Archive for June, 2011
OSHA cautions on the dangers of using fireworks
June 30, 2011
Contact: Office of Communications
Phone: 202-693-1999
OSHA cautions on the dangers of using fireworks
WASHINGTON – The Occupational Safety and Health Administration today cautioned employers in the fireworks/pyrotechnics industry to protect their workers from hazards they face while handling fireworks for public events.
With July 4 rapidly approaching, retailers are stocked up on fireworks and communities across our Nation are planning to celebrate Independence Day with impressive pyrotechnic displays. Unfortunately, these exciting activities also bring the potential for tragedy for workers who handle these dangerous materials.
“Workers who are not properly trained and protected from hazards in this potentially volatile industry are at an increased risk of serious or fatal injuries,” said Assistant Secretary of Labor for Occupational Safety and Health Dr. David Michaels. “Employers who manufacture, sell, display or work around pyrotechnics need to recognize potential hazards and prevent worker injuries. This holiday weekend is a time for family and fun, but it should not be at the expense of the workers who play such a large part of our celebrations.”
OSHA offers a Safety and Health Topics page that addresses two sectors in the pyrotechnics industry: retail sales of fireworks and fireworks display. The Web page includes descriptions of common hazards and solutions found in both areas of the industry, downloadable safety posters for workplaces where fireworks are handled, and a video demonstrating best industry practices for retail sales and manufacturers based on National Fire Protection Association consensus standards.
The OSHA website references other federal standards associated with the industry, such as those of the Consumer Product Safety Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives, both of which address consumer use of fireworks.
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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US Department of Labor’s OSHA cites Springs Transmission and Automotive for exposing workers to variety of workplace hazards
Region 8 News Release: 11-965-DEN
June 30, 2011
Contact: Rich Kulczewski
Phone: 303-844-1302
Email: kulczewski.richard@dol.gov
US Department of Labor’s OSHA cites Springs Transmission and
Automotive for exposing workers to variety of workplace hazards
DENVER – The U.S. Department of Labor’s Occupational Safety and Health Administration has cited Springs Transmission and Automotive Inc. for 18 safety and health violations following an inspection that began in May at the company’s facility at 3310 Chelton Loop North in Colorado Springs. Proposed fines total $76,000.
“This employer has been cited for many of these conditions before and has failed to take any meaningful action,” said John Healy, OSHA’s area director in Englewood. “OSHA will not tolerate such negligence.”
One willful violation addresses employee exposure to unstable and unsafe vehicle lifts. A willful violation is one committed with intentional knowing or voluntary disregard for the law’s requirements, or with plain indifference to worker safety and health.
Nine repeat violations address hazards associated with chemical handling, improper electrical systems, unstable storage of materials and improper machine guarding. Springs Transmission and Automotive was cited for these same hazards in 2010. A repeat violation exists when an employer previously has been cited for the same or a similar violation of a standard, regulation, rule or order at any other facility in federal enforcement states within the last five years.
Six serious violations were cited for improper fire control during welding operations, inadequate personal protective equipment and a broken garage door. A serious violation occurs when there is substantial probability that death or serious physical harm could result from a hazard about which the employer knew or should have known.
Two other-than-serious violations relate to deficient record keeping and first-aid supplies. An other-than-serious violation is one that has a direct relationship to job safety and health, but probably would not cause death or serious physical harm.
The company has 15 business days from receipt of the citations to comply, request an informal conference with OSHA’s area director or contest the findings before the independent Occupational Safety and Health Review Commission. The inspection was conducted by OSHA’s Englewood Area Office; telephone 303-843-4500. To report workplace incidents, fatalities or situations posing imminent danger to workers, call the agency’s toll-free hotline at 800-321-OSHA (6742).
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 ensure 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. Department of Labor news materials are accessible at http://www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.
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Kodiak Oil & Gas Corp. Completes Williston Basin Acquisition
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Kodiak Oil & Gas Corp. Completes Williston Basin Acquisition
Denver, CO, June 30, 2011 - Kodiak Oil & Gas Corp. (NYSE Amex: KOG), an oil and gas exploration and production company with assets in the Williston Basin of North Dakota and Montana, announces the June 30, 2011 closing of the previously announced acquisition of Williston Basin oil and gas producing properties and undeveloped leasehold.
Included in the transaction are approximately 25,000 net mineral acres and production of approximately 200 net barrels of oil equivalent per day (BOE/d). The total purchase price for the leasehold interests and associated assets is $85.5 million and is comprised of $71.5 million in cash and the issuance to the Seller of 2.5 million shares of Kodiak common stock. Kodiak funded the transaction through cash balances and borrowings under credit facilities including its reserve-based revolving line of credit.
As part of the transaction, Kodiak entered into a contract for a new build drilling rig that was previously contracted to the Seller. The new build drilling rig is scheduled for completion in September 2011.
Including June 30′s acquisition, Kodiak’s acreage position in the Williston Basin now approximates 100,000 net acres.
The shares of common stock of Kodiak issuable under the acquisition agreement with the Seller have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
Operations Update
Kodiak has begun completion operations on its two-well pad in the Koala project area in McKenzie County, N.D. The Company anticipates completing both wells during early July 2011 and plans to simultaneously flow back the wells and turn them to production facilities and gas pipeline infrastructure which services the area. Kodiak operates the two-well pad with a 52.5% working interest and a 42.5% net revenue interest.
Following this two well pad, completions operations will move to Dunn County, N.D. where a four-well pad is being prepared for fracture stimulation operations in late July and early August. Oil, gas and water disposal pipelines have been constructed to these wells. In addition, four gross (2 net) wells have been drilled on Kodiak’s non-operated lands in Dunn County and completion operations are underway of the first of those wells. Operated and non-operated completion procedures are expected to be continuous through the third quarter.
Kodiak is currently drilling ahead on four wells with two rigs running in McKenzie County, N.D. and two rigs running in Dunn County, N.D. Each of these rigs is drilling on multi-well pads.
“We are pleased to have closed on another high-quality Williston Basin acquisition,” said Kodiak’s Chairman and CEO Lynn A. Peterson. ”The new assets provide Kodiak and its shareholders a meaningful inventory of largely de-risked additional drillable locations for future growth. By expanding our presence in the Basin, we can further improve our field-level efficiencies as we continue to work to improve per-well economics and reduced lease operating expense.
“Vastly improved weather and much better surface conditions are returning to the Williston Basin. Our fracture stimulation operations are underway at Koala without weather or road condition impediments. Our 2011 program is largely on schedule and we expect to see significant changes in our production volumes as we complete several wells in the coming weeks. ”
About Kodiak Oil & Gas Corp.
Denver-based Kodiak Oil & Gas Corp. is an independent energy exploration and development company focused on exploring for, developing and producing oil and natural gas in the Williston and Green River Basins in the U.S. Rocky Mountains. For further information, please visit www.kodiakog.com. The Company’s common shares are listed for trading on the NYSE Amex exchange under the symbol: “KOG.”
Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this document include statements regarding the expectations and anticipated benefits of the acquisition transaction, the expansion of the Company’s presence in the Williston Basin, the Company’s operational, exploration and development plans, the Company’s expectations of changes in production volumes and timing of completion of wells, the Company’s expectations regarding drilling plans, and the expected timing and completion of the new drilling rig. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company’s oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission.
For More Information Contact
Mr. Lynn A. Peterson
CEO and President
Kodiak Oil & Gas Corp
+1-303-592-8075
www.kodiakog.com
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Mr. David P. Charles
Sierra Partners LLC
+1-303-757-2510 x11
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Frontier Oil Announces Shareholder Approval of Merger with Holly Corporation
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Frontier Oil Announces Shareholder Approval of Merger with Holly Corporation
Houston, TX, June 29, 2011 - Frontier Oil Corporation (NYSE: FTO) (“Frontier”) announced that, at a special meeting of Frontier shareholders held on June 28 in Houston, Frontier shareholders voted to approve the merger agreement with Holly Corporation (NYSE: HOC) (“Holly”), which provides for the merger of Frontier into a subsidiary of Holly. The merger agreement was approved by 99% of the total votes cast by Frontier shareholders at the meeting. Upon consummation of the transaction, Holly will change its name to HollyFrontier Corporation.
Mike Jennings, Frontier’s Chairman, President and Chief Executive Officer, said, “We are pleased that our shareholders overwhelmingly supported our merger with Holly. This combination will deliver value for the shareholders of both companies through an expanded asset footprint, reduced costs, increased operational efficiencies and a strong balance sheet. I want to thank our shareholders, customers and dedicated employees for their support throughout this process and look forward to moving forward as an even stronger combined entity.”
HollyFrontier Corporation, which will have a refining capacity in excess of 440,000 barrels-per-day (bpd) across five refineries, will serve the niche mid-continent, Rocky Mountain and southwestern refining markets and will have access to growing regional domestic and Canadian crude oil supplies.
As previously announced, the Boards of Directors of both Frontier and Holly unanimously approved a definitive merger agreement under which the companies will combine in an all-stock merger of equals transaction. In accordance with the terms of the merger agreement, Frontier shareholders will receive 0.4811 Holly shares for each share of Frontier common stock that they own at closing. The transaction is anticipated to be consummated on July 1, 2011, and the combined entity will trade under the symbol HFC.
About Frontier
Frontier Oil Corporation operates a 135,000 bpd refinery located in El Dorado, Kansas, and a 52,000 bpd refinery located in Cheyenne, Wyoming, and markets its refined products principally along the eastern slope of the Rocky Mountains and in other neighboring plains states. Information about the Company may be found on its website www.frontieroil.com.
Important Information for Investors and Shareholders
In connection with the proposed merger of equals transaction between Holly and Frontier, Holly has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that includes a joint proxy statement of Holly and Frontier and constitutes a prospectus of Holly, which the SEC has declared effective. Holly and Frontier may also file other documents with the SEC concerning the proposed merger. INVESTORS AND SECURITY HOLDERS OF HOLLY AND FRONTIER ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents containing important information about Holly and Frontier through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Holly are available free of charge on Holly’s website at www.hollycorp.com under the tab “Investors” or by contacting Holly’s Investor Relations Department at (214) 871-3555. Copies of documents filed with the SEC by Frontier are available free of charge on Frontier’s website at www.frontieroil.com under the tab “Investor Relations” and then under the tab “SEC Filings” or by contacting Frontier’s Investor Relations Department at (713) 688-9600.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements regarding the effects of the proposed merger and statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” or similar expressions. Forward looking statements relating to expectations about future results or events are based upon information available to Holly and Frontier as of today’s date, and are not guarantees of the future performance of Holly, Frontier or the combined company, and actual results may vary materially from the results and expectations discussed. For instance, there is no assurance that the proposed merger will be consummated. The merger agreement will terminate if either Holly or Frontier fails to satisfy conditions to closing. Additional risks and uncertainties related to the proposed merger include, but are not limited to, the successful integration of Holly’s and Frontier’s businesses and the combined company’s ability to compete in the highly competitive refining and marketing industry. The revenues, earnings and business prospects of Holly, Frontier and the combined company and their ability to achieve planned business objectives will be subject to a number of risks and uncertainties. These risks and uncertainties include, among other things, risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products in Holly’s, Frontier’s and the combined company’s markets; the demand for and supply of crude oil and refined products; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines; effects of governmental and environmental regulations and policies; the availability and cost of financing; the effectiveness of capital investments and marketing strategies; efficiency in carrying out construction projects; the ability to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations; the possibility of terrorist attacks and the consequences of any such attacks; and general economic conditions.
Holly and Frontier caution that the foregoing list of risks and uncertainties is not exclusive. Additional information concerning these and other risks is contained in Holly’s and Frontier’s most recently filed Annual Report on Form 10-K, subsequent Quarterly Report on Form 10-Q, recent Current Reports on Form 8-K and other SEC filings. All subsequent written and oral forward-looking statements concerning Holly, Frontier, the proposed merger or other matters and attributable to Holly or Frontier or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Neither Holly nor Frontier undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
For More Information Contact
Kristine Boyd
Frontier Oil Corporation
713-688-9600 x135
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