Credo Petroleum Corporation (Nasdaq:CRED), an oil and gas exploration and production company with significant operations in the Rocky Mountain and Mid-Continent Regions, updated its Bakken drilling activities in Dunn and Williams Counties, North Dakota.
In North Dakota's Bakken oil resource play, the company has assembled approximately 8,000 gross (6,000 net) acres in the core of the play which are located primarily on the Fort Berthold Reservation, south and west of the Parshall Field. The acreage consists of approximately 50 initial well spacing units. The company expects that more than one well will be drilled on many spacing units. The project targets horizontal drilling for the Bakken and Sanish/Three Forks formations. Vertical well depths on the company's acreage are approximately 10,000 feet and the horizontal legs are generally expected to range between 5,000 and 10,000 feet. The company's interests range from very small to 56% depending on the size of the spacing unit.
To date, five wells have been drilled on the company's acreage. Three of the wells are producing and two are awaiting completion for production.
The company's first Bakken well (Petro-Hunt 17-D) tested at an initial rate of 1,474 barrels of oil equivalent per day ("BOEPD") on a 20/64" choke, and has produced about 87,000 BOE in 11 months. The well is also located in Dunn County on the southwest portion of the Fort Berthold Reservation, and appears to be one of the best wells in the area. Credo owns a 10% working interest in the well.
The company's second Bakken well (Brigham Weisz 11-14) tested at an initial rate of 2,278 BOEPD on a 48/64" choke, and has produced approximately 52,000 BOE in four months. The well is located about 50 miles northwest of the Petro-Hunt 17-D in Williams County. Credo owns a 6.25% working interest in the well. Brigham's development plans for the spacing unit could potentially include two additional Bakken wells and up to three Sanish/Three Forks wells.
Drilling is complete on two additional wells located on the Fort Berthold Reservation where Credo owns small interests -- the Zenergy 14-23 well and the Questar MHA 1-32 well. Both wells are currently awaiting completion for production. Credo owns 1.56% and 3.57% in the wells, respectively.
The company anticipates drilling at least nine wells on its Bakken acreage during 2011.
Credo Petroleum Corporation is an independent exploration, development and production company based in Denver, Colorado. The company has significant operations in North Dakota's Bakken play, the Texas Panhandle, Oklahoma, Kansas and Nebraska. Credo utilizes advanced technologies, including 3-D seismic, horizontal drilling and multi-stage, high pressure fracturing, to systematically explore for oil and gas. In addition, the company's patented Calliope Gas Recovery System is used to revitalize old gas wells and recover stranded reserves from depleted gas reservoirs.
GreenHouse Holdings, Inc. (OTCQB:GRHU), a leading provider of energy efficiency solutions and sustainable infrastructure products, announced that it has been engaged to implement Southern California Edison's (SCE) Automated Demand Response (Auto-DR) program for two industrial customers. The customers are Apogee Containers, Inc. and MGE UPS, LLC.
GreenHouse estimates that the projects will generate $400,000 in revenue for GreenHouse, based upon approximately 1,300 kW or 1.3 MW of electricity demand reduction and infrastructure improvements from the engagements. GreenHouse is a qualified service provider of SCE's Auto-DR program, providing site assessment, feasibility studies, project development, engineering, and installation of enabling technologies including complete processing of all utility documents.
The Auto-DR program offers significant financial incentives and technical support to Southern California Edison (SCE) customers willing to install equipment that enables participation in demand response events versus depending on their employees to perform all the curtailment activities manually when required. Normally, control systems (automation) are installed with the programming needed to achieve reductions in electricity consumption during peak periods of demand on the grid. "Participants in SCE's Auto-DR program are in 100% control of the actual curtailment measures implemented on an event-to-event basis. By utilizing an Auto-DR system, participants will have real-time usage information and the technical means to reduce electric consumption during costly peak energy periods when the demand is highest. On-going financial benefits can be realized from program enrollment and DR event participation (benefits vary from program to program). Additionally, the systems commonly implemented for Auto-DR participation are fully capable of being used to improve productivity and equipment operating efficiencies as well as provide users with information that can augment routine and emergency operations and maintenance regimens," adds Robert Davis, Vice President of Energy Services at GreenHouse.
GreenHouse Holdings, Inc. is a leading provider of energy efficiency solutions and sustainable infrastructure products. The company designs, engineers and installs disparate products and technologies that produce persistent technical and financial results, by enabling clients to monitor and control their energy costs in the most efficient manner possible. Its target markets for energy efficiency solutions include residential, commercial and industrial, as well as government and military markets. In addition, the company develops, designs and constructs rapidly deployable, sustainable infrastructure primarily for use in disaster relief and security in austere regions.
Power3 Medical Products, Inc. (OTC.BB:PWRM) a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, announced recently that it has signed a definitive agreement to acquire all of the stock of Rozetta-Cell Life Sciences, Inc. Power3 plans to effectuate the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company in the merger. The acquisition of Rozetta-Cell is expected to be completed in February 2011.
Rozetta-Cell is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. The company has a robust intellectual property portfolio and has created numerous products for adult stem cell therapy that are ready for market globally. Rozetta-Cell also has several collaborations in process through which it is partnering with industry-leading adult stem cell research companies and adult stem cell vendors.
"We are very excited to be acquiring Rozetta-Cell Life Sciences," stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. "Rozetta-Cell brings us a tremendous amount of complementary adult stem cell therapy technology, know-how and experience. With the addition of Rozetta-Cell, Power3 will significantly strengthen its IP portfolio in a major growth market by merging regenerative medicine with the technologies that we are using to identify disease-specific protein biomarkers and develop them into screening and diagnostic tests to address unmet medical needs."
Power3 Medical Products, Inc. is a leading bio-technology company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease and amyotrophic lateral sclerosis (commonly known as ALS or Lou Gehrig's disease). Power3 applies proprietary methodologies to discover and identify protein biomarkers associated with diseases. Through these processes, Power3 has developed a portfolio of products including BC-SeraPro™, a proteomic blood serum test for the early detection of breast cancer for which it has completed Phase I clinical trials, and NuroPro®, a proteomic blood serum test for the detection of neurodegenerative diseases, including Alzheimer's, Parkinson's and ALS diseases, for which it is currently engaged in Phase II clinical trials. These tests are designed to analyze an individual's proteins to detect the presence of disease, a patient's disease progression, a patient's response to a particular drug, and the mechanisms of disease present in the patient for optimal targeted therapy.
Lattice Semiconductor Corporation (Nasdaq:LSCC) announced that its Platform Manager™ mixed signal device has been named Analog/Mixed-Signal IC "Product of the Year" by Electronic Products magazine, a leading trade publication for electronic design engineers Product of the Year recognition from Electronic Products is among the most prestigious and fiercely contested awards in the electronics industry.
Lattice Semiconductor Corporation designs, develops, and markets programmable logic products and related software. It offers field programmable gate array (FPGA) products, including LatticeECP family for deployment in wireless infrastructure and wireline access equipment, as well as in video and imaging applications.
Dialogic, Inc. (Nasdaq:DLGC) announced that Nick Jensen, Chairman and CEO, will present at the 13th Annual Needham Growth Conference, which will take place at the New York Palace Hotel in New York, New York USA between January 11-13, 2011. Jensen's presentation is scheduled for January 12, 2011 at 3:30 pm EST and will give an overview of the company's business opportunities and market strategy.
Dialogic Inc. provides communications platforms and technology to enterprise and service provider markets in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.
DepoMed Inc. (Nasdaq:DEPO) announced that supply of GLUMETZA® 500 mg (metformin HCl extended release tablets) to wholesalers and retailers has resumed. GLUMETZA is a once-daily, extended release formulation of metformin and is approved for use in adults with type 2 diabetes mellitus. GLUMETZA 500 mg and GLUMETZA 1000 mg are promoted in the U.S. by Santarus through a promotion agreement with Depomed. GLUMETZA 1000 mg has remained available through pharmacies without supply interruption.
Depomed, Inc., a specialty pharmaceutical company, develops and commercializes pharmaceutical products based on its proprietary oral drug delivery technologies in the United States. It markets GLUMETZA for the treatment of type 2 diabetes in the United States.
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