--(www.USEquityNews.com)-- 08/26/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Pride International Inc. (NYSE: PDE) said recently it ordered a fourth ultra-deepwater drillship to be built in South Korea and delivered in 2011. The drillship will be constructed at the Samsung Heavy Industries Ltd. shipyard. The expected construction cost is $745 million excluding interest. Houston-based Pride said it expects to pay for the project with available cash, cash flow from operations and borrowings, but provided no breakdown. Samsung is building three other ultra-deepwater drillships for Pride, with delivery of the first expected in early- to mid-2010.
BreitBurn Energy Partners L.P. (NASDAQ: BBEP) (the "Partnership") announced recently that members of its senior management, in their individual capacities, together with Metalmark Capital Partners and Greenhill Capital Partners, have completed the acquisition of Provident Energy Trust's ("Provident") indirect ownership of a 96.017% interest in BreitBurn Energy Company LP ("BEC"). BEC was a separate U.S. subsidiary of Provident, whose assets consist primarily of producing and non-producing crude oil reserves located in Santa Barbara, Los Angeles and Orange counties in California. In connection with this transaction, the Partnership's subsidiary, BreitBurn Management Company, has entered into a five-year Administrative Services Agreement to manage BEC's properties.
Canadian Superior Energy Inc. (AMEX: SNG) ("Canadian Superior") of Calgary, Alberta, Canada announced recently that it has entered into an agreement (the "Agreement") for a non-brokered private placement offering (the "Offering) in the amount of $35,000,000 USD. The offering will be by way of the issuance of 8,750,000 individual Units (the "Units") at a price of $4.00 USD per Unit and has been fully subscribed by three of our existing shareholders. Units will be comprised of one Canadian Superior Energy common share and one-half of one common share purchase warrant, each whole warrant exercisable for a period of one year and at an applicable strike price of $4.75 USD.
Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."
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