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Double Eagle Petroleum Increases Credit Facility and Borrowing Base

2009-03-03T11:00:00.000+02:00

DENVER, March 3 /PRNewswire-FirstCall/ -- Double Eagle Petroleum Co. (Nasdaq: DBLE) today announced it has signed a new credit agreement with its lenders providing an increase in the credit facility of 50% from $50 million to $75 million and an increase in the borrowing base of 28% from $35 million to $45 million. The credit agreement consists of a $40 million revolving credit line and a $5 million term loan. The $40 million revolving credit line matures on July 31, 2010 and the $5 million term loan will mature on July 31, 2009. Bank of Oklahoma serves as the lead bank.

"The bank group's continued support of our growth during this period of economic, commodity price and financial market challenges underscores the quality of our asset portfolio," said Richard Dole, Double Eagle's Chairman, President and Chief Executive Officer.

About Double Eagle

Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 95% of its production and reserves. The Company's current major development activities are in its Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming.

This release contains forward-looking statements regarding Double Eagle's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. Double Eagle undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

    Company Contact:
    John Campbell, IR
    (303) 794-8445
    www.dble.us

[Via http://www.prnewswire.com]

Frost & Sullivan: Wireless Devices Market in Factory Automation Driven by Need for Real-Time Data and Work Force Mobility

2009-03-03T09:00:00.000+02:00

LONDON, March 3 /PRNewswire/ -- The need for real-time data, workforce mobility, easy installation, and commissioning are the key drivers for wireless adoption across discrete industries such as automobile, food & beverages, and plastics. Despite the sizeable potential, concerns related to reliability, security, and interoperability are hindering uptake levels. Wireless vendors should take effective steps to spread awareness about wireless technology to end-users, thus promoting market expansion.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Wireless Devices Market in Factory Automation, finds that markets in Germany, France, Italy, Spain, and the United Kingdom, earned revenues of over $75.2 million in 2008 and estimates this to reach $132.8 million in 2012. End user segments covered in the research include: automobile, food & beverages, plastics, semiconductor, and fabricated metal.

"The need to continually track the production process is important in discrete industries as wireless devices constantly monitor the process flow by providing real-time data in less time with minimal effort," says Frost & Sullivan Research Analyst Khadambari Shanbagaraman. "Wireless devices function on a 'plug and play' basis, inherently assuring flexibility and convenience compared to traditional wired networks."

Concerns about reliability, security and interoperability are restraining wireless adoption across various end user industries. Despite the many benefits of wireless devices, end-users are not convinced about the robustness of wireless transmission and are unwilling to take a risk investing in it.

Technical issues such as signal mismatch, data loss, electromagnetic induction, and disturbances from existing networks are concerns for wireless reliability. Besides, the conservative mindset of the food and beverages and plastics industries is also hindering the uptake of wireless devices.

"Vendors should undertake effective initiatives to spread awareness about wireless technology and educate end-users on the range of wireless applications and their benefits," concludes Khadambari. "Technical problems need to be solved so that end users will realise their investments in wireless devices due to the long term gains they offer."

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Joanna Lewandowska, Corporate Communications, at joanna.lewandowska@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.

Wireless Devices Market in Factory Automation is part of the Industrial Automation & Process Control Growth Partnership Service programme, which also includes research in the following markets: Wireless Devices Market in Factory Automation (ME Research), Food and Beverages Industries Go Wire free (Market Insight), and Will Impacts of recession hamper Wireless Adoption in the Automotive Industry? (Market Insight). All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

GIL 2009: Europe

Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Joanna Lewandowska, Corporate Communications for Frost & Sullivan in Europe, at Joanna.lewandowska@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit www.frost.com/gilglobal.

Wireless Devices Market in Factory Automation

M3A4-10

    Contact:
    Joanna Lewandowska
    Corporate Communications - Europe
    P: +48 22 390 41 46
    E: joanna.lewandowska@frost.com

[Via http://www.prnewswire.com]

Petroleum Development Corporation Announces 2008 Fourth Quarter and Year-End Results; Posts Solid Increases in Net Income and Cash Flow; Increases Production 38%; Reserves 10%

2009-03-03T04:42:00.000+02:00

DENVER, March 2 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (Nasdaq: PETD) today reported net income for the year ended December 31, 2008 of $113.3 million, or $7.63 per diluted share, compared with December 31, 2007 net income of $33.2 million, or $2.24 per diluted share. Fourth quarter 2008 net income was $41.1 million, or $2.78 per diluted share, while net income for the same period ending December 31, 2007 was $8.2 million, or $0.55 per diluted share. Adjusted cash flow from operations (defined as cash flow from operations before changes in assets and liabilities, a non-GAAP measure) increased to $200.1 million for the year ended 2008 compared to $95.6 million in 2007, an increase of 109%. Adjusted cash flow from operations for the fourth quarter 2008 was $41.4 million, compared to the same period 2007 of $27.4 million, an increase of 51%.

Oil and natural gas sales from the Company's producing properties for 2008 were up 83.7% to $321.9 million, an increase of $146.7 million over the prior year's $175.2 million. Additionally, for the year ending December 31, 2008, the Company recognized a $127.8 million oil and gas price risk management gain versus a $2.8 million gain for the year ending December 31, 2007. For the fourth quarter 2008, oil and natural gas sales from the Company's producing properties were $56.3 million. This compares to $57.5 million for the same period of 2007. Oil and gas price risk management gain in the fourth quarter 2008 was $102.5 million, compared to a $1.7 million loss in the same period of 2007. The increase in the gain for oil and gas price risk management for the year and quarter, ended December 31, 2007, was due to the decline in oil and gas commodities' future prices during the latter portion of the year.

Total 2008 annual production increased 38% to 38.7 Bcfe, compared to 28.0 Bcfe in 2007. Growth in 2008 was 100% organic from development of our existing core operating areas. Fourth quarter 2008 production increased 11% to 11.3 Bcfe compared to third quarter 2008 production of 10.2 Bcfe. During 2008 the Company drilled 333 total net wells compared to 276 total net wells drilled in 2007. The 2008 total was comprised of 312 development wells drilled and 21 exploratory wells drilled. Eight of the development wells and ten of the exploratory wells were dry holes. Five remaining exploratory wells are pending final determination. The 2008 drilling program increased proved reserves 10% to 753 Bcfe at December 31, 2008, compared to 686 Bcfe at December 31, 2007. For the year ended December 31, 2008, reserve growth provided by the drill bit was 139.3 Bcfe, reduced by 38.7 Bcfe of production and downward revisions to previous estimates of 34.4 Bcfe. The revision was due primarily to the decrease in commodity prices at year-end 2008 compared to hedges in place.



    Comparative Results              Three Months Ended       Year Ended
    (In thousands, except per share      December 31,        December 31,
     amounts)
                                        2008     2007       2008      2007

    Revenues                          $195,406  $95,103   $609,360  $305,235
    Net income                         $41,053   $8,198   $113,309   $33,209
    Basic earnings per common share      $2.78    $0.56      $7.69     $2.25
    Diluted earnings per common share    $2.78    $0.55      $7.63     $2.24

Richard W. McCullough, Chairman and Chief Executive Officer stated, "The company posted solid gains in operating income, production and cash flow metrics. While we hope to see a recovery in the current depressed financial market and commodity price environment, we believe the company is poised to weather the current difficult operating conditions."

Financial Results

Full Year 2008 Results:

Net income for the year ended December 31, 2008 increased considerably to $113.3 million compared to $33.2 million for the respective 2007 period. This increase was due primarily to record production for the year, favorable commodity prices for the first half of 2008, and gains from oil and gas price risk management activities during the second half of 2008. Revenue for 2008 includes a $140.3 million contribution from sales from natural gas marketing activities versus $103.6 million for 2007, and a net gain of $127.8 million from oil and gas price risk management activities versus $2.8 million for 2007. The increase in the oil and gas price risk management gain was due to an increase in the mark-to-market value of the hedging contracts in place at December 31, 2008. EBITDA (defined as net income, plus interest (net), income taxes and DD&A, a non-GAAP measure) increased from $131.7 million in 2007 to $306.9 million in 2008, due primarily to record production for the year, favorable commodity prices for the first half of 2008, and gains from oil and gas price risk management activities during the second half of 2008.

The Company's exploratory expense increased from $23.6 million in 2007 to $45.1 million in 2008 as a result of impairments of both proved and unproved exploratory properties, due in part to lower prices. Depreciation, depletion and amortization expense for the year increased to $104.6 million from $70.8 million in 2007 due to increased production. General and administrative expense increased to $37.7 million in 2008 from $31.0 million in the previous year, due to increased payroll and payroll related expenses which included $4.7 million related to agreements with former executive officers. Interest expense increased to $28.1 million from $9.3 million in 2007 as a result of higher outstanding balances on our credit facility and the issuance of our 12% senior notes, offset by lower average interest rates on our bank credit facility.

Fourth Quarter 2008 Results:

Net income for the fourth quarter 2008 was $41.1 million compared to the respective fourth quarter 2007 results of $8.2 million. This increase is primarily due to increased production and gains from oil and gas price risk management activities during the quarter. The fourth quarter 2008 gain from oil and gas price risk management activities was $102.5 million versus a loss of $1.7 million in the fourth quarter of 2007. The increase in the oil and gas price risk management gain was due to an increase in the mark-to-market value of the hedging contracts in place at December 31, 2008. EBITDA increased 185% for the fourth quarter to $106.9 million in 2008 from $37.5 million in 2007, primarily due to increased production and gains from oil and gas price risk management activities during the quarter.

The Company's exploratory expense increased from $8.8 million in the fourth quarter 2007 to $27.1 million in the fourth quarter 2008 as a result of impairments of both proved and unproved properties. Depreciation, depletion and amortization expense for the 2008 fourth quarter increased to $32.7 million, from $20.0 million in the respective quarter 2007, due to increased production. General and administrative expense increased to $10.6 million in the fourth quarter 2008 from $9.1 million in the same period of 2007 due to increased payroll and payroll related expenses. Interest expense increased to $9.0 million in the fourth quarter 2008, from $4.5 million in the same period of 2007, as a result of higher outstanding balances on our credit facility, and the issuance of our 12% senior notes offset by lower average interest rates on our bank credit facility.

The following tables show the calculation of adjusted cash flow from operations and EBITDA for the fourth quarters and the years ended 2008 and 2007:



       Reconciliation of Net Cash Provided by Operating Activities to
                            Adjusted Cash Flow
                   From Operations - a non-GAAP measure
                  (See explanation of non-GAAP measure.)

                                     Three Months Ended     Year Ended
                                        December 31,       December 31,
                                        2008     2007      2008     2007

     Net Cash provided by Operating
      Activities                       $35,309  $93,104  $139,101  $60,304
     Changes in Assets and Liabilities
      Related to Operations              6,087  (65,739)   60,998   35,322
     Adjusted Cash Flow from
      Operations                       $41,396  $27,365  $200,099  $95,626
     Weighted average diluted shares
      outstanding                       14,791   14,859    14,848   14,841
     Adjusted cash flow from
      operations, per diluted share      $2.80    $1.84    $13.48    $6.44


           Reconciliation of Net Income to EBITDA - a non-GAAP measure
                    (See explanation of non-GAAP measure.)

                                    Three Months Ended     Year Ended
                                        December 31,       December 31,
                                       2008     2007      2008      2007

    Net Income                        $41,053   $8,198  $113,309   $33,209
    Interest, net                       8,895    3,851    27,541     6,617
    Income Taxes                       24,237    5,470    61,459    20,981
    Depreciation                       32,694   19,987   104,575    70,844
    EBITDA                           $106,879  $37,506  $306,884  $131,651
    Weighted average diluted shares
     outstanding                       14,791   14,859    14,848    14,841
    EBITDA per share (fully diluted)    $7.23    $2.52    $20.67     $8.87

Operations

The 2008 operations were focused in our three primary geographic regions:

Rocky Mountain Region: The Rocky Mountain Region includes our Colorado, Kansas, North Dakota, and Wyoming operations. The region is divided into four operating areas; (1) Wattenberg Field, (2) Grand Valley Field, (3) NECO area, and (4) North Dakota. The Rocky Mountain Region includes approximately 320,000 gross acres of leasehold and approximately 2,408 gross oil and natural gas wells in which we own an interest (approximately 95% are operated by the Company).

Wattenberg Field, DJ Basin, Weld and Adams Counties, Colorado. We currently own an interest in 1,390 gross, 875.2 net, oil and natural gas wells. Our leasehold position encompasses approximately 75,900 gross acres with approximately 24,000 net undeveloped acres remaining as of December 31, 2008. We drilled 149 gross, 122.7 net wells in the area in 2008 and produced approximately 15.4 Bcfe net to our interests. Wells drilled in the area range from approximately 7,000 to 8,000 feet in depth and generally target oil and gas reserves in the Niobrara, Codell and J Sand reservoirs. Well spacing ranges from 20 to 40 acres per well. Operations in the area, in addition to the drilling of new development wells, includes the refrac of Codell and Niobrara reservoirs in existing wellbores whereby the Codell sandstone reservoir is fraced a second time and/or initial completion attempts are made in the slightly shallower Niobrara carbonate reservoir.

Grand Valley Field, Piceance Basin, Garfield County, Colorado. We currently own an interest in 285 gross, 158.3 net, oil and natural gas wells. Our leasehold position encompasses approximately 7,900 gross acres with approximately 5,200 net undeveloped acres remaining for development as of December 31, 2008. We drilled 62 gross, 54.4 net wells in the area in 2008 and produced approximately 12.5 Bcfe net to our interests. Development wells drilled in the area range from 7,000 to 9,500 feet in depth and the majority of wells are drilled directionally from multi-well pads ranging from two to eight or more wells per drilling pad. The primary target in the area is gas reserves developed from multiple sandstone reservoirs in the Mesaverde Williams Fork formation. Well spacing is approximately ten acres per well.

NECO area - DJ Basin, Yuma County Colorado and Cheyenne County, Kansas. We currently own an interest in 717 gross, 504.0 net, natural gas wells. Our leasehold position encompasses approximately 141,600 gross acres with approximately 93,200 net undeveloped acres remaining for development as of December 31, 2008. We drilled 98 gross, 88.1 net wells in the area in 2008 and produced approximately 5 Bcfe net to our interests. Wells drilled in the area range from approximately 1,500 to 3,000 feet in depth and target gas reserves in the shallow Niobrara reservoir. Well spacing is approximately 40 acres per well. New drilling operations range from exploratory wells to test undrilled, seismically defined, structural features at the Niobrara horizon, to development wells targeting known reserves in existing identified features.

North Dakota, Burke County. We currently own an interest in 13 gross, 3.7 net oil and natural gas wells. Our leasehold encompasses two project areas in Burke County of approximately 75,100 gross acres with approximately 46,300 net undeveloped acres remaining for development as of December 31, 2008. The eastern area acreage is prospective for development of oil and gas reserves in the Nesson Formation. Nesson development wells are approximately 6,000 feet in depth with single or multiple horizontal legs to 4,000 feet or more in length for a measured length of 10,000 feet or more per leg. The westernmost acreage block is undeveloped and includes approximately 23,600 gross, 16,200 net acres. The western project targets exploratory horizontal drilling to the Midale/Nesson/Bakken Formation at depths of approximately 6,800 feet with a lateral leg component of up to 6,100 feet. In 2009, pursuant to a third party arrangement, we plan to drill up to four exploratory Bakken wells on our acreage with minimal capital obligation on our part in exchange for an interest in the acreage position.

Appalachian Basin: The Appalachian Basin includes our West Virginia, Pennsylvania, New York and Tennessee operations, in which we own an interest in approximately 2,090 gross, 1,566.4 net oil and natural gas wells. Our leasehold position encompasses approximately 140,300 gross acres with approximately 19,400 net undeveloped acres remaining for development as of December 31, 2008. We drilled 63 gross/net wells in the area in 2008 and produced approximately 3.9 Bcfe net to our interests. The majority of our Appalachian leasehold is Devonian and Mississippian aged tight sandstone reservoirs. We are currently evaluating the potential of the Marcellus Formation in West Virginia and Pennsylvania and have drilled three tests to date in West Virginia.

Michigan Basin: We own an interest in approximately 210 gross, 146.5 net oil and natural gas wells that produced 1.6 Bcfe net to our interest in 2008. Wells in the area range from 1,000 to 2,500 feet in depth and produce gas from the Antrim Shale. We drilled 2 gross and 1.6 net exploratory dry hole wells in 2008.

Other - Texas and Wyoming: In addition to the operating areas above, we have an interest in approximately 12,500 gross, 9,100 net undeveloped acres in Ft. Worth Basin, northeastern Erath County, Texas. The leasehold acreage is prospective for the development of oil and natural gas reserves in the Barnett Shale formation at depths of approximately 5,000 feet. Development is typically with a horizontal component of approximately 3,000 feet or more, resulting in an approximate measured length of up to 8,000 feet or more in this area. In 2008 we commenced drilling operations and drilled three exploratory Barnett wells. These wells generated less than 1% of our 2008 production. Based on these results, we recorded impairments of both proved and unproved properties in this area in 2008. We are currently evaluating our future plans in this area and currently have no drilling activity planned in 2009.

Drilling Activity

The Company drilled 379 gross wells during 2008 representing an increase of 8.6% over the prior year. The Company's drilling activities continued to be focused in its Rocky Mountain Region. In addition to the drilling of the new wells, the Company recompleted (including refracs) 125 wells in 2008 compared to 181 in 2007.



                               Wells Drilled

                            Three Months Ended           Year Ended
                                December 31,            December 31,
                             2008         2007        2008         2007
                         Gross   Net Gross   Net Gross    Net Gross    Net

    Appalachian Basin       27    27     4   4.0    63   63.0     8    8.0
    Michigan                 0   0.0     1   1.2     2    1.6     3    3.0
    Rocky Mountain Region:
      Wattenberg            33  31.4    49  26.6   149  122.7   158  106.1
      Piceance              12  12.0    12   5.1    62   54.4    53   41.7
      NECO                  10   9.9    17  17.1    98   88.1   123  115.0
      North Dakota           0   0.1     1   0.9     2    0.6     3    1.5
    Total Rocky Mountain
     Region                 55  53.4    79  49.7   311  265.8   337  264.3
    Fort Worth Basin         0   0.0     1   1.0     3    3.0     1    1.0
      Total Wells Drilled   82  80.4    85  55.9   379  333.4   349  276.3



            Average Costs Related to Oil and Gas Drilling (per Mcfe)

                                    Three Months Ended   Year Ended
                                        December 31     December 31
                                        2008   2007     2008   2007

    Average lifting costs                $1.09  $0.94    $1.07  $0.90

    Exploration expense (less
     impairment)                         $0.40  $0.79    $0.50  $0.72
    Depreciation, depletion and
     amortization (oil and gas
     properties only)                    $2.73  $2.10    $2.51  $2.37

Oil and Gas Sales and Production

Production for the year ended December 31, 2008 increased 38% above volumes for the same period in 2007. Oil and natural gas sales from the Company's producing properties for 2008 were up 83.7% to $321.9 million compared to $175.2 million for the prior year, an increase of $146.7 million. The revenue increase was related to the Company's record 2008 production based on success with drilling and recompletions in our core operating areas, combined with derivative positions set in place which helped protect the Company from the overall decline in market prices.

The following table summarizes production by area of operation, as well as the average sales price for the years 2008 and 2007, excluding both realized and unrealized derivative gains or losses.



                          Three Months Ended             Year Ended
                             December 31,                December 31,
                         2008      2007  Percent     2008       2007  Percent
    Natural Gas (Mcf)
      Appalachian
       Basin          1,006,684   820,147  22.7%  3,902,183  2,711,300  43.9%
      Michigan Basin    452,325   414,969   9.0%  1,609,984  1,678,155  -4.1%
      Rocky Mountains 7,857,772 5,789,002  35.7% 26,247,625 18,123,851  44.8%
        Total         9,316,781 7,024,118  32.6% 31,759,792 22,513,306  41.1%

        Average Sales
         Price            $4.21     $5.62 -25.1%      $6.98      $5.33  31.0%

    Oil (Bbls)
      Appalachian Basin   1,518     1,674  -9.3%      6,623      5,490  20.6%
      Michigan Basin        694     1,316 -47.3%      3,469      4,301 -19.3%
      Rocky Mountains   324,013   240,310  34.8%  1,150,316    900,261  27.8%
        Total           326,225   243,300  34.1%  1,160,408    910,052  27.5%

        Average Sales
         Price           $52.14    $74.00 -29.5%     $89.77     $60.65  48.0%

    Natural Gas
     Equivalents (Mcfe)*
      Appalachian
       Basin          1,015,792   830,191  22.4%  3,941,921  2,744,240  43.6%
      Michigan Basin    456,489   422,865   8.0%  1,630,798  1,703,961  -4.3%
      Rocky Mountains 9,801,850 7,230,862  35.6% 33,149,521 23,525,417  40.9%
        Total        11,274,131 8,483,918  32.9% 38,722,240 27,973,618  38.4%

        Average Sales
         Price            $4.99     $6.78 -26.4%      $8.42      $6.26  48.0%

    * One barrel of oil is equal to the energy equivalent of six Mcf of
      natural gas.

Oil and Gas Derivative Activities

We use various derivative instruments to manage fluctuations in oil and natural gas prices. We have in place a series of collars, fixed price swaps and basis swaps on a portion of our oil and natural gas production. Under the collar arrangements, if the applicable index rises above the ceiling price or swap, we pay the counterparty; however, if the index drops below the floor or swap, the counterparty pays us. Our production volumes for the quarter ended December 31, 2008, were 326,000 Bbls of oil and 9.3 Bcf of natural gas. Our hedging counterparties are all current or past members of our bank group for our revolver. A complete listing of the Company's derivative positions is included in the Company's Form 10-K, available at the Company's website at www.petd.com.

Non-GAAP Financial Measures

This release refers to "Adjusted cash flow from operations" and "EBITDA" both of which are non-GAAP financial measures. Adjusted cash flow from operations is the cash flow earned or incurred from operating activities without regard to the collection or payment of associated receivables or payables. The Company believes it is important to consider Adjusted cash flow from operations separately, as the Company believes it can often be a better way to discuss changes in operating trends in its business caused by changes in production, prices, operating costs, and related operational factors, without regard to whether the earned or incurred item was collected or paid during that year. The Company also uses this measure because the collection of its receivables or payment of its obligations has not been a significant issue for the Company's business, but merely a timing issue from one period to the next, with fluctuations generally caused by significant changes in commodity prices. EBITDA is a non-GAAP measure calculated by adding net income, interest (net), income taxes, and depreciation, depletion and amortization for the period. Management believes EBITDA is relevant because it is a measure of cash available to fund the Company's capital expenditures and service its debt and is a widely used industry metric which allows comparability of our results with our peers. Adjusted cash flow from operations and EBITDA are not measures of financial performance under GAAP and should be considered in addition to, not as a substitute for, cash flows from operations, investing, or financing activities, nor as a liquidity measure or indicator of cash flows reported in accordance with U.S. GAAP.



                    Consolidated Statements of Operations
                    (in thousands, except per share data)

                                     Three Months Ended      Year Ended
                                         December 31,        December 31,
                                        2008     2007      2008      2007
                                      (in thousands, except per share data)

    Revenues:
      Oil and gas sales                $56,260  $57,488  $321,877  $175,187
      Sales from natural gas
       marketing activities             32,625   31,779   140,263   103,624
      Oil and gas well drilling
       operations                          413    4,812     7,615    12,154
      Well operations and pipeline
       income                            3,328    2,660    11,474     9,342
      Oil and gas price risk
       management gain (loss), net     102,544   (1,686)  127,838     2,756
      Other income                         236       50       293     2,172
        Total revenues                 195,406   95,103   609,360   305,235

    Costs and expenses:
      Oil and gas production and well
       operations costs                 17,089   15,956    78,209    49,264
      Cost of natural gas marketing
       activities                       32,624   30,482   139,234   100,584
      Cost of oil and gas well
       drilling operations               1,116      949     2,213     2,508
      Exploration expense               27,143    8,756    45,105    23,551
      General and administrative
       expense                          10,555    9,145    37,715    30,968
      Depreciation, depletion and
       amortization                     32,694   19,987   104,575    70,844
        Total costs and expenses       121,221   85,275   407,051   277,719

    Gain on sale of leaseholds               -    7,691         -    33,291

      Income from operations            74,185   17,519   202,309    60,807
      Interest income                       94      603       591     2,662
      Interest expense                  (8,989)  (4,454)  (28,132)   (9,279)
    Income before income taxes          65,290   13,668   174,768    54,190
    Provision for income taxes          24,237    5,470    61,459    20,981

    Net income                         $41,053   $8,198  $113,309   $33,209

    Basic earnings per common share      $2.78    $0.56     $7.69     $2.25

    Diluted earnings per common share    $2.78    $0.55     $7.63     $2.24

Fourth Quarter and Year-End 2008 Earnings Conference Call

The Company will host a conference call with investors to discuss fourth quarter and year-end 2008 results. The Company invites you to join Richard W. McCullough, Chairman and CEO, Gysle R. Shellum, Chief Financial Officer, and Barton R. Brookman, Senior Vice President - Exploration and Production, for a conference call on Tuesday, March 3, 2009, for a discussion of the results.



    What: Petroleum Development Corporation 2008 Earnings Conference Call

    When: Tuesday, March 3, 2009, at 11:00 a.m. Eastern Standard Time

    How:  Log on to the web site at www.petd.com, or dial-in:
          Domestic (toll free) at 877.407.8031
          International at 201.689.8031

          Replay Numbers:
          Domestic (toll free) at 877.660.6853
          International at 201.612.7415
          Account #: 286, Conference ID #: 313436

    A replay of the call will be available through Friday, March 13, 2009.

Contact: Marti Dowling, Manager - Investor Relations, 303.831.3926, mdowling@petd.com

About Petroleum Development Corporation

Petroleum Development Corporation (www.petd.com) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding our business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein, which include statements of estimated oil and natural gas production and reserves, drilling plans, future cash flows, anticipated liquidity, anticipated capital expenditures and our management's strategies, plans and objectives. However, these are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this report reflect our good faith judgment, such statements can only be based on facts and factors currently known to us. Consequently, forward-looking statements are inherently subject to risks and uncertainties, including risks and uncertainties incidental to the exploration for, and the acquisition, development, production and marketing of, natural gas and oil, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Important factors that could cause actual results to differ materially from the forward looking statements include, but are not limited to:

Further deepening of the current global economic crisis;
changes in production volumes, worldwide demand, and commodity prices for oil and natural gas;
the timing and extent of our success in discovering, acquiring, developing and producing natural gas and oil reserves;
our ability to acquire leases, drilling rigs, supplies and services at reasonable prices;
the availability and cost of capital to us;
risks incident to the drilling and operation of natural gas and oil wells;
future production and development costs;
the availability of sufficient pipeline and other transportation facilities to carry our production and the impact of these facilities on price;
the effect of existing and future laws, governmental regulations and the political and economic climate of the United States of America ("U.S.");
the effect of natural gas and oil derivatives activities;
conditions in the capital markets; and
losses possible from pending or future litigation.

Further, we urge you to carefully review and consider the disclosures made in our Form 10-K, including the risks and uncertainties that may affect our business as described under Item 1A, Risk Factors, and our other filings with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this report. We undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events.

[Via http://www.prnewswire.com]

Centex Offers Industry-Leading Energy Efficiency Package in St. Louis Area

2009-03-02T23:27:00.000+02:00

Centex Energy Advantage homes up to 40% more efficient than typical 10-year-old home

CHESTERFIELD, Mo., March 2 /PRNewswire-FirstCall/ -- Centex Corporation today announced that construction is under way on Centex Energy Advantage homes across the St. Louis area. Collectively, Centex Energy Advantage homes now in progress are projected to avoid thousands of tons of carbon emissions over time, preventing more than 26 metric tons of carbon dioxide emissions in just the first year of occupancy.

Centex Energy Advantage is now available in all to-be-built homes ordered from Centex in 16 neighborhoods around the St. Louis metropolitan area. The area's first Centex Energy Advantage home, located in the Providence neighborhood near Herculaneum, Mo., is scheduled for delivery in May. Please visit any Centex neighborhood sales office for more information or see centex.com/energyadvantage.asp for details and centex.com/stlouis/ for details about homes and prices.(1)

"With these homes, you can experience measurable energy efficiency every day for the life of your home," says Mike VanPamel, division president for Centex Homes in St. Louis. "Our customers are usually surprised to learn that these features are standard in every Centex home, while other builders treat many of these components as upgrades."

Centex Energy Advantage homes are up to 22 percent more efficient than comparable new homes built to the most widely used energy efficiency code (the 2006 International Energy Conservation Code), according to a study commissioned with the NAHB Research Center. When compared to a typical 10-year-old home (as defined by the U.S. Department of Energy's Building America Program), the Centex Energy Advantage homes in the study were shown to be up to 40 percent more energy efficient.(2)

According to the NAHB Research Center, each Centex Energy Advantage home avoids 1.78 fewer metric tons of carbon dioxide per year than a comparable new home. That's roughly the same as the greenhouse gas emissions from the family automobile over four months or the CO2 emissions from about 183 gallons of gasoline consumed.(3)

Features of the Centex Energy Advantage standard package in the St. Louis area include: (4)

Energy monitor: homeowners who use energy monitors to actively manage their consumption of electricity can reduce their electricity use by 4-15 percent; (5) Centex is the first national homebuilder to announce the installation of an energy monitor in every home it builds
Whirlpool brand ENERGY STAR(R) qualified appliances
Lennox high-efficiency HVAC system(6)
Programmable thermostat(s)
Low-emissivity windows
R-49 insulation in the attic (with radiant-barrier roof decking available as an optional upgrade)
Compact fluorescent lights in high-traffic areas
Information for maximizing energy efficiency and minimizing the impact of home operation on the environment

About Centex

Dallas-based Centex (NYSE: CTX), founded in 1950, is one of the nation's leading home building companies. Its leading brands include Centex Homes, Fox & Jacobs Homes and CityHomes. In addition to its home building operations, Centex also offers mortgage and title services. Centex has ranked among the top three builders on FORTUNE magazine's list of "America's Most Admired Companies" for 10 straight years and is a leader in quality and customer satisfaction.

Editors' notes:

Homes, prices, features and availability are subject to change. Inventory homes are subject to prior sale.
This study evaluated the energy efficiency gains attributable to the Centex Energy Advantage features in a variety of single-family floor plans typical of the Centex product line in the climate zones where the Company currently operates. Not all floor plans, building materials or construction techniques were evaluated in the study. Efficiency gains will vary for other plan types, building materials, construction techniques and change of climate zone.
Calculations are based on NAHB Research Center estimated efficiency of 1.78 metric tons of CO2 per home equipped with Centex Energy Advantage features, as determined by the U.S. Environmental Protection Agency's "Greenhouse Gas Equivalencies Calculator" (see www.epa.gov).
The Centex Energy Advantage will be supplemented or otherwise adjusted as required by state and local codes. In several markets, Centex is currently building homes with components that exceed the combined efficiencies provided by the Centex Energy Advantage.
Based upon published studies reviewed by the NAHB Research Center.
14-SEER air conditioning or 90-percent AFUE furnace, depending upon climate zone. SEER is "seasonal energy efficiency ratio," a measure of seasonal or annual efficiency of a central air conditioner or air-conditioning heat pump that is the average BTUs of cooling delivered for every watt-hour of electricity used by the heat pump over a cooling season. AFUE is "annual fuel utilization efficiency," a measure of average combustion efficiency in a furnace or heating unit.

[Via http://www.prnewswire.com]

China Sunergy Announces Solar Cell Sales Agreement with asola

2009-03-02T13:15:00.000+02:00

NANJING, China, March 2 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a solar cell sales agreement with asola Advanced and Automotive Solar System GmbH ("asola"), a German solar module manufacturing company. Under the terms of the contract, China Sunergy will supply a total volume of between 10MW and 30MW of solar cells to asola from February to December of 2009.

Pricing and quantity are fixed for the first half of 2009, while the transaction details for the second half are subject to further negotiations.

"We are delighted to be signing another solar cell sales agreement with asola, and believe that this relationship will only strengthen in the coming years," remarked Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. "We will continue to actively build strategic partnerships with our existing customers, while pursuing new sales opportunities for our advanced solar cell products."

Reinahrd Wecker, CEO of asola, added, "We are pleased to continue our relationship with China Sunergy as we expand our business into important solar markets, including Italy and the U.S."

About China Sunergy Co. Ltd

China Sunergy Co., Ltd. (Nasdaq: CSUN) is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements and are based on current expectations, assumptions, estimates and projections about the company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; the economic slowdown in China and elsewhere and its impact on the company's operations; demand for the company's products; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials and other risks detailed in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

    For further information contact:

    FD
    Peter Schmidt
    Tel:   +86-10-8591-1953
    Email: peter.schmidt@fd.com

[Via http://www.prnewswire.com]

Officers of Quanta Services to Report the Withholding of Shares

2009-03-02T11:00:00.000+02:00

HOUSTON, March 2 /PRNewswire-FirstCall/ -- Quanta Services, Inc. (NYSE: PWR) announced today that certain of its executive officers will submit Form 4 filings by tomorrow pursuant to Section 16 of the Securities Exchange Act of 1934.

Under Quanta's 2001 Stock Incentive Plan and 2007 Stock Incentive Plan, certain of its employees, including certain executive officers, previously received restricted stock awards, a portion of which vested on February 28, 2009. These awards for Quanta's executive officers were previously reported on Form 4 filings. Pursuant to the Plans, employees may elect to satisfy their tax withholding obligations upon vesting by having Quanta make the tax payments and withhold a number of vested shares having a value on the date of vesting equal to the employee's tax withholding obligation. As a result of employee elections, Quanta withheld shares of stock from certain of its executive officers to satisfy their tax obligations. The Form 4 filings will report as "dispositions" the number of shares withheld by Quanta and will reflect that the dispositions are exempt transactions in accordance with Rule 16b-3 under the Exchange Act.

Quanta Services is a leading specialized contracting services company, delivering infrastructure network solutions for the electric power, natural gas, telecommunications and cable television industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta provides dark fiber construction and leasing in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.

    Contacts:  James Haddox, CFO          Ken Dennard / ksdennard@drg-e.com
               Reba Reid                  Kip Rupp / krupp@drg-e.com
               Quanta Services, Inc.      DRG&E
               713-629-7600               713-529-6600

[Via http://www.prnewswire.com]

SAP Increases Focus on Sustainable Business

2009-03-02T09:00:00.000+02:00

Company Announces Expanded Environment, Health and Safety (EHS) Application; Aggressive Carbon Footprint Reduction Target; and New Sustainability Organization Led by Its First Chief Sustainability Officer

WALLDORF, Germany, March 2 /PRNewswire-FirstCall/ -- SAP AG (NYSE: SAP) today announced a long-term strategic focus on sustainability, covering both its own operations and customer solutions for more sustainable business practices. First, to help its customers with their sustainability efforts, SAP, together with TechniData AG, unveiled expanded solutions for environment, health and safety (EHS) management. In addition, to demonstrate its commitment to sustainable operations internally, SAP announced it will reduce its greenhouse gas emissions down to its year-2000 levels by the year 2020. And, moving forward, SAP announced that its sustainability efforts will be led by a newly formed cross-functional sustainability organization headed by SAP's first chief sustainability officer.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050310/SFTH009LOGO-a)

Organizations throughout the world are facing increasing local, regional and global regulation; a challenging economic situation; increased consumer awareness to social and environmental issues; resource scarcity; and highly networked business operations. These factors put brands, market share and even market cap at significant risk, but also represent new business opportunities. Sustainability is about increasing the profitability of businesses by holistically managing economic, social and environmental risks and opportunities. SAP understands that its long-term success is directly related to both appropriately addressing sustainability internally and to enabling its customers to meet the same challenges.

"SAP is in a unique, dual position when it comes to sustainability," said Leo Apotheker, co-CEO, SAP AG. "We have a moral obligation to start with ourselves and ensure that our business operates in a transparent and accountable manner, leaves a minimal environmental footprint and reaches out to improve the social situation of others. As the leader in business software, we also deliver solutions that help other businesses achieve clarity across their operations and better manage their sustainability performance. This is why we are making a strategic, long-term commitment to operate our company in a sustainable way and to help businesses address social, environmental and governance challenges on a global scale."

SAP(R) Environment, Health, and Safety Management Application Provides Customers Integrated Sustainability Capabilities

Addressing the growing need for EHS management solutions, SAP and TechniData AG, the leading providers of EHS solutions, announced an agreement to expand their existing relationship. As a result, SAP will own and sell a full line of co-created EHS applications to be offered under a single name, SAP(R) Environment, Health, and Safety Management (SAP EHS Management).

SAP already helps customers better manage risk and compliance for environmental, financial and supply chain concerns with its SAP(R) BusinessObjects(TM) governance, risk, and compliance (GRC) solutions. Additionally, SAP(R) Business Suite software provides business process efficiency, flexibility and insight, representing a sound foundation for an organization's sustainability endeavors.

The SAP EHS Management application helps customers ensure that EHS requirements and corporate sustainability policies are met proactively and automatically across business operations. SAP EHS Management is open to work with non-SAP solutions yet is integrated into SAP Business Suite, a next-generation software suite that helps businesses optimize their performance and reduce IT cost, helping eliminate data inaccuracies and providing companies with the ability to manage business processes across multiple departments.

SAP and TechniData have worked closely since 1995 on the research and development of solutions designed to meet EHS compliance. They continue to co-innovate solutions to help companies around the world manage landmark regulation laws, including European REACH regulations for chemical use, as well as health and safety mandates to ensure the well-being of workers.

"The SAP solutions we employ at Dow Corning allow us to provide our customers with clear, easy and rapid access to vitally important safety information about our products and how they should be handled," said Dr. Peter Cartwright, executive director of environment, health and safety, Dow Corning. "We believe sustainability is essential to our future success as a company. It is so important to us, we've made it a corporate value. SAP solutions are fundamental to our ability to operate to our industry principles of Responsible Care and give our customers peace of mind."

In addition to delivering sustainable business processes through, for example, its SAP EHS Management application, SAP is helping its customers practice "Green IT" by enabling them to reduce the energy footprint of SAP solutions in their data centers through consolidation, virtualization and other landscape optimization services.

Carbon Footprint Reduction Targets

In spite of the fact that SAP's carbon footprint is usually smaller than that of organizations in other industries with similar revenue, the company is striving for significant reductions. After analyzing its global environmental footprint, SAP announced its commitment to a 51-percent reduction of its total greenhouse gas (GHG) emissions from its year-2007 published baseline levels of 513,000t CO2 by year 2020. This will return SAP to its approximate year-2000 emissions level of 250,000t CO2. SAP initiated its first global GHG inventory in 2008 and will report performance and progress towards the target in its annual sustainability report.

Using its own software solutions to monitor and manage its sustainability targets, SAP will achieve this reduction through significant abatement across all scopes of the Greenhouse Gas Protocol, the most widely used international carbon accounting tool. The target will apply not only to SAP's own direct emissions, but also to indirect emissions such as business travel, which was 42 percent of SAP's total footprint in 2007. The company's reduction plans are based on aggressive abatement targets across direct and indirect emissions (scopes 1, 2 and 3 as defined by the Greenhouse Gas Protocol, the most widely used international carbon accounting tool), allowing offsets to be applied only to major indirect emissions sources that are out of the company's direct control. SAP will focus on abatement over offsets and will pioneer and use new technologies that accelerate the abatement of carbon. It therefore does not plan to offset direct emissions or emissions related to energy consumption.

New Sustainability Organization and Chief Sustainability Officer

SAP has formed a new cross-functional sustainability organization to drive and coordinate all aspects of its sustainability efforts. It is led by Peter Graf, SAP's first chief sustainability officer and executive vice president of Sustainability Solutions, who will report directly to SAP Executive Board member Jim Hagemann Snabe. Graf, a 13-year SAP veteran, leads a global team that oversees all sustainability-related initiatives, from the creation of solutions that enable sustainable business processes for customers to SAP's own sustainability operations, including key social, economic and environmental programs.

SAP Co-CEO to Speak on Sustainability at CeBIT

On Tuesday, March 3, 2009, SAP co-CEO Leo Apotheker will give a keynote address at CeBIT, the world's largest annual trade show for information and telecommunications technology. Apotheker will address sustainability and related issues in the context of information technology. More details are available on the CeBIT Web site.

For more information on sustainability at SAP, read a comprehensive fact sheet about SAP's increased focus on sustainable business.

About SAP

SAP is the world's leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 82,000 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol "SAP." For more information, visit www.sap.com.

(*) SAP defines business software as comprising enterprise resource planning and related applications.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

    For customers interested in learning more about SAP products:
    Global Customer Center: +49 180 534-34-24
    United States Only: 1 (800) 872-1SAP (1-800-872-1727)

    For more information, press only:
    Evan Welsh, +49 (6227) 7-67514, evan.welsh@sap.com, CET
    Shabana Khan, +1 (650) 461-1332, shabana.khan@sap.com, PST
    SAP Press Office, +49 (6227) 7-46315, CET; +1 (610) 661-3200, EST;
    press@sap.com
    Katja Schroeder, Burson-Marsteller, +1 (212) 614-4981, katja.schroeder@bm.com, EST

[Via http://www.prnewswire.com]

TTM Chu Molybdenum Project Updated Resource Estimate and Drill Results

2009-03-02T05:15:00.000+02:00

     Measured Resource - 140 Million Tonnes of 0.061% Mo (0.040% cutoff)
    Indicated Resource - 173 Million Tonnes of 0.060% Mo (0.04% Mo cutoff)
     Inferred Resource - 84 Million Tonnes of 0.058% Mo (0.04% Mo cutoff)

        High Grade Molybdenum in Hole 2008 CHU-E046 - 0.188 % Mo Over
                                 16.96 meters
     High Grade Molybdenum in Hole CHU-E050 - 0.127 % Mo over 93 meters
                     including 18.29 meters of .215% Mo
    High Grade Molybdenum in Hole 2008 CHU-W022 - 0.10 % Mo over 72 meters
                         and 18.51 meters of .210% Mo
    High Grade Molybdenum in Hole 2008 CHU-W023 - 0.12 % Mo over 42.7 meters

    TSX-V Symbol:                     TTQ
    Frankfurt Stock Exchange Symbol:  T2U
    US Clearing Symbol:               TTMRF
    Issued and Outstanding            48,136,489

VANCOUVER, March 2 /PRNewswire-FirstCall/ - W. K. Crichy Clarke, President and CEO of TTM Resources Inc. ("TTM" or the "Company") is very pleased to announce that the Company has received an updated resource estimate from GH Giroux P. Eng MASc of Giroux Consultants Inc., of Vancouver, B.C. for its 100% owned Chu Molybdenum Project 75 Km Southwest of Vanderhoof, British Columbia, Canada. The resource estimates will be included in a Revised NI 43-101 report to be filed within 45 days.

At a cutoff grade of 0.04% Mo there are an estimated 139.9 million tonnes grading 0.061% Mo (188.2 million lbs. Mo), 173.3 million tonnes grading 0.060% Mo (229.3 million lbs. Mo), and 84.4 million tonnes grading 0.058% (107.9 million lbs. Mo) in the Measured, Indicated, and Inferred Categories respectively.

                       CHU PROJECT - MEASURED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          237,200,000  0.048  0.034            251.1           177.8
    -------------------------------------------------------------------------
    0.04          139,920,000  0.061  0.036            188.2           111.1
    -------------------------------------------------------------------------
    0.05           90,240,000  0.070  0.036            139.3            71.6
    -------------------------------------------------------------------------
    0.08           19,710,000  0.100  0.039             43.5            16.9
    -------------------------------------------------------------------------
    0.09           12,160,000  0.110  0.042             29.5            11.3
    -------------------------------------------------------------------------


                       CHU PROJECT - INDICATED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          410,160,000  0.042  0.034            379.8           307.5
    -------------------------------------------------------------------------
    0.04          173,340,000  0.060  0.037            229.3           141.4
    -------------------------------------------------------------------------
    0.05          102,710,000  0.070  0.037            158.5            83.8
    -------------------------------------------------------------------------
    0.08           26,130,000  0.097  0.039             55.9            22.5
    -------------------------------------------------------------------------
    0.09           14,840,000  0.106  0.041             34.7            13.4
    -------------------------------------------------------------------------



                       CHU PROJECT - INFERRED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          220,200,000  0.040  0.036            194.2           174.8
    -------------------------------------------------------------------------
    0.04           84,400,000  0.058  0.043            107.9            80.0
    -------------------------------------------------------------------------
    0.05           50,040,000  0.068  0.046             75.0            50.8
    -------------------------------------------------------------------------
    0.08           12,420,000  0.093  0.051             25.5            14.0
    -------------------------------------------------------------------------
    0.09            4,580,000  0.103  0.051             10.4             5.2
    -------------------------------------------------------------------------


               CHU PROJECT - MEASURED PLUS INDICATED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    ------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          647,330,000  0.044  0.034            628.0           485.3
    -------------------------------------------------------------------------
    0.04          313,250,000  0.060  0.037            414.4           255.6
    -------------------------------------------------------------------------
    0.05          192,950,000  0.070  0.036            297.8           153.2
    -------------------------------------------------------------------------
    0.08           45,840,000  0.098  0.039             99.1            39.4
    -------------------------------------------------------------------------
    0.09           26,990,000  0.108  0.041             64.3            24.4
    -------------------------------------------------------------------------

Resource Criteria: The mineral resources mentioned above are defined in terms of the NI 43-101 regulations and their estimation was carried out using industry standard practices using ordinary kriging of blocks 20 x 20 x 10 m high. The mineral resources are undiluted and a total of 10 assays were capped at 0.54 % Mo. Measured mineral Resources were produced using a search ellipse with dimensions equal to 1/4 the semivariogram range, Indicated Mineral Resource estimates were produced using a search ellipse with dimensions equal to 1/2 the semivariogram range. A specific gravity based on 328 measurements of 2.69 was used for tonnage calculations. Assay results from 121 diamond drill holes totaling 64,610 meters were used. A total of 22,170 Mo assay and 20,917 Cu assay intersections made up the resource database.

The Company is very pleased with the result of these Independent estimates and, subject to the Conclusions and Recommendations in the upcoming NI 43-101 Report, it will use these resource estimates as a guide for the 2009 drill program and to enhance future economic development studies.

Mr. Warren Robb states: "Our current drilling will now focus on defining our highest grade molybdenum areas. This drilling will help us properly identify and define the best areas for starter pits, and enhance our overall resource model. Our dedicated geological staff remains motivated and focused on outlining BC's second largest primary molybdenum deposit."

DRILL RESULTS

The Company is also pleased to release the results from CHE-08-38 to CHE-08-52 and CHW-08-20 to CHW-08-23, completed in 2008. These results, and previously published drill results, can be viewed at http://ttmresources.ca/english/molybdenite-property. An updated drill hole location map can be viewed at

http://ttmresources.ca/english/wp-content/documents/chu_drill_plan1.pdf.

Analyses of samples from the current program are completed at Stewart Group in Kamloops, BC. The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program.

HIGHLIGHTS (please refer to the Company web site for complete results)

                                  Length
    Hole No     Azimuth   Dip         (m)     From       To  Length    Mo (%)
    -------------------------------------------------------------------------
    2008-CHU-
    E038                                    389.21   419.00   29.79    0.098
    -------------------------------------------------------------------------
                                            507.12   517.22   10.10    0.130
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E040                                    306.92   323.27   16.35    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E042            210   -69     742.76     32.61    55.01   22.40    0.103
    -------------------------------------------------------------------------
                                            151.49   175.86   24.37    0.122
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E044            210   -50     833.42    428.83   456.26   27.43    0.101
    -------------------------------------------------------------------------
                                            495.89   514.17   18.28    0.107
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E046            208   -49     481.26    339.84   356.80   16.96    0.188
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E047            210   -69     980.49    419.69   444.07   24.38    0.129
    -------------------------------------------------------------------------
                                            569.03   714.23  145.20    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E050            210   -69     932.03    561.95   858.88  296.93    0.088
    -------------------------------------------------------------------------
    including                               561.95   709.54  147.59    0.104
    -------------------------------------------------------------------------
    and including                           601.20   694.30   93.10    0.127
    -------------------------------------------------------------------------
    and including                           676.01   694.30   18.29    0.215
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W021                                    346.54   400.49   53.95    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W022                                     32.61    66.14   33.53    0.110
    -------------------------------------------------------------------------
                                            120.00   192.00   72.00    0.100
    -------------------------------------------------------------------------
                                            581.00   599.51   18.51    0.210
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W023                                    159.36   182.00   22.64    0.106
    -------------------------------------------------------------------------
                                            210.18   242.91   32.73    0.115
    -------------------------------------------------------------------------
                                            663.47   706.19   42.72    0.120
    -------------------------------------------------------------------------

Mr. Clarke says, "Our goal throughout the 2008 drill program was to improve the resource classification by establishing a Measured Resource and to move most of the Inferred Resource into the Indicated Resource category. The Preliminary Economic Assessment report ("PEA") written by Moose Mountain guided these efforts. We are excited with our success. We continue to see areas of high grade Mo throughout the potential mining area and are pleased to note that our exploration efforts have identified resources below the 650-metre pit bottom identified in Moose Mountains' PEA report. Our resource continues to grow stronger at depth. This bodes well for a long profitable mining scenario for the Company, the city of Vanderhoof and its surrounding communities. Our 2009 program, with the guidance of Moose Mountain and Giroux Consultants, will be to establish suitable near-surface, high-grade zones that will allow the Company to maximize early returns in a future mining scenario. We will concentrate in the West Pit Area where indications are good for the early recovery of high-grade Mo. We will keep our shareholders informed."

NORMAL COURSE ISSUER BID

The Company has completed the purchase of 2,500,000 shares (5% of its issued and outstanding) currently leaving 48,136,489 shares issued and outstanding. The Company has applied for a continuation of this bid and has asked for approval to purchase up to an additional 1,600,000 shares. "While we are surprised at the price shareholders are prepared to sell their shares at, we continue to believe purchase and cancellation is in the best interest of all shareholders." says Mr. Clarke.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, P.Geo. and Wes Raven P.Geo., who are both qualified persons for the purposes of NI 43-101.

For further information visit the Company's web site at www.ttmresources.ca

    TTM RESOURCES INC.

    "Crichy Clarke"
    ----------------------
    W.K. Crichy Clarke
    President & CEO

This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

[Via http://www.prnewswire.com]

Local Group Threatens to Steal Event Name Following Ventura Film Festival 'Fun Day'

2009-02-27T11:10:00.000+02:00

VENTURA, Calif., Feb. 27 /PRNewswire/ -- The Ventura Film Festival, which was started in 2004 by Jordan Older and his father, has recently concluded its first event of 2009 at the Majestic Ventura Theater in Ventura, California with the Ventura Film Festival "Fun Day" on February 16, 2009 at 2pm.

The Ventura Film Festival "Fun Day" featured Ventura hometown hero and independent film maker Dylan O'Neil and his controversial and sometimes horrific film "Otis N'Dwayne" as well as Dylan O'Neil's Star Wars short titled "Trip To The Darkside" and Ric Rew with his video documentary of the stage play "Quadrophenia" about the rock band "The Who." Also present was Ventura Film Festival board member, Ventura High School graduate, and Hollywood heavy- hitter and Fox Film/DVD executive, Dustin Dean.

The Ventura Film Festival is a combination online and traditional film festival requiring all submissions to be uploaded online and submitted via traditional means. The Ventura Film Festival is in progress to becoming a non- profit organization and is a "green" organization that has maintained that one of its main goals is to give a large part of any proceeds to forest and ocean preservation efforts. The Ventura Film Festival features independent films from around the world and from local film makers focusing on environmental issues such as forest and ocean preservation, humanitarian issues, surf, skate, extreme sports, martial arts, and music films.

The long standing Ventura Film Festival has received threats of legal action from attorney Sandy Lipkin and the Bell Arts Factory/Lorenzo DeStefano, claiming "tortious interference" and outlining plans to take over the rights to the Ventura Film Festival name and trademark despite having registered their name 5 years after the start of the Ventura Film Festival and have not yet put on a film festival event.

Ventura Film Festival founder met with Ventura County Assistant Clerk and Recorder, James Becker and his staff on February 25th 2009 and was shown legal code and told that the Bell Arts Factory and Hawaiian film maker Lorenzo DeStefano have acted unlawfully by attempting to register a knowingly similar and confusing fictitious business name from the Ventura Film Festival, and that, unfortunately, the only way to proceed will be via a law suit. The Ventura Film Festival sent a cease and desist letter to the conflicting group, who uses the domain "venturafilmfest.com," in December 2008.

[Via http://www.prnewswire.com]

Mariner Energy Reports 2008 Fiscal and Operating Results and Year-end Reserves

2009-02-27T08:48:00.000+02:00

HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Mariner Energy, Inc. (NYSE: ME) today reported full-year 2008 results, which included the following:

Year-over-year net production increased 18% to 118.4 billion cubic feet equivalent (Bcfe)
217% reserve replacement rate from all sources
Year-end estimated proved reserves up 17% to 973.9 Bcfe
Net loss for the year of $388.7 million ($4.44 per share). Adjusted net income, which excludes a non-recurring, non-cash gain and non-cash charges, was $284.1 million or $3.25 per share (see reconciliation of this non-GAAP measure below).
Operating cash flow was $885.9 million for the full 2008 fiscal year, an increase of 42% from 2007 (see reconciliation of this non-GAAP measure below).

Commenting on Mariner's 2008 results, Scott D. Josey, Mariner's Chairman, Chief Executive Officer and President, said: "Despite plummeting commodity prices, hurricanes, and the turmoil in the financial markets, Mariner posted another record year. Our capital program was very successful in 2008, with quality acquisitions, an 80% success rate offshore, and 100% success onshore. While non-cash impairments necessitated by low year-end commodity and stock prices negatively affected our earnings, our fundamentals are good.

"Economic circumstances continue to present challenges in the year ahead, but we are off to a good start in 2009. Our capital program should not only allow us to live within our cash flows, but also to increase production and pay down debt while exposing our shareholders to upside potential. We intend to carefully monitor changing industry and general economic conditions and can quickly adjust our capital program as circumstances warrant."

NON-CASH GAIN AND CHARGES

The company's results for 2008 reflect a non-recurring, non-cash gain of $46.5 million for the release as of year-end of suspended revenue associated with a disputed MMS royalty liability. Based on low commodity prices at year-end, Mariner recorded a full cost ceiling test impairment of its proved oil and gas properties in the amount of $575.6 million. The company also recorded other impairments, including goodwill, of $310.9 million for the year. Additionally, Mariner recognized a non-cash charge of $36.0 million for a contingent insurance premium. These items are detailed below in the reconciliation of adjusted net income, a non-GAAP measure.

FOURTH QUARTER 2008 RESULTS

For the three-month period ended December 31, 2008, Mariner reported a net loss of $648.9 million, or $7.41 per basic and fully-diluted share, which reflects the non-cash gain and charges cited above. This compares with net income of $50.2 million and basic and fully-diluted earnings per share of $0.59 and $0.58, respectively, for the same three-month period in the prior year. Adjusted net income, which excludes the non-cash gain and charges, was $14.5 million for fourth quarter 2008, or $0.17 per basic and fully-diluted share (see reconciliation of this non-GAAP measure below). The lower year-over-year results are due primarily to decreased production volumes as a result of Hurricanes Ike and Gustav and lower commodity prices.

Net production for fourth quarter 2008 was 23.5 Bcfe, compared with 27.1 Bcfe for fourth quarter 2007. Total natural gas net production for fourth quarter 2008 was 16.1 billion cubic feet (Bcf), compared with 18.4 Bcf for the same period in the prior year. Total net oil production for fourth quarter 2008 was 1.0 million barrels (MMBbls), compared with 1.1 MMBbls for the same period in 2007. Natural gas liquids (NGL) net production for fourth quarter 2008 was 0.3 MMBbls, compared with 0.3 MMBbls for fourth quarter 2007.

For fourth quarter 2008, Mariner's average realized natural gas price was $7.44 per thousand cubic feet (Mcf) compared with $8.07 per Mcf for the same period in 2007. Mariner's average realized oil price was $65.29 per barrel (Bbl) for fourth quarter 2008, compared with $79.64 per Bbl for fourth quarter 2007. The average realized NGL price was $26.63 per Bbl for fourth quarter 2008, compared with $55.32 per Bbl for the same period in 2007. Average realized prices reflect settlements during the period under Mariner's hedging program.

FULL-YEAR 2008 RESULTS

For the 12-month period ended December 31, 2008, Mariner reported a net loss of $388.7 million, which equates to a loss of $4.44 per basic and fully-diluted share. For the same period in the prior year, Mariner reported net income of $143.9 million, or $1.68 per basic share/$1.67 per fully-diluted share. Adjusted net income, which excludes the non-cash gain and charges noted above, was $284.1 million or $3.25 per share (see reconciliation of this non-GAAP measure below).

For the full-year 2008, Mariner reported net production of 118.4 Bcfe, up from 100.3 Bcfe reported in 2007. Total natural gas net production during 2008 was 79.8 Bcf at an averaged realized price of $9.31 per Mcf, compared with 67.8 Bcf for 2007 at an average realized price of $7.88 per Mcf. Total net oil production for 2008 was 4.9 MMBbls at an average realized price of $86.02 per Bbl, compared to 4.2 MMBbls during 2007 at an average realized price of $67.50 per Bbl. Total NGL net production during 2008 was 1.6 MMBbls at an average realized price of $55.02, compared to 1.2 MMBbls at an average realized price of $45.16 per Bbl for the prior year. Average realized prices reflect settlements during the period under Mariner's hedging program.

Operating cash flow was $885.9 million for the full 2008 fiscal year, an increase of 42% from $622.6 million in 2007. (See reconciliation of this non-GAAP measure below.)

Mariner's capital expenditures for the fourth quarter and full-year 2008 are summarized in the table below.

                                                       Fourth      Full-
                                                       Quarter     Year
                                                        2008       2008
                                                        ----       ----
                                                         (In Millions)

    Exploration                                        $43.8     $423.3

    Development
      Gulf of Mexico - Deepwater                       $97.5     $280.8
      Gulf of Mexico - Shelf                            42.6      198.8
      Permian Basin                                     30.3      108.8
                                                        ----      -----

    Acquisitions                                       $48.2     $302.6

    Corporate expenditures and other                   $14.7      $66.7

          Total Capital Expenditures                  $277.1   $1,381.0

YEAR-END 2008 ESTIMATED RESERVES

Mariner today also announced results of an independent, fully-engineered analysis of the company's proved and probable reserves prepared by the Ryder Scott Company, L.P. The report utilizes hydrocarbon prices in effect at December 31, 2008 of $44.61 per barrel for oil and $5.71 per million British Thermal Units for gas in accordance with Securities & Exchange Commission (SEC) requirements.

Highlights from the report and year-end operations review include:

Estimated proved reserves increased 17% to a record 973.9 Bcfe.
Mariner achieved a reserve replacement rate of 217% from all sources at an all-in reserve replacement cost, net of hurricane expenditures, of $4.96 per thousand cubic feet equivalent (Mcfe), excluding probable and possible reserves.
Including probable reserves estimated by Ryder Scott at 285 Bcfe, Mariner's estimated proved and probable reserve base exceeds 1.25 trillion cubic feet of natural gas equivalent.
70% of Mariner's estimated proved reserves are proved developed.

Commenting on Mariner's year-end reserves, Mr. Josey said: "Mariner's proved reserves increased across each of its core areas during 2008. Although we achieved significant reserve growth, delays in the completion of several offshore projects due to the effects of Hurricanes Ike and Gustav reduced our reserve growth. As a result, we booked a relatively small amount of proved reserves on these projects despite substantial capital outlays for them. In 2009, we expect to add significant incremental proved reserves attributable to these projects when they are completed or come online. The company wrote down 29 Bcfe of proved reserves due to low year-end commodity prices, but we expect these reserves to be restored if drilling and completion costs adjust to the current commodity price environment."

The following table sets forth certain information with respect to our estimated proved reserves by geographic area as of December 31, 2008. Reserve volumes and values were determined under the method prescribed by the SEC, which requires the application of period-end prices and costs held constant throughout the projected reserve life. Proved reserve estimates do not include any value for probable or possible reserves, nor do they include any value for undeveloped acreage. The proved reserve estimates represent Mariner's net revenue interest in its properties.

                                  Estimated Proved Reserve
                                          Quantities
                                 Natural      Oil     NGLs   Total  % of Total
                                   Gas     (MMBbls) (MMBbls) (Bcfe) Estimated
                                  (Bcf)                              Proved
                                                                    Reserves
    Geographic Area
    ---------------
    Permian Basin                 136.2      27.3     22.7    436.6   44.8
    Gulf of Mexico - Deepwater *  165.9       5.4      0.1    198.7   20.4
    Gulf of Mexico - Shelf        255.9      11.1      2.7    338.6   34.8
          Total                   558.0      43.8     25.5    973.9  100.0
    Proved developed reserves     420.9      25.9     16.9    677.7   69.6

    * Depths greater than 1,300 feet (the approximate depth of deepwater
    designation by the Minerals Management Service of the United States
    Department of the Interior)

OPERATIONAL UPDATE

Offshore

Mariner was successful in 20 of its 25 offshore wells drilled in 2008. Mariner drilled eight offshore wells in the fourth quarter 2008, seven of which were successful:

                                                   Water
                                       Working     Depth
    Well Name                 Operator Interest    (Ft)       Location
    ---------                 -------- ---------   ----       --------
    De Soto Canyon 48#1
     (Dalmatian)              Murphy      12.5%    5876       Deepwater
    Eugene Island 342 C5ST1   Mariner     50.0%     266       Conventional
                                                               Shelf
    Main Pass 301 A6          Walter       6.3%     230       Conventional
                               Oil                             Shelf
    Main Pass 301 A4ST        Walter      10.45%    230       Conventional
                               Oil                             Shelf
    South Timbalier 49#2
     (Smoothie)               Mariner     100.0%     60       Deep Shelf
    Garden Banks 463#1
     (Bushwood)               Mariner      30.0%   2700       Deepwater
    South Marsh Island 150 D1 Mariner     100.0%    230       Conventional
                                                               Shelf

Subsequent to the end of 2008, two additional wells were drilled and successful:

                                                   Water
                                       Working     Depth
    Well Name                 Operator Interest    (Ft)       Location
    ---------                 -------- ---------   ----       --------
    Green Canyon 859#1
     (Heidelberg)             Anadarko     12.5%    5000   Deepwater
    South Marsh Island 150 D2 Mariner     100.0%     230   Conventional
                                                            Shelf

Onshore

In the fourth quarter of 2008, Mariner drilled 23 wells in the Permian Basin, all of which were successful. As of December 31, 2008, four rigs were drilling on Mariner's Permian Basin properties. The company participated in 122 onshore wells in 2008, all of which were successful.

CONFERENCE CALL TO DISCUSS RESULTS

A conference call has been scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Friday, February 27, 2009, to discuss fiscal 2008 financial and operating results. To participate in the call, please dial (866) 953-6858 at least 10 minutes prior to the scheduled start time. International callers can dial (617) 399-3482. The conference pass code for both numbers is 8750 3087. The call also will be webcast live over the internet and can be accessed through the Investor Relations' Webcasts and Presentations section of Mariner's website at http://www.mariner-energy.com.

A telephonic replay of the call will be available through March 9, 2009 by dialing (888) 286-8010 or (617) 801-6888, pass code 8230 2373. An archive of the webcast will be available shortly after the call on Mariner's website through March 31, 2009.

About Mariner Energy, Inc.

Mariner Energy, Inc. is an independent oil and gas exploration, development and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico. For more information about Mariner, please visit its website at www.mariner-energy.com.

                                      MARINER ENERGY, INC.
                                SELECTED OPERATIONAL RESULTS (1)
                                          (Unaudited)

Net Production, Realized Pricing and Operating Costs

                                    Three Months        Twelve Months
                                        Ended               Ended
                                     December 31,       December 31,
                                  2008       2007      2008      2007
                                  ----       ----      ----      ----

    Net production:
          Natural gas (Bcf)       16.1       18.4      79.8      67.8
          Oil (MMBbls)             1.0        1.1       4.9       4.2
          Natural gas liquids
           (MMBbls)                0.3        0.3       1.6       1.2
           Total production
            (Bcfe)                23.5       27.1     118.4     100.3

    Realized prices (net
     of hedging):
          Natural gas ($/Mcf)    $7.44      $8.07     $9.31     $7.88
          Oil ($/Bbl)            65.29      79.64     86.02     67.50
          Natural gas liquids
           ($/Bbl)               26.63      55.32     55.02     45.16

    Operating costs per
     Mcfe:
           Lease operating
            expense              $2.73      $1.42     $1.96     $1.52
           Severance and ad
            valorem taxes         0.15       0.15      0.15      0.13
           Transportation
            expense               0.16       0.12      0.13      0.09
           General and
            administrative
            expense               1.03       0.57      0.51      0.42
           Depreciation,
            depletion and
            amortization          3.91       3.71      3.95      3.83
           Other expense          0.09       0.02      0.03      0.05

    (1) Certain prior year amounts have been reclassified to conform to current year presentation.

Estimated Proved Reserves

                                                      As of the    As of the
                                                     Year Ended   Year Ended
                                                    December 31,  December 31,
                                                       2008           2007
    Estimated proved natural gas, oil and natural
     gas liquids reserves:
         Natural gas (Bcf)                             558.0         448.4
         Oil (MMBbls)                                   43.8          41.9
         Natural gas liquids (MMBbls)                   25.5          22.6
             Total estimated proved reserves (Bcfe)    973.9         835.8
             Total proved developed reserves (Bcfe)    677.7         563.9

                               MARINER ENERGY, INC.
          COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS OF OPERATIONS (1)
                       (In thousands, except per share data)
                                    (Unaudited)


                                     Three Months Ended   Twelve Months Ended
                                         December 31,         December 31,
                                        2008      2007       2008      2007
                                        ----      ----       ----      ----
    Revenues:
          Natural gas sales          $119,665  $148,468   $742,370  $534,537
          Oil sales                    63,721    87,434    419,878   284,405
          Natural gas liquids sales     7,136    19,313     85,715    54,192
          Other revenues               46,746    (1,620)    52,544     1,631
               Total revenues         237,268   253,595  1,300,507   874,765
    Cost and Expenses:
         Lease operating expense       64,304    38,387    231,645   152,627
         Severance and ad valorem
          taxes                         3,505     4,138     18,191    13,101
         Transportation expense         3,708     3,270     14,996     8,794
         General and
          administrative expense       24,333    15,540     60,613    42,151
         Depreciation, depletion
          and amortization             92,095   100,530    467,265   384,321
         Full cost ceiling test
          impairment                  575,607         ?    575,607         ?
         Goodwill impairment          295,598         ?    295,598         ?
         Other property impairment     15,252         ?     15,252         ?
         Other miscellaneous
          expense                       2,087       476      3,052     5,061
               Total costs and
                expenses            1,076,489   162,341  1,682,219   606,055
    OPERATING (LOSS) INCOME          (839,221)   91,254   (381,712)  268,710

    Interest:
         Income                           386       406      1,362     1,403
         Expense, net of
          capitalized amounts          (2,757)  (14,442)   (56,398)  (54,665)
    Other income/(expense)                  ?       753          ?     5,811
    Income before taxes and
     Minority Interest               (841,592)   77,971   (436,748)  221,259
    Minority Interest Expense               ?        (1)      (188)       (1)
    Provision for income
     taxes                            192,672   (27,729)    48,223   (77,324)
    NET (LOSS) INCOME               $(648,920)  $50,241  $(388,713) $143,934

    Earnings per share:
    Net (loss) income per
     share?basic                       $(7.41)    $0.59     $(4.44)    $1.68
    Net (loss) income per
     share?diluted                     $(7.41)    $0.58     $(4.44)    $1.67

    Weighted average shares
     outstanding?basic                 87,623    85,745     87,491    85,645
    Weighted average shares
     outstanding?diluted               87,623    86,277     87,491    86,126

    (1) Certain prior year amounts have been reclassified to conform to current year presentation.


                               MARINER ENERGY, INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                         (In thousands, except share data)
                                   (Unaudited)
                                                  December 31,  December 31,
                                                     2008         2007
    Current Assets
         Cash and cash equivalents                  $3,251       $18,589
         Receivables, net of allowances            219,920       157,774
         Insurance receivables                      13,123        26,683
         Derivative financial instruments          121,929        11,863
         Intangible assets                           2,353        17,209
         Prepaid expenses and other                 14,377        10,630
         Deferred tax asset                              ?         6,232
              Total current assets                 374,953       248,980

    Property and equipment, net                  2,929,877     2,420,194
    Restricted cash                                      ?         5,000
    Goodwill                                             ?       295,598
    Insurance receivables                           22,132        56,924
    Derivative financial instruments                     ?           691
    Other Assets, net of amortization               65,831        56,248
    TOTAL ASSETS                                $3,392,793    $3,083,635

    Current Liabilities
         Accounts payable                           $3,837        $1,064
         Accrued liabilities                       107,815        96,936
         Accrued capital costs                     195,833       159,010
         Deferred income tax                        23,148             ?
         Abandonment liability                      82,364        30,985
         Accrued interest                           12,567         7,726
         Derivative financial instruments                ?        19,468
              Total current liabilities            425,564       315,189

    Long-Term Liabilities
         Abandonment liability                     325,880       191,021
         Deferred income tax                       319,766       343,948
         Derivative financial instruments                ?        25,343
         Long-term debt                          1,170,000       779,000
         Other long-term liabilities                31,263        38,115
              Total long-term liabilities        1,846,909     1,377,427

    Minority Interest                                    ?             1

    Stockholders' Equity
      Common stock, $.0001 par value;
       180,000,000 shares authorized;
       88,846,073 shares issued and
       outstanding at December 31, 2008;
       180,000,000 shares authorized,
       87,229,312 shares issued and
       outstanding at December 31, 2007                  9             9
         Additional paid-in capital              1,071,347     1,054,089
         Accumulated other comprehensive
          income/(loss)                             78,181       (22,576)
         Accumulated retained (loss) earnings      (29,217)      359,496
              Total stockholders' equity         1,120,320     1,391,018
    TOTAL LIABILITIES AND STOCKHOLDERS'
     EQUITY                                     $3,392,793    $3,083,635

                                MARINER ENERGY, INC.
                           SELECTED CASH FLOW INFORMATION (1)
                                   (In Thousands)
                                     (Unaudited)

                                              12 Months Ended December 31,

                                                 2008              2007

    Operating cash flow (2)                    $885,887          $622,610
    Changes in operating assets and
     liabilities                                (23,870)          (86,497)
         Net cash provided by operating
          activities                           $862,017          $536,113

    Net cash used in investing
     activities                             $(1,264,784)        $(643,779)

    Net cash provided by financing
     activities                                $387,429          $116,676

    (Decrease) Increase in cash and
     cash equivalents                          $(15,338)           $9,010

    (1) Certain prior year amounts have been reclassified to conform to current year presentation.
    (2) See below for reconciliation of this non-GAAP measure.

IMPORTANT INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

AND CERTAIN STATISTICS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Mariner assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Our forward-looking statements generally are accompanied by words such as "may", "will", "estimate", "project", "predict", "believe", "expect", "anticipate", "potential", "plan", "goal", or other words that convey the uncertainty of future events or outcomes. Forward-looking statements provided in this press release are based on Mariner's current belief based on currently available information as to the outcome and timing of future events and assumptions that Mariner believes are reasonable. Mariner does not undertake to update its guidance, estimates or other forward-looking statements as conditions change or as additional information becomes available. Estimated reserves are related to hydrocarbon prices. Hydrocarbon prices in effect at December 31, 2008 were used in preparation of the reserve estimates provided above as required by SEC guidelines. Actual future prices may vary significantly from the December 31, 2008 prices. Therefore, volumes of reserves actually recovered may differ significantly from such estimates. Mariner cautions that its forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of oil and natural gas. These risks include, but are not limited to, price volatility or inflation, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and other documents filed by Mariner with the SEC. Any of these factors could cause Mariner's actual results and plans of Mariner to differ materially from those in the forward-looking statements. Investors are urged to read the Annual Report on Form 10-K for the year ended December 31, 2007 and other documents filed by Mariner with the SEC.

The SEC generally has permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Mariner uses the terms "probable," "possible" and "non-proved" reserves, reserve "potential" or "upside" or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit it from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by Mariner.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mariner.

Note on reserve replacement rate: For a calculation of reserve replacement rate, please refer to Mariner's website at www.mariner-energy.com under Investor Information, Financial Reports. Mariner's reserve replacement rates reported above were calculated by dividing total estimated proved reserve changes for the period from all sources, including acquisitions and divestitures, by production for the same period. The method Mariner uses to calculate its reserve replacement rate may differ from methods used by other companies to compute similar measures. As a result, its reserve replacement rate may not be comparable to similar measures provided by other companies.

Note on reserve replacement cost: For a calculation of reserve replacement cost, please refer to Mariner's website at www.mariner-energy.com under Investor Information, Financial Reports. Reserve replacement cost is calculated by dividing development, exploitation, exploration and acquisition capital expenditures, reduced by proceeds of divestitures, for the period by net estimated proved reserve additions for the period from all sources, including acquisitions and divestitures. Our calculation of reserve replacement cost includes costs and reserve additions related to the purchase of proved reserves. The methods we use to calculate our reserve replacement cost may differ significantly from methods used by other companies to compute similar measures. As a result, our reserve replacement cost may not be comparable to similar measures provided by other companies. We believe that providing a measure of reserve replacement cost is useful in evaluating the cost, on a per-Mcfe basis, to add proved reserves. However, this measure is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with generally accepted accounting principles. Due to various factors, including timing differences in the addition of proved reserves and the related costs to develop those reserves, reserve replacement costs do not necessarily reflect precisely the costs associated with particular reserves. As a result of various factors that could materially affect the timing and amounts of future increases in reserves and the timing and amounts of future costs, we cannot assure you that our future reserve replacement costs will not differ materially from those presented.

Reconciliation of Non-GAAP Measure: Adjusted Net Income

Mariner Energy's reported net income and earnings per share for the 2008 fiscal year and fourth quarter include a non-recurring, non-cash gain and non-cash charges. Mariner's management believes that it is common among investment analysts to consider earnings excluding the effects of these items when evaluating the company's operating results. These items and their effects on reported earnings for the full year and fourth quarter 2008 are listed below.

A non-recurring release of suspended revenue of $46.5 million associated with a disputed MMS royalty liability was recorded at December 31, 2008. This resulted in a $30.2 million after-tax gain, which equates to a $0.35 contribution to basic and fully-diluted earnings per share (EPS).
Ceiling test, goodwill and other non-recurring impairments recorded at December 31, 2008 negatively impacted net income for the year by $886.5 million, or $679.6 million after-tax for a $7.77 loss per basic and fully-diluted share.
A non-cash charge of $21.6 million and $36.0 million for a contingent withdrawal premium related to Mariner's participation in the OIL insurance mutual was taken for the fourth quarter 2008 and full-year 2008, respectively, resulting in a $14.0 million and a $23.4 million after-tax charge or a loss per basic and fully-diluted share of $0.16 and $0.27, respectively, for the fourth quarter and full-year 2008.

Excluding the items above, Mariner would have reported earnings for the fourth quarter 2008 of $14.5 million or $0.17 per basic and fully-diluted share. Fiscal 2008's full year net income and basic and diluted EPS would have been $284.1 million and $3.25, respectively. Adjusted net income should not be considered in isolation or as a substitute for net income or another measure of financial performance presented in accordance with GAAP. This is further outlined in the table below with after-tax impact calculated using the statutory rate (which excludes 2007 because there were no material impairments, nonrecurring events or other items in respect of which to adjust net income for the year ended December 31, 2007).

                                      MARINER ENERGY, INC.
                             RECONCILIATION OF ADJUSTED NET INCOME
                             (In  millions, except per share data)
                                          (Unaudited)

                                      Three Months Ended   Twelve Months Ended
                                      December 31, 2008     December 31, 2008

                                    After-Tax   EPS (2)   After-Tax    EPS (2)
                                    Impact (1)            Impact (1)

    Net loss                        $(648.9)    $(7.41)   $(388.7)    $(4.44)
          Reversal of MMS royalty
           liability                  (30.2)     (0.35)     (30.2)     (0.35)
           Impairment charges         679.6       7.76      679.6       7.77
          Contingent OIL premium
           charges                     14.0       0.16       23.4       0.27
    Adjusted net income (non-GAAP)    $14.5      $0.17     $284.1      $3.25

    (1) Calculated using the statutory rate
    (2) Denotes basic and fully-diluted earnings per share

Reconciliation of Non-GAAP Measure: Operating Cash Flow

Operating cash flow (OCF) is not a financial or operating measure under generally accepted accounting principles in the United States of America (GAAP). The table below reconciles OCF to related GAAP information. Mariner believes that OCF is a widely accepted financial indicator that provides additional information about its ability to meet its future requirements for debt service, capital expenditures and working capital, but OCF should not be considered in isolation or as a substitute for net income, operating income, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP or as a measure of a company's profitability or liquidity.

                                                         12 Months Ended
                                                            December 31,
                                                      2008              2007
                                                      ----              ----
                                                          (In thousands)
                                                            (Unaudited)

    Net cash provided by operating activities        $862,017         $536,113
    Less: Changes in operating assets and liabilities  23,870           86,497
    Operating cash flow (non-GAAP)                   $885,887         $622,610

[Via http://www.prnewswire.com]

Republic Services, Inc. Reports Fourth Quarter Results

2009-02-27T06:54:00.000+02:00

PHOENIX, Feb. 26 /PRNewswire-FirstCall/ -- Republic Services, Inc. (NYSE: RSG) today reported a net loss for the three months ended December 31, 2008, of $131.7 million, or $.55 per diluted share, compared to net income of $82.1 million, or $.44 per diluted share, for the same period in 2007. Our 2008 financial results include Allied Waste Industries, Inc. (Allied) from the effective date of the merger which was December 5, 2008. Revenue for the three months ended December 31, 2008 was $1,244.4 million compared to $796.0 million for the same period in 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020531/RSGLOGO )

Operating loss for the three months ended December 31, 2008 was $111.6 million compared to operating income of $139.9 million for the same period last year. During the three months ended December 31, 2008, we recorded charges totaling $315.5 million for remediation and related costs, asset impairments, restructuring, landfill and intangible asset amortization expense, bad debt expense, legal settlement reserves and the synergy incentive plan.

For the year ended December 31, 2008, net income was $73.8 million, or $.37 per diluted share, compared to $290.2 million, or $1.51 per diluted share, for 2007. Revenue for the year ended December 31, 2008 was $3,685.1 million compared to $3,176.2 million during 2007.

Operating income for the year ended December 31, 2008 was $283.2 million compared to $536.0 million for 2007. During the year ended December 31, 2008, we recorded charges totaling $383.5 million for remediation and related costs, asset impairments, restructuring, landfill and intangible asset amortization expense, bad debt expense, legal settlement reserves and the synergy incentive plan.

"I am very pleased with our progress to date concerning the integration of Republic and Allied following the merger that took place on December 5, 2008," said James E. O'Connor, Chairman and Chief Executive Officer of Republic Services. "We have already completed initiatives that provide an annual benefit of more than $50.0 million in synergies. I remain confident that we will achieve the estimated $150.0 million in annual run-rate savings by the end of 2010."

Quarterly Dividend Declared

We also announced that our Board of Directors declared a regular quarterly dividend of $.19 per share for stockholders of record on April 1, 2009. The dividend will be paid on April 15, 2009.

Fiscal Year 2009 Outlook

"Despite a weaker economy, we expect 2009 free cash flow, excluding merger-related payments, to be approximately $650.0 million, which compares favorably to 2008," said Donald W. Slager, President and Chief Operating Officer. "Our field organization is adjusting the business for changing economic conditions while remaining focused on the basic aspects of our business including safety, customer service, pricing, and achieving strong and predictable free cash flow."

Our objectives for 2009 remain consistent with previous years and once again focus on enhancing shareholder value through the generation and efficient use of free cash flow. We remain committed to implementing a broad- based pricing initiative across all lines of business to recover increasing costs and provide an adequate return on invested capital. We anticipate using free cash flow to pay regular quarterly dividends and reduce debt. Additionally, we expect to use proceeds from sales of asset divestitures to reduce debt.

Our guidance is based on current economic conditions and does not assume any improvement or deterioration in the overall economy in 2009 from that experienced at the end of 2008.

    Specific guidance is as follows:

    -- Free Cash Flow: We anticipate 2009 free cash flow, excluding merger-
       related payments, of approximately $650.0 million.  We define free cash
       flow as cash provided by operating activities less purchases of
       property and equipment plus proceeds from sales of property and
       equipment as presented in our consolidated statement of cash flows.
       Additionally, we expect to realize proceeds from sales of asset
       divestitures which are not included in free cash flow.

    -- Earnings Per Share:  We anticipate reported 2009 earnings per diluted
       share before the accounting impact of our merger with Allied and
       restructuring charges to be in the range of $1.70 to $1.75 per share.
       Reported earnings per diluted share are expected to be in the range of
       $1.10 to $1.15 per share.  As of the effective date of the merger,
       Republic recorded significant changes in the carrying values of
       Allied's assets, liabilities and debt, as a result of assigning fair
       values in purchase accounting.  Republic also conformed Allied's
       accounting policies to Republic's.  Taken together, we estimate that
       the impact of these changes will have the effect of lowering 2009
       earnings by approximately $.60 per diluted share.  This decrease in
       2009 earnings consists of the following (approximately):

       -- $.17 per diluted share is attributable to higher depreciation,
          depletion and amortization,

       -- $.18 per diluted share is attributable to non-cash interest expense
          for amortizing the discount to fair value on Allied's debt,

       -- $.05 per diluted share is for conforming Allied's accounting
          policies with ours, and

       -- $.20 per diluted share is related to the
          integration of our businesses.

    -- Revenue:  We expect 2009 revenue to increase by approximately 129
       percent.  This reflects increases of approximately 139 percent
       resulting from our merger with Allied and approximately 4 percent for
       price increases, which are partially offset by a decline of
       approximately 14 percent due to weaker economic conditions (but not a
       loss of market share) and divestitures, as shown below:


                                   Increase
                                  (Decrease)
       Price                          4.0 %
       Volume                        (8.0)
       Divestitures                  (1.5)
       Fuel fees                     (2.5)
       Commodities                   (2.0)
          Total change              (10.0)%


    -- Capital Spending:  We anticipate 2009 net capital spending of
       approximately $845.0 million.

    -- Margins:  EBITDA margins for 2009 are anticipated to be approximately
       28%, or approximately 29.5% before costs related to integrating our
       businesses.

    -- Merger Synergies:  In 2009, we anticipate realizing $100.0 million in
       year-end, run-rate synergies as a result of the merger of Republic
       Services and Allied.  Our goal for the merger is $150.0 million in
       annual run-rate synergies by the end of 2010.  The cost to merge our
       systems and business units, and thus achieve the $150.0 million
       synergies, is projected to be approximately $135.0 million, or $.20 per
       diluted share, in 2009, and $55.0 million, or $.08 per diluted share,
       in 2010.

About Republic Services, Inc.

Republic Services, Inc. is a leading provider of services in the domestic, non-hazardous solid waste industry. We provide solid waste collection, transfer, disposal and recycling services for commercial, industrial, municipal and residential customers through 400 collection companies in 40 states and Puerto Rico. We also own or operate 242 transfer stations, 213 solid waste landfills and 78 recycling facilities. Republic serves millions of residential customers under contracts with more than 3,000 municipalities for waste collection and residential services. For more information, visit the Republic Services web site at www.republicservices.com.



                             REPUBLIC SERVICES, INC.
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                     (in millions, except per share amounts)

                                                 December 31,  December 31,
                                                      2008         2007
    Assets
    Current Assets -
      Cash and cash equivalents                      $68.7         $21.8
      Accounts receivable, net of allowance
       for doubtful accounts of $65.7
       and $14.7, respectively                       945.5         298.2
      Prepaid expenses and other current assets      174.7          68.5
      Deferred tax assets                            136.8          25.3
        Total Current Assets                       1,325.7         413.8
        Restricted cash                              281.9         165.0
    Property and equipment, net                    6,738.2       2,164.3
    Goodwill and other intangible assets, net     11,085.6       1,582.2
    Other assets                                     490.0         142.5
        Total Assets                             $19,921.4      $4,467.8

    Liabilities and Stockholders' Equity
    Current Liabilities -
      Accounts payable, deferred revenue
       and other current liabilities              $2,061.8        $626.4
      Notes payable and current maturities
       of long-term debt                             504.0           2.3
        Total Current Liabilities                  2,565.8         628.7

    Long-term debt, net of current maturities      7,198.5       1,565.5
    Accrued landfill and environmental
     costs, net of current portion                 1,197.1         279.2
    Other long-term liabilities                    1,678.6         690.6
    Commitments and Contingencies
    Stockholders' Equity -
      Preferred stock, par value $.01 per
       share; 50.0 shares authorized;
       none issued                                       -             -
      Common stock, par value $.01 per
       share; 750.0 shares authorized;
       393.4 and 195.7 shares
       issued, including shares
       held in treasury, respectively                  3.9           2.0
      Additional paid-in capital                   6,260.1          38.7
      Retained earnings                            1,477.2       1,572.3
      Treasury stock, at cost (14.9 and
       10.3 shares, respectively)                   (456.7)       (318.3)
      Accumulated other comprehensive
       income (loss), net of tax                      (3.1)          9.1
        Total Stockholders' Equity                 7,281.4       1,303.8
        Total Liabilities and Stockholders'
         Equity                                  $19,921.4      $4,467.8



                             REPUBLIC SERVICES, INC.
              UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                     (in millions, except per share amounts)

                                        Three Months Ended Twelve Months Ended
                                            December 31,       December 31,
                                           2008     2007     2008      2007
    Revenue                              $1,244.4  $796.0  $3,685.1  $3,176.2
    Expenses:
      Cost of operations                    863.2   497.2   2,416.7   2,003.9
      Depreciation, amortization and
       depletion                            127.2    71.6     354.1     305.5
      Accretion                              10.4     4.5      23.9      17.1
      Selling, general and administrative   182.7    82.8     434.7     313.7
      Asset impairments                      89.8     -        89.8       -
      Restructuring charges                  82.7     -        82.7       -
    Operating income (loss)                (111.6)  139.9     283.2     536.0
    Interest expense                        (66.8)  (23.7)   (131.9)    (94.8)
    Interest income                           1.7     3.3       9.6      12.8
    Other income (expense), net              (0.9)   11.5      (1.6)     14.1
    Income (loss) before income taxes      (177.6)  131.0     159.3     468.1
      Provision (benefit) for income taxes  (46.0)   48.9      85.4     177.9
      Minority interests                      0.1     -         0.1       -
        Net income (loss)                 $(131.7)  $82.1      73.8    $290.2

    Basic Earnings Per Share:
      Basic earnings per share             $(0.55)  $0.44     $0.38     $1.53
      Weighted average common shares
        outstanding                         239.1   186.2     196.7     190.1

    Diluted Earnings Per Share:
      Diluted earnings per share           $(0.55)  $0.44     $0.37     $1.51
      Weighted average common and common
        equivalent shares outstanding       239.1   188.2     198.4     192.0

    Cash dividends per common share         $0.19   $0.17     $0.72     $0.55

REPUBLIC SERVICES, INC.

UNAUDITED SUMMARY DATA SHEET - STATEMENT OF OPERATIONS DATA

(in millions, except percentages)

    The following information should be read in conjunction with our audited
    consolidated financial statements and notes thereto appearing in our Form
    10-K as of and for the year ended December 31, 2007.  It should also be
    read in conjunction with our unaudited condensed consolidated financial
    statements and notes thereto appearing in our Form 10-Q as of and for the
    nine months ended September 30, 2008.


                                        Three Months Ended Twelve Months Ended
                                            December 31,       December 31,
                                            2008     2007     2008      2007
    Collection:
      Residential                          $332.6  $203.4    $966.0    $802.1
      Commercial                            398.9   242.6   1,161.4     944.4
      Industrial                            235.1   157.3     711.4     645.6
      Other                                   7.0     4.8      23.2      19.5
        Total collection                    973.6   608.1   2,862.0   2,411.6

    Transfer and disposal                   456.8   293.0   1,343.4   1,192.5
    Less: Intercompany                     (228.3) (150.4)   (683.5)   (612.3)
      Transfer and disposal, net            228.5   142.6     659.9     580.2

    Other                                    42.3    45.3     163.2     184.4

    Total revenue                        $1,244.4  $796.0  $3,685.1  $3,176.2


    The following table reflects our revenue growth for the three and twelve
    months ended December 31, 2008 and 2007:



                                        Three Months Ended Twelve Months Ended
                                            December 31,       December 31,
                                           2008     2007      2008     2007
    Core price                              4.1 %    4.3 %    4.0 %    4.2 %
    Fuel surcharges                         1.1      0.6      1.8      0.2
    Environmental fees                      0.7      -        0.4      0.2
    Commodities                            (1.3)     1.1      0.1      0.9
      Total price                           4.6      6.0      6.3      5.5

    Core volume                            (6.4)    (1.5)    (3.9)    (1.5)
    Non-core volume                        (0.2)     0.2      0.1     (0.1)
      Total volume                         (6.6)    (1.3)    (3.8)    (1.6)

    Total internal growth                  (2.0)     4.7      2.5      3.9

    Acquisitions, net of divestitures      58.0     (0.7)    13.4     (0.5)
    Taxes                                   0.3     (0.1)     0.1       -

    Total revenue growth                   56.3 %    3.9 %   16.0 %    3.4 %


    The increase in our revenue and our revenue growth for the three months
    ended December 31, 2008 is primarily due to our acquisition of
    Allied Waste Industries, Inc. (Allied) on December 5, 2008.



                             REPUBLIC SERVICES, INC.
           UNAUDITED SUMMARY DATA SHEET - STATEMENT OF OPERATIONS DATA
                         (in millions, except as noted)

    SUMMARY OF CHARGES

    We incurred various charges and costs during the three and twelve months
    ended December 31, 2008 and 2007 that are reported within our unaudited
    consolidated statements of income and are reflected in the following
    table:

                                        Three Months Ended Twelve Months Ended
                                            December 31,      December 31,
                                            2008    2007     2008     2007
    Expenses:
      Cost of operations (1)                $87.8   $-      $153.9    $49.1
      Depreciation, amortization and
       depletion (1) (2) (3)                  8.4    -         8.4      3.6
      Selling, general and administrative
       (1) (4) (5) (6)                       46.8    -        48.7      1.5
      Asset impairments (7)                  89.8    -        89.8        -
      Restructuring charges (8)              82.7    -        82.7        -
    Operating loss                         (315.5)   -      (383.5)   (54.2)
    Interest expense (9)                    (10.1)   -       (10.1)       -
    Other income (expense), net (1)            -     -        (1.0)    (0.7)
    Income (Loss) before income taxes     $(325.6)  $-     $(394.6)  $(54.9)


    (1) During the three months ended December 31, 2008, we recorded $65.9
        million and $21.9 million of remediation and related charges
        related to our Countywide disposal facility in Ohio and our closed
        disposal facility in Contra Costa County, California, respectively.
        During the twelve months ended December 31, 2008, we recorded $99.9
        million, $21.9 million and $35.0 million of remediation and related
        charges related to our Countywide facility, our Contra Costa County
        facility and the Sunrise Landfill in Nevada.  Of the $99.9 million
        charge recognized for the Countywide facility, $98.0 million and $1.9
        million were recorded in cost of operations and selling, general and
        administrative expenses, respectively.  The $21.9 million charge for
        our Contra Costa County facility was recorded to cost of operations.
        Of the $35.0 million charge recognized for the Sunrise landfill, $34.0
        million and $1.0 million were recorded in cost of operations and other
        income (expense), respectively.

        During the twelve months ended December 31, 2007, we recorded $45.3
        million of remediation charges for our Countywide disposal facility,
        of which $41.0 million was recorded in cost of operations, $2.1
        million was recorded in depreciation, amortization and depletion, $1.5
        million was recorded in selling, general and administrative expenses,
        and $.7   million was recorded to other income (expense), net. Also
        during the   twelve months ended December 31, 2007, we recorded a $9.6
        million   charge related to our Contra Costa County disposal facility,
        of which   $8.1 million was recorded in cost of operations and $1.5
        million was   recorded in depreciation, amortization and depletion.

    (2) During the three and twelve months ended December 31, 2008, we
        recorded $2.8 million of incremental landfill amortization expense as
        compared to the amortization expense Allied would have recorded for
        the same period.  The increase in the landfill amortization expense is
        the result of conforming Allied's policies for estimating the costs
        and timing for capping, closure and post-closure obligations to
        Republic's.

    (3) During the three and twelve months ended December 31, 2008, we
        recorded $5.6 million of intangible asset amortization expense related
        to the intangible assets we recorded in the purchase price allocation
        for the acquisition of Allied.

    (4) During the three and twelve months ended December 31, 2008, we
        recorded $14.2 million of bad debt expense related to conforming
        Allied's methodology for recording allowance for doubtful accounts
        with our methodology and $5.4 million to provide for specific
        bankruptcy exposures.

    (5) During the three and twelve months ended December 31, 2008, we
        recorded $24.3 million of settlement charges related to our estimates
        of the outcome of various legal matters.

    (6) During the three and twelve months ended December 31, 2008, we
        recorded $2.9 million to accrue for the synergy incentive plan pro
        rata over the periods earned.

    (7) During the three and twelve months ended December 31, 2008, we
        recorded $89.8 million of asset impairment charges, which consist
        primarily of $75.9 million related to our Countywide facility, $6.0
        million related to our former corporate headquarters in Florida and
        $6.1 million related to losses on the expected sales of Department of
        Justice required divestitures as a result of our merger with Allied.

    (8) During the three and twelve months ended December 31, 2008, we
        recorded $82.7 million of restructuring charges primarily related to
        severance and other employee termination and relocation benefits
        attributable to integrating our operations with Allied.

    (9) During the three and twelve months ended December 31, 2008, we
        incurred $10.1 million of non-cash interest expense primarily
        associated with amortizing the discount on the debt we acquired from
        Allied that was recorded at fair value in purchase accounting.


                           REPUBLIC SERVICES, INC.
                  SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION

MERGER WITH ALLIED

We completed our acquisition of Allied effective December 5, 2008. We issued approximately 195.8 million shares of common stock to Allied stockholders, representing 52% of the outstanding common stock of the combined company on a diluted basis. The total purchase price paid for Allied, including the value of common stock issued, our acquisition of Allied's debt and other costs, totaled approximately $11.5 billion. We have allocated the preliminary purchase price to the assets and liabilities acquired based upon their estimated fair values as of the acquisition date and recorded the resulting goodwill, which represents the excess of purchase price over the net assets acquired, of $9.0 billion. Until we have completed our valuation process for the assets and liabilities acquired, there may be adjustments, which we believe will be relatively small compared to our preliminary estimates of the fair values and the resulting purchase price allocation.

    Our allocation of purchase price included allocating values to intangible
assets other than goodwill.  The purchase price assigned to each of these
intangible assets and the life over which these assets will be amortized is as
follows:



    Other Intangibles:                                Amount    Estimated Life
                                                                    (years)
    Customer relationships                            $420.0         10.0
    Franchise agreements                                60.0          9.0
    Other municipal agreements                          30.0          3.0
    Non-compete agreements                               1.0          2.0
    Tradename                                           30.0          5.0
          Total                                       $541.0

Amortization expense for 2009 arising from the $541.0 million of other intangible assets recorded is expected to be approximately $65.0 million.

The debt we acquired from Allied was recorded at fair value. At the date of the merger, the fair value of Allied's variable rate debt approximated its book value. However, because of the tightening of the credit markets, the fair value of Allied's fixed rate debt was significantly below its book value, which resulted in the recognition of a $624.3 million discount. Non-cash interest expense for 2009 arising from amortizing the discount of Allied's debt is expected to be approximately $90.7 million. This discount will generally be amortized into interest expense over the terms of the related debt instruments. The estimated fair value and discount for each fixed rate debt instrument acquired from Allied is as follows:



    Fixed-Rate Debt:
                                                    Estimated       Discount
                                                    Fair Value
    $350.0 million senior notes due 2010              $332.5          $17.5
    $400.0 million senior notes due 2011               370.0           30.0
    $275.0 million senior notes due 2011               257.1           17.9
    $450.0 million senior notes due 2013               421.9           28.1
    $425.0 million senior notes due 2014               369.8           55.2
    $400.0 million senior notes due 2014               363.0           37.0
    $600.0 million senior notes due 2015               531.0           69.0
    $600.0 million senior notes due 2016               518.0           82.0
    $750.0 million senior notes due 2017               645.0          105.0
    $99.5 million debentures due 2021                   92.8            6.7
    $360.0 million debentures due 2035                 265.9           94.1
    $230.0 million convertible debentures due 2034     201.2           28.8
    Other, maturing 2014 through 2027                  215.3           53.0
       Total                                        $4,583.5         $624.3

In accordance with U.S. generally accepted accounting principles (GAAP), various liabilities acquired from Allied were recorded at their fair values using present value techniques to account for changes in the related liabilities due to the passage of time. The differences between the estimated fair values and the undiscounted values for these liabilities will be amortized into either accretion expense or interest expense, depending on the type of liability recorded, over the expected term of the applicable liability. The estimated fair values, undiscounted values and estimated lives for these liabilities are as follows:



                                   Estimated      Undiscounted    Estimated
                                   Fair Value        Amount      Average Life
                                                                   (years)
    Accrued Capping, Closure, and
     Post-Closure Costs              $813.1        $3,726.0          38.5

    Accrued Environmental
     Remediation                     $208.1          $325.9           5.9

    Self-Insurance Reserves          $172.6          $216.3           3.2



    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

Operating Income before Depreciation, Amortization, Depletion and Accretion


    Operating income before depreciation, amortization, depletion and
accretion, which is not a measure determined in accordance with GAAP, for the
three and twelve months ended December 31, 2008 and 2007 is calculated as
follows:



                                 Three Months Ended       Twelve Months Ended
                                     December 31,             December 31,

                                   2008        2007         2008       2007
    Net income (loss)           $(131.7)      $82.1        $73.8      $290.2
    Provision (benefit) for
     income taxes                 (46.0)       48.9         85.4       177.9


    Minority interests               .1           -           .1           -
    Other (income) expense,
     net                             .9       (11.5)         1.6       (14.1)
    Interest income                (1.7)       (3.3)        (9.6)      (12.8)
    Interest expense               66.8        23.7        131.9        94.8
    Depreciation, amortization
     and depletion                127.2        71.6        354.1       305.5
    Accretion                      10.4         4.5         23.9        17.1
      Operating income before
       depreciation, amortization,
       depletion and accretion    $26.0      $216.0       $661.2      $858.6

We believe that the presentation of operating income before depreciation, amortization, depletion and accretion is useful to investors because it provides important information concerning our operating performance exclusive of certain non-cash costs. Operating income before depreciation, amortization, depletion and accretion demonstrates our ability to execute our financial strategy which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade rating and minimizing debt, paying cash dividends, and maintaining and improving our market position through business optimization. This measure has limitations. Although depreciation, amortization, depletion and accretion are considered operating costs in accordance with GAAP, they represent the allocation of non-cash costs generally associated with long- lived assets acquired or constructed in prior years.

For a discussion of significant items impacting our operating income before depreciation, amortization, depletion and accretion for the periods presented above, see Summary of Charges.

Diluted Earnings per Share

Following is a summary of adjusted diluted earnings per share for the three and twelve months ended December 31, 2008 and 2007:



                                  Three Months Ended   Twelve Months Ended
                                     December 31,         December 31,
                                   2008       2007      2008        2007

    Diluted earnings per share   $(.55)      $.44      $.37         $1.51
    Remediation and related
     charges (1)                    .22         -       .48           .18
    Asset impairments (2)           .23         -       .27             -
    Restructuring charges (3)       .21         -       .25             -
    Landfill amortization
     expense (4)                    .01         -       .01             -
    Intangible amortization
     expense (5)                    .01         -       .02             -
    Bad debt expense (6)            .05         -       .06             -
    Legal settlement reserves (7)   .06         -       .07             -
    Synergy incentive plan (8)      .01         -       .01             -
    Non-cash interest expense (9)   .02         -       .03             -
    Tax impact of non-deductible
     items (10)                     .14         -       .16             -
      Adjusted diluted earnings
       per share                   $.41      $.44     $1.73         $1.69


    (1) Remediation and related charges of $87.8 million during the three
        months ended December 31, 2008 consist primarily of changes to our
        estimates of costs incurred at our Countywide facility in Ohio and our
        closed disposal facility in Contra Costa County, California.
        Remediation and related charges of $156.8 million during the twelve
        months ended December 31, 2008 were attributable to the aforementioned
        disposal facilities as well as the Sunrise Landfill in Nevada.

    (2) During the three and twelve months ended December 31, 2008, asset
        impairments of $89.8 million primarily relate to our Countywide
        facility, our former corporate headquarters in Florida and losses on
        expected sales of Department of Justice required divestitures as a
        result of our merger with Allied.

    (3) During the three and twelve months ended December 31, 2008, we
        incurred restructuring charges of $82.7 million, consisting primarily
        of severance and other employee termination and relocation benefits
        attributable to integrating our operations with Allied.

    (4) During the three and twelve months ended December 31, 2008, we
        recorded $2.8 million of incremental landfill amortization expense as
        compared to the amortization expense Allied would have recorded for
        the same period.  The increase in the landfill amortization expense is
        the result of conforming Allied's policies for estimating the costs
        and timing for capping, closure and post-closure obligations to
        Republic's.

    (5) During the three and twelve months ended December 31, 2008, we
        recorded $5.6 million of intangible asset amortization expense related
        to the intangible assets we recorded in the purchase price allocation
        for the acquisition of Allied.

    (6) During the three and twelve months ended December 31, 2008, we
        recorded bad debt expense of $14.2 million related to conforming
        Allied's methodology for recording the allowance for doubtful accounts
        with our methodology and $5.4 million to provide for specific
        bankruptcy exposures.

    (7) During the three and twelve months ended December 31, 2008, we
        incurred $24.3 million of settlement charges related to our estimates
        of the outcome of various legal matters.

    (8) During the three and twelve months ended December 31, 2008, we
        recorded $2.9 million to accrue for the synergy incentive plan pro
        rata over the periods earned.

    (9) During the three and twelve months ended December 31, 2008, we
        incurred $10.1 million of non-cash interest expense primarily
        with amortizing the discount on the debt we acquired from Allied that
        was recorded at fair value in purchase accounting.

    (10)During the three and twelve months ended December 31, 2008, our
        effective tax rate was impacted by several expenses associated with
        the merger that are not tax deductible.

We believe that the presentation of adjusted diluted earnings per share, which excludes charges for remediation and related costs, asset impairments, restructuring, landfill and intangible asset amortization expense, bad debt expense, legal settlement reserves, the synergy incentive plan, non-cash interest expense and the tax impact of non-deductible items, provides an understanding of operational activities before the financial impact of certain non-operational items and strategic and other decisions made for the long-term benefit of the company. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. Comparable costs have been incurred in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

Cash Flow

We define free cash flow, which is not a measure determined in accordance with GAAP, as cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property and equipment as presented in our unaudited condensed consolidated statements of cash flows. Our free cash flow for the three and twelve months ended December 31, 2008 and 2007 is calculated as follows (in millions):



                                Three Months Ended       Twelve Months Ended
                                   December 31,             December 31,
                                 2008        2007         2008         2007
    Cash provided by operating
     activities                 $38.0       $190.7       $512.2       $661.3
    Purchases of property and
     equipment                 (122.8)       (76.5)      (386.9)      (292.5)
    Proceeds from sales of
     property and equipment       2.4          1.4          8.2          6.1
       Free cash flow          $(82.4)      $115.6       $133.5       $374.9

Purchases of property and equipment as reflected on our unaudited condensed consolidated statements of cash flows and the free cash flow presented above represent amounts paid during the period for such expenditures. A reconciliation of property and equipment reflected on the unaudited condensed consolidated statements of cash flows to property and equipment received during the period is as follows (in millions):



                                     Three Months Ended    Twelve Months Ended
                                         December 31,            December 31,
                                       2008        2007        2008     2007

    Purchases of property and
     equipment per the unaudited
     condensed consolidated
     statements of cash flows         $122.8       $76.5      $386.9    $292.5
    Adjustments for property and
     equipment received during the
     prior period but paid for
     in the following period, net       11.5        35.5      (14.9)       3.2
      Property and equipment received
       during the current period      $134.3      $112.0     $372.0     $295.7

The adjustments noted above do not affect either our net change in cash and cash equivalents as reflected in our unaudited condensed consolidated statements of cash flows or our free cash flow.

A reconciliation of our projected cash provided by operating activities to the 2009 free cash flow outlook is as follows (in millions):



                                                  2009 Outlook
    Cash provided by operating activities           $1,395.0
    Purchases of property and equipment               (860.0)
    Proceeds from sales of property and equipment       15.0
      Free cash flow                                  $550.0

Free cash flow for 2009 includes approximately $100.0 million of merger- related payments. Excluding these payments, free cash flow for 2009 would be $650.0 million.

We believe that the presentation of free cash flow provides useful information regarding our recurring cash provided by operating activities after expenditures for property and equipment, net of proceeds from sales of property and equipment. It also demonstrates our ability to execute our financial strategy as previously discussed and is a key metric we use to determine compensation. The presentation of free cash flow has material limitations. Free cash flow does not represent our cash flow available for discretionary expenditures because it excludes certain expenditures that are required or that we have committed to such as debt service requirements and dividend payments. Our definition of free cash flow may not be comparable to similarly titled measures presented by other companies.

Capital expenditures include $.6 million and $2.6 million of capitalized interest for the three and twelve months ended December 31, 2008, and $.9 million and $3.0 million of capitalized interest for the three and twelve months ended December 31, 2007.

As of December 31, 2008, accounts receivable was $945.5 million, net of allowance for doubtful accounts of $65.7 million, resulting in days sales outstanding of approximately 40 (or 25 net of deferred revenue).

SHARE REPURCHASE PROGRAM AND DEBT REPAYMENT

During 2008, we repurchased a total of 4.6 million shares of our common stock for $138.4 million. As of December 31, 2008, we were authorized to repurchase up to an additional $248.0 million of common stock under our existing stock repurchase program. We suspended the share repurchase program due to the merger with Allied. During 2009, we intend to use free cash flow to repay debt and to continue paying dividends.

CASH DIVIDENDS

In October 2008, we paid a cash dividend of $34.7 million to stockholders of record as of October 1, 2008. As of December 31, 2008, we recorded a dividend payable of $72.0 million to stockholders of record at the close of business on January 2, 2009, which has been paid. In February 2009, our Board of Directors declared a regular quarterly dividend of $.19 per share payable to stockholders of record as of April 1, 2009, which will be paid on April 15, 2009.

Information Regarding Forward-Looking Statements

Certain statements and information included herein constitute "forward- looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements with respect to the expected results of the integration of our merger with Allied and our anticipated 2009 financial results. Words such as "will", "expect," "anticipate" and similar words and phrases are used in this press release to identify the forward-looking statements. These forward-looking statements, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual results, events or conditions to differ materially from those expressed or implied by the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that the expectations will prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are:

    -- whether our estimates and assumptions concerning our selected balance
       sheet accounts, income tax accounts, final capping, closure, post-
       closure and remediation costs, available airspace, and projected costs
       and expenses related to our landfills and property and equipment
       (including our estimates of the fair values of the assets and
       liabilities acquired in our acquisition of Allied), and labor, fuel
       rates, and economic and inflationary trends, turn out to be correct or
       appropriate;

    -- various factors that will impact our actual business and financial
       performance such as competition and demand for services in the solid
       waste industry;

    -- our ability to manage growth;

    -- our ability to successfully integrate Allied's and Republic's
       operations and to achieve synergies or create long-term value for
       stockholders as expected;

    -- our compliance with, and future changes in, environmental regulations;

    -- our ability to obtain approvals from regulatory agencies in connection
       with operating and expanding our landfills;

    -- our ability to obtain financing on acceptable terms to finance our
       operations and growth strategy and to operate within the limitations
       imposed by financing arrangements;

    -- our dependence on key personnel;

    -- general economic and market conditions including, but not limited to,
       the current global economic crisis, inflation and changes in commodity
       pricing, fuel, labor, risk and health insurance, and other variable
       costs that are generally not within our control;

    -- our dependence on large, long-term collection, transfer and disposal
       contracts;

    -- our dependence on acquisitions for growth;

    -- risks associated with undisclosed liabilities of acquired businesses;

    -- risks associated with pending and any future legal proceedings;

    -- severe weather conditions, which could impair our financial results by
       causing increased costs, loss of revenue, reduced operational
       efficiency or disruptions to our operations;

    -- compliance with existing and future legal and regulatory requirements,
       including limitations or bans on disposal of certain types of wastes or
       on the transportation of waste, which could limit our ability to
       conduct or grow our business, increase our costs to operate or require
       additional capital expenditures;

    -- any litigation, audits or investigations brought by or before any
       governmental body;

    -- workforce factors, including potential increases in our costs if we are
       required to provide additional funding to any multi-employer pension
       plan to which we contribute and the negative impact on our operations
       of union organizing campaigns, work stoppages or labor shortages;

    -- the negative effect that trends toward requiring recycling, waste
       reduction at the source and prohibiting the disposal of certain types
       of wastes could have on volumes of waste going to landfills and waste-
       to-energy facilities;

    -- changes by the Financial Accounting Standards Board or other accounting
       regulatory bodies to generally accepted accounting principles or
       policies;

    -- acts of war, riots or terrorism, including the events taking place in
       the Middle East, the current military action in Iraq and the continuing
       war on terrorism, as well as actions taken or to be taken by the United
       States or other governments as a result of further acts or threats of
       terrorism, and the impact of these acts on economic, financial and
       social conditions in the United States; and

    -- the timing and occurrence (or non-occurrence) of transactions and
       events which may be subject to circumstances beyond our control.

Other factors which could materially affect our forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating our forward-looking statements and are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release, and we undertake no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

[Via http://www.prnewswire.com]

Austral Amends Loan Facility

2009-02-27T00:42:00.000+02:00

WELLINGTON, New Zealand, Feb. 26 /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX)

Austral Pacific Energy Ltd. announces that it has agreed with its loan facility provider, Investec Bank (Australia) Ltd, to further extend the maturity date for the current facility to enable the Bank and Austral to finalise the details of a fundamental restructure of the company and further restructuring of the loan facility.

    Web site:    www.austral-pacific.com
    Email:       ir@austral-pacific.com
    Phone:       Thom Jewell, CEO +64 (4) 495 0880

None of the Exchanges upon which Austral Pacific's securities trade have approved or disapproved the contents hereof. This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable legislation. Other than statements of historical fact, all statements in this release addressing future production, reserve potential, exploration and development activities and other contingencies are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements, due to factors such as market prices, exploration and development successes, continued availability of capital and financing, and general economic, market, political or business conditions. See our public filings at www.sedar.com and www.sec.gov/edgar/searchedgar/webusers.htm for further information.

[Via http://www.prnewswire.com]

CanAlaska Uranium Ltd. - Further drill results from uranium zone at Fond du Lac project

2009-02-26T13:06:00.000+02:00

VANCOUVER, Feb. 26 /PRNewswire-FirstCall/ - CanAlaska Uranium Ltd. (TSX.V - CVV) ("CanAlaska" or the "Company") has received additional assay results for holes FCL 004-FCL 006 and for infill sampling on holes FCL 001-003. These results for the uranium-mineralized sections of the first six drill holes from CanAlaska's work are detailed in the following table, and indicate good widths and grades of uranium mineralization.

    Table 1: Summary of Initial drill results Fond du Lac Project
    -------------------------------------------------------------------------
    Hole        Rock      From (m)  To (m)  Width (m)    Grade       Lbs/Ton
    Number                                            (% U(3)O(8))  U(3)O(8)
    -------------------------------------------------------------------------
    FCL 002   Sandstone     16.8     42.10    25.30       0.10%        2.0
    -------------------------------------------------------------------------
                incl        17.2     24.85     7.65       0.13%        2.6
    -------------------------------------------------------------------------
    FCL 003   Sandstone    18.10     44.61    26.51       0.15%        3.0
    -------------------------------------------------------------------------
    FCL 004   Sandstone    15.50     17.50     2.00       0.10%        2.0
    -------------------------------------------------------------------------
                 and       36.00     42.80      6.8       0.07%        1.4
    -------------------------------------------------------------------------
    FCL 005   Sandstone    16.00     22.50     6.50       0.07%        1.4
    -------------------------------------------------------------------------
    FCL 006   Sandstone     16.0     30.30    14.30       0.14%        2.8
    -------------------------------------------------------------------------

The Fond du Lac project is located on the northern portion of the Athabasca Basin, Saskatchewan, where the Athabasca sandstone units have minimal thicknesses of 20-75 metres overlying the unconformity. This area was explored by AMOK in the 1960's and AMOK and Eldorado Nuclear in the 1970's and early 1980's. The property is part of the Fond Du Lac Denesuline First Nation Reserve Lands, and CanAlaska is working with the community under an Option to earn a 49% interest in the project.

A small uranium resource (non 43-101compliant) was previously discovered in the sandstone units, immediately above the unconformity, but no significant effort was made to explore for structurally hosted uranium mineralization in the basement rock at that time. However there is historical evidence for basement hosted mineralization in hematised fault zones.

The 2008 drilling and detailed ground geophysics by CanAlaska in January and February 2009 have highlighted a number of strong structural events in the basement rocks. There are patterns of sulphide mineralization and gravity anomalies. The company is preparing for a summer drill program on the property, following the completion of the Company's current four-rig winter drill program.

The uranium mineralization at Fond du Lac is principally within the Manitou Falls Formation of the Athabasca Sandstone sequence, and is characterized by strong fracturing, intense silicification, zones of hematisation and minor clay alteration. In the current area of 2008 drilling, zoning is apparent, with a central highly mineralized-core. The mineralization is evident as disseminations and replacement, both in the sandstone and near the surface (see following plan and drill section).

http://www.canalaska.com/i/maps/2009-02-25FLCFigure1_hres.jpg

http://www.canalaska.com/i/maps/2009-02-25FLCFigure2.pdf

Across the project, there are multiple other zones, currently only loosely-defined by mineralized boulder trains (see attached figure 1 for mineralized boulder trains and geophysical responses).

In the current drilling, a very significant zone of hematite alteration was intersected in basement rocks at the unconformity, under the better-mineralized uranium zone in the drill holes FCL 001-003. This style of iron oxide mineralization is generally caused by oxidization from geothermal activity along fracture zones, and is a common indicator for most basement-hosted uranium deposits. Drill hole FCL 001 intercepted anomalous uranium mineralization in sandstone. Drill hole FCL 004 intercepted two zones of replacement mineralization on the southern edge of the main zone. Holes FCL 005 and FCL 006 intercepted uranium mineralization in the sandstone and strong clay hematite and chlorite alteration, in the basement rocks. Further drilling along strike will be required to define the extent and orientation of the present zone.

http://www.canalaska.com/i/maps/2009-02-25FLCFigure3.pdf

The Company received a work permit for the drilling at Fond du Lac from INAC (Indian and Northern Affairs Canada), with consent from the band and council of the Fond du Lac Denesuline First Nation. This permit allowed the Company to commence exploration on the Reserve lands. By agreement dated October 18th, 2006, the Company acquired from the Fond du Lac Denesuline First Nation an option to earn a 49% economic interest in the minerals resident on Fond du Lac reserve lands. CanAlaska may exercise this option following the incurrence of $2 million in exploration expenditures and the payment of $130,000 and 300,000 Company shares.

Elsewhere in the Athabasca Basin, CanAlaska has two drill crews working at the Cree East Project, located in the southwestern part of the Athabasca basin. A third drill crew is operating at the West McArthur project, on a new geophysical target located north west of Denison's Wheeler River project, and south west of the McArthur River mine.

The Company has just mobilized a fourth crew for a month-long drill program on the Black Lake Project, on the Black Lake Denesuline First Nation Reserve. This drill program will replace the proposed winter program at Fond du Lac, but will test higher priority strong airborne and ground truthed geophysical conductors on the splays of the Black Lake-Platt Lake Faults, on the northern end of the Virgin River mineralized trend. There are multiple targets at shallow depths in this area. These targets have been confirmed by summer boulder sampling and historical mineralized drill core from the vicinity. Drill holes will target both sandstone hosted alteration and basement mineralization in this program.

The Company is very pleased with current operations, and is fully-funded for the summer-fall work programs through its joint venture partnerships and from current treasury.

All of the drill core samples from the Fond du Lac project were submitted to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and qualified Canadian Laboratory, for their Group 4B analysis. These samples were analysed for uranium and multi-element geochemistry by tri-acid digestion and ICP-MS. The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, and were shipped in secure containment to the laboratories noted above. Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release.

About CanAlaska Uranium Ltd. -- www.canalaska.com

CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 -- Frankfurt) is undertaking uranium exploration in nineteen 100%-owned and two optioned uranium projects in Canada'sAthabasca Basin. Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has expended over Cdn$45 million exploring its properties and has delineated multiple uranium targets. The Company's geological expertise and high exploration profile has attracted the attention of major international strategic partners. Among others, Mitsubishi Development Pty., a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$11 mil. in exploration funding for its West McArthur Project. Exploration of CanAlaska's Cree East Project is also progressing under a C$19 mil. joint venture with a consortium of Korean companies led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd.

    On behalf of the Board of Directors

    (signed)

    Peter Dasler, M.Sc., P.Geo.
    President & CEO, CanAlaska Uranium Ltd.

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP # 13708P 10 2. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

[Via http://www.prnewswire.com]

Continental Resources Ends 2008 With Strong Production and Reserve Growth

2009-02-26T11:00:00.000+02:00

2009 Capital Expenditure Budget Reduced in Line with Cash Flow Outlook

ENID, Okla., Feb. 26 /PRNewswire-FirstCall/ -- Continental Resources, Inc. (NYSE: CLR) today reported continued strong growth in production in the fourth quarter ended December 31, 2008, compared with the third quarter of 2008 and the fourth quarter last year. In addition, the Company reported year-end 2008 proved reserves of 159.3 MMboe, an 18 percent increase over the 134.6 MMboe reported at year-end 2007. Combined drilling and proved undeveloped (PUDs) additions of 47.6 MMboe were almost 400 percent of Continental's total production of 12.0 MMboe for 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080505/LAM014LOGO)

Despite challenging economics in the final quarter of 2008, Continental completed a record year for net income and cash flow growth. Net income increased 74 percent to $321.0 million and EBITDAX increased 61 percent to $757.7 million, compared with full-year 2007 results. For the Company's definition and reconciliation of EBITDAX to Generally Accepted Accounting Principles, see "Non-GAAP Financial Measures" at the end of this press release. Net income for 2007 is pro forma for income taxes as if the Company had been a subchapter C corporation prior to its initial public offering in May 2007.

For the fourth quarter ended December 31, 2008, the Company reported net income of $416,000, or $0.00 per diluted share, compared with net income of $60.9 million, or $0.36 per diluted share, for the fourth quarter of 2007. Falling commodity prices reduced fourth quarter revenue and earnings compared to the fourth quarter of 2007.

For the fourth quarter of 2008, Continental achieved total production of 36,018 boepd, an eight percent increase over the third quarter of 2008 and a 19 percent increase over the fourth quarter last year. The Company exited the fourth quarter with average production of 37,954 boepd for December 2008, an increase of 27 percent over December 2007. Production growth strengthened despite the Company significantly scaling back its drilling program as commodity prices declined in the fourth quarter of 2008. Continental has reduced its operated drilling rig count from 32 in early October to seven rigs currently and plans to drop additional rigs as drilling contracts expire later in 2009.

With energy prices remaining low, Continental plans to reduce capital expenditures to preserve capital and the value of its assets. "Our first priority is the integrity of our balance sheet," said Harold Hamm, Chairman and Chief Executive Officer. "We plan to restrain spending until we see commodity prices begin to recover. We remain committed to financing our growth with cash flow and will not use debt to fund a high level of drilling activity, especially in an environment of low energy prices."

"I'm proud that we achieved our operating goals for 2008, finishing the year with strong fourth quarter production growth and increased reserves," he said. "The Company's accomplishments are a strong indicator of the value of our assets and our ability to accelerate growth when the economy and industry conditions rebound."

The Company has revised its 2009 capital expenditures budget to $275 million, which includes $211 million for drilling and related activities and $58 million for land and seismic, and $6 million for other capital needs. Based on the new budget, 2009 production is expected to be in a range of 12.5 MMboe to 13.0 MMboe, which would constitute growth of up to eight percent over 2008. Under this revised capex budget, Continental expects to average approximately five operated drilling rigs during the year.

Oil and natural gas sales were $130.7 million for the fourth quarter of 2008, compared with oil and gas sales of $183.8 million for the fourth quarter of 2007. The Company's average sales price per barrel of crude oil equivalent was $38.80 for the fourth quarter of 2008, compared with $68.84 for the fourth quarter of 2007.

Crude oil price differentials averaged $14.45 per barrel for the fourth quarter of 2008 and $9.50 for 2008 as a whole. This compares with $13.05 per barrel in the fourth quarter of 2007 and $8.85 per barrel for the full year. Continental noted that the differential has been improving in the first quarter of 2009.

EBITDAX for the fourth quarter of 2008 was $92.7 million, compared with EBITDAX of $137.4 million for the fourth quarter of 2007.

At December 31, 2008, the Company's balance sheet included $5.2 million in cash and $376.4 million in long-term debt. Commitments under the Company's revolving credit facility were recently increased to $672.5 million, compared with $552.5 million at December 31, 2008 and $400.0 million at September 30, 2008. With debt outstanding currently of $474.4 million, the Company has $198.1 million in availability under its revolving credit facility.

Increased Reserves

Continental's 2008 reserves growth was primarily the result of increased drilling activity in the North Dakota Bakken and in Oklahoma's Arkoma Woodford in the first nine months of the year.

The Company increased its proved reserves by 24.6 MMboe to a total of 159.3 MMboe. Total proved reserve additions were comprised of 12.7 MMboe in drilling additions, 35.0 MMboe of PUD reserve additions, and 2.2 MMboe in acquisitions. Additions were offset by 13.3 MMboe in downward revisions, of which 64 percent were related to low energy prices at year-end 2008.

Future net cash flows from the year-end 2008 proved reserves, before income taxes, were $3.1 billion, with a present value discounted at 10 percent (PV10) of $1.5 billion. In terms of crude oil/natural gas mix, crude oil reserves were 106.2 million barrels, or 67 percent, of total proved reserves at year-end 2008. Proved developed reserves represented 67 percent of total reserves at year-end 2008.

Operations Update

The following table contains financial and operating highlights for the three months and year ended December 31, 2008 compared to the same periods in 2007.


                                    Three months ended       Year ended
                                    ------------------       ----------
                                       December 31,          December 31,
                                       ------------          ------------
                                     2008       2007       2008       2007
                                    ------     ------     ------     ------
    Average daily production:
      Oil (Bopd)                    26,857     24,309     24,993     23,832
      Natural gas (Mcfd)            54,963     36,362     46,861     31,599
      Oil equivalents (Boepd)       36,018     30,369     32,803     29,099
    Average prices: (1)
      Oil ($/Bbl)                   $43.89     $77.53     $88.87     $63.55
      Natural gas ($/Mcf)             3.93       5.99       6.90       5.87
      Oil equivalents ($/Boe)        38.80      68.84      77.66      58.31
    Production expense ($/Boe) (1)    7.83       6.85       8.40       7.35
    EBITDAX (in thousands)          92,680    137,412    757,708    469,885
    Net income (in thousands) (2)      416     60,892    320,950    184,002
    Diluted net income per share      0.00       0.36       1.89       1.11

    (1) Average prices and per-unit production expense are calculated
    based on sales volumes. Crude oil sales volumes exceeded production in
    the fourth quarter and full-year 2008 by 54 MBbls and 97 MBbls,
    respectively. Crude oil production volumes exceeded oil sales in the
    fourth quarter and full year 2007 by 125 MBbls and 221 MBbls,
    respectively.

    (2) Net income and diluted net income per share for full-year 2007
    are after pro forma adjustments (i) to provide for income taxes as if
    the Company had been a subchapter C corporation prior to the completion
    of its initial public offering, and (ii) to eliminate the $198.4 million
    charge recorded to recognize deferred taxes upon its conversion from a
    nontaxable subchapter S corporation to a taxable subchapter C
    corporation in conjunction with the Company's May 2007 initial public
    offering.



    The following table presents average daily production for the Company's
    principal operating areas for the quarters ended December 31, 2008,
    September 30, 2008 and December 31, 2007.


    (boe per day)                    Q4 2008      Q3 2008      Q4 2007
                                     -------      -------      -------
    Red River Units                   14,058       13,375       14,374
    Montana Bakken                     6,410        6,187        7,244
    North Dakota Bakken                4,401        3,444        1,382
    Other Rockies                      2,507        2,275        1,600
    Arkoma Woodford                    3,276        2,627        1,338
    Other Mid-Continent                4,751        4,895        3,767
    Gulf Coast                           615          494          664
                                     -------      -------      -------
    Total                             36,018       33,297       30,369

Production growth continued to accelerate in the North Dakota Bakken and the Arkoma Woodford plays in the fourth quarter of 2008. Based on capital expenditure re-allocations and its revised 2009 budget, production in the Red River Units is expected to be flat or to decline slightly through the first nine months of 2009, then resume growing in the fourth quarter. Continental expects to generate most of its 2009 production growth in the North Dakota Bakken and the Arkoma Woodford plays.

Red River Units

Production in the Red River Units was 14,058 boepd in the fourth quarter of 2008, accounting for 39 percent of Continental's production in the quarter. This was a five percent increase over the third quarter of 2008, but down slightly from the fourth quarter last year.

The Units accounted for 37 percent of year-end 2008 proved reserves, compared with 50 percent of reserves at the end of 2007.

During fourth quarter 2008, the Company continued to convert producer wells to injectors and to expand its secondary recovery program, but the pace of the secondary recovery program was considerably reduced in November and December.

The Company currently has one operated rig drilling in the Units. Under the revised 2009 capital expenditures budget, Continental has allocated $46 million to the Units, with plans to drill four producer wells, two disposal wells, a sixth water supply well, and converting producer and air injector wells to water injectors.

As noted above, production is expected to resume growing in the Red River Units in late 2009. The Company does not expect changes in the timing of capex funding to reduce total production or ultimate reserve recovery in the Units. The Company expects production to peak at just over 17,000 boepd in the Units in 2010.

Bakken Shale

Production in the Bakken Shale of North Dakota and Montana was 10,811 boepd in the fourth quarter of 2008, or 30 percent of Continental's production in the quarter. This was a 12 percent increase over the third quarter of 2008 and a 25 percent increase over production for the fourth quarter last year.

Total proved reserves in the Bakken were 45.7 MMboe at December 31, 2008, or 29 percent of the Company's year-end 2008 reserves. This constituted an increase of 38 percent over proved reserves of 33.2 MMboe in the Bakken Shale at December 31, 2007.

In the North Dakota part of the Bakken play, total proved reserves were 17.5 MMboe at December 31, 2008, or 11 percent of the Company's total year-end 2008 reserves. This represented growth of 187 percent over reserves of 6.1 MMboe in the North Dakota Bakken at December 31, 2007.

The Company currently has four operated rigs drilling in North Dakota and none in Montana, compared with 10 rigs in North Dakota and three in Montana at the beginning of the fourth quarter of 2008.

During the fourth quarter, Continental participated in the completion of 33 gross wells (8.9 net) in North Dakota. These wells had an average rate of 546 boepd during their seven-day production period tests. All initial production period test results in this press release are seven consecutive day averages.

Since the beginning of the fourth quarter of 2008, notable completions of Company-operated wells targeting the Three Forks/Sanish (TFS) formation in North Dakota are shown below with average production period test results in gross barrels:

    -- Morris 1-23H (29% WI) in Dunn Co. - 1,185 boepd;
    -- Blegen 1-13H (26% WI) in McKenzie Co. - 1,028 boepd;
    -- Mittelstadt 1-20H (44% WI) in Dunn Co. - 998 boepd;
    -- Skachenko 1-31H (34% WI) in Dunn Co. - 809 boepd;
    -- Hamlet 1-11H (39% WI) in Williams Co. - 450 boepd;
    -- Glasoe 1-18H (45% WI) in Divide Co. - 441 boepd;
    -- Arvid 1-34H (42% WI) in Divide Co. - 340 boepd;
    -- Elveida 1-33H (46% WI) in Divide Co. - 302 boepd.

Notable recent well completions in North Dakota targeting the Middle Bakken formation include:

    -- Malcolm 1-29H (45% WI) in Williams Co. - 693 boepd;
    -- Shonna 1-15H (44% WI) in Divide Co. - 436 boepd;
    -- Marlene 1-10H (53% WI) in Williams Co. - 427 boepd;
    -- Viola 1-7H (54% WI) in Divide Co. - 391 boepd.

In the Montana Bakken, the Company continued to implement its 320-acre infield and field-extension program in the fourth quarter of 2008.

Notable completions in Richland County, MT in the fourth quarter of 2008 included the Prevost 3-16H (83% WI), which had a production period test rate of 507 boepd, and the Rita 3-19H (79% WI), which had production period test rate of 412 boepd. Production results have continued to improve in Richland County as the Company implemented multi-stage fracture stimulation technology that it developed in North Dakota.

Continental recently completed its first Montana TFS test well, the Joann 1-32H (89% WI), in Richland County. The well exhibited poor oil shows and reservoir rock quality during drilling, and in its initial production test period yielded an average 60 boepd.

The Company has commenced a pilot carbon dioxide injection project to evaluate the potential for enhanced recovery of oil in the Elm Coulee field. Utilizing the huff-and-puff technique, carbon dioxide was injected in January and will continue to be injected through March. After letting the carbon dioxide soak in for approximately 30 days, the carbon dioxide and associated fluids will be flowed back and analyzed for performance and economics.

Under its revised 2009 capital expenditures budget, Continental has allocated $72 million to drilling-related activity in North Dakota and $7 million to Montana. Another $36 million in land and seismic capex was allocated for the Bakken play in the two states, primarily to extend leases in the play.

Continental plans to participate in 86 gross wells (20.2 net) in North Dakota and no new wells in Montana in 2009. Drilling activity in North Dakota will focus on the Three Forks/Sanish formation.

Arkoma Woodford

Production in the Arkoma Woodford shale play in southeast Oklahoma was 3,276 boepd in the fourth quarter of 2008, accounting for 9 percent of Continental's production in the period. This was a 25 percent increase over the third quarter of 2008, and was more than double production for the fourth quarter last year.

Total proved reserves in the Arkoma Woodford were 30.7 MMboe at December 31, 2008, or 19 percent of the Company's year-end 2008 reserves. This represented growth of 245 percent over reserves of 8.9 MMboe in the Arkoma Woodford at December 31, 2007.

During the fourth quarter of 2008, Continental continued to develop its simultaneous fracture stimulation technology in the Arkoma Woodford, most notably with the Pasquali, Luna-Pratt and Wilson simul-fracs in the Ashland development section of the play.

After the simul-frac, the seven Pasquali wells flowed at an average 2,440 Mcfpd during their production period test, with the most prolific well flowing at 3,599 Mcfpd. The six Luna-Pratt wells flowed at an average 3,761 Mcfpd, with the most prolific flowing at 4,576 Mcfpd. The two wells in the Wilson simul-frac flowed at 8,569 Mcfpd and 5,982 Mcfpd, for an average rate of 7,276 Mcfpd.

The Company currently has one operated rig drilling in the Arkoma Woodford, compared to six rigs at the beginning of the fourth quarter of 2008. Under its revised 2009 capital expenditures budget, Continental has allocated $56 million to drilling-related activity in the play, as well as $7 million in land and seismic capex. In 2009, the Company plans to participate in 63 gross wells (8.0 net) in the Arkoma Woodford.

Emerging Plays

In the Anadarko Woodford shale of western Oklahoma, Continental is currently completing two test wells, the Brown 1-2H (100% WI) in Dewey Co. and the McCalla 1-11H (90% WI) in Grady Co.

In Ellis County, OK, the Company completed its initial test well in the Atoka shale play, the Shrewder 1-22H (100% WI), which flowed at 1.3 MMcfpd from a short, 1,300-foot lateral. The Jones-Trust 1-168H (100% WI), completed in Lipscomb Co., TX in the western part of the play, flowed at 700 Mcf per day in its initial production period test.

The Company currently has no operated rig drillings in the Anadarko Woodford or the Atoka, compared to one in each play at the beginning of the fourth quarter of 2008. Under its revised 2009 capital expenditures budget, Continental has allocated $12 million to drilling-related activity in its emerging plays, as well as $6 million in land and seismic. In 2009, the Company plans to participate in six gross wells (1.8 net) in its emerging plays.

Capital Budget and Guidance

Continental's regional allocations of capital expenditures in 2009 are listed below. Operational capex includes drilling, work-over and facilities capital expenditures.


                                     2009 Capex Budget
                                     -----------------
                                         (in millions)       Net Wells
                                     -----------------       ---------
    North Dakota Bakken                            $72            20.2
    Arkoma Woodford                                 56             8.0
    Red River Units                                 46             3.8
    Emerging plays                                  12             1.8
    Montana Bakken                                   7             0.0
    Other                                           18             3.9
                                     -----------------       ---------
          Operational capex                        211            37.7

    Land and seismic                                58
    Other capital expenditures                       6
                                     -----------------       ---------
          Total capex                             $275

Continental announced its previously issued operating and financial guidance for 2009 has been revised and is as follows. As forward-looking information, this guidance is subject to a variety of risks and uncertainties, including adjustments related to fluctuations in commodity prices. Risk factors are discussed further at the end of this press release and in the Company's filings with the Securities and Exchange Commission.


                                                           Year Ended
                                                       December 31, 2009
                                                        -----------------
    Production volumes:
      Oil (MMbls)                                             8.8 - 9.1
      Gas (MMcf)                                             22.5 - 23.4
      Oil equivalent (MMboe)                                 12.5 - 13.0

    Price differentials(1) :
      Oil (Bbl)                                             $8.00 - $10.00
      Gas (Mcf)                                             $1.50 - $2.25

    Operating expenses:
      Production expense (per boe)                          $7.75 - $8.50
      Production tax (percent of sales)                     6.25% - 6.75%
      Depreciation, depletion, amortization and
       accretion (per boe)                                 $15.00 - $18.00
      General and administrative expense (per boe)(2)       $1.75 - $2.25

      Non-cash stock-based compensation (per boe)           $0.70 - $1.00

    Income tax rate (percent of pre-tax income)                  38%
    Percent of income tax deferred                               90%

    (1) Differential to calendar month average NYMEX futures price for oil
    and to average of last three trading days of prompt NYMEX futures
    contract for gas.

    (2) Excludes non-cash stock-based compensation.

Conference Call Information

Continental Resources will host a conference call on Thursday, Feb. 26, 2009, at 10:00 a.m. ET (9 a.m. CT) to discuss its fourth quarter 2008 results. Interested parties may listen to the conference call via the Company's website at http://www.contres.com or by phone:

    Dial in:           (888) 713-4217
    Intl. dial in:     (617) 213-4869
    Pass code:         65130417

    Replay number:     (888) 286-8010
    Intl. replay:      (617) 801-6888
    Pass code:         18971146

Conference Presentations

Continental management is currently scheduled to present at the Raymond James & Associates 30th Annual Institutional Investors Conference in Orlando (March 8-11, 2009) and at the Howard Weil 37th Annual Energy Conference in New Orleans (March 22-26, 2009).

Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing resource plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations.

This press release includes forward-looking information that is subject to a number of risks and uncertainties, many of which are beyond the Company's control. All information, other than historical facts included in this press release, regarding strategy, future operations, drilling plans, estimated reserves, future production, estimated capital expenditures, projected costs, the potential of drilling prospects and other plans and objectives of management are forward-looking information. All forward-looking statements speak only as of the date of this press release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Actual results may differ materially from those anticipated due to many factors, including oil and natural gas prices, industry conditions, drilling results, uncertainties in estimating reserves, uncertainties in estimating future production from enhanced recovery operations, availability of drilling rigs and other services, availability of crude oil and natural gas transportation capacity, availability of capital resources and other factors listed in reports we have filed or may file with the Securities and Exchange Commission.

    CONTACT:  Continental Resources, Inc.
         J. Warren Henry              Brian Engel
         Investors                    Media
         (580) 548-5127               (580) 249-4731


    Condensed Consolidated Statements of Income
     (in thousands, except          Three months ended       Year ended
      share data)                   ------------------       -----------
                                      December 31,          December 31,
                                      ------------          ------------
                                     2008       2007       2008       2007
                                     ----       ----       ----       ----

    Revenues:
    Oil and natural gas sales      $130,668   $183,780   $939,906   $606,514
    Loss on mark-to-market
     derivatives                          -    (30,476)    (7,966)   (44,869)
    Oil and natural gas
     service operations               5,128      5,690     28,550     20,570
                                    ----------------------------------------
    Total revenues                  135,796    158,994    960,490    582,215

    Operating costs and expenses:
    Production expense               26,362     18,288    101,635     76,489
    Production tax                   10,199     10,251     58,610     32,562
    Exploration expense              13,882      2,499     40,160      9,163
    Oil and gas service operations    2,391      3,942     18,188     12,709
    Depreciation, depletion,
     amortization and accretion      53,074     26,326    148,902     93,632
    Property impairments             11,227      4,887     28,847     17,879
    General and administrative (1)    7,907      5,148     35,719     32,802
    Gain on sale of assets             (488)      (650)      (894)      (988)
                                    ----------------------------------------
    Total operating costs and
     expenses                       124,554     70,691    431,167    274,248

    Income from operations           11,242     88,303    529,323    307,967
    Interest expense and other       (2,743)    (2,543)   (10,793)   (11,190)
                                    ----------------------------------------
    Net income before income
     tax expense                      8,499     85,760    518,530    296,777
    Income tax expense                8,083     24,868    197,580    268,197
                                    ----------------------------------------
    Net income                         $416    $60,892   $320,950    $28,580

    Basic net income per share        $0.00      $0.36      $1.91      $0.17
    Diluted net income per share       0.00       0.36       1.89       0.17

    Basic weighted average
     shares outstanding             168,335    167,590    168,087    164,059
    Diluted weighted average
     shares outstanding             169,231    169,255    169,392    165,422

    (1) Includes non-cash charges for stock-based compensation of
        $2.6 million and $0.7 million for the three months ended December 31,
        2008 and 2007, respectively, and $9.1 million and $12.8 million for
        the years ended December 31, 2008 and 2007, respectively.



    Condensed Consolidated Balance Sheets         December 31,  December 31,
    (in thousands)                                -----------   -----------
                                                      2008         2007
                                                      ----         ----


    Assets:
    Cash and cash equivalents                        $5,229       $8,761
    Receivables                                     229,079      163,090
    Inventories and other                            43,387       33,713
    Net property and equipment                    1,935,143    1,157,926
    Other assets                                      3,041        1,683
                                                  ----------------------
    Total assets                                 $2,215,879   $1,365,173
                                                  ----------------------

    Liabilities and shareholders' equity:
    Current liabilities                            $403,594     $266,106
    Long-term debt                                  376,400      165,000
    Other noncurrent liabilities                    487,177      310,935
    Shareholders' equity                            948,708      623,132
                                                  ----------------------
    Total liabilities and shareholders' equity   $2,215,879   $1,365,173
                                                  ----------------------



                                                            Year ended
    Condensed Consolidated Statements of Cash Flows         ----------
    (in thousands)                                          December 31,
                                                            ------------
                                                          2008        2007
                                                          ----        ----

    Net income                                          $320,950     $28,580
    Adjustments to reconcile net income to net cash
     provided by operating activities:
    Non-cash expenses                                    363,801     416,977
    Changes in assets and liabilities                     35,164     (54,909)
                                                         -------------------
    Net cash provided by operating activities            719,915     390,648

    Net cash used in investing activities               (927,617)   (483,498)

    Net cash provided by financing activities            204,170      94,568

    Effect of exchange rate on change in cash and cash
     equivalents                                               -          25
                                                         -------------------

    Net change in cash and cash equivalents               (3,532)      1,743
    Cash and cash equivalents at beginning of period       8,761       7,018
                                                         -------------------
    Cash and cash equivalents at end of period            $5,229      $8,761

Non-GAAP Financial Measures

EBITDAX represents earnings before interest expense, income taxes, depreciation, depletion, amortization and accretion, property impairments, exploration expense, unrealized derivative gains and losses, and non-cash compensation expense. EBITDAX is not a measure of net income or cash flow as determined by generally accepted accounting principles (GAAP). EBITDAX should not be considered as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with GAAP or as an indicator of a Company's operating performance or liquidity. Certain items excluded from EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDAX. The Company's computations of EBITDAX may not be comparable to other similarly titled measures of other companies. The Company believes that EBITDAX is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet future debt service requirements, if any. The Company's credit facility requires that it maintain a total funded debt to EBITDAX ratio, as defined therein, of no greater than 3.75 to 1 on a rolling four-quarter basis. The credit facility defines EBITDAX consistently with the definition of EBITDAX utilized and presented by the Company. The following table represents a reconciliation of the Company's net income to EBITDAX.


                                  Three months ended        Year ended
    (in thousands)                   December 31,          December 31,
                                    --------------        ---------------
                                    2008       2007       2008       2007
                                    ----       ----       ----       ----
                                                (unaudited)

    Net income                      $416     $60,892   $320,950    $28,580
    Loss on mark-to-market
     derivatives                       -      14,160          -     26,703
    Income tax expense             8,083      24,868    197,580    268,197
    Interest expense               3,406       3,085     12,188     12,939
    Depreciation, depletion,
     amortization and accretion   53,074      26,326    148,902     93,632
    Property impairments          11,227       4,887     28,847     17,879
    Exploration expense           13,882       2,499     40,160      9,163
    Equity compensation            2,592         695      9,081     12,792
                                 -----------------------------------------
    EBITDAX                      $92,680    $137,412   $757,708   $469,885

[Via http://www.prnewswire.com]

Noble Group to Report Fourth Quarter and Full Year 2008 Financial Results on 26 February 2009

2009-02-26T09:08:00.000+02:00

HONG KONG, Feb. 26 /PRNewswire/ -- Noble Group Limited (SGX: NOBL), a leading global supply chain manager of agricultural, industrial and energy products, today announced that it will report its financial results for the fourth quarter and the full year 2008, after the Singapore market closes on 26 February 2009. Noble's management will hold an earnings conference call and webcast on 26 February 2009 at 18:30 Hong Kong / Singapore time (05:30 ET, 10:30 UK time, 11:30 Berlin, Germany / Bern, Switzerland time and 19:30 Australia EST -- Sydney, Melbourne).

Dial-in details for the conference call are as follows:

US Toll Free - +1.800.901.5231

US Toll - +1.617.786.2961

Hong Kong Toll - (852) 3002 1672

Singapore Toll Free - (65) 800 1301 175

Switzerland Toll Free - (41) 0 800 56 4442

Germany Toll Free - (49) 0 800 181 3857

Australia Toll Free - (61) 1 800 002 971

UK Toll Free - (44) 00 800 280 02002

(Please dial the US Toll Number if you are in a country outside those listed above.)

Passcode for all regions: "Noble Group"

In addition to the live broadcast, an archive will be available at http://www.thisisnoble.com.

About Noble Group

Noble Group (SGX: NOBL) is a market leader in managing the global supply chain of agricultural, industrial and energy products. We operate from over 100 offices in more than 40 countries, serving 4000+ customers. Noble manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation.

With annual revenues exceeding US$20 billion, Noble continues its transition to owning and managing more strategic assets, sourcing from low cost producers such as Brazil, Australia and Indonesia and supplying to high growth demand markets including China, India and the Middle East. Today Noble owns coal and iron ore mines, grain crushing facilities, sugar and ethanol plants, vessels, ports and other infrastructure to ensure high quality products are delivered in the most efficient and timely manner to its customers.

In 2008, Noble debuted on the Fortune Global 500 (#349), was included in the new 30 security Straits Times Index, gained a top ten placing in the ACCA/CFO Asia "Regional Corporate Transparency Index (CTI)" and received a BBB- rating (investment grade) from Fitch. Noble was placed on the Forbes Global 2000 and Forbes Fab 50 while being included in the S&P Global Challengers and The Asset's Best 60 Corporate Governance Award. Noble also received the Corporate Governance Recognition Award: Classes Of 2006 - 2008 - by Corporate Governance Asia and was chosen as one of FinanceAsia's Best Companies. In 2005, Noble joined the MSCI Singapore Index. During this period, the Group was recognized as one of BusinessWeek's Stars of Asia and a Best Employer by Hewitt Associates.

    For further details please contact:
    Mr. Stephen Brown
    Noble Group Limited
    Tel: +852 2250 2060
    Fax: +852 2861 0018
    Email: stephenbrown@thisisnoble.com

    Mr. Brad Smolar
    Smolar Limited
    Tel: +852 6339 3396
    Fax: +852 2573 2473
    Email: reputation@smolar.com

[Via http://www.prnewswire.com]

Integrys Energy Group Reports 2008 Fourth Quarter Financial Results and Its Strategy to Fully or Partially Divest and/or Scale Back Its Nonregulated Energy Services Business Segment

2009-02-26T01:00:00.000+02:00

CHICAGO, Feb. 25 /PRNewswire-FirstCall/ -- Integrys Energy Group, Inc. (NYSE: TEG) recognized income available for common shareholders on a GAAP (generally accepted accounting principles) basis of $25.6 million ($0.33 diluted earnings per share) for the quarter ended December 31, 2008, compared with income available for common shareholders on a GAAP basis of $85.1 million ($1.11 diluted earnings per share) for the quarter ended December 31, 2007.

    Highlights:

    -- For the quarter ended December 31, 2008, income available for common
       shareholders included net after-tax non-cash accounting losses of $41.9
       million, compared with net after-tax non-cash accounting gains of $47.2
       million for the quarter ended December 31, 2007. This negative $89.1
       million after-tax change in non-cash activity quarter-over-quarter was
       related to derivative and inventory accounting activities at Integrys
       Energy Services, Inc. Integrys Energy Services expects to recover non-
       cash accounting losses related to derivative fair value adjustments and
       inventory valuation adjustments when the related electric and natural
       gas transactions are physically settled.

    -- Although not readily apparent when including the non-cash activity
       discussed above, Integrys Energy Services had another strong quarter
       from an economic value perspective, evidenced by the growth in its
       forward book value. Energy prices sequentially declined approximately
       20% during the fourth quarter of 2008, following the approximate 40%
       decline in energy prices during the third quarter of 2008. The lower
       energy prices provided attractive risk mitigation opportunities for
       Integrys Energy Services' customers, who returned to longer-term, more
       typical contract practices. Forward contracted retail electric volumes
       increased approximately 33%, while forward contracted retail natural
       gas volumes were unchanged from December 31, 2007 to December 31, 2008.
       When compared to previous years, these reduced retail electric and
       natural gas volumetric growth rates resulted from Integrys Energy
       Services' focus on higher quality business within existing markets, in
       addition to the effect of applying high credit standards under current
       market conditions.

    -- Aided by a retail natural gas distribution rate increase at The Peoples
       Gas Light and Coke Company (Peoples Gas), an interim retail natural gas
       distribution rate increase at Minnesota Energy Resources Corporation,
       and colder weather conditions, earnings at the natural gas segment
       improved $7.9 million (28.1%) quarter-over-quarter.

    -- Higher operating and maintenance expenses in the fourth quarter of
       2008, compared with the same quarter in 2007, drove a $3.9 million
       (21.8%) quarter-over-quarter decrease in electric segment earnings.

Details regarding Integrys Energy Group's financial results for the quarters ended December 31, 2008 and 2007 are as follows:



    Integrys Energy Group's GAAP Results
    (Millions, except share amounts)
                                              2008       2007    Change

    Income from continuing operations        $21.8      $91.9    (76.3%)
    Basic earnings per share from
     continuing operations                   $0.27      $1.19    (77.3%)
    Diluted earnings per share from
     continuing operations                   $0.27      $1.19    (77.3%)

    Income available for common shareholders $25.6      $85.1    (69.9%)
      Basic earnings per share               $0.33      $1.11    (70.3%)
      Diluted earnings per share             $0.33      $1.11    (70.3%)

    Average shares of common stock
      Basic                                   76.7       76.5       0.3%
      Diluted                                 77.0       76.6       0.5%

Significant factors impacting the change in earnings and earnings per share were as follows:

    -- Financial results at Integrys Energy Services decreased $76.7 million,
       from earnings of $49.1 million for the quarter ended December 31, 2007,
       to a net loss of $27.6 million for the same quarter in 2008, driven by
       the following:
       -- An $89.1 million after-tax decrease in Integrys Energy Services'
          margin quarter-over-quarter related to non-cash activity, of which
          $81.8 million was related to non-cash activity associated with
          electric operations, with the remaining $7.3 million related to non-
          cash activity associated with natural gas operations. An overview
          of this non-cash activity has been provided below.

          Non-cash electric operations:

          The 20% decline in energy prices during the fourth quarter of 2008
          drove a $58.0 million net after-tax non-cash loss, compared with a
          $23.8 million net after-tax non-cash gain recognized in the fourth
          quarter of 2007, related to a 5% increase in energy prices during
          the fourth quarter of 2007. The non-cash unrealized gains and
          losses recognized resulted from the application of derivative
          accounting rules to Integrys Energy Services' portfolio of
          derivative electric customer supply contracts, requiring that these
          derivative instruments be adjusted to fair market value. The
          derivative instruments are utilized to economically hedge the price,
          volume, and ancillary risks associated with related electric
          customer sales contracts. The associated electric customer sales
          contracts are not adjusted to fair value, as they do not meet the
          definition of derivative instruments under GAAP, creating an
          accounting mismatch. As such, the non-cash unrealized gains
          and losses related to the electric customer supply contracts will
          vary each period, with non-cash unrealized gains being recognized in
          periods of increasing energy prices and non-cash unrealized losses
          being recognized in periods of declining energy prices, and will
          ultimately reverse when the related customer sales contracts settle.

          Non-cash natural gas operations:

          The spot price of natural gas decreased significantly during the
          fourth quarter of 2008 (below the average cost of natural gas in
          inventory which Integrys Energy Services had injected into storage
          earlier in 2008), which resulted in a lower-of-cost-or-market
          adjustment, as required by GAAP. This adjustment contributed a
          $32.8 million quarter-over-quarter decrease in the non-cash natural
          gas margin, driven by non-cash inventory write-downs in the fourth
          quarter of 2008. The negative impact on realized margin related to
          these inventory adjustments was offset by $44.8 million of net
          after-tax non-cash unrealized gains recognized in the fourth quarter
          of 2008, primarily related to derivative instruments utilized to
          mitigate the price risk on natural gas inventory underlying natural
          gas storage transactions. In the fourth quarter of 2007, natural
          gas derivative instruments resulted in the recognition of $19.3
          million of net after-tax non-cash unrealized gains. Similar to the
          electric operations discussed above, non-cash gains and losses
          related to derivative natural gas sales and customer supply
          contracts will vary each period, and will ultimately reverse when
          the physical contracts settle, or when natural gas is withdrawn from
          inventory.

       -- The recognition of $5.1 million of after-tax earnings from Integrys
          Energy Services' investment in a synthetic fuel production facility
          during the three months ended December 31, 2007. Production and
          sale of synthetic fuel by Integrys Energy Services ended when
          Section 29/45K of the Internal Revenue Code, which provided for
          Section 29/45K federal tax credits from the production and sale of
          synthetic fuel, expired effective December 31, 2007. As such, there
          were no earnings from this facility in the fourth quarter of 2008.

       -- A $9.3 million ($5.6 million after-tax) increase in operating and
          maintenance expense, primarily due to an increase in payroll and
          benefits expense, increased broker commissions driven by higher
          transacted volumes, and an increase in bad debt expense.

The above decreases in Integrys Energy Services financial results were partially offset by the following:

       -- A $16.7 million ($10.0 million after-tax) increase in realized
          natural gas margins, primarily related to realized gains on
          wholesale natural gas storage transactions. Quarter-over-quarter,
          Integrys Energy Services increased its natural gas storage
          withdrawals, which drove this increase in realized natural gas
          margins.

       -- A $10.0 million positive year-over-year after-tax impact on earnings
          related to the recognition of investment tax credits on solar
          projects completed in the fourth quarter of 2008.

       -- A $3.7 million after-tax increase in earnings related to
          discontinued operations at Integrys Energy Services. In the third
          quarter of 2008, Integrys Energy Services sold its Stoneman
          generation facility located in southwestern Wisconsin, but the
          transaction did not have a material impact on earnings. However, in
          the fourth quarter of 2008, Integrys Energy Services recognized a
          $3.8 million after-tax gain on the sale of this facility in
          discontinued operations when a previously contingent payment was
          paid by the buyer. This contingent payment resulted from
          legislation that passed in the fourth quarter of 2008, which
          extended the production tax credits available for certain biomass
          facilities.

    -- Due to the seasonal nature of the natural gas distribution business,
       the regulated natural gas utilities typically experience the majority
       of their income in the first and fourth quarters, as customers require
       natural gas for heating purposes during the winter months. During the
       fourth quarter of 2008, earnings recognized by the regulated natural
       gas segment were $36.0 million, which represented a $7.9 million
       (28.1%) increase over earnings of $28.1 million recognized during the
       same quarter in 2007. This change was driven by the following:

       -- A rate increase at Peoples Gas, which was effective in the first
          quarter of 2008, and an interim rate increase at Minnesota Energy
          Resources, which was effective October 1, 2008, had an approximate
          $21 million ($12.6 million after-tax) positive quarter-over-quarter
          impact on the natural gas utility margin.

       -- A 10.7% increase in natural gas throughput volumes to residential
          and commercial and industrial natural gas customers, driven by
          colder quarter-over-quarter weather conditions, partially offset by
          the negative impact that the general economic slowdown had on
          quarter-over-quarter natural gas sales volumes, drove an approximate
          $2.4 million net positive after-tax quarter-over-quarter impact on
          the natural gas utility segment margin.

       -- An approximate $5 million ($3.0 million after-tax) increase in bad
          debt and customer collection expense. The higher bad debt expense
          was driven by the impact of higher average quarter-over-quarter
          energy prices on overall accounts receivable balances, higher
          throughput volumes as a result of colder quarter-over-quarter
          weather conditions, and an increase in the number of past due
          accounts related to worsening economic conditions. Higher customer
          collection expense resulted from more customer accounts being turned
          over to collection agencies and other third parties for collection.

       -- A $1.1 million ($0.7 million after-tax) quarter-over-quarter
          increase in street restoration costs at Peoples Gas.

       -- Higher employee benefit expenses.

    -- The winter months, which basically comprise the first and fourth
       quarters, are generally the least profitable months for the regulated
       electric utility segment as the air conditioning load for customers is
       generally lowest during this period. During the fourth quarter of
       2008, the regulated electric utility segment experienced earnings of
       $14.0 million, which represented a $3.9 million (21.8%) decline over
       the $17.9 million of earnings recognized in the same quarter of 2007.
       The change was driven by the following:

       -- A $3.3 million ($2.0 million after-tax) increase in depreciation
          expense related to Weston 4, which was placed in service for
          accounting purposes in April 2008.

       -- A $3.2 million ($1.9 million after-tax) increase in regulated
          electric transmission expense primarily related to higher rates
          charged by the Midwest Independent System Operator and American
          Transmission Company due to additional transmission investment.

       -- An approximate $1 million ($0.6 million after-tax) increase in bad
          debt expense at the electric utility segment, primarily as a result
          of worsening economic conditions.

       -- A $1.7 million ($1.0 million after-tax) quarter-over-quarter
          decrease in miscellaneous income, driven by $1.5 million of interest
          income recognized in the fourth quarter of 2007 related to the
          completion of transmission facilities Wisconsin Public Service
          Corporation was funding on American Transmission Company's behalf
          before the start-up of Weston 4.

       -- Fuel and purchased power costs at Wisconsin Public Service that were
          approximately $3 million ($1.8 million after-tax) lower than what
          was recovered in rates during the quarter ended December 31, 2008,
          compared with fuel and purchased power costs that were approximately
          $1 million ($0.6 million after-tax) higher than what was recovered
          in rates during the same quarter in 2007. This drove an approximate
          $4 million ($2.4 million after-tax) offsetting increase in margin
          quarter-over-quarter.

    -- Financial results at the Holding Company and Other segment improved
       $7.1 million, from a net loss of $3.9 million during the quarter ended
       December 31, 2007, to earnings of $3.2 million for the quarter ended
       December 31, 2008, due primarily to the following:

       -- An $11.0 million ($6.6 million after-tax) decrease in operating and
          maintenance expenses quarter-over-quarter, primarily related to
          reductions in consulting fees, compensation and benefits, and
          contractor costs.

       -- A $2.9 million ($1.8 million after-tax) increase in earnings from
          Integrys Energy Group's approximate 34% ownership interest in
          American Transmission Company, from earnings of $13.8 million ($8.3
          million after-tax) in the fourth quarter of 2007, to earnings of
          $16.7 million ($10.1 million after-tax) in the fourth quarter of
          2008.

    -- In connection with the Peoples Energy merger on February 21, 2007,
       Integrys Energy Group announced its intent to divest of Peoples Energy
       Production Company, its oil and natural gas production subsidiary,
       which was sold in the third quarter of 2007. Discontinued operations
       recorded for Peoples Energy Production were a $6.1 million loss in the
       fourth quarter of 2007. During the quarter ended December 31, 2007,
       the initial after-tax gain recorded in the third quarter of 2007 on the
       sale was reduced by $6.1 million after-tax due to certain post closing
       adjustments, primarily pertaining to working capital.

YEAR-END RESULTS

Integrys Energy Group recognized income available for common shareholders on a GAAP basis of $126.4 million ($1.64 diluted earnings per share) for the year ended December 31, 2008, compared with income available for common shareholders on a GAAP basis of $251.3 million ($3.50 diluted earnings per share) for the year ended December 31, 2007. It is important to note that the financial results of PEC and its subsidiaries were only included in 2007 income available for common shareholders from February 22, 2007 through December 31, 2007, the period following the merger.

Included in income available for common shareholders for the year ended December 31, 2007, was $73.3 million of after-tax income related to discontinued operations (due primarily to earnings pertaining to a partial year of operation of Integrys Energy Group's oil and natural gas business in addition to a gain recorded on the sale of this business in 2007). After-tax income from discontinued operations was $4.7 million in 2008.

For the year ended December 31, 2008, income available for common shareholders also included net after-tax non-cash accounting losses of $90.9 million, compared with net after-tax non-cash accounting gains of $42.7 million for the year ended December 31, 2007. This negative $133.6 million after-tax year-over-year change in non-cash activity was related to derivative and inventory accounting activities at Integrys Energy Services. Integrys Energy Services expects to recover non-cash accounting losses related to derivative fair value adjustments and inventory valuation adjustments when the related electric and natural gas transactions are physically settled.

INTEGRYS ENERGY GROUP'S STRATEGY TO FULLY OR PARTIALLY DIVEST AND/OR SCALE BACK ITS NONREGULATED ENERGY SERVICES BUSINESS SEGMENT

Integrys Energy Group has made a decision to either divest entirely or partially its nonregulated energy services business segment, Integrys Energy Services, or significantly reduce the scope and scale of this business. Integrys Energy Group's short-term strategy will be to reduce and refocus its capital on those aspects of Integrys Energy Services' business that yield the highest return. Longer-term, in the event that a full divestiture of Integrys Energy Services does not occur and a portion of the nonregulated energy services business remains, it will be a smaller segment that requires significantly less capital, parental guaranties and overall financial liquidity support from Integrys Energy Group. Execution of this strategic decision is expected to result in lower earnings contributions from Integrys Energy Services going forward. In return, Integrys Energy Group expects an improved business risk profile and enhanced financial security. Divestiture of the nonregulated business segment, or a reduction in its size and scope, is also expected to allow Integrys Energy Group to eliminate or reduce the credit facilities and other forms of financial support committed to Integrys Energy Services. More details regarding this strategy change will be provided during Integrys Energy Group's earnings conference call scheduled for Thursday, February 26, 2009, at 8 a.m. CST.

EARNINGS FORECAST

Integrys Energy Group continues to manage its portfolio of businesses to achieve long-term growth in its core utility operations, while divesting and/or scaling back the nonregulated business segment. The company utilizes financial tools commonly used in the industry to help mitigate risk for the benefit of both shareholders and customers. In addition, the company's asset management strategy continues to deliver shareholder return from certain asset transactions. Given the current economic environment, turmoil in the global financial markets, and the decision to reduce the size and scope of its nonregulated business segment, the company has reduced its long-term diluted earnings per share growth rate target to 4 to 6 percent, on an average annualized basis, with 2009 as its base year, excluding non-cash derivative accounting and inventory valuation adjustment gains and losses.

The company anticipates generating earnings per diluted share in 2009 within the range of $2.51 to $2.66. This guidance assumes normal weather conditions, the availability of generation units, and reasonable rate relief for certain utilities. The diluted earnings per share guidance excludes the impact of non-cash lower-of-cost-or-market inventory adjustments and derivative accounting mark-to-market volatility for all of 2009 (such mark-to- market volatility is expected to include about $29.6 million of non-cash after-tax gains for all of 2009 relating to contracts terminating in 2009 which had net non-cash after-tax losses recognized in 2008).

The projected guidance range for 2009 diluted earnings per share from continuing operations -- adjusted is anticipated to be between $2.53 and $2.68. Diluted earnings per share from continuing operations -- adjusted guidance provides investors with additional insight into the company's operating performance because it eliminates the effects of certain items that are not comparable from one period to the next. Please see the "Diluted Earnings per Share Information -- Non-GAAP Financial Information" included at the end of this news release and also included with the supplemental data package on the company's Web site (to be available at approximately 6:00 a.m. CDT on February 26, 2009) for a reconciliation of diluted earnings per share from continuing operations to diluted earnings per share from continuing operations -- adjusted.

Integrys Energy Group's management will provide earnings guidance by its four main business segments during its earnings conference call at 8 a.m. CST on February 26.

CONFERENCE CALL

An earnings conference call is scheduled for 8 a.m. CST on Thursday, February 26, 2009. Executive management of Integrys Energy Group will discuss 2008 fourth quarter and full year financial results and prospects for 2009. To access the call, which is open to the public, call 888-690-9634 (toll free) 15 minutes prior to the scheduled start time. Callers will be required to supply EARNINGS as the passcode and MR. STEVEN ESCHBACH as the leader. Callers will be placed on hold with music until the call begins. A replay of the conference call will be available through May 5, 2009, by dialing 866-365-4158 (toll free).

Investors may also listen to the conference live on Integrys Energy Group's corporate Web site at http://www.integrysgroup.com/investor/presentations.aspx. An archive of the Webcast will be available on the company's Web site at http://www.integrysgroup.com/investor/presentations.aspx.

In conjunction with this conference call, Integrys Energy Group will post on its Web site PowerPoint slides that will be referred to within the prepared remarks during the call. The slides will be available at 6:00 a.m. CST on February 26.

FORWARD-LOOKING STATEMENTS

Financial results in this news release are unaudited. In this news release, Integrys Energy Group and its subsidiaries make statements concerning expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to assumptions and uncertainties; therefore, actual results may differ materially from those expressed or implied by such forward-looking statements. Although Integrys Energy Group and its subsidiaries believe that these forward-looking statements and the underlying assumptions are reasonable, they cannot provide assurance that such statements will prove correct.

Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, regulatory matters, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, environmental and other capital expenditures, liquidity and capital resources, trends, estimates, completion of construction projects, and other matters.

Forward-looking statements involve a number of risks and uncertainties. Some risk factors that could cause results to differ from any forward-looking statement include those described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008. Other factors include:

    -- Resolution of pending and future rate cases and negotiations (including
       the recovery of deferred costs) and other regulatory decisions
       impacting Integrys Energy Group's regulated businesses;
    -- The impact of recent and future federal and state regulatory changes,
       including legislative and regulatory initiatives regarding deregulation
       and restructuring of the electric and natural gas utility industries
       and possible future initiatives to address concerns about global
       climate change, changes in environmental, tax, and other laws and
       regulations to which Integrys Energy Group and its subsidiaries are
       subject, as well as changes in the application of existing laws and
       regulations;
    -- Current and future litigation, regulatory investigations, proceedings,
       or inquiries, including but not limited to, manufactured gas plant site
       cleanup, reconciliation of revenues from the Gas Charge and related
       natural gas costs, and the contested case proceeding regarding the
       Weston 4 air permit;
    -- The impacts of changing financial market conditions, credit ratings,
       and interest rates on the liquidity and financing efforts of Integrys
       Energy Group and its subsidiaries;
    -- The risks associated with executing Integrys Energy Group's plan to
       significantly reduce the scope and scale of, or divest in its entirety,
       the nonregulated energy services business;
    -- The risks associated with changing commodity prices (particularly
       natural gas and electricity) and the available sources of fuel and
       purchased power, including their impact on margins;
    -- Resolution of audits or other tax disputes with the Internal Revenue
       Service and various state, local, and Canadian revenue agencies;
    -- The effects, extent, and timing of additional competition or regulation
       in the markets in which Integrys Energy Group's subsidiaries operate;
    -- The retention of market-based rate authority;
    -- The risk associated with the value of goodwill or other intangibles and
       their possible impairment;
    -- Investment performance of employee benefit plan assets;
    -- Advances in technology;
    -- Effects of and changes in political and legal developments, as well as
       economic conditions and the related impact on customer demand;
    -- Potential business strategies, including mergers, acquisitions, and
       construction or disposition of assets or businesses, which cannot be
       assured to be completed timely or within budgets;
    -- The direct or indirect effects of terrorist incidents, natural
       disasters, or responses to such events;
    -- The effectiveness of risk management strategies and the use of
       financial and derivative instruments;
    -- The risks associated with the inability of Integrys Energy Group's and
       its subsidiaries' counterparties, affiliates, and customers to meet
       their obligations;
    -- Weather and other natural phenomena, in particular the effect of
       weather on natural gas and electricity sales;
    -- The utilization of tax credit carryforwards;
    -- The effect of accounting pronouncements issued periodically by
       standard-setting bodies; and
    -- Other factors discussed in the 2008 Annual Report on Form 10-K and in
       other reports filed by Integrys Energy Group from time to time with the
       United States Securities and Exchange Commission.

Except to the extent required by the federal securities laws, Integrys Energy Group and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Integrys Energy Group, Inc.

Integrys Energy Group is a diversified holding company with regulated utility operations operating through six wholly owned subsidiaries, Wisconsin Public Service Corporation, The Peoples Gas Light and Coke Company, North Shore Gas Company, Upper Peninsula Power Company, Michigan Gas Utilities Corporation, and Minnesota Energy Resources Corporation; nonregulated operations serving the competitive energy markets in the United States and Canada through its wholly owned nonregulated subsidiary, Integrys Energy Services; and also a 34% equity ownership interest in American Transmission Company LLC (an electric transmission company operating in Wisconsin, Michigan, Minnesota, and Illinois).

More information about Integrys Energy Group, Inc. is available online at http://www.integrysgroup.com.

                -- Unaudited Financial Statements to Follow --



                           INTEGRYS ENERGY GROUP, INC.

                        CONSOLIDATED STATEMENTS OF INCOME

                                       Three Months Ended  Twelve Months Ended
                                           December 31         December 31
    (Millions, except per share data)    2008      2007      2008      2007

    Nonregulated revenue               $2,181.5  $2,003.8  $9,737.9  $6,987.0
    Utility revenue                     1,236.8   1,057.8   4,309.9   3,305.4
    Total revenues                      3,418.3   3,061.6  14,047.8  10,292.4

    Nonregulated cost of fuel, natural
     gas, and purchased power           2,184.1   1,872.9   9,654.3   6,676.2
    Utility cost of fuel, natural gas,
     and purchased power                  816.5     685.4   2,744.1   2,044.2
    Operating and maintenance expense     300.5     264.6   1,081.2     922.1
    Goodwill impairment loss                 -         -        6.5        -
    Depreciation and amortization
     expense                               57.6      51.8     221.4     195.1
    Taxes other than income taxes          24.5      22.8      93.6      87.4
    Operating income                       35.1     164.1     246.7     367.4

    Miscellaneous income                   22.8      14.7      87.3      64.1
    Interest expense                      (47.2)    (37.3)   (158.1)   (164.5)
    Minority interest                       0.1        -        0.1       0.1
    Other expense                         (24.3)    (22.6)    (70.7)   (100.3)

    Income before taxes                    10.8     141.5     176.0     267.1
    Provision (benefit) for income
     taxes                                (11.0)     49.6      51.2      86.0
    Income from continuing operations      21.8      91.9     124.8     181.1

    Discontinued operations, net of tax     4.6      (6.0)      4.7      73.3
    Income before preferred stock
     dividends of subsidiary               26.4      85.9     129.5     254.4

    Preferred stock dividends of
     subsidiary                             0.8       0.8       3.1       3.1
    Income available for common
     shareholders                         $25.6     $85.1    $126.4    $251.3

    Average shares of common stock
        Basic                              76.7      76.5      76.7      71.6
        Diluted                            77.0      76.6      77.0      71.8

    Earnings per common share (basic)
        Income from continuing
         operations                       $0.27     $1.19     $1.59     $2.49
        Discontinued operations, net
         of tax                            0.06     (0.08)     0.06     $1.02
        Earnings per common share
         (basic)                          $0.33     $1.11     $1.65     $3.51

    Earnings per common share (diluted)
        Income from continuing
         operations                       $0.27     $1.19     $1.58     $2.48
        Discontinued operations, net
         of tax                            0.06     (0.08)     0.06     $1.02
        Earnings per common share
         (diluted)                        $0.33     $1.11     $1.64     $3.50

    Dividends per common share            $0.67     $0.66     $2.68     $2.56



                           INTEGRYS ENERGY GROUP, INC.

                           CONSOLIDATED BALANCE SHEETS

    At December 31
    (Millions)                                        2008              2007

    Assets
    Cash and cash equivalents                       $254.1             $41.2
    Accounts receivable and accrued
     unbilled revenues, net of reserves
     of $62.5 and $56.0, respectively              2,155.3           1,870.0
    Inventories                                      732.9             663.4
    Assets from risk management activities         2,223.7             840.7
    Regulatory assets                                244.0             141.7
    Other current assets                             280.8             169.3
    Current assets                                 5,890.8           3,726.3

    Property, plant, and equipment, net
     of accumulated depreciation of
     $2,710.0 and $2,602.2, respectively           4,773.3           4,463.8
    Regulatory assets                              1,444.8           1,102.3
    Assets from risk management activities           758.7             459.3
    Goodwill                                         933.9             948.3
    Pension assets                                      -              101.4
    Other                                            471.0             433.0
    Total assets                                 $14,272.5         $11,234.4

    Liabilities and Shareholders' Equity
    Short-term debt                               $1,209.0            $468.2
    Current portion of long-term debt                155.2              55.2
    Accounts payable                               1,534.3           1,331.8
    Liabilities from risk management
     activities                                    2,190.3             813.5
    Regulatory liabilities                            58.8              77.9
    Deferred income taxes                             71.6              13.9
    Other current liabilities                        494.8             487.7
    Current liabilities                            5,714.0           3,248.2

    Long-term debt                                 2,288.0           2,265.1
    Deferred income taxes                            435.7             494.4
    Deferred investment tax credits                   36.9              38.3
    Regulatory liabilities                           275.5             292.4
    Environmental remediation liabilities            640.6             705.6
    Pension and other postretirement
     benefit obligations                             636.5             247.9
    Liabilities from risk management activities      762.7             372.0
    Asset retirement obligations                     179.1             140.2
    Other                                            152.8             143.4
    Long-term liabilities                          5,407.8           4,699.3

    Commitments and contingencies

    Preferred stock of subsidiary with no
     mandatory redemption                             51.1              51.1
    Common stock - $1 par value,
     200,000,000 shares authorized                    76.4              76.4
    Additional paid-in capital                     2,487.9           2,473.8
    Retained earnings                                624.6             701.9
    Accumulated other comprehensive loss             (72.8)             (1.3)
    Treasury stock and shares in deferred
     compensation trust                              (16.5)            (15.0)
    Total liabilities and shareholders'
     equity                                      $14,272.5         $11,234.4



                           INTEGRYS ENERGY GROUP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

    Year Ended December 31
    (Millions)                                        2008              2007
    Operating Activities
    Income before preferred stock dividends
     of subsidiary                                  $129.5            $254.4
    Adjustments to reconcile income
     before preferred stock dividends of
     subsidiary to net cash (used for)
     provided by operating activities
       Discontinued operations, net of tax            (4.7)            (73.3)
       Goodwill impairment loss                        6.5               -
       Depreciation and amortization expense         221.4             195.1
       Refund of non-qualified
        decommissioning trust                         (0.5)            (70.6)
       Weston 3 outage expenses                        0.4             (22.7)
       Recovery of MISO Day 2 expenses                19.8               -
       Recoveries and refunds of other
        regulatory assets and liabilities             31.4              32.6
       Amortization of nonregulated
        customer contract intangibles                 13.3              21.0
       Net unrealized gains on
        nonregulated energy contracts                (15.8)            (59.5)
       Nonregulated lower of cost or
        market inventory adjustments                 167.3               7.0
       Bad debt expense                               76.8              39.1
       Pension and other postretirement expense       50.7              67.5
       Pension and other postretirement funding      (40.8)            (35.3)
       Deferred income taxes and
        investment tax credit                         62.4              66.8
       Gain on sale of investments                     -                (2.7)
       (Gain) loss on sale of property,
        plant, and equipment                          (1.2)              1.1
       Equity income, net of dividends               (15.1)              2.4
       Other                                          (3.9)            (22.5)
       Changes in working capital
          Receivables and unbilled revenues, net    (446.9)             51.3
          Inventories                               (312.0)           (172.9)
          Other current assets                      (124.6)              0.9
          Accounts payable                           (53.2)            (96.5)
          Other current liabilities                  (10.8)             55.3
    Net cash (used for) provided by
     operating activities                           (250.0)            238.5

    Investing Activities
    Capital expenditures                            (532.8)           (392.6)
    Proceeds from the sale or disposal of
     property, plant, and equipment                   31.1              15.6
    Purchase of equity investments and
     other acquisitions                              (37.8)            (66.5)
    Cash paid for transaction costs
     related to the PEC merger                         -               (14.4)
    Acquisition of natural gas operations
     in Michigan and Minnesota, net of
     liabilities assumed                               -                 1.9
    Restricted cash for repayment of long-term debt    -                22.0
    Cash paid for transmission interconnection       (17.4)            (23.9)
    Proceeds received from transmission
     interconnection                                  99.7               -
    Other                                              5.0               6.4
    Net cash used for investing activities          (452.2)           (451.5)

    Financing Activities
    Short-term debt, net                             569.7            (463.7)
    Issuance of notes payable                        155.7               -
    Proceeds from sale of borrowed natural gas       530.4             211.9
    Purchase of natural gas to repay
     natural gas loans                              (257.2)           (177.5)
    Issuance of long-term debt                       181.5             125.2
    Repayment of long-term debt                      (58.1)            (26.5)
    Payment of dividends
       Preferred stock                                (3.1)             (3.1)
       Common stock                                 (203.9)           (177.0)
    Issuance of common stock                           -                45.6
    Other                                             (3.7)              5.9
    Net cash provided by (used for)
     financing activities                            911.3            (459.2)

    Change in cash and cash equivalents -
     continuing operations                           209.1            (672.2)
    Change in cash and cash equivalents -
     discontinued operations
       Net cash used for operating activities          -              (109.3)
       Net cash provided by investing activities       3.8             799.5
    Change in cash and cash equivalents              212.9              18.0
    Cash and cash equivalents at
     beginning of year                                41.2              23.2
    Cash and cash equivalents at end of year        $254.1             $41.2



                         Integrys Energy Group, Inc.

   Diluted Earnings Per Share Information - Non-GAAP Financial Information

    Non-GAAP Financial Information

Integrys Energy Group prepares financial statements in accordance with accounting principles generally accepted in the United States (GAAP). Along with this information, we disclose and discuss diluted earnings per share (EPS) from continuing operations -- adjusted, which is a non-GAAP measure. Management uses the measure in its internal performance reporting and for reports to the Board of Directors. We disclose this measure in our quarterly earnings releases, on investor conference calls, and during investor conferences and related events. Management believes that diluted EPS from continuing operations -- adjusted is a useful measure for providing investors with additional insight into our operating performance because it eliminates the effects of certain items that are not comparable from one period to the next. Therefore, this measure allows investors to better compare our financial results from period to period. The presentation of this additional information is not meant to be considered in isolation or as a substitute for our results of operations prepared and presented in conformance with GAAP.



    Actual Quarter and Year Ended December 31, 2008 and 2007

                                  Three Months Ended            Year Ended
                                      December 31               December 31
                                   2008         2007         2008         2007
    Diluted EPS from
     continuing operations        $0.27        $1.19        $1.58        $2.48
    Diluted EPS from
     discontinued operations       0.06       (0.08)         0.06         1.02
      Total Diluted EPS           $0.33        $1.11        $1.64        $3.50
      Average Shares of
       Common Stock - Diluted      77.0         76.6         77.0         71.8

Information on Special Items:

Diluted earnings per share from continuing operations, as adjusted for special items and their financial impact on diluted earnings per share from continuing operations for the three months and year ended December 31, 2008 and 2007 are as follows:

    Diluted EPS from continuing
     operations                     $0.27       $1.19     $1.58      $2.48

    Adjustments (net of taxes):
    Gain on asset sale                  -           -         -     (0.02)
    Goodwill impairment                 -           -      0.08          -
    Integrys Energy Services'
     power contract in Maine
     liquidated in 2005                 -           -         -       0.01
    External transition costs
     related to Peoples
     Energy merger                   0.02        0.05      0.09       0.15
    Impact of purchase accounting
     adjustments due to Peoples
     Energy merger                   0.01        0.08      0.09       0.14
    Synfuel - realized and
     unrealized oil option
     gains/losses, tax credits,
     production costs, premium
     amortization, deferred
     gain recognition, and royalties    -       (0.07)    (0.01)     (0.24)
      Diluted EPS from continuing
       operations - adjusted        $0.30       $1.25     $1.83      $2.52

    Weather impact - regulated
     utilities (as compared
     to normal)
    Electric impact -
     favorable/(unfavorable)        $0.01       $0.01     $0.02      $0.03
    Gas impact -
     favorable/(unfavorable)         0.03       (0.04)     0.14      (0.16)
      Total weather impact          $0.04      $(0.03)    $0.16     $(0.13)



                         Integrys Energy Group, Inc.

   Diluted Earnings Per Share Information - Non-GAAP Financial Information

    2009 Forecast
                                                     Potential 2009 Diluted
                                                           EPS Ranges

                                                       Low           High
                                                    Scenario       Scenario
    Diluted EPS from continuing operations             $2.51          $2.66
    Diluted EPS from discontinued operations               -              -
      Total Diluted EPS                                $2.51          $2.66
      Average Shares of Common Stock - Diluted          77.4           77.4

Information on Special Items:

Diluted earnings per share from continuing operations, as adjusted for special items and their financial impact on the 2009 diluted earnings per share from continuing operations guidance are as follows:

    Diluted EPS from continuing operations             $2.51          $2.66

    Adjustments (net of taxes):
    External transition costs related to
     Peoples Energy merger                              0.04           0.04
    Impact of purchase accounting adjustments
     due to Peoples Energy merger                      (0.02)         (0.02)
      Diluted EPS from continuing
       operations - adjusted                           $2.53          $2.68

    * Key Assumptions for 2009:
    -- Normal weather conditions
    -- Availability of generation units
    -- Reasonable rate relief for certain utilities
    -- Excludes the impact of non-cash lower-of-cost-or-market inventory
       adjustments and derivative accounting mark-to-market volatility for all
       of 2009 (such mark-to-market volatility is expected to include about
       $29.6 million of non-cash after-tax gains for all of 2009 relating to
       contracts terminating in 2009 which had net non-cash after-tax losses
       recognized in 2008)

[Via http://www.prnewswire.com]

Amerigon Climate Control Seat(TM) (CCS)(TM) System Selected as Standard Feature for Front-Row Seats, Option for Second-Row Seats of New 2010 Lincoln MKT

2009-02-25T11:00:00.000+02:00

First Lincoln Vehicle to Offer CCS in Front- and Second-Row Seats

NORTHVILLE, Mich., Feb. 25 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(TM) (CCS(TM))system is available in the new 2010 Lincoln MKT full-size luxury utility vehicle as a standard feature in the front-row seats and as an option for the second-row bucket seats. The Lincoln MKT is the first Lincoln vehicle to offer CCS in both the front- and second-row seats. The Lincoln MKT is expected to be in showrooms late this summer.

The Lincoln MKT features a 3.7-liter, 24-valve variation of the award-winning Duratec engine family as a standard for fuel-efficiency while still delivering driving performance, and a host of other responsible technologies and amenities, including CCS.

CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.

Amerigon President and Chief Executive Officer Daniel R. Coker said the Company is very pleased to be extending its collaborative partnership with Lincoln's design and engineering teams as the two companies work together to further extend the application of CCS in Lincoln's new product line.

"The addition of our seat system in another prestigious Lincoln vehicle is an endorsement of the value our system delivers to automotive manufacturers and consumers," said Coker. "Our seat system is a perfect match for a number of the MKT's most notable features--utmost comfort and luxury coupled with fuel economy and environmentally responsible engineering. We also believe Lincoln's selection of CCS for both the front- and second-row seats may create opportunities for CCS to be offered in similar four-seat configurations in other future vehicle lines, thus, dramatically increasing the market potential. We look forward to continuing our long and well-established relationship with Lincoln."

Other vehicles from Lincoln that offer CCS are the Lincoln MKZ, the Lincoln MKX, the Lincoln MKS and the Lincoln Navigator.

About CCS

In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.

Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.

About Amerigon

Amerigon (NASDAQ: ARGN) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS)(TM) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.

Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.

    Contact:    Allen & Caron Inc
                Jill Bertotti (investors)
                jill@allencaron.com
                Len Hall (media)
                len@allencaron.com
                (949) 474-4300

[Via http://www.prnewswire.com]

Frost & Sullivan Sees Light at the End of the Tunnel for Africa's Electricity Industry

2009-02-25T08:46:00.000+02:00

CAPE TOWN, South Africa, Feb. 25 /PRNewswire/ -- The Energy & Power Systems Group at Frost & Sullivan is pleased to announce that it will be hosting a free online analyst briefing on the impact of the global economic slowdown on Africa's electricity sector on Wednesday 11 March 2009 at 2:00 pm GMT/ 4:00pm CAT.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

Despite the global economic downturn, the sub-Saharan African electricity industry is still expected to grow. This is due to strong fundamentals that include an improved investment climate, a high demand for electricity, robust economies, the pursuit of the reform of the power sector and feedstock availability.

"The sub-Saharan African electricity sector will be largely unexposed to shifts in global economic conditions," says Frost & Sullivan Industry Analyst Jeannot Boussougouth. "In times of depressed economic conditions, investors will need to direct their investments to sectors with strong fundamentals, and the region's electricity sector certainly offers robust growth prospects."

Highlights of this briefing will include a succinct presentation of sub-Saharan Africa's current business environment, an outline of major challenges and drivers inherent to its electricity market, a comparison of the installed generation capacity and demand in selected countries, an overview of planned projects as well as an analysis of the potential mitigating strategies that can be adopted in the current environment.

"As vertical sectors across the world start to feel the effects of the global recession, investors and project developers willing to invest in the sub-Saharan African electricity industry will need to be aware of the challenges that they could face and the subsequent mitigating strategies they could employ," says Frost & Sullivan Industry Analyst Jeannot Boussougouth. "In addition, project developers will need to be aware of the planned projects that Frost & Sullivan has identified across the sub-Saharan African region. This should help current and future participants cope with a dramatically altered economic landscape."

The discussion will benefit decision-makers at various financial institutions, government bodies, project developers and investment institutions.

To participate, please email Patrick Cairns at patrick.cairns@frost.com with the following information: your full name, company name, title, telephone number, e-mail, address, city and country. Upon receipt of the above information, a registration link will be e-mailed to you. You may also register to receive a recorded version of the briefing at anytime by submitting the aforementioned contact details.

     Contact:
     Patrick Cairns
     Corporate Communications
     T: +27 18 468 2315
     E: patrick.cairns@frost.com
    http://www.frost.com

[Via http://www.prnewswire.com]

Ballast Nedam: Share Buy-Back Completed

2009-02-25T06:30:00.000+02:00

NIEUWEGEIN, The Netherlands, February 25 /PRNewswire-FirstCall/ -- Ballast Nedam N.V. announces that it has finalised its share buy-back program of maximum 100,000 of its own depositary receipts, which started 16 December 2008, as of 24 February 2009. The average price amounts EUR 13.30.

The issued share capital of Ballast Nedam N.V. consists of 10,000,000 (depositary receipts for) shares.

After the above-mentioned share buy-back, Ballast Nedam N.V. holds in total 200,000 (depositary receipts for) shares to cover current management options obligations.

[Via http://www.prnewswire.com]

New Genomatica Chemical Process Targets Ailing Ethanol Assets

2009-02-25T05:01:00.000+02:00

First-ever bio-manufacturing process to produce methyl ethyl ketone from renewable feedstocks proven in rapid order

SAN DIEGO, Feb. 25 /PRNewswire/ -- Researchers at Genomatica, Inc., a sustainable chemical company, have developed a bio-manufacturing process for methyl ethyl ketone (MEK), a commonly used industrial solvent with a global market valued at more than $2 billion. The rapid development breakthrough demonstrates that Genomatica's technology can repeatedly target specific chemicals that previously could only be produced from petroleum-based feedstocks. Genomatica's research proves these chemicals can be manufactured inside organisms using renewable feedstocks.

In the second half of 2008, on the heels of its first breakthrough, 1,4-Butanediol (BDO), Genomatica targeted MEK and began development. By extensively leveraging unique capabilities of Genomatica's technology platform, researchers have successfully created the first organism known to bio-manufacture MEK from sugar in the laboratory. The process converts sugar and water into this valuable chemical, most prominently used as a solvent in paints and coatings for furniture.

Genomatica executives selected MEK because it can be produced in existing ethanol manufacturing facilities left idle by a recent market contraction. Because of a recent downturn in demand for corn ethanol, many small- and mid-sized manufacturing facilities have been forced to cut production or shut down. These facilities are also facing serious concerns regarding the long-term competitive outlook for profitable ethanol production. To make better use of those investments, Genomatica developed a sustainable chemical process that would use the same equipment, temperatures and processes. With minimal additional investment, plants will be able to produce a chemical valued at significantly higher prices than ethanol.

"Shortly after our first chemical breakthrough, we envisioned the profile of an ideal chemical for the current economic environment. The Genomatica engineering team immediately determined that MEK fit the profile, and set to work," said Christopher Gann, chief executive officer of Genomatica. "I am confident in our technology, but was still surprised and pleased when they produced the proof-of-concept so quickly."

The Manufacturing Opportunity

Genomatica targeted MEK for development because it presented a unique opportunity to use existing facilities designed for corn ethanol manufacturing. The Renewable Fuels Association has estimated that 10 or more companies have shut down 24 ethanol plants over the last three months. This represents about 15 percent of the country's ethanol production.

"We have invested in several commodity processing plants and clean energy development projects, but we are facing a difficult economic and regulatory environment," said David Kolsrud, ethanol producer and president of DAK Renewable Energy. "Many ethanol producers will be keenly interested in a process that would give new options for a strong return on investment and sustainable job growth for the community."

Small- to mid-sized ethanol producers are a particularly good fit for the manufacturing opportunity offered by Genomatica's breakthrough. As the industry adjusts to changes in demand, smaller farmer-owned or -operated plants will face unique challenges. While larger operations can restructure to lower costs or access capital for upgrades, smaller producers face a more uncertain future. As Genomatica refines the process for MEK and develops other chemicals to use existing ethanol infrastructure, it can offer additional product options to small producers.

MEK will offer existing plants the opportunity to transform their production from lower-value corn ethanol to higher-value chemical production.

"Using existing infrastructure like ethanol plants will allow the end-chemical customer to drive down the cost of their initial investment in sustainable chemical manufacturing," said Gann. "Most chemical producers and consumers are looking very closely at capital costs so they are eager to use existing manufacturing assets more fully."

The Genomatica Technology Advantage

Genomatica's technology portfolio consists of proprietary computational modeling, "wet lab" microbe modification and specialized process engineering. With computational modeling, Genomatica's researchers examine all possible biological pathways to create target chemicals from various low-cost, renewable feedstocks. In this case, they explored all plausible paths from glucose and sucrose to MEK, and selected the optimal version. Researchers then used the computer models to design the ideal microbe and made all the modifications necessary to turn this design into reality.

Armed with the "blueprint," researchers create microorganisms through traditional genetic modification. In the case of MEK, this resulted in a microbe able to produce significant amounts of MEK in a matter of only a few months. Combined with Genomatica's understanding of biological adaptation, they can develop organisms that thrive under adverse conditions while further increasing their production of the desired chemical product. With deep experience from the traditional chemical industry, Genomatica then designs the complete process to produce the chemical and drives costly inefficiencies from every stage of the process, from raw material preparation and fermentation to separation and purification.

"With this second breakthrough, Genomatica has proven an important component of the technology: to predict and then rapidly build an organism that produces the target product," said Jay Keasling, professor of chemical engineering and bioengineering at the University of California, Berkeley, and chief executive officer of the Joint BioEnergy Institute. "So much of what we do in biotechnology is trial and error, but this represents a unique step in the industry."

The MEK Market

About 400 million pounds of MEK are bought and sold in the United States each year, and approximately 100 million pounds are imported from overseas. Worldwide installed capacity for manufacturing is just less than 3 billion pounds per year, and the market is broadly valued at $2 billion per year. MEK is a solvent used in coatings and paint, also known as butanone. MEK also acts as a processing tool for synthetic rubber and polyester resin products.

Because it is expected to be cost-advantaged against traditional manufacturing techniques for MEK, with a low-capital outlay, Genomatica's process could allow for additional domestic production capacity of MEK to reduce imports that are derived from fossil fuels. As with Genomatica's previously announced BDO product, the company will continue to refine and develop the process to increase the cost advantage and efficiency. Genomatica will offer a licensing model to allow other manufacturers to directly produce MEK from the process.

Continued Progress with 1,4 Butanediol

In September 2008, Genomatica announced a novel bio-manufacturing process for the production of 1,4-butanediol (BDO) from renewable feedstocks - sugar and water. Since that announcement, the company has continued to improve the process, making it more cost effective and productive.

The current strain of microbe has been improved to tolerate and continue production in a 10 percent solution of BDO. In typical bio-manufacturing processes, microbes become less effective in higher concentration solutions. Because of Genomatica's unique adaptive evolution method, the organism's growth and survival has instead been linked to higher production of BDO. The company is now developing the process engineering plans for a demonstration plant to bio-manufacture BDO; Genomatica expects to initiate construction of the plant later this year.

About Genomatica

Genomatica is a sustainable chemicals company revolutionizing the chemical industry with groundbreaking technologies that sustainably transform chemical production processes through bio-manufacturing. Founded in 2000 by research scientists from the University of California at San Diego, Genomatica develops a broad range of biologically produced industrial chemicals from a variety of renewable feedstocks at a fraction of the cost.

A privately held company, Genomatica is backed by top Silicon Valley venture capital firms Mohr Davidow Ventures, Alloy Ventures and Draper Fisher Jurvetson. Genomatica is based in San Diego.

[Via http://www.prnewswire.com]

Web-based Audio Interviews Keep Environment of Care Managers Up-to-Date on Key EC Compliance Issues

2009-02-24T15:20:00.000+02:00

NEEDHAM, Mass., Feb. 24 /PRNewswire/ -- Environment of Care managers can now quickly and easily access practical tips to better achieve and maintain their organization's environment of care (EC) compliance with the launch of a new series of brief, web-based audio interviews with EC experts called "EC Bits."

EC Bits audio interviews, free to play or download at http://www.eheinc.com/ec_bits.htm feature expert advice to help keep EC managers up-to-date on key EC issues and with achieving and managing environment of care compliance.

"EC Bits are presented in a format that is very accessible to today's on-the-go healthcare management professionals," said Kevin Coghlan, M.S., C.I.H., EC Bits host, and EH&E's Director of EH&S Compliance and Strategic Support.

Each interview is approximately 8 to 10 minutes in length and is free to play or download at http://www.eheinc.com/ec_bits.htm.

Topics are updated regularly. Current interviews include "Common Pitfalls of Implementing the 2009 EM Standards: The 96 Hour Rule," "The Joint Commissions' 2008/2009 Updates to the Environment of Care Standards," and "Managing Infection Control in Healthcare During Construction."

EC Bits is presented by Environmental Health & Engineering, Inc. (EH&E, www.eheinc.com), a consulting firm with more than 20 years of healthcare regulatory compliance experience. Access EC Bits on the Web at http://www.eheinc.com/ec_bits.htm

About EH&E

EH&E (www.eheinc.com) has provided an extensive range of environmental and engineering consulting services for 20 years. Our team consists of more than 60 experts with an outstanding record of providing business-focused solutions for issues that affect the built environment. EH&E has a depth of knowledge and credibility unmatched in the industry and our wealth of readily-accessible information has become a powerful resource for our clients.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Kevin Coghlan |

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=40931

[Via http://www.prnewswire.com]

Lend America Implements 100% Automated Paperless Platform For All Loan Originations

2009-02-24T13:20:00.000+02:00

Brings the entire mortgage process into a single paperless application enhancing efficiency and compliance

Strategic initiative lead by new Chief Information Officer Adeel Saeed

Transforms Company's green ideals into real environmental and economic results

MELVILLE, N.Y., Feb. 24 /PRNewswire/ -- Lend America, a leading next generation direct-to-consumer FHA lender, announced today it has built and implemented an automated paperless platform for all loan originations and processing that enhances overall efficiency, regulatory compliance and risk management, while extending the Company's commitment to environmental stewardship. This strategic initiative was directed by Lend America's new Chief Information Officer, Adeel Saeed, who is responsible for managing the technology decisions and architecture of the Company with a mandate to focus on automation, simplicity and eco-responsibility.

"Our paperless platform, which brings the entire mortgage process into a single application, truly positions Lend America as a leading next generation mortgage company," commented Michael Ashley, Chief Business Strategist of Lend America. "This fully automated platform significantly enhances the mortgage process by intelligently creating, managing, processing, monitoring archiving, and retrieving all content throughout the lifecycle of a mortgage from initial contact through the closing of the loan. The tangible benefits of this platform are numerous and include increased efficiency, regulatory compliance, risk management, security, centralized document retention and reduced paper files. All will help us better serve our clients, increase the Company's overall profitability and have a significant impact on the environment."

Lend America launched its automated paperless platform in early February 2009, and today all of the Company's loan originations from entry into the organization to closing are conducted as a paperless transaction. Utilizing key technologies, this fully integrated collaborative solution allows borrowers to e-sign disclosure documents via a secure portal and/or submits the documents required for their loan. In addition, the platform allows borrowers to communicate "real-time" with Lend America's over 300 highly trained mortgage specialists and is combined with an automated fulfillment process tracked at every step for those without online access. Using a multi-layered SSL encryption technology, consumer data is always secure and monitored 24/7.

Mr. Ashley continued, "This initiative aligns with our Y3K loan origination system standards as it blends innovative, secure consumer web-centric technology with comprehensive workflow functionality. This paperless system has allowed Lend America to replace linear document processing with a dynamic production model. Our clients appreciate the ease and security of accessing their loan documents online."

In conjunction with the launch of its automated paperless platform, Lend America developed a two week mandatory training program for its entire 590 plus employee base so they could clearly understand both the full functionality of the platform and the business benefits to the organization and environment.

Adeel Saeed, Chief Information Officer

Mr. Adeel Saeed joined Lend America in late 2008 with over 10 years of experience in the financial services technology industry. Before joining Lend America, Mr. Saeed was Chief Information Officer of Refinance.com, where he led the paperless automation initiative and development of key mortgage analytical tools. Prior to this position, he served as the Director of Corporate Technology and Infrastructure at The American Stock Exchange, responsible for managing the Exchange's key corporate technology and telecommunication infrastructure. During his career, Mr. Saeed also worked at Milleniumbcp, a major international retail and commercial bank, where he was responsible for their U.S. technology infrastructure. Mr. Saeed is a member in several associations, including IANS (Institute of Applied Network Sciences).

"Adeel's extensive experience in technology, deep understanding of the financial service industry and personal qualities made him an exceptional fit to lead our IT infrastructure and help Lend America manage it rapid growth," commented Michael Ashley. "In 2008, Lend America grew mortgage production to over $1.3 billion or about 7,000 closed loans, compared to just $764 million in 2007 or 3,461 closed loans. We are now projecting full year 2009 production to increase significantly to over $2.50 billion or 12,500 closed loans. Within this context of growth, we are focused on continuing to enhance our operational efficiency to achieve higher productivity and mitigate risk throughout the lending value chain."

"I am truly excited to join the talented team at Lend America," stated Mr. Saeed. "Lend America's leadership team has the vision, passion and the determination to make the Company a driving force of change in the mortgage industry and the leading next generation mortgage banker. I look forward to the opportunity to contribute to the Company's continued expansion and success."

About Lend America

Lend America, a National Mortgage Banking Organization and one of New York's largest privately owned direct lenders, has proudly served the residential mortgage marketplace for over 20 years. The company is one of the most successful direct to consumer lenders in the United States and is the region's largest and most well known FHA direct lenders and is a GNMA approved mortgage backed securities issuer. Lend America is also the originator of successful nationwide broadcast television educational seminar programs, titled The Mortgage Loan Network "MLN." Lend America offers a wide range of home purchase and refinance programs to meet their clients' individual requirements. The Company also has a direct-to-investor exit strategy solution to help leading Wall Street firms and hedge funds quickly monetize their residential mortgage portfolios. Lend America employs approximately 590 employees and is located at 520 Broadhollow Road, Melville, New York, 11747. For more information on Lend America, visit www.lendamerica.com

[Via http://www.prnewswire.com]

Industry Intelligence Broadens Business Intelligence Expertise to Plastics Market

2009-02-24T11:00:00.000+02:00

LOS ANGELES, Feb. 24 /PRNewswire/ -- Industry Intelligence Inc. today announced its entry into the plastics packaging market with a series of business intelligence products. The new service is designed to give users a wider-horizon view of industry and economic information from all angles and perspectives and show how current economic conditions have affected and will affect their businesses, clients, and competitors.

The move into this new vertical segment will provide the third-largest manufacturing industry in the United States with a first-of-its-kind business-specific information management solution. Solutions provided by Industry Intelligence are designed to help companies improve their ability to attain strategic business goals.

Specifically, Industry Intelligence will provide complete coverage of the entire plastics industry's supply chain, from upstream sectors, such as oil and gas and resins and chemicals, to downstream segments, such as packaging, and to market and consumer trends.

Over the past six months, Industry intelligence has invested heavily in broadening its innovation and proprietary technology. It developed more value-added content and expanded its client base by entering new markets. It listened to a wider range of clients' needs and challenges in anticipation of sharing best practices.

"We quickly realized that, our clients needed clarity of information -- a clearer, wider view of the economic and industry landscapes -- to minimize the element of surprise," said Rami Ghandour, CEO of Industry Intelligence.

"We also recognized that although our clients used our information services successfully for the last 10 years, they needed something different and better in today's drastically changed landscape," added Ghandour.

The company will introduce its new flagship service, InformPlatform, at key plastics packaging shows and conferences and strategically deploy an integral part of this new service, the industry intel Crisis Navigator, to targeted senior management users.

As part of its rollout into the plastics vertical, Industry Intelligence will also introduce its Stock Index of Plastics Packaging: Consumer, a real-time index that tracks the financial pulse of the nine largest stocks in the consumer plastics packaging products market sector.

The trading data for Industry Intelligence's indices is on a continual feed and updated every 10 minutes to reflect the price movement of significant sector participants. The stock index is free to Industry Intelligence clients and delivered by e-mail at market close every day.

The Stock Index of Plastics Packaging: Consumer is a comprehensive index containing the stocks of all publicly held plastic packaging companies headquartered in the United States that trade on the New York Stock Exchange, including forestry, packaging, paper and metal companies. The index is calculated using a market capitalization approach similar to the S&P 500.

The core competencies of Industry Intelligence and its sister company, Forestweb, are focused on such diverse vertical industries as wood products, pulp and paper, packaging, timberlands, builders and developers and agribusiness. They offer a variety of real-time stock indices to registered subscribers, including its U.S. Forest Products Stock Index and its Stock Index of U.S. Builders & Developers.

About Industry Intelligence, Inc.

Industry Intelligence and its sister company, Forestweb, are Web-based providers of information management solutions that give users the meaning behind the information: who, what, where and why. Their cross-enterprise system of business intelligence solutions ensures that all types of information users, in every position in a business, have the information they need, when they need it and how they need it. For more information, visit www.industryintel.com.

[Via http://www.prnewswire.com]

ARCADIS to Improve Public Transportation in Brasilia

2009-02-24T07:00:00.000+02:00

ARNHEM, The Netherlands, February 24 /PRNewswire-FirstCall/ -- ARCADIS (EURONEXT: ARCAD), the international design, consulting, engineering and management services company, today announced that its Brazilian subsidiary ARCADIS Logos, will support the Federal District Government (FDTS) of Brasilia with an ambitious program to improve public transportation in the spacious capital city of the country. An important aspect of the program is the integration of bus and metro systems. ARCADIS Logos signed a five year contract worth EUR 6.6 million for which it will perform project and program management services.

The EUR 210 million Federal Urban Transportation Program will create an interconnected public transportation system for the 2 million inhabitants of Brasilia and its fast growing satellite cities. Public transportation is important in this area because of its spacious lay-out, and considerable commuting distances. The program will make public transport more attractive, safer and more efficient while reducing its environmental impact. Plans include the combination of bus and metro stations to ease transfers, as well as the use of electronic traffic control systems, new vehicles and an automatic fare control system.

Manoel Antonio da Silva, Managing Director of ARCADIS Logos says: "ARCADIS' world class experience in project management in infrastructure, environment and urban planning, makes us a natural partner for FDTS. This complex program is extensive in time, as well as in the physical space it covers, and we believe we can add considerable value to the clients' plans with our knowledge."

ARCADIS Logos in this project will: develop operational procedures; design, implement and operate a program management information system; perform program planning, monitoring and evaluation; support bidding processes; exert budget control; manage design, construction and environmental aspects.

About us:

ARCADIS is an international company providing consultancy, design, engineering and management services in the field of infrastructure, environment and buildings. We aim to enhance mobility, sustainability and quality of life by creating balance in the built and natural environment. ARCADIS develops, designs, implements, maintains and operates projects for companies and governments. With more than 14,000 employees and more than EUR 1.7 billion in gross revenue, the company has an extensive international network that is supported by strong local market positions.

For more information visit us on the internet at: http://www.arcadis-global.com

[Via http://www.prnewswire.com]

Newpark Resources Sets 2009 Annual Meeting Date

2009-02-23T11:00:00.000+02:00

THE WOODLANDS, Texas, Feb. 23 /PRNewswire-FirstCall/ -- Newpark Resources, Inc. (NYSE: NR) today announced that its Board of Directors set the date of the Company's 2009 Annual Meeting of Stockholders. The meeting will be held on Wednesday, June 10, 2009 at 10:00 a.m. central time at The Marriott Woodlands Waterway Hotel & Conference Center, 1601 Lake Robbins Drive, The Woodlands, Texas.

Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary worksites and access roads for oilfield and other commercial markets, and environmental waste treatment solutions. For more information, visit our website at www.newpark.com.

    Contacts:  James E. Braun, CFO
               Newpark Resources, Inc.
               281-362-6800

               Ken Dennard, Managing Partner
               Dennard Rupp Gray & Easterly, LLC
               ksdennard@drg-e.com
               713-529-6600

[Via http://www.prnewswire.com]

Oil Refineries Updates on Global Fuel Price Fluctuation Impact on its 2008 Results

2009-02-23T09:27:00.000+02:00

HAIFA, Israel, February 23 /PRNewswire-FirstCall/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company" or "ORL"), Israel's largest oil refiner, today released information with regards to the expected impact, mainly of the decline in crude oil and oil-products prices, on the Company's consolidated financial statements for full year 2008. As a reminder, the Company outlined in its third quarter 2008 financial statements, reported on November 24, 2008, information with regards to the expected impact of these changes during the fourth quarter (until the reporting date), on the Company's results through end-2008.

Global Fluctuations in Crude Oil Prices

During 2008 crude oil prices dropped from approx. $96 per barrel at the end of the fourth quarter 2007, to $36.5 dollar per barrel at the end of 2008. The majority of the decline occurred starting at the end of the third quarter 2008, when the price per barrel of oil totaled approx. $94. On an ongoing basis, and as part of its business policy, the Company holds a basic un-hedged inventory of 600,000 tons of crude oil. The changes in the value of this inventory do not represent a cash exposure to the Company. Therefore, and based on initial analysis of additional financial statement factors, the Company estimates that it expects to record a net loss of approximately $125 million in its financial statements for 2008.

As at the date of this announcement the price per barrel totaled $40, 10% higher than that of the end of 2008.

Mr. Yossi Rosen, Chairman of the Board of Oil Refineries: "ORLs announcement highlights the global fuel price decline affecting the Company's basic inventory - inventory that the Company has deemed to hold, as an ongoing policy, in order to guarantee the smooth ongoing operation of its facilities. The change in value of this basic inventory does not affect the Company's cash flow and therefore, such as in the instance when an increase in fuel prices drew a non-cash income, a decline in fuel prices is recorded as a non-cash loss."

Mr. Rosen added that: "It is important to highlight that the decline in fuel prices positively contributed to the Company's working capital requirements, contributing to an increase in liquidity, freeing up resources for various financing and investment activities."

Mr. Yashar Ben Mordechai, CEO of Oil Refineries commented: "The inventory decline is a global trend affecting all fuel and refining companies' worldwide, including the European and regional companies. ORL continues to take active measures to improve the efficiency and effectiveness of its units, as already visible in the Company's recent financial statements. ORL will continue to implement its strategic plan, strengthening its core business, while fulfilling its long term development plan."

Company Refining Margin for the Year

The Company estimates that its refining margin for 2008, excluding the impact of the change in inventory value and change in fair value of commodity derivatives, will total approximately USD/bbl 5.4, compared to the fourth quarter 2008 Mediterranean Ural Cracking Margin average as quoted by Reuters of USD/bbl 5.5. Refining margin for 2007 totaled USD/bbl 6.1, compared to the USD/bbl 5.3 Reuters quoted Ural benchmark.

Working Capital Improvements

The decline in the prices of both crude oil and fuel products positively contributes to the Company's working capital requirements (trade receivables and inventory, net of trade payables) in such a manner that at the end of 2008, the Company's working capital requirements dropped by roughly $300 million relative to the beginning of the year. This decline in working capital requirements grants the Company additional flexibility in utilizing available financial resources.

Forward Looking Statements

These evaluations are only estimates, serving as forward looking statements, whose fulfillment is not guaranteed and which are based - among others - on data available to the Company at the current reporting date. The data available to the Company are - partially - not final or incomplete. The gathering of data, review and processing has not yet been completed and the figures have not yet been audited by the Company's accountants. Therefore, there is a possibility that the data outlined in the current report, including the financial results for 2008, will be different than what has been noted in this report.

About Oil Refineries

Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, operates Israel's largest oil refinery. ORL operates sophisticated and state-of-the-art industrial facilities with refining capacity of 9 million tons of crude oil per year, with a Nelson complexity index of 7.4, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. The Company is also active in the area of Aromatics and Polymers through wholly-owned Gadiv Petrochemical Industries Ltd. and 50% owned Carmel Olefins Ltd. ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company's website: http://www.orl.co.il

    Contacts
    Fiona Darmon \ Ehud Helft
    Investor Relations
    Tel. +1-866-704-6710 \ +972-52-695-4400
    ContactIREn@orl.co.il

[Via http://www.prnewswire.com]

China's NPCC Demand Not Expected to Shrink Sharply, Says Frost & Sullivan

2009-02-23T07:15:00.000+02:00

~ Taking a look back at China's NPCC Industry in 2008 and its market outlook for 2009 ~

SINGAPORE, Feb. 23 /PRNewswire/ -- Nanomaterials are widely regarded as one of the twenty-first century's key high-tech materials enjoying functional characteristics such as increased tensile strength, self-cleaning capacity, fire resistance, and others. Nano precipitated calcium carbonate (NPCC) is one of the important nano mineral materials.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

NPCC has been widely applied in the tire, plastic, adhesive, paper, paints and ink industries as an additive. NPCC can be used as a rubber reinforcer to increase bending strength, airtightness, traction and tear resistance, improve break elongation, tensile strength and aging resistance, reduce material cost without impacting reinforcing or whitening features. NPCC can also be applied as a plastic additive for PVC window profiles; some used in PP and PE as well. NPCC acts as modifiers to improve flexibility, tensile strength, color-fastness & glossiness, durability and heat resistance of polymers, stabilize dispersion and reduce material cost.

According to Frost & Sullivan's China Consultant for Chemicals, Material & Food Practice Nina Zhou, the Chinese NPCC market is still at an early growth stage with less than 20 years' development and a total sales volume of 400.6 kMT in 2008.

"In 2008, the domestic tire and plastic products manufacturers' profit margin was squeezed by the RMB's appreciation and higher raw materials costs. The global economic slowdown is likely to cause a certain amount of demand to shrink in 2009 as the auto and plastic industries have been the hardest-hit victims," she said.

"However," she continues, "a series of economic stimulus packages are expected to mitigate the downside of those downstream industries. As a major exporter of plastic products and tires, the Chinese government has increased export tax rebate of parts of plastic products from 5% to 9% in November 1st, 2008 and tire export tax rebate from 5% to 9% in December 1st, 2008 to help Chinese tire and plastic products exporters overcome the impact of a weak global economy."

In terms of industry trends and specifics, Zhou says that NPCC downstream penetration is relatively low due to higher prices and less awareness currently among public in China. "Manufacturers can expand their client base by cooperating with clients and providing technology support. NPCC can be used as functional additives in various products due to their special chemical and physical attributes including plastics, tire, coating, adhesive and ink with plastics and tire for manufacturers to invoice larger volumes," she adds.

The nano industry, including NPCC, is very much technical oriented. According to Zhou, manufacturers who are dedicated to technology innovation can survive well in the market. She continues, "Most plants which adopted ultra gravity technology closed during the past two years due to high costs. At the end of 2006, the advanced membrane dispersion technology commercialized with the improvement of the quality and consistency of NPCC particles, co-developed by ShengdaTech and Tsinghua University, helped cut costs by 7.0% compared to the traditional ultra-gravity method. This new technology is now used at ShengdaTech new plants located in the Shannxi province."

The Chinese government announced a rescue package of RMB4 trillion stimulus plans over the span of years 2009 and 2010. "Massive infrastructure projects are expected to boost the industries of plastics, coating and adhesive, helping increase demand for NPCC. The plan includes a new set of tax cuts and subsidies aimed at boosting demand for cars. The stimulus plan expects to push the auto sales volume back to double-digit growth in China. Tire and rubber industries will likely benefit from this. The medium- to long-term forecast for the Chinese auto industry is more cheerful. China may unveil aid plans for petrochemical, textile and other industries," Zhou adds.

Although NPCC downstream industries are slowing down, NPCC demand is not expected to shrink sharply in 2009. She says, "As an emerging industry, NPCC expects to have a potential market as the substituted products for other expensive additives. This kind of high-tech material development is also encouraged by Chinese government. Also, NPCC downstream penetration will likely be raised as NPCC products are accepted and applied widely with the performance improved by technology upgrade. Moreover, people are likely to pursue high-quality products on back of consumption upgrade and accelerating urbanization. Many stimulus plans are expected to be in effect in 2009 and this will mitigate the slowdown of downstream industries."

ShengdaTech, leading supplier of NPCC in China expects to own more market share through technology innovation and downstream penetration. The company has been awarded The 2008 China Frost & Sullivan Award for Growth Excellence in December 2008 for fast growing market revenue, breakthroughs of research and development, outstanding product quality control and referral customers in Chinese NPCC market.

About Frost & Sullivan

    MEDIA CONTACT:

    Donna Jeremiah
    Corporate Communications - Asia Pacific
    P: +603 6204 5832
    F: +603 6201 7402
    E: djeremiah@frost.com

    Carrie Low
    Corporate Communications - Asia Pacific
    P: +603 6204 5910
    E: carrie.low@frost.com

[Via http://www.prnewswire.com]

Over a Million U.S. Jobs Locked Away in 'Off-Limits' Offshore Resources

2009-02-23T05:01:00.000+02:00

New study finds economic benefits of permanently lifting federal OCS ban

WASHINTON, Feb. 23 /PRNewswire-USNewswire/ -- In advance of tomorrow's House Natural Resources Committee hearing on "State Perspectives" of offshore drilling, the American Energy Alliance (AEA) will release a new study that reveals the extensive short-term and long-term economic benefits Americans stand to gain if Congress permanently lifts the moratoria on energy exploration and production in the Outer Continental Shelf (OCS). According to the analysis, over the life of the production offshore, access to these vast resources would generate:

(Photo: http://www.newscom.com/cgi-bin/prnh/20090223/DC72461 )

$8 trillion in additional economic output (GDP);
$2.2 trillion in total tax receipts;
1.2 million new, well-paying jobs annually across the country; and
$70 billion in additional wages each year.

AEA President Thomas J. Pyle released the following statement:

"Unlike the $790 billion stimulus package lawmakers just passed, increased offshore activity would fuel our economy without squandering taxpayer funds. In fact, oil and gas is one of the U.S.'s only industries in a position to put money into, rather than take money out of, the government's piggybank.

"With more than 85 billion barrels of recoverable oil and over 440 trillion cubic feet of natural gas located right off our shores, exploration in the OCS stands to contribute $273 billion annually to the national economy. That's good news, especially for the 46 states that now face a combined $350 billion budget shortfall for the next three fiscal years. Economic relief wouldn't end there -- America would sustain approximately 1.2 million well-paying jobs each year over the life of production.

"Reports estimate that 3,000,000 more American workers will lose their jobs in 2009. This nation cannot afford to allow Congress to pass up the opportunity to tap into the OCS and its rich energy resources."

The American Energy Alliance (AEA) is a not-for-profit organization that engages in public policy advocacy and debate surrounding the function, operation, and government regulation of global energy markets. AEA, an independent affiliate of the Institute for Energy Research, works to educate and mobilize citizens around the idea that freely-functioning energy markets provide the most efficient and effective solutions to today's global energy and environmental challenges.

www.americanenergyalliance.org

[Via http://www.prnewswire.com]

Sutor Technology Group Limited Announces the Opening of Shanghai Office

2009-02-21T01:00:00.000+02:00

DONGBANG TOWN, China, Feb. 20 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading provider of steel finishing fabrication products in China, established its Shanghai Office on February 12, 2009. The new office is located at 6th floor of Anderson plaza, No.1211 Mudanjiang Road, Baoshan District, Shanghai, China 200940, an area that holds a significant position in the Chinese steel market.

Ms. Lifang Chen, Chairlady & CEO of Sutor, Mr. Xun Zhang, CTO of Sutor, Mr. Xiao Sun, Vice President of Sutor, Mr. Xiaozhe Gu, Marketing Director of Sutor, agents and partners of Sutor from East China District attended the celebration banquet.

Mr. Gu, the Marketing Director of Sutor said during the banquet: "Sutor keeps on developing its marketing and service networks. This new office means that Sutor is getting closer to her customers in East China.

With this new office, Sutor will be developing her marketing strategies, offering more customer-oriented services and growing market share step by step.

About Sutor Technology Group Limited

Sutor (Nasdaq: SUTR) is one of the leading private manufacturers of steel finishing fabrication products in China. Sutor utilizes a variety of processes and technological methodologies to convert steel manufactured by third parties into steel finishing fabrication products, including hot-dipped galvanized steel, pre-painted galvanized steel, acid-pickled steel, and cold-rolled steel. To learn more about the Company, please visit http://www.sutorcn.com .

    For more information, please contact:

    Company Contact (PRC):
     Mr. Jason. Wang
     Tel:   +86-512-5268-0988
     Email: investor_relations@sutorcn.com

[Via http://www.prnewswire.com]

ReCellular Reused and Recycled 5.5 Million Cell Phones in 2008, up 35 Percent Year Over Year

2009-02-20T17:17:00.000+02:00

2008 ReCellular Corporate Sustainability Report Details Cell Phone Collections, Charitable Fundraising, Reuse Processes, and Recycling Results

ANN ARBOR, Mich., Feb. 20 /PRNewswire/ -- ReCellular, the world's leading electronics-sustainability firm, collected and processed 5.5 million phones for reuse and recycling in 2008. This represents a 35 percent increase year-over-year, reflecting ReCellular's ongoing efforts to increase the availability and consumer awareness of cell-phone recycling in the U.S. and Canada.

"This year, we made great progress towards our goal of transforming the lifecycle of a cell phone," says Chuck Newman, ReCellular CEO. "With the help of our industry partners, ReCellular is working to create a sustainable model where every handset is recycled into the core materials needed to build its replacement."

That progress is documented in the company's first annual sustainability report, available at www.ReCellular.com/Sustainability. Highlights of ReCellular's 2008 report include:

ReCellular collected 5.5 Million Phones, weighing as much as three Boeing 747-400s
ReCellular donate-a-phone programs raised $4.0 million for charitable causes and grassroots organizations, from local Boy Scout troops to the national Cell Phones for Soldiers program
ReCellular's 102 point data-removal process deleted an average of 5 megabytes of information per handset - removing a total of 10 terabytes of personal contacts, e-mail, photos and financial information from donated phones
ReCellular recycled 1.2 million pounds of materials, including handsets, batteries, phone chargers and accessories, and paper and plastic shipping materials
ReCellular reclaimed 21,000 pounds of copper, 954 pounds of silver, and 96 pounds of gold from recycled circuit boards and electronics accessories

According to Newman, ReCellular decided to publish their annual sustainability report to help address consumer and corporate questions about responsible recycling practices:

"Recently, we have seen a sharp increase in recycling as people become more environmentally conscious. We have also seen literally hundreds of companies springing up to take advantage of peoples' good intentions. Unfortunately, the improper recycling practices of some firms can have serious environmental and social consequences - causing people to worry that recycling their phones could make the situation worse, not better."

"We hope our 2008 report demonstrates that responsible electronics recycling provides tangible benefits, including charitable fundraising, social empowerment and environmental conservation. We also hope the information detailed in our 2008 report will solidify ReCellular's position as the most responsible, most trusted electronics-sustainability firm in the world."

About ReCellular Inc.:

With offices in the United States and Hong Kong, ReCellular Inc. is the world's leading electronics-sustainability firm. We provide solutions for the collection, reuse and recycling of used personal electronics that generate financial return for our partners, quality products for our customers, funding for charity organizations, and protection of the environment. Corporate, charitable, consumer and wholesale information is available at www.ReCellular.com.

[Via http://www.prnewswire.com]

The Nature Conservancy CEO to Speak at Detroit Economic Club

2009-02-20T15:13:00.000+02:00

DETROIT, Feb. 20 /PRNewswire/ -- The Detroit Economic Club (DEC) is pleased to host Mark Tercek, President & CEO, The Nature Conservancy on Thursday, February 26, 2009. The meeting will be held at The Townsend Hotel in Birmingham, Michigan. Doors open at 11:30 a.m. and Mr. Tercek's speech will begin at 12:30 p.m.G. Richard Wagoner, Jr., Chairman & CEO, General Motors Corporation will serve as the Presiding Officer at the meeting.

Mark Tercek, CEO of the world's largest environmental organization will explain why collaborating with environmental organizations should be a core strategy for business. A former investment banker with a 24-year career at Goldman Sachs, Mr. Tercek argues that nature conservation must also address human well-being to be successful. Both in its on-the-ground projects and its public policy work -- in Michigan, the Great Lakes, and globally-- The Nature Conservancy under Tercek's leadership is aggressively engaging the business community to develop new market approaches for conservation that benefit nature and people.

The Detroit Economic Club was formed in 1934 as a platform for the discussion and debate of important business, government and social issues. It is known internationally as a top speaking forum for prominent business and government leaders, who address members and their guests at the Club's 35 meetings a season. With more than 3,200 members, the DEC is about vital issues, prominent voices, a commitment to education and inspiring leadership. The DEC is proud to have hosted every sitting U.S. President since Richard Nixon and proud to be ranked among the top speaking platforms in the world. Admission: $40 for DEC members, $50 for guests of members and $75 for nonmembers. Register at www.econclub.org.

[Via http://www.prnewswire.com]

Frontier Oil Corporation Selects Ventureforth, Inc. for Mobile Supply Chain Solution

2009-02-20T11:00:00.000+02:00

ATLANTA, Feb. 20 /PRNewswire/ -- Ventureforth, Inc. today announced that Frontier Oil Corporation, an independent energy company engaged in crude oil refining and the wholesale marketing of refined petroleum products, has deployed a mobile supply chain solution based on Ventureforth's Mi2K application. The solution, which allows warehouse employees to perform purchase order receiving, parts searches, binning, cycle counts, and transfers, will automate the storeroom operations, dramatically decrease paperwork, and lower the cost of storeroom operations for Frontier Oil.

"Frontier Oil, a market leader of refined petroleum products in the Rocky Mountain and Plains States regions, needed an out-of-the-box storeroom solution that could be quickly deployed prior to our move to a new warehouse facility," said Ray Martinez, Warehouse Supervisor at Frontier Oil Corporation. "The Mobile i2K Stores application developed by Ventureforth is simple for our employees to use. We fully expect a 50% - 75% reduction in cycle count times and issuing stock."

"Ventureforth's Mobile i2K Stores application was designed from the employees' perspective," stated Jim Bartels, Vice President of Mobility Sales at Ventureforth, Inc. "It's an easy-to-use solution that provides valuable information to a company's operations team. Because cycle counts are easier and faster, they'll be done more often, thus ensuring the company has access to accurate information."

About Ventureforth, Inc.

Founded in 1995, Ventureforth is a global leader in mobilizing the workforce. By combining industry-leading technology solutions and best practices, Ventureforth mobile computing, asset tracking, integration and business intelligence solutions deliver real world quantifiable value.

Ventureforth's global customer base spans every industry, from multi-national corporations to mid-sized businesses.

Today, the company continues evolving its mobile technology, integration products and business intelligence solutions to help organizations mobilize their workforces.

Ventureforth has headquarters in Atlanta, Georgia, USA and offices in the United Kingdom and India.

Media Contact: Pat Rudolph, 770-451-8045 x109, prudolph@ventureforth.com

[Via http://www.prnewswire.com]

TIMET Declares Dividend on 6-3/4% Series A Preferred Stock and Suspends Regular Quarterly Common Stock Dividend

2009-02-20T01:27:00.000+02:00

DALLAS, Feb. 19 /PRNewswire-FirstCall/ -- Titanium Metals Corporation ("TIMET") (NYSE: TIE) announced today that its board of directors has declared a quarterly dividend of $0.84375 per share on its 6-3/4% Series A Preferred Stock, payable on March 18, 2009 to stockholders of record as of the close of business on March 4, 2009. TIMET also announced that its board of directors suspended TIMET's regular quarterly dividend of $.075 per share on its Common Stock.

Steven L. Watson, Chief Executive Officer of TIMET, said, "TIMET is in a very strong financial position, with no debt and significant positive cash flow and other sources of liquidity. The regular quarterly dividend was suspended after considering the current economic and financial environment. We believe it is in the best interests of the Company and its stockholders to enhance our financial strength, which will allow us to continue to invest in our business and take advantage of potential opportunities in the titanium metals industry, including acquisitions, long-term partnering arrangements, joint ventures or other strategic opportunities. It will also give us additional flexibility to repurchase shares of our common stock under our previously announced repurchase programs, without sacrificing our ability to pursue other opportunities in the titanium metals industry. The declaration and payment of future dividends will be dependent upon the board's consideration of TIMET's cash requirements, contractual requirements, strategic plans and other factors deemed relevant by the board of directors."

The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Forward-looking statements can be identified by the use of words such as "believes," "intends," "may," "will," "should," "could," "anticipates," "expects," "estimates" or comparable terminology or by discussions of strategy or trends. Although TIMET believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve risks and uncertainties, including, but not limited to, the cyclicality of the titanium metals and commercial aerospace industries, global economic and political conditions, changes in global productive capacity, the performance of TIMET, its customers and suppliers under long-term agreements, changes in customer inventory levels, changes in product pricing and costs, changes in foreign currency exchange rates, availability of raw materials, competitive products, strategies and technologies, operating interruptions (including, but not limited to, labor disputes, fires, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities), the outcome of litigation and other risks and uncertainties detailed in the TIMET's U.S. Securities and Exchange Commission filings. Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. TIMET disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

TIMET, headquartered in Dallas, Texas, is a leading worldwide producer of titanium metal products. Information on TIMET is available on its website at www.timet.com.

[Via http://www.prnewswire.com]

Green Bottom Line: World Food Launches Earth Friendly, Cost Effective Program for Restaurants and Hospitality Business

2009-02-19T13:03:00.000+02:00

ORLANDO, Fla., Feb. 19 /PRNewswire/ -- World Food, LLC has a cost-effective solution for food and restaurant businesses looking for creative ways to supply kitchens at low costs. The Orlando-based cut-to-order produce company has launched the World Food Customer ROI (return on investment) program. This program can be tailored to each client and their foodservice outlets, from hotels to convention centers. "World Food Customer ROI program will help you evaluate your business needs and make the most effective purchasing decisions," says Candace Stottle, Managing Principal for World Food.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080818/WFLOGO )

The program is quick and easy to use. It allows Chefs and Purchasers to break down yields of product in each area and reflect where they might better utilize staffing, increase quality of service and reduce cost.

About World Food, LLC

World Food, LLC is a working kitchen and manufacturing plant where they cut to order a Chef's product based on their specifications. They deliver over 1200 items which include custom cut vegetables, and fruits, custom hors d'oeuvres, freshly prepared salsas and salads and privately labeled specialty items.

World Food is the only processor in the State of Florida, recognized for their measurable and well implemented Green Program. Their clients include hotels, convention centers, restaurants and hospitals, primarily in Central and South Florida. Their suppliers are primarily local businesses who subscribe to high standards of safety and protecting the environment.

For more information, please call 407-851-4504 or visit http://www.worldfoodllc.com, or contact Gabriela Coban, email gcoban@ten-global.com, tel: 407-492-0570

[Via http://www.prnewswire.com]

Is America Exporting Part of Its Chance for Energy Independence?

2009-02-19T11:00:00.001+02:00

Video Documents What Happens When Most of What Americans Recycle Is Exported

BERKELEY, Calif., Feb. 19 /PRNewswire-USNewswire/ -- America's number one export by volume isn't something manufactured by an American company - it's scrap paper, metal, and plastics that Americans are recycling every day at home and work. When we export all of those recyclables to China and other nations, we are giving up part of the solution to reducing America's reliance on foreign oil and polluting sources of energy like coal.

That's because manufacturing new products out of recycled materials creates significant energy savings. "If we are going to become a more economically self-sufficient and energy-independent nation, America must strengthen its manufacturing sector, and manufacturers must become more energy efficient. One way to increase that efficiency is to use recycled materials, since recycling uses significantly less energy than mining and refining materials," says Steve Lautze, Green Business Projects Manager with the City of Oakland, CA and past president of the Northern California Recycling Association (NCRA). For example, making a new aluminum can out of an old one takes 95% less energy than creating that can from ore.

NCRA has produced a 17-minute video called "Point of Return" that explains how old newspapers, soup cans, and soda bottles move through the economy and are then are often shipped overseas, where foreign manufacturers reap the numerous benefits of using them as manufacturing feedstock. The rapid industrial growth in nations like China is fueled in large part by scrap materials purchased from the U.S.

Those same products are often then sold back to Americans in various consumer products, compounding our trade deficit. The video shows three American companies recovering a variety of materials and transforming them into useful products in Northern California's economy, and challenges other regions in the U.S. to do the same.

Recycled-content manufacturing and zero-waste production will also help combat global warming. "Expanding and optimizing recycling represents one of the most accessible and cost-effective ways that we can reduce our national carbon footprint," says Patty Moore, president of Moore Recycling Associates and a member of the Northern California Recycling Association.

To learn more, watch the video online at http://www.ncrarecycles.org/video/video1.html.

About NCRA

The Northern California Recycling Association (NCRA) is an association of recycling businesses, community groups, municipalities, and individuals committed to promoting, expanding, and institutionalizing recycling. Learn more at www.ncrarecycles.org.

[Via http://www.prnewswire.com]

Newmont Reports Record Annual Revenues in 2008 of $6.2 Billion; 50% Increase in Adjusted Net Income(1)

2009-02-19T11:00:00.000+02:00

DENVER, Feb. 19 /PRNewswire-FirstCall/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") today announced record revenues in 2008, following the announcement of strong operating results on January 27, 2009.

2008 Highlights:

Record revenues of approximately $6.2 billion on equity gold sales of 5.2 million ounces;
Net cash from continuing operations of approximately $1.4 billion ($3.09 per share);
50% increase in adjusted net income(1) at $905 million ($1.99 per share) on a 25% increase in the average realized gold price;
40% increase in gold operating margin(2) despite challenging cost environment;
Equity gold sales, costs applicable to sales per ounce and capital expenditures in line with original expectations;
Successful start-up of the Nevada power plant and Yanacocha gold mill in the second quarter;
Successful acquisition of Miramar Mining Corporation, gaining access to the high-grade and under-explored Hope Bay project in Nunavut, Canada; and
Continued progress of the Boddington project, with start-up expected in mid-2009.

Newmont reported 2008 revenues of approximately $6.2 billion, a 12% increase from approximately $5.5 billion in 2007, with revenues from gold increasing by almost 27% over prior year. A strong gold price environment during 2008, combined with equity gold sales and costs applicable to sales in line with original expectations, resulted in adjusted net income(1) of $905 million ($1.99 per share), an increase of approximately 50% from the prior year. On a GAAP basis, including a $234 million non-cash, pre-tax write-down of marketable securities and other assets, the Company reported net income of $853 million ($1.88 per share). The Company also reported net cash provided from continuing operations of approximately $1.4 billion ($3.09 per share) despite the challenging cost environment in 2008.

For the fourth quarter, the Company generated net cash provided from continuing operations of $229 million ($0.50 per share) on equity gold and copper sales of 1.35 million ounces and 40 million pounds, respectively. Newmont recorded adjusted net income(1) of $120 million ($0.26 per share) despite reduced copper revenues resulting from the pronounced decline in the copper price in the fourth quarter. Including the effect of provisional mark-to-market copper price adjustments and non-cash, pre-tax write-downs of approximately $145 million, the Company reported fourth quarter net income on a GAAP basis of $10 million ($0.02 per share).

Richard O'Brien, President and Chief Executive Officer said, "We are pleased with the strong financial results for the fourth quarter and for 2008. These results, combined with the operating results previously announced, continue to demonstrate our commitment to consistently delivering on our plans. In the first part of 2009, we secured $1.7 billion in additional liquidity to improve our financial flexibility and to purchase the remaining 33.33% interest in Boddington, thereby giving Newmont full access to one of the largest gold projects in the world. We are excited about Boddington's potential and look forward to capitalizing on this unique opportunity. As we turn our attention to 2009, our focus remains on operational and project execution, as well as disciplined capital investments."

Equity gold sales in 2009 are expected to increase to between 5.2 and 5.5 million ounces at lower costs applicable to sales of between $400 and $440 per ounce. The Company's costs applicable to sales for 2009 assumes an oil price of $70 per barrel and an Australian dollar exchange rate of 0.75. Costs applicable to sales in 2009 are expected to change by approximately $5 per ounce for every $10 change in the oil price and by approximately $5 per ounce for every 0.10 change in the Australian dollar exchange rate. However, as the Company continues to pursue its disciplined Australian dollar and diesel hedging programs, these sensitivities may change throughout the year.

Regional Operations:

In the fourth quarter of 2008, the Company reported equity gold sales of 1.35 million ounces at costs applicable to sales of $448 per ounce as higher than expected sales at Batu Hijau, Ahafo, and Yanacocha were partially offset by lower than expected sales in Nevada and in Australia. The Company's fourth quarter costs applicable to sales per ounce were impacted by higher than expected costs in Nevada, offset by lower than expected costs in Australia, at Yanacocha and at Ahafo.

Nevada - Nevada sold 601,000 equity ounces of gold at costs applicable to sales of $497 per ounce during the fourth quarter. Equity sales were slightly lower than expected primarily due to slower than anticipated recoveries from the Carlin South and Twin Creeks leach pads, lower recoveries at the Phoenix and Carlin mills, and the timing of gold sales with respect to Phoenix copper concentrates which remained in inventory at the end of the year. Lower sales were partially offset by higher grades resulting from higher underground production. Costs applicable to sales during the fourth quarter were higher than expected primarily due to lower than expected gold sales, higher underground contracted mining costs and lower by-product credits due to the significant drop in copper prices and volumes, partially offset by lower diesel costs. Equity sales for the year were 2.2 million ounces at costs applicable to sales of $460 per ounce.

In 2009, the Company expects equity gold sales in Nevada to be between 1.8 and 2.0 million ounces primarily due to lower expected ore grades, fewer oxide leach pad additions, and lower assumed recoveries at Mill 6. Costs applicable to sales are expected to increase to between $535 and $575 per ounce, primarily due to reduced gold sales and lower assumed copper by-product credits at Phoenix, partially offset by the lower oil price assumption and a full-year of operation of the Nevada power plant.

Yanacocha - Equity gold sales during the fourth quarter at Yanacocha in Peru were 222,000 ounces at costs applicable to sales of $344 per ounce. Equity sales were above expectations due to more ounces placed on the La Quinua and Carachugo leach pads, and higher than expected production from the gold mill as throughput, grades and recoveries continue to exceed expectations. Yanacocha costs applicable to sales per ounce were lower than expected primarily due to higher than expected gold sales, partially offset by lower by-product silver credits due to lower silver prices, higher workers participation costs and higher royalty expense. Equity gold sales for 2008 were 946,000 ounces at costs applicable to sales of $346 per ounce.

The Company's 2009 equity gold sales outlook for Yanacocha has increased to between 975,000 and 1.025 million ounces, primarily due to increased recoveries and throughput as the gold mill will be operational for the entire year compared to approximately half of a year of operation in 2008. Costs applicable to sales are expected to decrease to between $290 and $310 per ounce, primarily due to increased gold sales, the lower oil price assumption and increased silver by-product credits from the gold mill.

Australia/New Zealand - Equity gold sales during the fourth quarter in the Australia/New Zealand region were 288,000 ounces at costs applicable to sales of $526 per ounce. Equity gold sales were lower than expected due to lower grades and throughput at Tanami, lower throughput at Jundee, and lower grades and recoveries at Kalgoorlie, partially offset by higher grades and recoveries at Jundee, and higher throughput at Kalgoorlie and Waihi. Costs applicable to sales were significantly lower than expected due to higher sales at Jundee, lower diesel costs and more favorable Australian dollar exchange rates during the quarter, partially offset by higher underground mining contracted services and royalty costs at Tanami. Equity gold sales for the year were 1.2 million ounces at costs applicable to sales of $552 per ounce.

Assuming 100% ownership of the Boddington project, reflecting the expected completion of the acquisition of the remaining 33.33% interest from AngloGold Ashanti Ltd., the Company expects 2009 equity gold sales in the Australia/New Zealand region to be between 1.5 and 1.6 million ounces. The Company anticipates Boddington will add between 375,000 and 450,000 equity gold ounces in 2009. Costs applicable to sales are expected to decrease to between $440 and $480 per ounce, primarily driven by the start-up of Boddington, lower costs at the Kalgoorlie operation, and the lower oil price and Australian dollar assumptions. Australia/New Zealand regional costs applicable to sales are expected to change by roughly $20 per ounce for every 0.10 change in the Australia dollar exchange rate during 2009.

Batu Hijau - Equity gold and copper sales during the fourth quarter at Batu Hijau in Indonesia were 52,000 ounces and 40 million pounds, respectively, at costs applicable to sales of $418 per ounce and $0.65 per pound, respectively. Equity gold and copper sales were higher than expected as better than anticipated weather allowed extended mining of Phase 4 ore, resulting in higher grades and recoveries. Total costs applicable to sales were lower than expectations as fewer total tons were moved and more ore was placed onto stockpiles. Equity gold and copper sales for the year were 135,000 ounces and 130 million pounds, respectively, at costs applicable to sales of $414 per ounce and $1.38 per pound, respectively.

In 2009, the Company expects equity gold and copper sales to significantly increase to between 225,000 and 250,000 ounces and to between 210 and 230 million pounds, respectively. This increase is primarily due to mine sequencing as mining shifts into the higher grade Phase 5. Costs applicable to sales are expected to decrease significantly in 2009 to between $240 and $260 per ounce of gold and to between $0.65 and $0.75 per pound of copper. The decrease in costs applicable to sales is primarily driven by higher expected sales, the processing of higher grade ore compared to the lower grade stockpiles processed during 2008 and lower waste removal.

Ahafo - Equity gold sales during the fourth quarter at Ahafo in Ghana were 141,000 ounces at costs applicable to sales of $385 per ounce. Equity gold sales were higher than anticipated primarily due to higher grades, partially offset by lower tons processed. Costs applicable to sales were significantly lower than expected due to the higher sales volume, a build in ore stockpile inventories, and lower mining costs due in part to lower fuel costs, offset by higher contracted services, maintenance and parts costs. Equity gold sales for the year were 521,000 ounces at costs applicable to sales of $408 per ounce.

Equity gold sales at Ahafo are expected to remain stable in 2009 at between 500,000 and 525,000 ounces. Costs applicable to sales are expected to increase to between $450 and $475 per ounce in 2009, primarily as a result of higher labor costs, a lower benefit from the capitalization of waste material used in the construction of assets, and higher fuel consumption.

Capital Update:

Capital expenditures were $520 million during the fourth quarter, with approximately 40% attributed to the Boddington project in Australia. In 2008, the Company's capital expenditures were approximately $1.9 billion, as the Company completed construction of the Nevada power plant and Yanacocha gold mill, and continued construction of the Boddington project in Australia. Assuming 100% ownership of Boddington in 2009, capital expenditures are expected to decline to between $1.4 and $1.6 billion ($1.3 to $1.5 billionon an equity basis).

Boddington - Development of the Boddington project was 89% complete at the end of 2008, with start-up expected in mid-2009 and an anticipated 12-month ramp-up schedule. The Company continues to expect total capital expenditures of between $2.6 and $2.9 billion on a 100% basis. Assuming the completion of the previously announced acquisition of AngloGold Ashanti Ltd.'s 33.33% interest in the Boddington project, the Company expects average annual gold sales of approximately one million ounces at costs applicable to sales of approximately $300 per ounce (net of by-product credits) for the first five years of operation.

Exploration:

For 2009, the Company has budgeted exploration spending of approximately $165 to $175 million, focusing the majority of spending on sulfide targets at Yanacocha in Peru, and on reserve and non-reserve mineralization conversion in Nevada, at Hope Bay in Canada, Ahafo in Ghana, Tanami in Australia and Yanacocha in Peru. Greenfields exploration will focus on selected land positions in South America, North America, West Africa and the Asia Pacific region building on the encouraging results from those areas in 2008. The Company will continue to advance the Hope Bay project in Canada and the Gold Quarry West Wall layback in Nevada, in addition to recent greenfield discoveries in Armenia and Australia.

    (1) See reconciliation from Adjusted net income to GAAP Net income on page
        10 of this earnings release.
    (2) "Gold operating margin" defined as average realized price per ounce
        less costs applicable to sales per ounce, excluding amortization and
        accretion.



    Statements of Consolidated Income (Loss)

                                         Three Months    Twelve Months
                                             Ended            Ended
                                          December 31,     December 31,
                                         2008    2007    2008     2007
                                       ------- ------- -------  -------
                                            (unaudited, in millions,
                                                except per share)

    Revenues
      Sales - gold, net                 $1,295  $1,289  $5,447   $4,305
      Sales - copper, net                   47     121     752    1,221
                                       ------- ------- -------  -------
                                         1,342   1,410   6,199    5,526
                                       ------- ------- -------  -------

    Costs and expenses
      Costs applicable to
       sales - gold (1)                    727     601   2,745    2,404
      Costs applicable to
       sales - copper (2)                   57      94     399      450
      Loss on settlement of price-capped
       forward sales contracts               -       -       -      531
      Midas redevelopment                    -       1       -       11
      Amortization                         192     163     747      695
      Accretion                              7       6      32       29
      Exploration                           59      45     214      177
      Advanced projects, research and
       development                          52      17     166       62
      General and administrative            41      38     144      142
      Write-down of goodwill                 -   1,122       -    1,122
      Write-down of property,
       plant and mine development          137      10     137       10
      Other expense, net                   106      76     360      246
                                       ------- ------- -------  -------
                                         1,378   2,173   4,944    5,879
                                       ------- ------- -------  -------

    Other income (expense)
      Other income, net                     23       6     123      106
      Interest expense, net of
       capitalized interest                (29)    (28)   (102)    (105)
                                       ------- ------- -------  -------
                                            (6)    (22)     21        1
                                       ------- ------- -------  -------

    (Loss) income from continuing
     operations before income tax,
     minority interest and equity
     income (loss) of affiliates           (42)   (785)  1,276     (352)
    Income tax benefit (expense)            88     (89)   (113)    (200)
    Minority interest in income of
     consolidated subsidiaries             (38)    (58)   (329)    (410)
    Equity income (loss) of
     affiliates                              1      (1)     (5)      (1)
                                       ------- ------- -------  -------
    Income (loss) from continuing
     operations                              9    (933)    829     (963)
    Income (loss) from discontinued
     operations                              1     644      24     (923)
    Net income (loss)                      $10   $(289)   $853  $(1,886)
                                       ======= ======= =======  =======

    Income (loss) per common share
      Basic:
           Income (loss) from
            continuing operations        $0.02  $(2.06)  $1.83   $(2.13)
           Income (loss) from
            discontinued operations          -    1.43    0.05    (2.04)
           Net income (loss)             $0.02  $(0.63)  $1.88   $(4.17)
                                       ======= ======= =======  =======

      Diluted:
           Income (loss) from
            continuing operations        $0.02  $(2.06)  $1.82   $(2.13)
           Income (loss) from
            discontinued operations          -    1.43    0.05    (2.04)
           Net income (loss)             $0.02  $(0.63)  $1.87   $(4.17)
                                       ======= ======= =======  =======

    Basic weighted-average
     common shares outstanding             454     452     454      452
                                       ======= ======= =======  =======
    Diluted weighted-average
     common shares outstanding             455     452     455      452
                                       ======= ======= =======  =======
    Cash dividends declared per
     common share                        $0.10   $0.10   $0.40    $0.40
                                       ======= ======= =======  =======

    (1)  Exclusive of Loss on settlement of price-capped forward sales
         contracts, Midas redevelopment, Amortization and Accretion.
    (2)  Exclusive of Amortization and Accretion.

    The Company's financial statements can be found on its website at
    www.newmont.com. 



    Consolidated Balance Sheets

                                              At December 31,  At December 31,
                                                    2008             2007
                                              ---------------  ---------------
                                                   (audited, in millions)
                     ASSETS
    Cash and cash equivalents                       $435           $1,231
    Marketable securities and other
     short-term investments                           12               61
    Trade receivables                                104              177
    Accounts receivable                              223              168
    Inventories                                      519              463
    Stockpiles and ore on leach pads                 324              373
    Deferred income tax assets                       286              112
    Other current assets                             458               87
                                                 -------          -------
        Current assets                             2,361            2,672
    Property, plant and mine development,
     net                                          10,132            9,140
    Investments                                      655            1,531
    Stockpiles and ore on leach pads               1,145              788
    Deferred income tax assets                     1,145            1,027
    Other long-term assets                           213              230
    Goodwill                                         188              186
    Assets of operations held for sale                 -               24
                                                 -------          -------
        Total assets                             $15,839          $15,598
                                                 =======          =======

                  LIABILITIES
    Current portion of long-term debt               $169             $255
    Accounts payable                                 412              339
    Employee-related benefits                        178              153
    Income and mining taxes                           58               88
    Other current liabilities                        779              665
                                                 -------          -------
        Current liabilities                        1,596            1,500
    Long-term debt                                 3,373            2,683
    Reclamation and remediation liabilities          716              623
    Deferred income tax liabilities                1,051            1,025
    Employee-related benefits                        379              226
    Other long-term liabilities                      252              150
    Liabilities of operations held for sale            -              394
                                                 -------          -------
        Total liabilities                          7,367            6,601
                                                 -------          -------

    Minority interests in subsidiaries             1,370            1,449
                                                 -------          -------

              STOCKHOLDERS' EQUITY
    Common stock                                     709              696
    Additional paid-in capital                     6,639            6,696
    Accumulated other comprehensive
     (loss) income                                  (253)             957
    Retained earnings (deficit)                        7             (801)
                                                 -------          -------
        Total stockholders' equity                 7,102            7,548
                                                 -------          -------
        Total liabilities and
         stockholders' equity                    $15,839          $15,598
                                                 =======          =======

    The Company's financial statements can be found on its website at
    www.newmont.com.



    Statements of Consolidated Cash Flows

                                            Three Months    Twelve Months
                                               Ended            Ended
                                            December 31,    December 31,
                                          ---------------  ---------------
                                           2008    2007    2008     2007
                                          ------  ------- ------   -------
                                                    (in millions)
                                            (unaudited)       (audited)
    Operating activities:
        Net income (loss)                    $10   $(289)   $853  $(1,886)
        Adjustments to reconcile net
         income (loss) to net cash from
         continuing operations:
          Amortization                       192     163     747      695
          Minority interest in income of
           consolidated subsidiaries          38      58     329      410
          Deferred income taxes              (86)    116    (300)    (152)
          Write-down of investments           24      46     114       46
          Write-down of property,
           plant and mine development        134       9     137       10
          Gain on asset sales, net            (2)     (3)    (72)     (16)
          Reclamation estimate revisions      28      11     102       29
          Stock based compensation and
           other benefits                     12      10      50       46
          Accretion of accumulated
           reclamation obligations            10       8      42       37
          (Income) loss from discontinued
           operations                         (1)   (644)    (24)     923
          Hedge gain, net                     (1)      -      (9)      (9)
          Write-down of goodwill               -   1,122       -    1,122
          Other operating adjustments and
           write-downs                        10      (7)     76       25
          Net change in operating
           assets and liabilities           (139)     30    (642)    (755)
                                          ------  ------  ------   ------
    Net cash provided from continuing
     operations                              229     630   1,403      525
    Net cash provided from (used in)
     discontinued operations                   -      40    (111)     138
                                          ------  ------  ------   ------
    Net cash provided from operations        229     670   1,292      663
                                          ------  ------  ------   ------
    Investing activities:
        Additions to property, plant
         and mine development               (520)   (513) (1,875)  (1,672)
        Proceeds from sale of
         marketable debt and equity
         securities                            -      16      50      224
        Investments in marketable
         debt and equity securities            -     (18)    (17)    (258)
        Acquisitions, net                      -    (953)   (325)    (953)
        Cash received on repayment of
         Batu Hijau carried interest           -       -       -      161
        Other                                 (9)      6      16       31
                                          ------  ------  ------   ------
    Net cash used in investing activities
     of continuing operations               (529) (1,462) (2,151)  (2,467)
    Net cash provided from (used in)
     investing activities of discontinued
     operations                                -   1,200      (6)   1,354
                                          ------  ------  ------   ------
    Net cash used in investing activities   (529)   (262) (2,157)  (1,113)
                                          ------  ------  ------   ------
    Financing activities:
        Proceeds from debt, net            2,277     280   5,078    3,008
        Repayment of debt                 (2,235)   (385) (4,487)  (2,036)
        Dividends paid to minority
         interests                          (142)   (154)   (389)    (270)
        Dividends paid to common
         stockholders                        (46)    (45)   (182)    (181)
        Proceeds from stock issuance           2      31      29       51
        Purchase of Company share call
         options                               -       -       -     (366)
        Issuance of Company share warrants     -       -       -      248
        Change in restricted cash and
         other                                55       4      74       11
                                          ------  ------  ------   ------
    Net cash (used in) provided from
     financing activities                    (89)   (269)    123      465
    Effect of exchange rate changes on
     cash                                    (30)     39     (54)      50
                                          ------  ------  ------   ------
    Net change in cash and cash
     equivalents                            (419)    178    (796)      65
    Cash and cash equivalents at
     beginning of period                     854   1,053   1,231    1,166
                                          ------  ------  ------   ------
    Cash and cash equivalents at end
     of period                              $435  $1,231    $435   $1,231
                                          ======  ======  ======   ======

    The Company's financial statements can be found on its website at
    www.newmont.com.



    Sales Statistics

                                          Three Months   Twelve Months
                                             Ended           Ended
                                          December 31,    December 31,
                                         -------------   -------------
                                          2008    2007    2008    2007
                                         -----   -----   -----   -----
    Gold
    ----
    Consolidated ounces sold (thousands)
      Nevada (1)                           601     667   2,225   2,341
      Yanacocha                            433     438   1,843   1,565
      Australia/New Zealand
        Jundee                              72      87     377     298
        Tanami                              89     103     365     439
        Kalgoorlie                          92      74     304     323
        Waihi                               35      31     141      93
                                         -----   -----   -----   -----
                                           288     295   1,187   1,153
                                         -----   -----   -----   -----

      Batu Hijau (2)                       114     120     299     494
      Africa
        Ahafo (3)                          141      85     521     446

      Other
        La Herradura                        24      22      95      86
        Kori Kollo                          21      21      85      87
        Golden Giant                         -       -       -      12
                                         -----   -----   -----   -----
                                            45      43     180     185
                                         -----   -----   -----   -----
                                         1,622   1,648   6,255   6,184
                                         =====   =====   =====   =====
    Equity ounces sold (thousands)
      Nevada (1)                           601     667   2,225   2,341
      Yanacocha                            222     224     946     803
      Australia/New Zealand
        Jundee                              72      87     377     298
        Tanami                              89     103     365     439
        Kalgoorlie                          92      74     304     323
        Waihi                               35      31     141      93
                                         -----   -----   -----   -----
                                           288     295   1,187   1,153
                                         -----   -----   -----   -----
      Batu Hijau (2)                        52      54     135     233
      Africa
        Ahafo (3)                          141      85     521     446

      Other
        La Herradura                        24      22      95      86
        Kori Kollo                          18      18      75      76
        Golden Giant                         -       -       -      12
                                         -----   -----   -----   -----
                                            42      40     170     174
                                         -----   -----   -----   -----
                                         1,346   1,365   5,184   5,150
      Discontinued Operations
        Pajingo                              -      40       -     171
                                         -----   -----   -----   -----
                                         1,346   1,405   5,184   5,321
                                         =====   =====   =====   =====
    Copper
    ------
      Batu Hijau pounds sold
       (millions) (2)
        Consolidated                        89      76     290     428
        Equity                              40      34     130     204

    (1) Includes incremental start-up ounces of 1 and 6 for the years
        ended December 31, 2008 and 2007, respectively.
    (2) Economic interest decreased to 45% from 52.875% on
        May 25, 2007.
    (3) Includes incremental start-up ounces of 19 for the year ended
        December 31, 2008.

    This information and other detailed regional production statistics can
    be found in the Regional Operating Statistics section of the Company's
    website at www.newmont.com.



    CAS and Capital Expenditures Statistics

                                              Three Months      Twelve Months
                                                  Ended             Ended
                                              December 31,       December 31,
                                             --------------   ---------------
                                              2008    2007     2008     2007
                                             ------  ------   ------   ------
    Gold
    ----
      Costs Applicable to Sales ($/ounce) (1)
        Nevada                                 $497    $379     $460     $437
        Yanacocha                               344     278      346      313
        Australia/New Zealand
          Jundee                                323     401      395      462
          Tanami                                655     428      604      413
          Kalgoorlie                            654     678      760      591
          Waihi                                 275     393      390      451
                                             ------  ------   ------   ------
                                                526     480      552      479
                                             ------  ------   ------   ------

        Batu Hijau                              418     337      414      232
        Africa
          Ahafo                                 385     388      408      376

        Other Operations
          La Herradura                          414     420      397      340
          Kori Kollo                            745     233      754      325
          Golden Giant                            -       -        -      177
                                             ------  ------   ------   ------
                                                568     329      566      322
                                             ------  ------   ------   ------
      Average                                  $448    $366     $440     $389
                                             ======  ======   ======   ======

    Copper
    ------
      Costs Applicable to Sales ($/pound) (1)
        Batu Hijau                            $0.65   $1.23    $1.38    $1.05



                                               Three Months     Twelve Months
                                                  Ended            Ended
                                               December 31,     December 31,
                                             --------------   ---------------
                                              2008    2007     2008     2007
                                             ------  ------   ------   ------
    Consolidated Capital Expenditures
     ($ million)
      Nevada                                    $78    $135     $337     $588
      Yanacocha                                 114      72      239      253
      Australia/New Zealand                     241     231      962      599
      Batu Hijau                                 12      31       84       74
      Africa                                     32      40      117      134
      Hope Bay                                   19       -       82        -
      Other Operations                           11       1       33       13
      Corporate and Other                        13       3       21       11
                                             ------  ------   ------   ------
    Total                                      $520    $513   $1,875   $1,672
                                             ======  ======   ======   ======


    (1) Excludes Amortization, Accretion, the 2007 Loss on settlement of
        price-capped forward sales contracts and the 2007 Midas redevelopment.

    This information and other detailed regional production statistics can
    be found in the Regional Operating Statistics section of the Company's
    website at www.newmont.com.

Supplemental Information:

Classification Reporting Changes - Certain amounts for the three and twelve months ended December 31, 2007 have been reclassified to conform to the 2008 presentation. The Company reclassified the World Gold Council dues from General and administrative to Other expense, net, reclassified Accretion from Costs applicable to sales to a separate Accretion line item, reclassified regional administrative and community development from Costs applicable to sales to Other expense, net and reclassified marketing costs from Costs applicable to sales to General and administrative. The Statements of Consolidated Income (Loss) and the Statements of Consolidated Cash Flows have also been reclassified for discontinued operations. These changes were reflected for all periods presented.

Reconciliation of Adjusted Net Income to GAAP Net Income - Management of the Company uses the non-GAAP financial measure Adjusted net income to evaluate the Company's operating performance, and for planning and forecasting future business operations. The Company believes the use of Adjusted net income allows investors and analysts to compare the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the production and sale of minerals to similar operating results of other mining companies, by excluding exceptional or unusual items, income or loss from discontinued operations and the permanent impairment of assets, including marketable securities and goodwill. Management's determination of the components of Adjusted net income are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts.

Adjusted net income is not, and should not be used as, an alternative to GAAP Net income as reflected in the consolidated financial statements of the Company. Adjusted net income is not a measure of financial performance under GAAP and this measure should not be considered in isolation or as a substitute to performance measures calculated in accordance with GAAP. The tables below sets forth a reconciliation of Adjusted net income to GAAP Net income, the directly comparable GAAP financial measure.

    Description ($million except per share,
     after-tax)                                       Q4 2008   Per Share
    ---------------------------------------------------------------------
    Adjusted net income                                $120       $0.26
    Write-down of marketable securities and
     other assets                                      (111)      (0.24)
    Legacy closure obligations                          (18)      (0.04)
    Income tax estimate revisions                        18        0.04
    ---------------------------------------------------------------------
    GAAP Income from continuing operations               $9       $0.02
    Income from discontinued operations                   1        0.00
    ---------------------------------------------------------------------
    GAAP Net income                                     $10       $0.02
    ---------------------------------------------------------------------



    Description ($million except
     per share, after-tax)              2008    Per Share   2007    Per Share
    -------------------------------------------------------------------------
    Adjusted net income                 $905      $1.99     $600      $1.33
    Write-down of marketable securities
     and other assets                   (182)     (0.40)     (39)     (0.09)
    Legacy closure obligations           (68)     (0.15)     (19)     (0.04)
    Income tax estimate revisions        165       0.37        -          -
    Write-down of exploration goodwill     -          -   (1,122)     (2.48)
    Settlement of gold contracts           -          -     (358)     (0.79)
    Batu Hijau minority loan payment       -          -      (25)     (0.06)
    Other, net                             9       0.02        -          -
    -------------------------------------------------------------------------
    GAAP Income (loss) from continuing
     operations                         $829      $1.83    $(963)    $(2.13)
    Income (loss) from discontinued
     operations                           24       0.05     (923)     (2.04)
    -------------------------------------------------------------------------
    GAAP Net income (loss)              $853      $1.88  $(1,886)    $(4.17)
    -------------------------------------------------------------------------

2009 Annual Outlook - As a result of adopting a recent accounting pronouncement related to the accounting treatment for convertible debt instruments, FSP APB 14-1, the Company expects its interest expense in 2009 to increase by approximately $55 million as a result of non-cash interest expense related to the treatment of the conversion feature for the Company's 2012, 2014 and 2017 convertible notes. The table below sets forth the Company's current annual outlook and forecast assumptions:

    2009 Annual Outlook - Description
    ------------------------------------------------------------------
    Equity gold sales (Kozs)                            5,200 - 5,500
    Costs applicable to sales ($/oz)                     $400 - $440
    Equity copper sales (Mlbs)                            210 - 230
    Costs applicable to sales ($/lb)                    $0.65 - $0.75
    Capital expenditures ($M)                          $1,400 - $1,600
    Amortization ($M)                                    $775 - $825
    Exploration ($M)                                     $165 - $175
    Advanced projects, research and development ($M)     $120 - $150
    General and administrative expenses ($M)             $140 - $150
    Interest expense, net of capitalized interest ($M)   $150 - $160
    Effective tax rate                                    28% - 32%

    Outlook Assumptions
    ------------------------------------------------------------------
    Oil price ($/bbl)                                        $70
    Australian dollar exchange rate                          0.75
    Copper price ($/lb)                                     $2.00

To view more detailed financial disclosure, including regional mine statistics, Results of Consolidated Operations, Liquidity and Capital Resources, Management's Discussion & Analysis, relevant Risk Factors, and a complete outline of the 2009 Operating and Financial guidance by region, please see the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 19, 2009, available at www.newmont.com.

The Company's fourth quarter and year-end earnings conference call and web cast presentation will be held on Thursday, February 19, 2009 beginning at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time). To participate:

    Dial-In Number           800-619-4068
    Intl Dial-In Number      415-228-4564
    Leader                   John Seaberg
    Password                 Newmont
    Replay Number            866-457-5512
    Intl Reply Number        203-369-1285

The conference call also will be simultaneously carried on our web site at www.newmont.com under Investor Relations/Presentations and will be archived there for a limited time.

Cautionary Statement:

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation, (i) estimates of future mineral production and sales; (ii) estimates of future costs applicable to sales, other expenses and taxes, for specific operations and on a consolidated basis; (iii) estimates of future capital expenditures, construction, production or closure activities; (iv) statements regarding future exploration expenditures, results and reserves; (v) statements regarding fluctuations in capital and currency markets; (vi) statements regarding potential cost savings, productivity, operating performance, and cost structure; (vii) expectations regarding the completion and timing of the remaining interest in Boddington acquisition; and (viii) expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of the Boddington mine. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2008 Annual Report on Form 10-K, filed on February 19, 2009, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

[Via http://www.prnewswire.com]

Experts Say that Meeting Renewable Energy Targets will be 'Extremely Challenging'

2009-02-19T09:00:00.000+02:00

LONDON, Feb. 19 /PRNewswire/ -- The EU target of delivering 20% energy from renewable sources by 2020 will be very difficult to meet, accordingly to experts. The Department for Energy and Climate Change estimates that currently the UK only derives 1.8% of its energy from renewable sources, indicating a staggering differential between where we are now and where we need to be in a short space of time.

On 19th February at the Kingsway Hall Hotel in London, some of the UK's leading practitioners of renewable technologies will gather to discuss how the industry will be able to meet the aggressive targets. The day will cover policy updates, case studies and a forum for discussing the most cost-effective ways to improve energy savings.

Erich Scherer, Assistant Director of Renewable Energy Strategy at the Department for Business, Enterprise and Regulatory Reform will cover government initiatives to drive renewables while Dr. John Constable of the Renewable Energy Foundation will explore feasibility and leadership of the EU Renewable Energy Directive. Other speakers will cover the practical side of implementing renewable technologies including Ian Shaw from the London Fire Brigade, Tom Lelyveld of Faber Maunsell and James Dickinson of Buro Happold.

Other speakers include the Energy Centre of Sustainable Communities, Max Fordham, the Carbon Trust, Dow Jones Architects and the Combined Heat and Power Association.

For further details about the conference visit www.renewablesconference.com.

For press enquiries please contact Michael Stewart on michael.stewart@ubm.com.

[Via http://www.prnewswire.com]

Bill & Melinda Gates Foundation, Partners Pledge $90 Million to Boost Incomes of Small Farmers in Africa

2009-02-19T05:00:00.000+02:00

SEATTLE, Feb. 19 /PRNewswire/ -- The Bill & Melinda Gates Foundation today announced two significant partnerships and $48 million in grants to help hundreds of thousands of small cocoa and cashew farmers in sub-Saharan Africa significantly increase their incomes so they can lift themselves out of hunger and poverty. The two grants -- $23 million to the World Cocoa Foundation and $25 million to the German development organization Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ) GmbH -- were awarded in conjunction with $42 million in cash and in-kind contributions from private industry.

Cocoa and cashews provide income for millions of small farmers in sub- Saharan Africa, who, like a majority of the world's poorest people, live in rural areas and rely on agriculture for their food and income. These projects will help farmers improve the quality and quantity of their crops and provide them with reliable opportunities to sell their crops so they can build better lives for themselves and their families.

The grants are part of the foundation's Agricultural Development initiative, which is working with a wide range of partners in sub-Saharan Africa and South Asia to strengthen the entire agricultural value chain -- from seeds and soil to farm management and market access -- so that progress against hunger and poverty is sustainable over the long term.

The grants complement financial support and in-kind contributions from the private sector, nongovernmental organizations, and local governments. Farmer associations will also play a significant role in leading training and knowledge sharing.

"Making real progress against global hunger and poverty starts with small farmers," said Dr. Rajiv Shah, director of Agricultural Development at the Bill & Melinda Gates Foundation. "Creative partnerships like these bring together the knowledge of locally based NGOs and governments with the technical know-how and market expertise of private-sector firms, and have the potential to help millions of farmers boost their yields and incomes so they can improve their lives."

Cocoa is West Africa's largest agricultural export, accounting for 70 percent of the world's supply. Approximately 2 million West African smallholder farming households rely on cocoa production for a significant portion of their income. Administered by the World Cocoa Foundation, the cocoa project will be implemented by a number of NGO and other partners, including ACDI/VOCA, GTZ, the International Institute of Tropical Agriculture (IITA)/Sustainable Tree Crops Program, SOCODEVI, and TechnoServe.

The cocoa project aims to increase farming household incomes through improved farmer knowledge and productivity, better cocoa quality, crop diversification, and improved supply chain efficiencies. The five-year project will reach approximately 200,000 smallholder cocoa farming households in Cameroon, Cote d'Ivoire, Ghana, Liberia, and Nigeria and aims to help farmers double their incomes. The project will complement the broader work of the World Cocoa Foundation, which works in partnership with its industry members to ensure cocoa cultivation is sustainable and delivers greater benefits to the farmers who grow it.

Financial and in-kind contributions for the cocoa project come from major branded manufacturers The Hershey Company, Kraft Foods, and Mars, Incorporated; cocoa processors Archer Daniels Midland Company, Barry Callebaut, Blommer Chocolate Company, and Cargill; and supply chain managers and allied industries Armajaro, Ecom-Agrocacao, Olam International Ltd., and Starbucks Coffee Company.

"Cocoa has the potential to deliver significant improvements in income as well as in family and community well-being across rural West and Central Africa," said Bill Guyton, president of the World Cocoa Foundation. "Delivering on this promise, however, requires sustained and innovative investment in educating farmers, diversifying the crops they grow, improving their marketing efficiency, and the involvement of companies working together. This new partnership with the Bill & Melinda Gates Foundation represents a major step forward in these areas, opening the door to a much brighter future for hundreds of thousands of farm families in the region."

Africa is responsible for about one-third of the world's cashew crop. However, a lack of cashew processing facilities in Africa has created major market inefficiencies and denies Africans the economic benefits that accompany jobs in the cashew processing sector.

The cashew project aims to improve the quality of raw cashew nut cultivation, increase farmer productivity, improve linkages between smallholder farmers and the marketplace, build African processing capacity, and promote a sustainable global market for African cashews. The project's goal is to help 150,000 smallholder cashew farming households in Benin, Burkina Faso, Cote d'Ivoire, Ghana, and Mozambique increase their incomes by 50 percent by 2012.

"This project will help develop strong groups of cashew farmers that, with the help of the private sector, can be linked to factories," said Winfred Osei Owusu, CEO, West Africa Markets Link in Ghana. "This will create local jobs and bring additional income to the people in our country who need it the most."

GTZ will lead the cashew project with assistance from the African Cashew Alliance (ACA), FairMatch Support, and TechnoServe. Financial support, in-kind contributions, and other support for the cashew project come from supply chain managers and processors Global Trading Agency BV (GTA) and Olam International Ltd.; branded manufacturers Intersnack Group GmbH & Co. KG and Kraft Foods; retailer Costco Wholesale Corporation; equipment manufacturer Oltremare; and other contributors, the German investment and development company DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, and the United States Agency for International Development.

About the Bill & Melinda Gates Foundation

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people -- especially those with the fewest resources -- have access to the opportunities they need to succeed in school and life. Based in Seattle, the foundation is led by CEO Jeff Raikes and Co- Chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett. Learn more about the foundation at http://www.gatesfoundation.org.

About World Cocoa Foundation

Established in 2000, the World Cocoa Foundation is a leader in promoting economic and social development and environmental stewardship in 15 cocoa- producing countries around the world. With nearly 70 member companies from the Americas, Europe and Asia, the Foundation actively supports a range of farm- level programs harnessing sustainable agriculture practices to improve the quality of life for the millions of smallholder farmers growing this unique crop. For more information about the World Cocoa Foundation, visit http://www.worldcocoafoundation.org.

About GTZ

As an international cooperation enterprise for sustainable development with worldwide operations, the federally owned Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ) GmbH supports the German government in achieving its development policy objectives. It provides viable, forward- looking solutions for political, economic, ecological, and social development in a globalized world. Working under difficult conditions, GTZ promotes complex reforms and change processes. Its corporate objective is to improve people's living conditions on a sustainable basis. The company works on public benefit. For more information about GTZ, visit http://www.gtz.de.

[Via http://www.prnewswire.com]

BASF Podcast: The Chemical Reporter - What Gives a Rubber Band its Elasticity?

2009-02-18T11:16:00.000+02:00

LUDWIGSHAFEN, Germany, February 18 /PRNewswire/ -- If you stretch a rubber band and then release it, it snaps back into its original shape. As you probably know, rubber has elastic properties, which is why its also called an elastomer. However, the natural state of caoutchouc, or raw rubber, is exactly the opposite of elastic. It's plastic, which means that itcan be shaped and formed like putty. In entertaining episodes our Chemical Reporter answers questions of our Podcast listeners on Chemistry in our everyday life.

    Direct subscription via RSS-Feed or iTunes (search for "basf"):
   http://corporate.basf.com/en/podcast/reporter.xml

    Podcast The Chemical Reporter, English edition:
   http://www.basf.com/podcast


    More podcasts:
    Podcast Chemistry of Innovations:http://www.basf.com/podcast

This podcast is the audible innovation magazine of BASF. Discover every month how Chemistry can help to shape our future. Theactual episode is on "Chemistry makes wind energy more economical." RSS-subscription: http://corporate.basf.com/en/podcast/innovation.xml

    Direct subscription of BASF Podcasts via RSS-Feed
   http://corporate.basf.com/en/podcast/reporter.xml
   http://corporate.basf.com/en/podcast/innovation.xml

Direct iTunes subscription when iTunes is installed (or search for "basf"):

http://phobos.apple.com/WebObjects/MZSearch.woa/wa/search?submit=seeAll

Lockups&entity=podcast&term=BASF&media=podcast (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. Remove the space if one exists.)Â

The use of the audio material is royalty-free. We appreciate information on the use to podcast@basf.com.

BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost EUR58 billion in 2007. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at http://www.basf.com.

    A Podcast is available at:
   http://www.presseportal.de/pm/16344/1355021/basf_se


    Editorial contact:
    For the UK:
    BASF plc
    Chris Wilson
    Corporate Communications
    Phone: +44-161-488-5616
    Fax: +44-161-488-4133
    E-Mail: chris.wilson@basf.com

    For the US:
    BASF Corporation
    Betsy Arnone
    Corporate Communications
    Phone: +1-973-245-7865
    Fax: +1-973-245-6714
    E-Mail: betsy.arnone@basf.com

    For Germany/Europe:
    BASF SE
    Rainer Mueller-Mueffelmann
    Corporate Innovation Communications
    Phone: +49-621-60-41040
    Fax: +49-621-60-20548
    E-Mail: podcast@basf.com

Frost & Sullivan: Climate Change and Soaring Fossil-Fuel Consumption Create Opportunities for Energy Service Companies

2009-02-18T09:00:00.000+02:00

LONDON, Feb. 18 /PRNewswire/ -- Despite the economic downturn and consequent dip in investments from financial institutions, the politicization of the energy crisis has evoked renewed interest in energy efficiency from institutional investors. Energy management, the immediate scaleable option to counter the crisis, has resulted in an exponential increase in market growth, presenting significant investment opportunities, particularly for venture capitalists in energy service companies.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

New analysis from Frost & Sullivan (http://www.financialservices.frost.com) European Energy Management Services reveals that the market earned revenues of euro 14.53 billion in 2008 and estimates this to reach approximately euro 21 billion by 2013, due to favourable government legislations, growing emphasis on energy security and increasing awareness about the benefits of energy management.

"Concerns over climate change and depleting energy resources have initiated the 'Green' movement with consequent investments in energy efficient technologies," notes Frost & Sullivan Research Analyst Sivapriya Ramakrishnan. "This has led to a number of regulations and climate control measures, setting clear targets to reduce energy consumption."

The cumulative effect of these factors is reflected in market growth with revenues for energy management services expected to grow at a compound annual growth rate (CAGR) of 8.2% over the period 2008 to 2013. Several European governments have rolled out numerous incentives and action plans to counter the issues of climate change and depleting resources for which energy service companies are considered market actors. The European Union has initiated an action plan for energy efficiency for the period 2007 to 2012, which aims at a 20% reduction in energy consumption by 2020. This calls for a sizable investment in energy efficiency in the initial years of the plan with energy service companies playing a crucial role in the achievement of the directive.

A primary concern for the market is limited access to funds for energy management contracts. Despite large energy service companies who are able to self finance their projects, the many small energy service companies that populate the market are crunched for funds in the already unstable financial economic scenario.

Various associations, along with the government, have undertaken several initiatives to enhance the availability of finance for energy service companies and more funds are largely dependant on the recovery of the economy. For instance, the European bank for reconstruction and development (EBRD) provides financial solutions especially for Energy service companies; EETEK Holding PLC. is a direct equity investment company, which concentrates specifically on energy services in Central and Eastern Europe.

"Better access to finance largely depends on the recovery of the economy and presents an opportunity for private investors to step up and provide the much-needed finance for energy service companies," says Ramakrishnan. "Investment from venture capitalists and private equity participants can serve as profitable avenues and considerably enhance opportunities for energy service companies."

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Chiara Carella, Corporate Communications, at chiara.carella@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.

European Energy Management Services is part of the Financial Benchmarking in the Energy & Power Systems Industry programme, which also includes research services in the following markets: North American energy management services market, North American shipping industry, North American outcome-oriented funds: lifecycle funds - investment analysis. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

GIL 2009: Europe

Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Chiara Carella, Head of Corporate Communications for Frost & Sullivan in Europe, at chiara.carella@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit www.frost.com/giluk

About us

European Energy Management Services

N53B

    Contact:
    Chiara Carella
    Corporate Communications - Europe
    P: +44 (0) 20 7343 8314
    M: +44 (0) 753 3017689
    E: chiara.carella@frost.com

SunPower Completes Australia's Largest Roof-Mounted Solar System

2009-02-18T05:00:00.000+02:00

305-Kilowatt System at Crowne Plaza Hotel in Alice Springs Expected to Provide 40 to 80 Percent of Hotel's Power Requirements

BELMONT, Western Australia, Feb. 18 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB), a manufacturer of high-efficiency, solar cells, solar panels, and solar systems, today announced it has completed construction on a 305-kilowatt SunPower solar power system atop the roof of the Crowne Plaza Hotel in Alice Springs, Northern Territory. Invest North Pty Ltd. is the owner of the project, which is the largest roof-mounted solar power system in Australia.

"We are proud that Invest North chose SunPower's high-efficiency solar panels to help power its flagship hotel in Australia," said Bob Blakiston, managing director of SunPower Australia. "This installation is a testament to the growing adoption of solar energy on commercial and public buildings. The Crowne Plaza Hotel's solar electric system is expected to provide between 40 and 80 percent of the hotel's power requirements, depending on the time of year."

The Department of the Environment, Water, Heritage, and Arts (DEWHA) provided financial backing for this project as part of Australia's AUD $94 million Solar Cities Program.

"Through the support of the Rudd Labor government, projects such as this set a clear standard for what is expected of Australian companies when reducing their environmental impact," added Blakiston.

SunPower entered the emerging Australian solar market in 2008, with the acquisition of Solar Sales Pty Ltd. Solar Sales had partnered with SunPower for several years prior as a leading systems integrator and product distribution organization.

About SunPower Corp.

SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia, and Asia. For more information, visit http://www.sunpowercorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "growing" and "is expected" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) the growing adoption of solar energy on commercial and public buildings; and (b) the system providing between 40 and 80 percent of the hotel's power requirements. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) actual electricity generation and (ii) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.

Dow AgroSciences, China National Rice Research Institute Announce Collaboration on Rice Research

2009-02-18T01:00:00.000+02:00

INDIANAPOLIS and HANGZHOU, China, Feb. 17 /PRNewswire-FirstCall/ -- Dow AgroSciences LLC, a wholly owned subsidiary of The Dow Chemical Company (NYSE: DOW), and the China National Rice Research Institute (CNRRI) of Hangzhou, China, announced today that they have entered into a research agreement to combine the strengths of Dow AgroSciences' platform of traits and technologies with CNRRI's leading rice germplasm.

"We look forward to working with CNRRI to introduce novel technologies in rice in China and the rest of the world to improve the productivity of one of the world's most important food crops and to help address the needs of our growing global population," said Daniel R. Kittle, Ph.D., vice president, R&D, Dow AgroSciences and Core Biotechnology for The Dow Chemical Company.

"We are confident that with Dow AgroSciences, a global leader in biotechnology, we will bring cutting edge technologies and innovative solutions to agriculture through this collaboration project," said Director General Cheng Shihua, Ph.D., China National Rice Research Institute.

About China National Rice Research Institute (CNRRI)

China National Rice Research Institute (CNRRI) is an integrative research institute of basic rice science in China. It was established in Hangzhou, Zhejiang Province as approved by the Chinese State Council in June 1981, under the dual leadership of Chinese Academy of Agricultural Sciences (CAAS) and the Zhejiang Provincial Government.

CNRRI focuses on basic and applicable researches with priority on solving significant scientific and technical problems in rice production. Engaging in rice research at population, individual, tissue, cell, and molecular levels, its mission is to contribute food security, nutrition improvement and environment protection.

About Dow AgroSciences

Dow AgroSciences LLC, based in Indianapolis, Indiana, USA, is a top-tier agricultural company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. Dow AgroSciences provides innovative technologies for crop protection, pest and vegetation management, seeds, traits, and agricultural biotechnology to serve the world's growing population. Global sales for Dow AgroSciences, a wholly owned subsidiary of The Dow Chemical Company, were $4.5 billion in 2008. Learn more at www.dowagro.com

Astec Industries, Inc. to Present at Fourth Annual Piper Jaffray Clean Technology and Renewables Conference

2009-02-17T15:22:00.000+02:00

CHATTANOOGA, Tenn., Feb. 17 /PRNewswire-FirstCall/ -- Astec Industries, Inc. (Nasdaq: ASTE) announces today that it will participate in the Fourth Annual Piper Jaffray Clean Technology and Renewables Conference in New York City, New York on Thursday, February 19, 2009. The meeting will include a presentation by Stephen C. Anderson, Corporate Secretary and Director of Investor Relations, Norman Smith, Vice President, Asphalt Group and James Pfeiffer, President of American Augers.

An audio webcast of the presentation can be accessed at:

http://www.corporate-ir.net/ireye/conflobby.zhtml?ticker=ASTE&item_id=2082408

The webcast will be archived for 90 days following the live presentation.

Astec Industries, Inc. is a manufacturer of specialized equipment for building and restoring the world's infrastructure. Astec's manufacturing operations are divided into four primary business segments: aggregate processing and mining equipment, asphalt production equipment, mobile asphalt paving equipment, and underground boring, directional drilling and trenching equipment. Additionally, the Other Group contains one subsidiary that manufactures equipment used for wood processing, recycling and landscaping and one that is a company-owned dealership located in Australia.

Canadian Solar Pre-Announces Select Q4 2008 Results

2009-02-17T13:24:00.000+02:00

TORONTO, Feb. 17 /PRNewswire-Asia/ -- Canadian Solar Inc. ("the Company", "CSI" or "we") (Nasdaq: CSIQ) today pre-announced select unaudited financial results for the fourth quarter of 2008.

For the fourth quarter, the Company expects to achieve $66 to $71 million in net revenues. The Company believes it was successful in achieving its cash management objectives: For the end of the fourth quarter, we anticipate reporting a cash position in excess of $130 million. Our accounts receivables are expected to be in the range of $56 to $64 million as of December 31, 2008, compared to $153 million net at the end of the third quarter, 2008. During the fourth quarter, we chose to pay down approximately $78 million of short-term and related party debt, which brings our outstanding short-term loan balance to approximately $92 million at the end of 2008.

Gross margin in the fourth quarter is expected to be negative, reflecting the weak Euro, a decline in module pricing in December, and an inventory revaluation provision that resulted from a rapid decline in the raw material pricing in December, 2008.

Regarding the business outlook for 2009, the Company has received record-level inquiries from our customers. Signed sales contracts for 2009 have reached 262 MW, with an additional 190 MW in the near-term pipeline, a strong indicator that there is fundamental demand for the Company's products despite the global financial crisis. The rapid decline in solar equipment costs makes the return on solar systems much more attractive. On the other hand, the company expects that near-term solar demand and pricing are still being impacted by the current credit environment, winter weather in Germany and market-wide inventory clearance efforts.

Given the current business climate and market uncertainty, the Company is adjusting its shipment guidance for 2009 to approximately 300 to 350 MW. This estimate is preliminary and contingent on several market conditions that are difficult to predict, including cost and availability of credit.

Dr. Shawn Qu, Chairman and CEO said: "The Company will continue to execute its business strategy to address the current market conditions. Our strategy includes the following:

    -- Maintaining a healthy balance sheet and a strong cash position,

    -- Increasing our global sales and marketing efforts in key geographic
       markets such as Europe and the U.S., and

    -- Proactively working with our strategic suppliers to implement an
       aggressive cost reduction program both internally and externally.

"We will continue offering two complete and fully scaled product lines: regular, high-efficiency modules and our proprietary solar-grade silicon e-Modules, which are the most cost-competitive crystalline PV modules in the industry. Currently, the Company is able to sell its regular solar modules at very competitive prices and to price its low-cost e-Modules at a 10-15% discount to its regular silicon modules, while still maintaining a reasonable gross margin structure."

Fourth Quarter 2008 Conference Call

Canadian Solar's complete fourth quarter and full year 2008 financial results will be issued on Tuesday, March 17, 2009 before the NASDAQ stock market opens. The dial-in number for the live audio call beginning at 8 p.m. (in Jiangsu) on Tuesday, March 17, 2009 or 8 a.m. (in New York) on Tuesday, March 17, 2009 is +1-800-638-5495 (U.S) or +1-617-614-3946 (International). The passcode is 67938727. A live webcast of the conference call will be available on Canadian Solar's website at http://www.csisolar.com . The Company will provide further forward-looking guidance at that time.

A replay of the call will be available 1 hour after the conclusion of the conference call, for one week, through noon on Tuesday, March 24, 2009 (in Jiangsu) or midnight on Monday, March 23, 2009 (in New York) at http://www.csisolar.com and by telephone at +1-888-286-8010 (U.S.) or +1-617-801-6888 (International). The passcode to access the replay is 20328110.

About Canadian Solar Inc. (NASDAQ: CSIQ)

Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .

Safe Harbor/Forward-Looking Statements for Canadian Solar

Certain statements in this press release including statements regarding expected future financial and industry growth are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 3, 2008. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    In Toronto, Canada
    Alex Taylor, IR Director
    Canadian Solar Inc.
    Phone: +1-905-530-2334
    Fax:   +1-905-530-2001
    Email: ir@csisolar.com

    In the U.S.
    Joseph Villalta
    The Ruth Group
    Phone: +1-646-536-7003
    Email: jvillalta@theruthgroup.com

Trina Solar Announces Conference Call to Discuss Fourth Quarter and Fiscal Year 2008 Results

2009-02-17T11:00:00.000+02:00

CHANGZHOU, China, Feb. 17 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced it will host a conference call at 8:00 a.m. ET on Tuesday, March 3, 2009, to discuss results for the fourth quarter and fiscal year 2008.

Joining Jifan Gao, Chairman and CEO of Trina Solar on the call will be Terry Wang, Chief Financial Officer, Sean Tzou, Chief Operating Officer, Steven Zhu, Vice President of Business Development, Arturo Herrero, Vice President of Sales and Marketing, and Thomas Young, Director of Investor Relations. The Company plans to distribute its earnings announcement before the call.

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1(800)884-2382. International callers should dial +1(660)422-4933. The conference ID for the call is 8623-0496.

If you are unable to participate in the call at this time, a replay will be available on March 3 at 08:00 a.m. ET, through March 10, at 11:59 p.m. ET. To access the replay, dial 1(800)642-1687, international callers should dial +1(706)645-9291, and enter the conference ID 8623-0496.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at http://www.trinasolar.com . To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com .

    For more information, please contact:

    Trina Solar Limited
     Terry Wang, CFO
     Tel:   +86-519-8548-2008 (Changzhou)

     Thomas Young, Director of Investor Relations
     Tel:   +86-519-8548-2008 (Changzhou)
     Email: ir@trinasolar.com

    CCG Investor Relations
     Crocker Coulson, President
     Tel:   +1-646-213-1915
     Email: crocker.coulson@ccgir.com

     Richard Micchelli, Financial Writer
     Tel:   +1-646-454-4516
     Email: richard.micchelli@ccgir.com