This strengthens a producer’s ability to invest in additional wells, as well as research and development. Stimulating application of new technologies in resources that have not been tapped is expected to increase overall production, resulting in increased economic activity and secure long-term royalty revenue from new resource discoveries.
“These rate modifications are a long-term investment in Alberta’s future,” added Liepert. In all, energy development in Alberta represents almost 30 per cent of the province’s total gross domestic product and directly or indirectly supports almost one in every seven jobs. Over the next 25 years the Canadian Energy Research Institute forecasts that oil and gas development in Alberta has the potential to add $2.5 trillion in new economic activity. More economic activity means more opportunity and more jobs for Albertans.
The Emerging Resource and Technologies Initiative will be reviewed in 2014 and the Alberta government has committed to providing three years notice to industry at that time if it decides to discontinue the initiative.
The government is also initiating two studies to expand the mapping, geological and resource knowledge of shale gas in Alberta and the enhanced oil recovery potential of conventional oil pools in Alberta. The studies will provide important data to help industry make better-informed investment decisions and help guide future government policy development.
Energizing Alberta’s investment attractiveness is part of the Government of Alberta’s clear plan to support a strong economic recovery. The Way Forward will ensure Alberta is in a surplus position in three years; uses cash reserves to protect key programs; continues to invest in public infrastructure; and attracts the investment necessary to maintain jobs and prosperity.
For More Information Contact
Bob McManus
Alberta Energy Communications
780-422-3667
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