--(www.USEquityNews.com)-- 06/27/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Royal Energy Resources, Inc. (OTCBB:ROYE) is pleased to announce
that the Company now owns 5% overriding royalty interest in Weston County, Wyoming. The overriding royalty interest encompasses over 75 mineral acres, and the oil and gas production will be developed by Orion Energy Partners L.P., a Denver, Colorado-based company. "The field in Weston County, Wyoming marks our second acquisition in Wyoming of oil and gas mineral rights. Teaming up with industry leaders like Orion Energy Partners L.P. is important in achieving early success in our gas production revenue future," stated Jacob Roth, President, Royal Energy Resources, Inc.
Tri-Valley Corporation (AMEX: TIV) has exceeded 2,000 barrels of oil equivalent per day (BOED) rate with total field production recorded at 2,058.3 BOED from its 43 active producing wells on six California properties. This surpasses the original year end 2008 Company Plan of 2,000 BOED by more than six months. "With tested productive capacity of individual wells now totaling over 3,500 BOED supporting our facilities expansion and installation planning, and many of the wells choked back during initial productive life for prudent early field development, we are now confident that we can achieve 3,000 BOED by year end, eclipsing our original Company Plan goal by 50%. Should additional drilling permits be obtained on a timely basis, and targeted lease acquisitions and subsequent developments proceed on schedule as expected, we believe we are on track to become a 10,000 BOED enterprise by the end of this decade," said Robert Bell, vice president of operations for the operating subsidiary, Tri-Valley Oil & Gas Co.
Cheniere Energy Inc. (AMEX: LNG), a developer of liquid natural gas-receiving terminals, said Friday that it entered into a domestic marketing agreement for the sale of liquefied natural gas with a subsidiary of JPMorgan Chase & Co. Financial terms were not disclosed. The deal provides a framework under which the company's marketing subsidiary, Cheniere Marketing Inc., sells to JPMorgan liquefied natural gas it acquires on delivery to the Sabine Pass Terminal in southwest Louisiana. In addition, JPMorgan will acquire part of Cheniere Marketing's capacity for storage and regasification services for the liquefied natural gas that JPMorgan purchases. Cheniere shares rose 9 cents to $4.83 in morning trading, while JPMorgan shares rose 19 cents to $36.51.
An Oklahoma City couple said they have donated $57.2 million to Oklahoma State University, a gift to be split evenly between academics and athletics. During a ceremony on OSU's main campus in Stillwater, university officials said the gift from Amy and Malone Mitchell, who both graduated from OSU, will be used to create an entrepreneurship program within OSU's Spears School of Business and to provide support to athletic programs. Of the gift, $22 million has been designated for endowed chairs -- teaching positions funded from proceeds of investments -- within the business school. The gift consists of 1 million shares of stock in Oklahoma City-based SandRidge Energy Inc. (NYSE: SD), which the couple, using a $500 loan, founded under the name Riata Energy in 1984 -- one year after they graduated from OSU. Malone Mitchell, who served at various times as the company's chairman, president and chief executive officer, retired from SandRidge in December 2006 to start other companies.
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