(OTCBB: USSU), (OTCBB: SOIS), (OTCBB: BSHF), (OTCBB: NOVO)
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USA SUPERIOR ENERGY (OTCBB: USSU)
USA Superior Energy Holdings, Inc., a development stage company, operates in the energy industry in the United States. The company, through its wholly owned subsidiary, USA Superior Energy, Inc., engages in the development, ownership, and operation of prospects and energy projects in East and Southeast Texas. It also focuses on using nitrogen technology to recharge and produce oil and gas from under-pressured partially depleted reservoirs. The company was founded in 2005 and is based in Houston, Texas.
USSU News:
June 3 - USA Superior Reports First Quarter 2008 Results
USA Superior Energy Holdings, Inc. (OTCBB: USSU) (the "Company"), a Houston-based energy company focused on acquiring, owning, operating and applying enhanced oil recovery ("EOR") techniques to existing shallow fields of oil and gas that have been idle or marginally producing, is reporting its operating results for the quarter ended March 31, 2008 and its filing of an amended Quarterly Report on Form 10-Q/A for the three months ended March 31, 2008.
For the quarter ended March 31, 2008, the Company's net loss decreased to $516,740, compared to the same quarter 2007 net loss of $3,379,474. The major components of the first quarter 2008 loss were general and administrative expenses of $463,751 including stock based compensation of $207,436. Stock based compensation in the first quarter of 2008 included warrants issued to the Company's financial consultant and shares issued to a key employee. This compares to general and administrative expenses of $3,375,085 including stock based compensation of $3,020,000 in the quarter ended March 31, 2007 related to the reverse merger and compensation of employees and consultants in the Quarter Ended March 31, 2007.
Revenues for the quarter ended March 31, 2008 increased to $115,563 from $15,443 in the same period of 2007. This increase reflects a full quarter of operations of the Bateman Project which was acquired at the comparable quarter's end in 2007. Sales volume for the first quarter 2008 was a net 1,322 barrels, which was a substantial increase over third quarter and fourth quarter volume of 727 barrels and 139 barrels, respectively. This increase represents the successful results of workover and treatment operations in the Bateman Field performed during the first quarter of 2008. The Company anticipates a further sales volume increase for the second quarter of 2008 as sales volume has exceeded a net 1,183 barrels in the month of May 2008. The Company realized an average price of $91.63 per barrel during the quarter ended March 31, 2008.
Mr. Rowland Carey, Chairman and CEO, stated: "For the remainder of 2008 we remain focused on the continuing workover and acceleration of revenue from our Bateman Project and preparations for EOR operations to begin in the second half of 2008. We are also seeking to strengthen our management team, increase our capital base to fund our EOR operations and growth to continue our business strategy of acquiring and joint venturing shallow fields of oil and gas that have been idle or marginally producing."
The following chart summarizes the Company's sales of oil and gas since its acquisition of the Bateman project on March 20, 2007:
The Company's ability to maintain and increase sales from recent levels is dependent on its ability to raise funds to correct its working capital deficit and for the investment of additional funds into the extensive maintenance, workover and planned enhancement operations to accelerate the realization of production volumes.
On May 30, 2008, and substantially ahead of the OTCBB grace period deadline of June 20, 2008, the Company also filed an amended Quarterly Report on Form 10-Q for the three months ended March 31, 2008, which included the required management certifications and independent registered public accounting firm's review of its consolidated financial statements included in its Quarterly Report on Form 10-Q for the three months ended March 31, 2008. In addition, subsequent to the filing of our Form 10-Q, the Company concluded that it was required to restate previously issued financial statements for the quarters ended March 31, 2008 and 2007. Management determined that a restatement was necessary in respect of the following: revision of stock based compensation for 2007, revision of the valuation of stock and warrants to be issued under a financial services contract in 2008, correction of the timing of recording certain transactions in 2007. As a result of these revisions to our financial statements, our previously issued financial statements for the quarters ended March 31, 2008 and 2007 (which were included in our Quarterly Reports on Form 10-Q) should no longer be relied upon. Restated financials for the quarters ended March 31, 2008 and 2007 are included in the filing on Form 10-Q/A filed on May 30, 2008. These changes do not effect the financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2007, which may continue to be relied upon.
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STRIKER OIL & GAS (OTCBB: SOIS)
Striker Oil & Gas, Inc. engages in the exploration, acquisition, development, production, and sale of natural gas, crude oil, and natural gas liquids primarily from conventional reservoirs in the United States. It operates onshore along the Gulf Coast of Texas and Louisiana, as well as East Texas and Mississippi. The company holds interests in the Abbeville field and the West Abbeville prospect located in Vermillion Parish, North Edna field and Welsh Field located in Jefferson Davis Parish, and South Creole Prospect located in Cameron Parish in Louisiana; North Cayuga Prospect in Henderson County and Catfish Creek Prospect in Henderson and Anderson Counties in Texas; and North Sand Hill Field located in Greene County, Mississippi. Striker Oil & Gas is based in Houston, Texas.
SOIS News:
June 3 - Striker Oil & Gas Announces 137 Gross Barrels Per Day Recompletion in Its North Edna Prospect
Striker Oil & Gas, Inc. (OTCBB: SOIS) announced that it has successfully recompleted the LeJeune No. 1 well in its North Edna prospect located in Jefferson Davis Parish, Louisiana. The well came online last week and is currently producing 137 gross barrels of oil per day to the 100% working interest. The decision to move uphole to perforate what could be the best zone in the well was made necessary when the last zone ceased to flow. Based on the current flowing oil rate of the well, payout of the recompletion should occur in less than 15 days. Using current prices and the evaluation of this zone by Striker's third party reservoir engineering firm, approximately $1,000,000 in net revenue should be generated to Striker's interest from this single interval. The North Edna Field has produced over 10 Bcf of gas and 700,000 barrels of oil. Striker has a 40% working interest before payout and a 29.6% net revenue interest before payout in this prospect.
"The first two zones in this well have exceeded our initial estimates and we are optimistic on this additional zone," said Kevan Casey, Chief Executive Officer of Striker. "This recompletion was done in a way that will enable us to go back downhole and evaluate the previously completed zones for additional production in the future using artificial lift."
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BIOSHAFT WATER TECHNOLOGY INCORPORATED (OTCBB: BSHF)
BioShaft Water Technology Incorporated is an innovative wastewater treatment technology based on Bio-Filtration utilizing sludge carriers. These plants are made using the Hans BioShaft Turbine that is at the heart of the wastewater technology. It was developed in the Netherlands in 1994 and was improved upon by Dr. Hans Badreddine and implemented as Hans BioShaft . It is patented in the United Kingdom and the patent is pending in the United States. For further information, visit the company's Web site at www.bioshaft.com.
BSHF News:
June 3 - BioShaft Water Technology Inc. Hires VP of Operations
Mr. Amin has more than 15 years of local and international experience in the Water and Wastewater Treatment Industry. Mr. Amin received his Water Resources Control Board Engineer Classification for the State of California and satisfied the academic qualifications for the Professional Engineers of Ontario, Canada.
Mr. Amin has completed more than 100 projects throughout his career. Prior to joining BioShaft, Mr. Amin was the Operations Manager for Aquamatch Inc. and was responsible for the installation and operation of private and municipal water and wastewater treatment systems.
Mr. Amin completed his Masters of Science in Environmental Engineering at the California State University in Fresno.
Dr. Badreddine, CEO of BioShaft, said, "Mr. Amin's experience is a positive contribution to our management team and we look forward to the value he will add as we grow the business."
"I am extremely excited to join BioShaft Water Technology and be a part of this innovative breakthrough in waste water treatment. Through my many years of experience and exposure to global attempts to find solutions that are cost effective, reliable and environmentally friendly, I believe that BioShaft's Technology provides a significant advantage over the competition and existing treatments in the marketplace."
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NOVORI INCORPORATED (OTCBB: NOVO)
Founded in 2004, Novori is a leading online interactive retailer of diamond engagement rings and fine jewelry. Launched in 2005, the Novori brand provides consumers with superior customer service and a better way to buy diamond jewelry. Novori prides itself on the highest quality standards in the industry and offers consumers unique online tools that allow them to explore, build and purchase their own custom made diamond rings in a way not previously offered by traditional retailers. Novori offers thousands of independently certified diamonds, settings and fine jewelry at prices significantly below traditional retail.
NOVO News:
June 3 - Novori Inc.'s Steven Zale Unveils Long Awaited Badgley Mischka Line of Fine Diamond Jewelry
Badgley Mischka, Zalemark Team Designs a Hit
Novori Inc. (OTCBB: NOVO) a leading online interactive retailer of fine diamond engagement rings and jewelry, announced that, pursuant to the upcoming merger with Zalemark Inc., the new Badgley Mischka line unveiled at the Couture Show in Las Vegas, NV was very well received.
The introduction of the line culminated in an organized cocktail party on Saturday, May 31 at the Wynn Hotel, with the famous designer duo in attendance, where several models showed off the Bridal Dress Collection along with hundreds of thousands of dollars worth of the Badgley Mischka bridal jewelry line.
Steven Zale, Director of Novori, Inc. and CEO of Zalemark Inc, as quoted by Rapaport News stated, "Badgley Mischka, which is the famous design house and design team of Mark and James is probably one of the greatest synergy branding relationships to come out in a long time. Badgley Mischka, which is most well renowned and famous for their bridal gowns, has not had a bridal jewelry line."
Rob Caldwell, Director of Public Relations for Badgley Mischka stated, "We are so excited about this - this is Badgley Mischka's first foray into fine jewelry. We do have a costume jewelry collection, but customer demand for fine jewelry has been overwhelming. Mark Badgley and James Mischka really got their start with evening gowns, and the company and their names are really synonymous with glamour, old Hollywood, vintage, classic gorgeousness on the red carpet - and from that, really a lot of women that were wearing these very expensive gowns said, 'Oh, I would love to have this gown in white or ivory or candlelight for my wedding!'
"So that is where the Badgley Mischka Bridal Collection came from. And from that, the brides were saying, 'I would love to have a Badgley Mischka diamond to go with my wedding gown!'"
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