The up and down, rise and fall in gasoline and diesel prices over the last few of years shows the changes in the cost of crude oil. Those changes are decided in the global crude oil market by the worldwide need for and supply of crude oil. Weak economic conditions in the U.S. and all over the world in 2008 and into 2009 led to a weaker demand which helped knock prices down. Now, with the worldwide economic recovery, demand is rising again and is helping to catapult prices higher.
In addition to economic advancement, crude and product prices relate to a plethora of other factors including weather events, geopolitical risks, inventories, exchange rates, and spare capacity.
Proper Power & Energy, Inc. (OTC Bulletin Board:PPWE.ob), a Tampa-based independent oil and gas exploration and production company, has announced the next stage of its Western U.S. operations. The Company met with the executives of Thrust Resources Inc. and EQ Resources Inc. in Dallas, Texas on January 20, 2011. The meeting focused on a joint venture for the Central Utah Prospect between the Companies. This was the initial meeting between Clint Brower, CEO and Chairman of EQ Resources, and Andrew Kacic, the newly named President of Proper Power & Energy Inc.
The next steps will be circulating a memorandum of understanding followed upon definitive agreements. “We look forward to expedite future discussions of both Companies working together to mutually reach our Utah objectives,” stated Andrew Kacic.
Utah contains four of the Nation's 100 largest oil fields, two of its 100 largest natural gas fields (2008). Utah has approximately 3,200 producing oil wells and 5,700 producing natural gas wells.
Proper Power & Energy announced recently that its wholly owned subsidiary, American Resources, Inc. (NYSE:ARI), has begun production on its 87.5 acres in Western Kentucky. ARI has completed the re-work on all 4 wells, with those wells online and pumping.
In Kentucky, Oil and gas are produced from more than 1,500 pools from rocks of Cambrian to Pennsylvanian age. Most oil is produced from Mississippian limestone and sandstone in eastern and western Kentucky or from Ordovician limestone and dolomites in southern Kentucky. Most natural gas is produced from the Devonian black shale in eastern Kentucky.
Proper Power & Energy is an independent exploration and production company. The Company’s operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the Company controls over 11,000 acres for its exploratory prospect. Renowned geophysicist and consultant to Proper Power, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil.
Please visit our website www.properpower.com.
MEMC Electronic Materials, Inc. (NYSE:WFR) recently announced financial results for the fourth quarter and full year 2010.
GAAP net sales for the quarter were $850.1 million, an increase of 69% from $503.1 million in the third quarter of 2010 and an increase of 138% from $356.7 million in the fourth quarter of 2009. Fourth quarter GAAP net sales include $307.6 million in 2010 and $3.8 million in 2009 from the SunEdison business that was acquired in November 2009. Non-GAAP net sales for the quarter were $949.5 million and include $99.4 million of adjustments for revenue or profit deferrals required under GAAP real estate and lease accounting. See the financial statement tables at the end of this press release for reconciliation between GAAP and non-GAAP financial measures. All adjustments relate to the SunEdison segment.
For the full year, GAAP net sales were $2,239.2 million, an increase of 92% from $1,163.6 million in 2009. GAAP net sales include $420.5 million in 2010 and $3.8 million in 2009 from the SunEdison business. Non-GAAP net sales for full year 2010 were $2,416.0 million and include $176.8 million of adjustments for deferrals required under GAAP real estate and lease accounting.
During the fourth quarter, the company generated operating cash flow of $286.6 million, compared to operating cash flow of $52.3 million in the third quarter of 2010 and $19.4 million in the fourth quarter of 2009. Higher sequential operating cash flow was driven by improvements in net working capital. For the full year, the company generated operating cash flow of $347.6 million, compared to $33.0 million in 2009. The increase for the year was driven by net income growth, deferred revenue for solar energy systems, and net working capital.
"Our fourth quarter results extended MEMC's recent trend of steady improvement, with SunEdison delivering its strongest quarter to date," said Chief Executive Officer Ahmad Chatila. "While semiconductor and solar end markets are dynamic, we are improving our execution while continuing strategic initiatives that will catalyze our growth in 2011 and beyond."
MEMC is a world leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services.
For more information about MEMC, please visit www.memc.com.
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 that company management believes it is making great progress in its focus on the development, sales, and marketing of its proprietary innovate diagnostic tests for breast cancer, pancreatic cancer, ovarian cancer, colon cancer, and certain neurodegenerative diseases, such as Alzheimer's and Parkinson's, to name a few.
"We are very excited to be finally ridding ourselves of litigation that has plagued us for several years now," stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. "We have big plans for the future beginning with our upcoming acquisition of Rozetta-Cell and are about to enter a long and substantial growth phase marked by advances in our science and intellectual property. Given the imminent nature of many of these transactions and breakthroughs, we have decided, in consultation with the financiers of Rozetta-Cell, that the best course of action for Power3 is to settle many of these lawsuits so that we can focus our attention exclusively on the acquisition of Rozetta-Cell and the development of our combined businesses after the merger."
Rozetta-Cell Life Sciences, Inc. is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. Power3 plans to effect the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company. The acquisition of Rozetta-Cell is expected to be completed in February 2011.
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.
For more information, please visit http://www.power3medical.com.
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