BPZ prices $140M senior note offering

BPZ Resources Inc. on Wednesday said it priced an offering of $140 million senior notes at an initial conversion rate of about $6.74, which exceeds the stock’s 52-week high.

The oil and gas exploration and production company said the 6.5 percent notes due 2015 will be convertible at an initial rate of 148.38 shares per $1,000 principal amount of notes, representing a 8 percent premium over Tuesday’s $6.24 closing price.

BPZ also granted to the initial purchaser of the securities an option to buy another $21 million of the notes to cover overallotments. In addition, the International Finance Corp. can participate for up to 45 days after being notified, which could increase the size of the offering.

BPZ estimates net proceeds of about $135.1 million, or $155.4 million if the option is exercised in full, and plans to use the funds to cover general corporate purposes. [Read the full article]

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Bonanza Oil & Gas, Inc., a Nevada Corporation (OTC.BB:BGOI – News) (the “Company”) independent oil and gas company, is pleased to report on the oil and gas development for the Company.

Bonanza Oil & Gas has reported increased production at its second Apclark Field location in the Spraberry zone. Our working interest PV 10 value of $17mm per a third party engineering report previously reported was of just the Spraberry zone. Bonanza estimates that its actual reserves of Apclark Field Zones for both Spraberry and Worlfcamp may exceed $34mm.

The Company has leases on the Damon Salt Dome. The industry does not typically prove up reserves in salt domes; however, the Company believes that there may be $6mm of additional PV 10 value for Bonanza at the Damon Mound. [Read the full article]

Brigham Exploration(BEXP Quote) was one of the top performers in the energy sector over the first two days of this week, up a combined $2.10 on Monday and Tuesday. To put that in perspective, consider this: that $2.10 spike represents an increase of more than 100% versus Brigham’s total share price one year ago. The long-term trend is clear: Brigham was a $1 stock at the beginning of 2009 and hit a 52-week high of $15.80 on Tuesday. However, whether Brigham will continue to go up is a tough question to answer, and there are arguments both for and against another spike in the share price of Brigham in the near-term. For one, Brigham shares slipped back on Wednesday to $15.17 in early afternoon trading, after hitting a 52-week high on Tuesday. However, Brigham’s 0.65% decline on Wednesday was in line with the energy sector decline of 0.6%. [Read the full article]

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Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC) Pursuant to current standards issued by the Contaduria General de la Nacion (National Accounting Office), as of December 31, 2009 Ecopetrol S.A. (“Ecopetrol” or the “Company”) will apply the indirect method in its statement of cash flows instead of the direct method which had been used prior to such date. This change makes local accounting standards consistent with U.S. GAAP. Furthermore, the new methodology will not have any financial impact on the Company and is in accordance with local and international accounting standards.

Ecopetrol is Colombia’s largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). [Read the full article]

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