Proactiveinvestors North America (In Brief) RSS feed

Platina Energy Group Strikes Oil Again in Kentucky

Tue, 19 Aug 2008 00:00:00 -0400

For Platina Energy (OTCBB: PLTG), things are looking on the up. The oil and gas exploration and production company announced its seventh successful new well on the Kentucky Field.

Only last month the company confirmed that it had produced an estimated 550 barrels of oil equivalent (BOE) in one week from the Kentucky Field, generating revenues of approximately $75,000 for the company. Today, Blair Merriam, President of Platina Energy stated that the company expected to grow its current production by "at least 50-100% in the next 45-60 days."

Success rates and production levels at the Kentucky Field have thus far exceeded the company's initial expectations.

Additional drilling and completions are expected to occur of the next few months to allow Platina to meet the target set today to increase production by at least 50% in the next 60 days.

Despite the pull back in oil and gas prices in the United States, the low cost redevelopment of mature oil and gas fields in the United States is still a very lucrative business for small cap companies seeking to establish revenues and production status.

Platmin boosts exploration team

Tue, 19 Aug 2008 00:00:00 -0400

Platmin (AIM & TSX: PPN) a platinum exploration and development company focused on the Bushveld in South Africa, announced it had appointed Mr Jan van der Merwe as Exploration Manager on 1st August 2008.

Mindoro Resources posts more good drill results from Agata North

Tue, 19 Aug 2008 00:00:00 -0400

Mindoro Resources (TSX-V: MIO & Frankfurt: WKN 906167) announced results for a further 35 drill holes from its Agata North Nickel Laterite project, in the Philippines. This drill program continues to expand the resource with economic grades and thicknesses consistent with those previously reported.

Raytec Metals sets up advisory board

Tue, 19 Aug 2008 00:00:00 -0400

Raytec Metals (TS-V: RAY) announced the formation of an advisory board which will advise on the commercialization of the company's potash deposits in Saskatchewan. The advisory board will consist of highly qualified fertilizer industry individuals including:

Goldnev Resources – developing unconventional oil shale resources

Mon, 18 Aug 2008 00:00:00 -0400

Rising oil prices, declining conventional oil production and the need to lower the dependency on foreign oil supplies have made the development of unconventional energy resources an undeniable priority. Oil sands, shale gas and oil shale found in North America have therefore attracted many oil companies over the last few years. Canadian venture listed Goldnev Resources Inc. (TSX.V: GNZ) is fast making its presence known in the oil shale production.

Oil shale is one of the most abundant energy resources in North America and is expected to assume an important and strategic role in the future energy mix in North America. GNZ aspires to be an industry leader in oil shale production and is engaged in the development and production of unconventional oil shale resources and conventional oil and gas exploration and development reserves in the Western Canadian Sedimentary Basin.

Goldnev is making rapid progress too. The company has completed drilling a total of four of its planned ten core hole exploration and development drilling program on its oil shale permits in Pasquia Hills, Saskatchewan. The remaining six core holes subject to weather conditions are expected to be completed in the next 10 days. The initial results of the Corporation's core hole drilling program have yielded successful results with three of the four core hole drilling locations having encountered and cored calcareous speckled oil shale.

Two core holes were drilled at the northwestern expected outcrop edge with one of the core holes encountering oil shale helping to further define the leading edge of the oil shale outcrop. The third core hole drilled, the southern most core hole drilled to date, encountered significantly more oil shale than had previously been anticipated in that area of the permit. Goldnev's Pasquia Hills oil shale prospect is located and comprises of two oil shale permits totalling 155,443 acres (6 3/4 townships) of oil shale rights located in the Pasquia Hills oil shale region in east central Saskatchewan. Nearby several other petroleum resource companies are actively developing oil shale projects in the area including those of Oilsands Quest (AMEX: BQI) and Outrider Energy.

The oil shale deposits on the Corporation's permits are known to be underlain by oil shale kerogen formations, which are located near surface and can be observed on an outcrop adjacent to one of the drilled core holes and also on the banks of the Carrot River which crosses the Corporation's permitted lands.

Homeland Energy – battling along

Mon, 18 Aug 2008 00:00:00 -0400

In response to stakeholder concerns in the face of rising market concerns Toronto listed Homeland Energy Group Ltd. (TSX: HEG) has provided an update on its on-going projects and corporate activities. Market woes affect good companies and bad companies alike and HEG is no exception. The company appears to be making steady progress in all its operations and in fact has had its first coal production from the Kendal Mine in the Witbank area of South Africa. HEG is also cash rich with CAD$13.5 million cash on hand as at June 30, 2008.

HEG to date has produced some 8,000 tonnes of coal from the first of three open pit areas which are processed through the Company’s Parnaby wash plant on site. The company is on schedule to complete first sales of coal to the export market. Run-of-mine production for August is expected to be 40,000 to 50,000 tonnes, growing to the full production rate of 150,000 tonnes per month by the end of this year.

While HEG currently sells its production into the spot market, the company is holding coal sales contract discussions with several parties. At steady-state production, HEG expects cash operating costs for washed coal are expected to be less than US$30/tonne. Kendal Mine is scheduled to produce 1.8 million run-of-mine tonnes per year resulting in more than 850,000 tonnes per annum of saleable washed coal.

Meanwhile, the company’s Eloff Mining Project is also on track with the completion of a pre-feasibility study anticipated for early September. Located in the western extremity of the Witbank Coalfield in South Africa, the Eloff Mining Project is a large coal resource, potentially opencastable, which is expected to supply low grade coal to the power generating industry. HEG intends to launch directly into a bankable feasibility study immediately following the completion of the pre-feasibility study.

HEG’s association with GMR Energy of Bangalore, India (GMR) is also going strong with the latter now having completed the first two of three options to acquire 50% of HEG’s South African subsidiary, Homeland Mining and Energy SA (Pty) SA. GMR has so far paid the Company CAD$30 million for a 10% ownership and has the option to purchase an additional 40% for CAD$135 million by December 31, 2008 (discounted, as per the agreement, to CAD$125 million if exercised by September 2, 2008). The partnership with GMR is expected to accelerate HEG’s development endeavours both in South Afruica and elsewhere.

HEG is currently planning to acquire a thermal coal producer in the Central Appalachian region of the United States. The company continues to work with the vendors of this operation and anticipates bringing this deal to a close within the next several weeks.

Oracle Energy – High risk to low risk

Mon, 18 Aug 2008 00:00:00 -0400

Market uncertainties have prompted Oracle Energy Corp (OCL-TSX.V)(O2E-Frankfurt) to change its near term focus from high cost, high risk projects to lower risk projects with good economics. The company is now in the process of building a broad portfolio of properties providing a solid production and cash flow base for future growth. Oracle has interests in an impressive portfolio of prospects in Texas, Romania and Honduras.

Recent focus however has been largely on its operations in Texas. Oracle has working interests in two projects in Zapata County and Franklin County and is developing these assets in JV with Ventum Oil and Gas of Houston. The J. Vela #1 well in Zapata County is now on stream and is currently producing approximately 500 MSCFD. This will hold 80 acres of the 640 acre lease. Oracle Energy has decided that other near term opportunities are more attractive than drilling a second well and accordingly has relinquished its interest in the remainder of the lease. The Company holds an 18.75% working interest in the J. Vela # 1 well. At Chitsey (Smackover) Field Unit in the Franklin County, the re-entry operations to re-establish oil production are actively underway. The project involves the secondary recovery or "water flood" of the field which had primary production of approximately 1,000,000 barrels of oil. Oracle Energy holds a 20% working interest in the Chitsey Field Unit.

Oracle Energy is currently evaluating a number of oil and gas opportunities in the United States for the Company's participation through arrangements similar to those with Ventum. Together with its interests in Romania and Honduras, Oracle Energy now has assets in different stages of development and is well on its way to alter its risk profile.

Fortuna Silver snaps up Continuum Resources in all share deal

Fri, 15 Aug 2008 00:00:00 -0400

Fortuna Silver Corp (TSX.V: FVI) slipped 2% after announcing that it would acquire fellow Toronto Venture Exchange company Continuum Resources in an all share deal. The transaction will allow Fortuna Silver to consolidate its interest in the San Jose Project in Mexico, where Fortuna Silver has a 76% interest and Continuum Resources holds the remaining 24%.

Fission Energy reports encouraging progress at North Shore Uranium Project in Alberta

Thu, 14 Aug 2008 00:00:00 -0400

Fission Energy (TSX.V: FIS) and joint venture partner Tribune Minerals provided an update of exploration activities at the North Shore Uranium Project in northeast Alberta. Fission is the operator of the North Shore Property exploration program. Tribune Uranium Corp. has the option to earn a 60% interest in the project by expending C$10 million in exploration over five years.

Hi Ho Silver releases initial resource estimate for Carmi Molybdenum Property

Thu, 14 Aug 2008 00:00:00 -0400

Hi Ho Silver Resources (CNQ: HIHO) , received a boost this week after announcing a NI 43-101 compliant resource estimate for the Carmi Molybdenum property within the prolific Beaverdell Mining Camp in British Columbia, Canada. The Carmi property consists of of 5 claims that cover approximately 2,873 hectares including a porphyry style molybdenum deposit that was initially discovered in 1960. To date a total of 21,530 metres of drilling has been carried out within the property confirming a large area of molybdenum mineralization occurring within a porphyry style occurrence.

Freegold Ventures takes interest in Rob Property to 100%

Tue, 12 Aug 2008 00:00:00 -0400

Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) confirmed this morning that it had met is obligations under an earn-in agreement to increase its interest in the Rob Property to 100%. Freegold had entered into an option agreement to expend US$1 million on the property before the end of 2008 and issue 500,000 shares. Both of those requirements have now been met.

Capital Gold posts record quarterly gold production at El Chanate Mine in Mexico

Tue, 12 Aug 2008 00:00:00 -0400

Capital Gold continued to impress, after announcing that it had produced 11,046 ounces of gold in the fourth quarter, up 18% on the previous quarter and a record for the company. Cash cost per ounce came in at $246, putting the company in the lowest quartile of gold producers. Capital Gold sold its gold at an average price of $909 per ounce, generating approximately $9.9 million in revenues.