--(www.USEquityNews.com)-- 06/19/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Petro Resources Corporation (AMEX: PRC) ("the Company") provides an update on operations in North Dakota and Louisiana. The Company has completed the drilling phase of its first horizontal well in the East Flaxton Madison Unit. The EFMU#23H well was drilled to a total vertical depth of 5,780' and a total measured depth of 10,310' including approximately 4,000' horizontal lateral drilled through the Nesson formation. The horizontal portion of the lateral had mud log shows through most of its length as was anticipated. A completion rig will be moved on location to commence swabbing and completion operations shortly. The Company anticipates that the well turned to sales by mid-July.
Atlas America, Inc. (NASDAQ: ATLS) ("Atlas America") announced recently that it has agreed to purchase $40 million of common limited partner units of Atlas Pipeline Partners, L.P. ("Atlas Pipeline") in a private placement offering. In addition, Atlas Pipeline Holdings, L.P. ("Atlas Holdings") will purchase $10 million of Atlas Pipeline's common units in a private placement offering. Atlas Holdings will finance its purchase of Atlas Pipeline common units through a separate private placement transaction with Atlas America, which will purchase $10 million of Atlas Holdings common limited partner units. Atlas Pipeline plans to use the proceeds from the private placements with Atlas America and Atlas Holdings to terminate certain crude oil derivatives agreements that are associated with the ethane and propane portion of Atlas Pipeline's natural gas liquids volume.
Holloman Energy Corporation (OTCBB: HENC) (``the Company'' or ``HENC''), through its CEO, Grant Petersen, recenlty has elected to give an interim update to shareholders in preparation to what management feels will be a very busy and productive last half of the year and beyond. Due to significant recent activity and interest by major international oil companies in Australia to include each of the three geological basins that HENC has properties totaling in excess of 1.75 million acres, the Company has elected to retain Perth Australia-based Tony Saitta and Saitta Petroleum Consultants Pty Ltd. (Saitta) as a ``boots on the ground'' consultants to HENC in the Cooper Basin to assist and interpret all available information. Saitta's input, along with HENC's staff, will serve as to how best exploit the burgeoning interest in HENC's extensive property interest. More detailed information on HENC's properties can now be found on the Company's website located at http://www.hollomanenergy.com .
BPI Energy Holdings, Inc. (AMEX: BPG), an independent energy company engaged in the exploration, production and commercial sale of coalbed methane (CBM) in the Illinois Basin, recently announced it has entered into a lease agreement with Western Fuels of Illinois, Inc., for the rights to Herrin and Springfield coalbed methane (CBM) and coal mine methane (CMM) gas over an area of approximately 5,600 acres. The newly acquired acreage is contiguous, with 2,320 acres overlapping BPI's Delta field in Saline County, Ill., where it currently has wells and is producing CBM from lower coal seams. This lease provides access to two new seams in those wells. The new acreage increases BPI's leasehold assets in Saline County to approximately 13,280 acres, and BPI's gross leasehold interest to approximately 534,280 acres.
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.