AMERICAN SANDS ENERGY CORP.
American Sands Energy Corp., an oil sands exploration and development company operating in Utah, announced that it has negotiated new economic terms with the licensor of its proprietary water-free extraction technology. These new economic terms include conversion of contractual payments to equity and reductions in royalty fees for future projects outside of Utah (no royalties are paid on projects within Utah). The amended Agreement also confirms and simplifies AMSE's rights to pursue projects anywhere in the world where oil sand resources are abundant.
Daniel Carlson, the Company's Chief Financial Officer, said, "These amendments to the License Agreement with Universal Oil Recovery LLC provide us with the proper economics and aligned incentives for us to fully develop the technology at our Sunnyside project and in markets around the world. While we are focused in the short term on our Sunnyside project that will bring much needed jobs and economic development to the area around Price, Utah, we are also confident we can expand globally, developing other world class projects that will drive value creation for our shareholders and business partners."
DTI, LLC
DTI, LLC, introduces a new riser recoil valve that offers an efficient, reactive and reliable option during planned or emergency riser recoil events. The streamlined, patent-pending design behind this new technology significantly improves riser recoil valve performance. The system has fewer moving parts which eliminates risks for malfunctions and leads to greater reliability and easier maintenance.
The role of the riser recoil valve is to regulate the fluid between the accumulator and cylinder to control rod extension, making it a vital safety component. During normal operations, the valve remains completely open. When a riser recoil or wireline/riser parting event is introduced, the valve closes accordingly to limit the flow of fluid and control extension of the cylinder rod, reducing the possibility of damage to the vessel, risers and wellhead systems.
Function tests performed on the DTI riser recoil valve produced a near-instant response time, from fully open to fully closed, which improves overall safety as the risk of damage caused by a riser recoil event or wireline/riser parting is significantly reduced.
David Trent, president and CEO of DTI, stated that, "The DTI riser recoil valve is the most current and advanced design available. It provides the most efficient control solution, which is reliable, reactive and easier to maintain. As the industry standardizes with this riser recoil solution, we will see a positive change in the planned and emergency disconnect operations and safety."
CH2M Hill
CH2M HILL announced that the company has been selected by TransCanada, one of Canada's largest energy infrastructure firms, for Front-End Engineering and Design (FEED) for the Saint John Extension of the Energy East Project. The overall project will convert an existing 3,000 km (1,864 mile) natural gas pipeline to safely transport oil from Alberta to Eastern Canadian refineries and will require 1,500 km (932 miles) of new pipeline construction.
The Saint John Extension is a new 399 km (248-mile mile), 42-inch pipeline that will be built in New Brunswick. This is the second major contract for CH2M HILL with TransCanada on the Energy East Project.
Energy East is considered a critical infrastructure project by the Canadian oil and gas industry. The project will open up new markets for Western Canada enhancing Canadian energy independence by providing a reliable source of domestic oil.
"We are very pleased TransCanada has chosen CH2M HILL to provide FEED for such a critical part of the Energy East project," said Tom Searle, President of CH2M HILL Canada. "We know that this project will have a positive effect on Canada's economy for years to come."
GE OIL & GAS
Expanding its presence in the industrial gears sector, GE Oil & Gas, announced it has signed an agreement to acquire Allen Gearing Solutions (Allen Gears), a privately held designer, manufacturer and service provider of gears for industrial and marine applications.
The move comes two years after GE acquired a 35 percent minority interest in the business. Allen Gears employs approximately 160 people and has one manufacturing facility in Pershore, U.K.
Allen Gears produces high-speed, high-power gearing solutions specializing in "epicyclic" gears that are lighter, more compact and typically have a higher power density than more traditional parallel shaft gear systems. Epicyclic gears are desirable in industrial and marine applications that require smaller footprints. The U.K. firm has an installed base of more than 6,000 units worldwide with the vast majority being epicyclic gears. Currently, Allen Gears' primary markets include Europe, the United States, Japan, Brazil, South Africa and South Korea with an emphasis on industrial segments including power generation, oil and gas, hydroelectric, marine and nuclear energy.
Allen Gears will be integrated into the Power Transmission division of GE's Texas-based Lufkin business, a leading supplier of artificial lift and industrial gears technology for the oil and gas industry. GE announced it completed the acquisition of Lufkin Industries on July 1, 2013. Lufkin's three power transmission production facilities and seven service centers manufacture industrial gears and engineered bearings, particularly parallel shaft gears that are designed to produce high and low speeds in turbine applications, predominately for energy-related industrial applications.
"This acquisition underscores the importance of Allen Gears' industry-leading technology and GE's ongoing commitment to grow all areas of our newly acquired Lufkin business," said Ian Milne, president of GE Oil & Gas' Lufkin division. "Bringing Allen Gears fully into GE will help Allen Gears grow by leveraging GE's global sales and service footprint."
"Allen Gears will add manufacturing and field service capacity, boosting GE's ability to compete for projects with tight production and delivery schedules," said Kevin Johnson, managing director of Allen Gears. "Our advanced technology combined with Lufkin's will also give us the ability to provide a more complete offering to customers."
Gray Fox Petroleum Corp.
Gray Fox Petroleum Corp. announced its initial exploration plan to identify drilling targets on its 32,723-acre West Ranch Prospect (100% Working Interest; 82% Net Revenue Interest). The prospect is comprised of 22 Federal leases in the Butte Valley Oil Play Region of north-central Nevada, located in Elko and White Pine Counties, 50 miles north of Ely, NV.
The two main targets are the Mississippian Diamond Peak sandstones and the deeper Devonian Guilmette dolomitic carbonates. While the exploration program has the potential to result in the discovery of additional structures, its main focus is to refine the structural parameters of the two anticlinal structures already identified, while simultaneously reaching the crest of both structures.
Previously, two test wells were drilled within the boundaries of what is now the Company's West Ranch Prospect oil and gas lease position. According to a report undertaken by Gray Fox's Head of Exploration, Consultant Geologist William J. Ehni, while neither well penetrated the deeper Guilmette horizon, the Permian section has in fact returned multiple oil showings for both wells, indicating the potential for commercial accumulations of oil and gas near both well sites.
The Company's initial exploration plan is designed to identify new drilling locations targeting the peak of the structural closures. The 8-phase exploration plan is designed to systematically reduce risk and optimize selection of one or more new drilling targets by incorporating the results of the two wells drilled to date.
KROHNE INC.
KROHNE, Inc., has received North American approval for use of the H250 M40 variable area flowmeter in hazardous areas. Since its introduction in 2011, the H250 M40 has achieved more than 30 approvals worldwide for hazardous gas and dust areas, including usFMc for the United States and Canada, ATEX, IECEx, NEPSI, INMETRO, KGS, GOST-R and PESO/CCOE.
The H250 M40 combines the major explosion protection types in one device. It can be used in any suitable application that requires intrinsically safe (IS) or non-incendive (NI) wiring strategies, as well as for dust-ignition or explosion proof installations. The worldwide approvals make the H250 M40 flowmeter the best choice for large international companies that have a stringent explosion protection strategy for all plants but also require local approvals. OEMs can also now fulfill different customers' requirements with a single device. In addition, the H250 M40 is the first variable area flowmeter with stainless steel housing and an explosion proof (Ex-d/XP) enclosure.
Marathon Oil Corporation
Marathon Oil Corporation announced that the Company's board of directors has elected Morris R. Clark, currently Marathon Oil assistant treasurer, to the position of vice president and treasurer effective Jan. 1, 2014. Clark will succeed Michael K. Stewart, in his role as treasurer, who has elected to retire after 28 years of service effective Jan. 1. Clark will continue to be located in Houston and report to John R. "J.R." Sult, Marathon Oil executive vice president and chief financial officer.
"We want to offer our congratulations to Morris on being elected vice president and treasurer of Marathon Oil," said Sult. "Morris has consistently demonstrated his deep knowledge and understanding of the capital markets, treasury and risk management functions of our business, the successful management of which plays a crucial role in our ability to fulfill our commitments to strong financial discipline. We look forward to Morris' leadership and the many contributions he will continue to make toward Marathon Oil's success."
Currently, Stewart serves as vice president of Accounting and Finance, Controller and Treasurer and, following his retirement, Sult will serve as Marathon Oil's principal accounting officer in addition to his other responsibilities.
Clarence P. Cazalot Jr., Marathon Oil executive chairman, said, "On behalf of all Marathon Oil employees, I want to thank Mike Stewart for his many years of dedicated service to our Company. Throughout his career, Mike has distinguished himself through his depth of knowledge of accounting and finance and the application of his considerable skills in these critical areas of our business. But certainly of equal importance is the fact that Mike is someone who has demonstrated unquestioned honesty, integrity and the highest ethical standards in carrying out all aspects of his responsibilities.
MRC GLOBAL INC.
MRC Global Inc. announced that it has entered into an agreement to acquire privately held Stream AS for approximately $260 million including the assumption of debt. Headquartered in Norway, Stream's 2013 revenues are estimated at $273 million. Stream is the leading pipe, valve and fittings (PVF) distributor and provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf. The acquisition is expected to close in January 2014, subject to normal and customary closing conditions, and MRC Global expects to fund the acquisition of Stream through the use of MRC's existing credit facilities. The selling shareholders of Stream are HitecVision and Converto Capital.
MRC Global also announced that it has acquired Flangefitt Stainless Ltd. headquartered in Warrington, England, with a location in Aberdeen, Scotland, Flangefitt's 2013 revenues are estimated to be approximately $28 million and it will be operated as "MRC Flangefitt". MRC Global expects the acquisitions to be modestly accretive in 2014.
Andrew Lane, MRC Global Chairman, President and Chief Executive Officer, commented, "These acquisitions continue our multi-year international growth strategy, complement our previous international acquisitions and are expected to allow us to achieve over $900 million in international segment revenues in 2014, with a target of over $1.0 billion in 2015. The Stream acquisition provides MRC Global a platform for growth in offshore applications where our major customers have been very active. The acquisition of Flangefitt's PFF business complements our existing U.K. based, MRC Transmark valve business as well as the Stream Energy Piping business. We now have the full range of pipe, valves and fittings (PVF) to serve both the NCS and the U.K. Continental Shelf (UKCS) sectors as well as global projects with high-end alloy PFF requirements."
OIL STATES
Oil States International, Inc. announced that its subsidiary, Oil States Industries, Inc., has acquired Quality Connector Systems, LLC ("QCS"). Headquartered in Houston, Texas, QCS designs, manufactures and markets a portfolio of proprietary deep and shallow water pipeline connectors for subsea pipeline construction, repair and expansion projects. Terms of the transaction were not disclosed.
"The acquisition of QCS provides our offshore products segment with additional opportunities to expand our portfolio of subsea pipeline connector products. The outlook for offshore pipeline activity is robust, and I am excited about expanding our product line offering," said Cindy B. Taylor, Oil States' president and chief executive officer.
OMEGA COMPLETIONS TECHNOLOGY
Omega Completion Technology has appointed a senior project engineer and business development manager at its headquarters in Aberdeen. Callum Morrison has joined Omega as a senior project engineer from Weatherford and will be responsible for the development and design of new completion concepts. John McCoubrey has taken up the post of business development manager, joining from Varel International, where he was the sales manager in Luanda, Angola.
"This is a determined and incredibly forward thinking company boasting a very talented team, and I'm delighted to be part of its growth plans." said Callum. "Being with a smaller, more agile company focused on innovation will allow me to have a greater involvement in the development of new technology. Having our own workshop will also be a new experience as I'll be able to see my designs transform from the desktop to a tangible piece of equipment on site."
Managing Director, John Donachie, said the appointments were being made in preparation for growth. "We are anticipating that 2014 is going to be an extremely busy year for the company as we look to strengthen our team of engineers, designers and support staff. Callum and John bring a great deal of experience and I'm confident they will thoroughly enjoy being part of our ambitious and enthusiastic team."
Royale Energy, Inc.
Royale Energy, Inc. announced that it has received the final cash payment from Rampart Energy Ltd. The completion of this initial step entitles Rampart to receive an assignment of 10% of the Working Interest in Royale's Western acreage block (approximately 39,000 acres).
Seismic data acquisition on the North Slope is expected to begin in January. The companies anticipate announcing the selection of the seismic contractor in late December. Rampart's payment for the cost of seismic will entitle them to earn an additional 20% in the project.
SBM Ofshore
SBM Offshore announces that it has reduced the top of its governance structure from three layers, comprising of the Supervisory Board, Management Board and Board of Management, to two by removing the Board of Management. The Management Board (comprised of the CEO, CFO and CGCO) and the SBM Offshore business model remain unchanged.
A new position of ‘Group Executive Managing Director' has been created reporting to the CEO with Bernard van Leggelo, formerly Managing Director of the SBM Houston Execution Centre, having been appointed to this new role with immediate effect. He will focus on the execution of the Company's operational strategy and long-term planning. With immediate effect, all Managing Directors will report directly to the CEO and have a functional reporting line to the new Group Executive Managing Director.
The position of Chief Technology Officer has been retitled ‘Group Technology Director' to reflect the structural reform. Michael Wyllie will continue in that role with unchanged responsibilities.
SPOTTERrf
SpotterRF announced the integration of its Compact Surveillance Radar (CSR) by NMS Security in Alaskan oil field sites. NMS Security selected SpotterRF radar to provide rapidly deployable, and cost effective situational awareness to oil field crews working in wide open settings where crews and equipment are vulnerable. SpotterRF radar allows workers to proactively respond to approaching threats, human or animal, detecting them well before they reach the fence line.
"Seeing beyond the fence line during all types of weather is a top priority for our clients," states Ed Knoch, Director of Security Operations Centers for NMS Security. "Oil field theft is a big problem and the SpotterRF compact radar automatically detects threats out to 1000 meters, covering up to 150 acres, never gets tired and sees through fog, snow and rain. Combining this with the NetworkedIO automatic slewing of cameras eases the workload of security personnel and gives workers peace of mind and reduces risk."
NMS Security has 35 years of experience in protecting the critical infrastructure in the energy sector. Providing state-of-the art monitoring surveillance, NMS Security is the largest security provider to the oil industry in Alaska.
