RECEIVED THIS E-MAIL.. FYI WILL PUT ON MY WATCH LIST. MIGHT BE A GOOD DAY TRADE.
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The long-term outlook for U.S. natural gas prices appears to be quite favorable. Domestic consumption remains in an uptrend, and is expected to rise to more than 30 trillion cubic feet per year by 2020, versus approximately 26 tcf at present. Demand is bolstered by rising electricity needs, coupled with the cost and environmental advantages of natural gas-burning power plants, which account for 95% of all new electricity generation.
The domestic gas supply is falling at the unprecedented rate of about 5 - 6% per year, and storage inventories are well below optimal levels (seasonally adjusted). Onshore production is being limited by aging wells; conventional gas wells typically have high production rates in their early years, followed by a longer period of greatly diminished output. Drilling opportunities are also on the wane, as this country has already exploited most of its onshore fields. New wells are mostly small and shallow and have short life spans, factors that discourage development by large firms, which have lately been conservative with their cash.
The U.S. government has recently moved aggressively to encourage development of these coal bed methane (CBM) reserves. CBM is inexpensive to drill and complete, and wells typically have a very high success rate. Galaxy's acreage is strategically located near roads and pipelines with a 20-inch high pressure gas transmission line running through the acreage. The business plan calls for development of approximately 800 bcf of gas reserves by fiscal year-end 2005.
Galaxy has a 30-year concession from the Romanian government on 21,500 acres overlaying shallow coal seams that are likely rich in gas. Galaxy has also leased 3,600 acres of the prolific Trawick field in East Texas; horizontal drilling techniques have yielded strong results in this area.
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I FOUND THIS NEWS RELEASE.
Press Release for Galaxy Energy Corp
Galaxy Energy Raises $11.9 Million in Private Placement
1/16/2004 8:08:00 AM
DENVER, Jan 16, 2004 /PRNewswire-FirstCall via COMTEX/ -- Galaxy Energy Corporation ( GAXI ) announced the completion of a private placement of common stock and warrants that raised $11.9 million for the company. The private placement was led by The Shemano Group, an investment banking and institutional broker/dealer firm based in San Francisco.
Galaxy will use the proceeds of the financing round for general working capital purposes and to drill coalbed methane (CBM) wells in the Powder River basin area of the U.S. Rocky Mountains.
Galaxy Energy Corporation is in the business of oil and gas exploration and production and is currently acquiring and developing coalbed methane (CBM) and other unconventional and conventional natural gas properties in Wyoming, Montana, Texas and Europe.
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 10K (annual report), 10Q (quarterly report) and other filings.
Additional information may be found at the Galaxy Energy Web site, http://www.galaxyenergy.com/ , or by calling Bevo Beaven or Carl Thompson at CTA Public Relations, (303) 665-4200, or Brad Long, Investor Relations/Galaxy Energy at (800) 574-4294.
For further information, please contact: Brad Long, Investor Relations of Galaxy Energy Corporation, +1-360-945-0395, or +1-800-574-4294; or Bevo Beaven, Vice President of Carl Thompson, Principal, CTA Public Relations, Inc., +1-303-665-4200, for Galaxy Energy Corporation.
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DIANA
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