--(www.USEquityNews.com)-- 02/28/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Pride International, Inc. (NYSE: PDE) recently announced that it has been awarded contract extensions from Petroleo Brasileiro S.A. (Petrobras) for the deepwater, dynamically positioned semisubmersible rigs Pride Rio de Janeiro and Pride Portland. The contract extensions, representing six years per rig, are expected to commence during late 2010 to early 2011, in direct continuation of each rig's current contract commitment and a scheduled shipyard program to complete a regulatory survey. Estimated contract revenues which could be generated from each six-year contract extension are approximately $768 million, inclusive of a performance bonus opportunity for each rig of up to 15 percent, or approximately $1.5 billion in total revenues.
Cheniere Energy, Inc. (AMEX: LNG) reported a net loss of $52.6 million, or $1.14 per share (basic and diluted), for the fourth quarter of 2007 compared with a net loss of $93.3 million, or $1.71 per share (basic and diluted), during the corresponding period in 2006. For the year ended December 31, 2007, Cheniere reported a loss of $181.8 million, or $3.60 per share (basic and diluted) compared to a net loss of $145.9 million, or $2.68 per share (basic and diluted), for the comparable period 2006.
Grey Wolf, Inc. (AMEX: GW), announced recently that Mr. David J. Crowley, Executive Vice President and Chief Operating Officer, will make a presentation at 1:05 p.m. ET (12:05 p.m. CT) on Tuesday, March 4, 2008 during the Raymond James 29th Annual Institutional Investors Conference. Interested parties may listen to the presentation live over the Internet at www.gwdrilling.com. Please go to the website at least 10 minutes prior to start time to register.
MegaWest Energy Corp., an independent oil and gas company (OTCBB: MGWSF), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, announced recently that it has completed its continuance into Alberta from British Columbia. The Company had sought and obtained shareholder approval at its annual and general meeting of shareholders on October 29, 2007 to move the Company to Alberta. MegaWest owns or has the right to earn an interest in over 115,000 acres in Kansas, Missouri, Kentucky, Texas and Montana.
About U.S. Equity News
U.S. Equity News provides information, resources and news services for investors of small-cap, micro-cap and emerging companies. U.S. Equity News distributes RSS news feeds and a free subscription-based newsletter available through its website at www.usequitynews.com.
U.S. Equity News is a financial news distribution service by Equity Solutions, Inc. (www.equityirsolutions.com) that provides a platform for public companies to disseminate important news to key Wall Street interest such as shareholders and new investors. Equity Solutions, Inc. can assist by providing an effective increase in the awareness of a public company's news, development and corporate story through its proprietary network and its financial portal. U.S. Equity News and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.USEquityNews.com.
