Galaxy Energy Provides Financing and Operational Update
2006年6月28日 - 2:24AM
PRニュース・ワイアー (英語)
DENVER, June 27 /PRNewswire-FirstCall/ -- Galaxy Energy Corporation
(AMEX:GAX) announced today that, pursuant to its business plan as
submitted to the American Stock Exchange, it has closed a $2.5
million financing. The Company also provided an update on its
activities in both the Piceance Basin in Colorado and the Glantal
Project in Germany. Completion of $2.5 million financing The
Company has closed a $2.5 million financing with institutional and
other accredited investors for the private placement of
Subordinated Convertible Debentures. The Debentures are
subordinated to the Company's previous senior financings, have a
30-month maturity, which will extend under the terms of the
financing until all of the Company's senior debt has been retired,
accrue interest at 15% per annum and are payable at maturity. In
the event the Debentures are retired at maturity, the holders are
entitled to an additional payment equal to the sum of 25% plus .75%
for each month (or part thereof) in excess of 30 months that the
Debentures have remained outstanding. The Debentures are
convertible into 1,602,564 shares of common stock based on a
conversion price of $1.56 per share. In addition purchasers of the
Debentures received five-year warrants which allow the holders to
purchase 480,769 shares of common stock at $1.60 per share. The
proceeds from the financing will be used to reduce debt as well as
for other corporate purposes. The Piceance Basin The Company
controls approximately 6,000 (1,500 net) undeveloped acres in the
Piceance Basin through its wholly owned subsidiary, Dolphin Energy
Corporation and in partnership with Exxel Energy Corp. The Company
currently has drilling or completion operations underway on four of
its wells in the basin. In the Biscuit Ranch 10-31D well, all
completed zones within the overall interval from 7294' to 8462'
have now been commingled, 2 3/8" production tubing has been
installed, and fracture treatment fluids have been partially
recovered while flaring gas coming from the well. Flow periods
during the next two to three weeks will force the remaining
treatment fluids from the completed zones and the measurement and
announcement of producing gas rates from the well will be made
after this occurs. The Company has a 25% working interest in this
well. Completion activities are underway in the Mulvihill 15-32D
well, with the first interval having been perforated. The fracture
treatment for this interval is being designed based on initial
pump-in tests. The Company will have an 18.75 to 25% working
interest in this well, depending upon a participation election by
an unrelated working interest owner. The Purkey Ranch 13-31B well
is currently drilling near total depth after experiencing some rig
mechanical problems for a few days last week. Finalization of the
drilling, completion of open hole logs and the installation of
production casing is expected this week. The Company has a 25%
working interest in this well The Company is currently rigging up a
drilling rig at the site of the BR 03-03B Biscuit Ranch well.
Drilling of this well will commence as soon as rigging up is
complete. The Company has a 25% working interest in this well. In
addition to the interests owned in these four operated wells, the
Company through Dolphin has varying working interests in additional
non-operated wells. These non-operated wells include one producing
well operated by Williams Production RMT Company, two wells
operated by Bill Barrett Corporation which are in the completion
phase, as well as one well in the completion and evaluation phase,
which is operated by Antero Resources Company. Germany Koller
Workover and Drilling GmbH's completion rig is expected to arrive
at the Glantal-1 well site today if no delays are experienced. This
rig will be used to test for the presence of gas in four initial
zones of the well, which is the first well drilled by Pannonian
International Ltd, a wholly owned subsidiary of the Company and its
partners in the Glantal Gas Project. About Galaxy Energy Galaxy
Energy Corporation, a development stage oil and gas exploration and
production company, is focusing on acquiring and developing coalbed
methane in the Powder River Basin of Wyoming and Montana and other
unconventional natural gas properties in the Piceance Basin of
Colorado, in addition to exploration activities in Germany and
Romania. The Company conducts its exploration activities through
two wholly owned subsidiaries, Dolphin Energy Corporation and
Pannonian International, Ltd. Forward-Looking Statement This press
release consists of forward-looking statements regarding the
intent, belief or current expectations of the Company and its
management. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, and actual results
could differ materially from those indicated by such forward
looking statements. The Company assumes no obligation to update the
information contained in this press release, whether as a result of
new information, future events or otherwise. Please refer to the
Company's filings with the United States Securities and Exchange
Commission for discussions of risks and uncertainties found in
Forms 10-K (annual report), 10-Q (quarterly report) and other
filings. Additional information may be found at the Galaxy Energy
Corporation Web site, http://www.galaxyenergy.com/ or by calling
Brad Long, Investor Relations/Galaxy Energy at (800) 574-4294, Bevo
Beaven or Warren Laird of CTA Public Relations at (303) 665-4200,
Tina Cameron, Renmark Financial Communications at (514) 939-3989 or
Kathleen Heaney (203) 803-3585 of Integrated Corporate Relations.
CONTACT: Brad Long / Investor Relations Bevo Beaven, Sr. Vice
President/GM Galaxy Energy Warren Laird, Senior Account Executive
(360) 945-0395 CTA Public Relations, Inc. (800) 574-4294 (303)
665-4200 DATASOURCE: Galaxy Energy Corporation CONTACT: Investor
Relations: Brad Long of Galaxy Energy, +1-360-945-0395,
1-800-574-4294; or Bevo Beaven, Sr. Vice President and GM, or
Warren Laird, Senior Account Executive, both of CTA Public
Relations, Inc., +1-303-665-4200 Web site:
http://www.galaxyenergy.com/
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Galaxy Energy (AMEX:GAX)
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Galaxy Energy (AMEX:GAX)
過去 株価チャート
から 7 2023 まで 7 2024