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INDIANAPOLIS, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (Nasdaq: IEA) (“IEA” or the “Company”), a leading provider of infrastructure solutions for the renewable energy, traditional power and civil infrastructure industries, announced today that it has completed its acquisition (“the transaction”) of Saiia and the ACC Companies (together “ACC”), pursuant to the terms of the previously announced definitive agreement. The transaction, valued at approximately $145 million, closed on September 25, 2018.
JP Roehm, Chief Executive Officer of IEA, commented, “We are very excited to welcome Saiia and the ACC Companies to the IEA family. This acquisition represents a milestone for IEA - our first as a publicly traded company and an important step in realizing our long-term growth strategy of expansion through selective, strategic M&A. By leveraging our complementary skillsets, labor and equipment, we see many opportunities to diversify our construction portfolio by growing IEA’s current heavy civil and infrastructure contracts while also pursuing new contracts in the environmental remediation space. We look forward to working together to generate significant value for our shareholders.”
For full year 2018, ACC is expected to generate approximately $285 million to $300 million in revenue and add approximately $265 million in total backlog as of June 30, 2018. Eighteen months post-close, the acquisition is anticipated to generate approximately $5 million in additional annual cost savings through the benefits of equipment ownership as compared to equipment leasing, integrated insurance programs and combined financial and IT systems.
In conjunction with the acquisition, IEA entered into a new credit facility to finance the acquisition and provide additional financial flexibility. The credit facility provides for aggregate term loan borrowings of $200 million (which matures in September 2024) and a revolving credit facility of $50 million (which matures in September 2023). The new credit facility also provides for a delayed-draw term loan facility of $75 million, which is available for three months following closing to finance a specified acquisition. With the closing of the new facility, IEA repaid in full the Company’s outstanding loans and interest under an existing credit agreement totaling $54.5 million.
Jefferies Finance LLC is administrative agent and collateral agent and KeyBank National Association is the revolving agent under the new credit facility. Jefferies Finance LLC and KeyBanc Capital Markets Inc. acted as term lead arrangers and KeyBank National Association and Fifth Third Bank acted as revolving lead arrangers for the new credit facility.
For the acquisition, Kirkland & Ellis LLP acted as legal counsel to IEA and Jefferies acted as financial advisor to IEA. Cowen and Company, LLC acted as financial advisor to ACC and Hunton Andrews Kurth LLP acted as legal counsel to ACC.
Infrastructure and Energy Alternatives (IEA) is a leading provider of infrastructure solutions for the renewable energy, traditional power and civil infrastructure industries throughout the United States. Currently, IEA is primarily focused on the wind energy industry and is one of three Tier 1 providers in the space. IEA specializes in providing complete engineering, procurement and construction (‘‘EPC’’) services and has completed more than 200 wind and solar projects in 36 states. IEA offers design, site development, construction, installation and restoration of infrastructure services. As of June 30, 2018, IEA held an estimated 30% U.S. market share for wind energy projects. For more information please visit the Company website at iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. These factors include the Company’s ability to identify acquisition candidates, integrate acquired businesses and realize upon the expected benefits of the acquisition of ACC; consumer demand; our ability to grow and manage growth profitably; the possibility that we may be adversely affected by economic, business, and/or competitive factors; market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers; our ability to manage projects effectively and in accordance with management estimates, as well as the ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects; the effect on demand for our services and changes in the amount of capital expenditures by customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation; the timing and extent of fluctuations in geographic, weather and operational factors affecting our customers, projects and the industries in which we operate; the ability of customers to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice; customer disputes related to the performance of services; disputes with, or failures of, subcontractors to deliver agreed-upon supplies or services in a timely fashion; our ability to replace non-recurring projects with new projects; the impact of U.S. federal, local, state, foreign or tax legislation and other regulations affecting the renewable energy industry and related projects and expenditures; the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements; fluctuations in maintenance, materials, labor and other costs; and our beliefs regarding the state of the renewable wind energy market generally. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the Securities and Exchange Commission, including those described as “Risk Factors” in IEA’s Proxy Statement on Schedule 14A filed on February 9, 2018. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Financial Profiles, Inc.
TORONTO, Sept. 25, 2018 (GLOBE NEWSWIRE) -- The Ontario Energy Association is pleased to announce the winners of the 2018 ENERGYAWARDS. These recipients are recognized for their remarkable achievements and contributions to Ontario's energy sector over the past year. Please join the OEA in celebrating these individuals and companies for their accomplishments.
Congratulations to the 2018 OEA ENERGYAWARD winners:
2018 OEA CUSTOMER SERVICE AWARD
ABOUT THE OEA
McPhy's first contract for a 700 bar hydrogen station in Germany
La Motte-Fanjas, September 25, 2018 - 5:45 p.m. - McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production, storage and distribution equipment, today announces its first contract for a 700 bar hydrogen station with H2 Mobility Deutschland, which is due to enter service in Berlin during the last quarter of 2019.
Nikolas Iwan, Managing Director H2 Mobility Deutschland GmbH & Co.KG: "We have seen great progress in McPhy's hydrogen station design in the last two years and are now looking forward to seeing them in operation."
Pascal Mauberger, Chairman and Chief Executive Officer of McPhy, commented: "At McPhy, we are leading the way forward with our hydrogen technologies for the energy transition and have put clean mobility at the forefront of our efforts over the past few years. We are delighted and proud to have received this order from H2 Mobility Deutschland.
Together with the launch of our very high-capacity stations, this first contract bodes very well for the future and demonstrates the potential of our technological and industrial advances. McPhy now offers a full range of hydrogen stations that covers all types of vehicle and all applications.
With this first 200 kg per day 700 bar station, cooled to -40°C and compliant with the SAE-J standard, we have demonstrated our successful shift to industrial scale, as well as the appeal of our cost-effective technical solutions and our status as a leading player in the market. Users will be able to fill up their passenger vehicle in less than 5 minutes, in the same way as for combustion engine vehicles, and their clean vehicles will have a range of several hundred kilometers without emitting any particles causing pollution or making any noise, thereby helping to address the environmental and climate-related challenges we face."
McFilling 200-700 technology selected by a major hydrogen mobility player
H2 Mobility Deutschland, a consortium of six leading industry players (Air Liquide, Daimler, Linde, OMV, Shell and Total), is a major project aiming to establish a dense network of hydrogen filling stations.
The consortium chose McFilling technology after conducting a rigorous selection process. McPhy will install a station delivering 200 kg in hydrogen per day at a 700 bar pressure (McFilling 200-700), cooled to -40°C and compliant with the SAE-J standard.
This station, which is designed to refuel 40 or so vehicles every day, is due to enter service in Berlin in the final quarter of 2019.
This new addition, McPhy's very first in the 700 bar station segment, will increase the number of McPhy stations to 14 and the daily potential of its stations to 50,500 km of zero emission mobility.
Key figures for the McFilling 200-700 hydrogen station
Commercial outlook: roll-out of hydrogen mobility gains pace
Hydrogen as an alternative clean fuel clearly represents a key success factor for the energy transition and the move to a lower-carbon society. Against this backdrop, mobility was identified as a key market in the Hydrogen Council report, which estimates there is a need for between 5,000 and 15,000 refilling stations by 2030.
The French government has also committed to supporting the nationwide development of carbon-free hydrogen. To this end, the French government plans to invest €100 million in 2019 to support the roll-out of hydrogen and make France the world leader in the field. The priorities under the plan include the development of zero emission solutions for road, rail, and river transport, with the prospect by 2023 of around 5,000 light commercial vehicles, 200 heavy vehicles (buses, trucks, regional express trains, boats) and 100 stations supplied with locally produced clean hydrogen.
By extending its range of hydrogen stations with 700 bar and dual pressure (350 and 700 bar) models, McPhy is establishing itself to cover all clean mobility needs.
In the framework of the energy transition, and as a leading supplier of hydrogen production, storage and distribution equipment, McPhy contributes to the deployment of clean hydrogen throughout the world.
Thanks to its wide range of products and services dedicated to the hydrogen energy, zero emission mobility and industrial hydrogen markets, McPhy provides turnkey solutions to its clients. These solutions are tailored to our client applications: renewable energy surplus storage and valorization, fuel cell car refueling, raw material for industrial sites.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).
The company's international subsidiaries ensure a global sales coverage of McPhy's innovative hydrogen solutions.
McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).
 14 stations installed or currently being installed
HOUSTON, Sept. 25, 2018 (GLOBE NEWSWIRE) -- GulfSlope Energy, Inc. (OTCQB: GSPE) (“GulfSlope” or the “Company”) today announced its participation in the Johnson Rice 2018 Energy Conference in New Orleans, Louisiana on Wednesday, September 26. While there will not be a formal Company presentation, GulfSlope will post an updated investor deck in the Investors section of the Company’s website on September 26 that will be used for its meetings with investors at the conference.
About GulfSlope Energy
GulfSlope Energy is an independent oil and natural gas company focused on exploring offshore U.S. Gulf of Mexico. To learn more, visit the GulfSlope Energy website at www.GulfSlope.com.
Company to Enhance Business Development Capabilities
Reno, Nevada, Sept. 25, 2018 (GLOBE NEWSWIRE) --
Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce today that the Company has entered into a major consulting relationship with Strategic Management Partners LLC (“SMP”). SMP will assist Dakota Territory in the formulation and execution of its corporate business and strategic development objectives. Strategic Management Partners specializes in assisting early stage companies to access the partner, capital and human resources necessary to advance their businesses. SMP’s experience spans natural resource, information technology, physical and cyber security and health-care related technologies markets with extensive business expertise specific to the region.
“This is an important step for Dakota Territory”, said President and CEO, Gerald Aberle. “We’ve had to be patient, but have maintained sound corporate structure during a long period when resources have been out of favor. We are seeing a significant increase in interest in the Black Hills, as prolific gold districts in North America with rich histories for producing high grade deposits are in demand. The industry is obviously in need of quality replacement reserves and Dakota Territory is in a premier location with an exceptional project portfolio that we intend to build on. South Dakota is a great place to do business and SMP was the ideal choice of partner for building a successful enterprise here”.
About Strategic Management Partners LLC
Strategic Management Partners, LLC, was started in South Dakota and has offices in Rapid City, SD., Salt Lake City, UT., and Missoula, MT. The three senior managing partners are Stephen T. O’Rourke, Stephen A. Shassetz and James M. O’Day.
Stephen T. O’Rourke - Stephen recently joined the Board of Directors of Dakota Territory Resource Corp as a result of the synergies developed through the process of due diligence investigations. Stephen served as President of Global Petroleum Exploration for BHP Billiton (BHP:NYSE) and was a member of the Senior Management Team for the corporation. Other key roles at BHPB included VP of Development Planning and VP of Appraisal and Petroleum Engineering. Prior to joining BHPB he held various senior technical and management roles for Shell Oil Company. Mr. O’Rourke is a founding partner of Strategic Management Partners LLC, a consulting firm based in Rapid City, SD specializing in energy, minerals & business development. He serves as Managing Director for Heat Mining LLC, a geothermal technology development company and is a Managing Partner for Geoparks International LLC, a geologic consulting group focused on the Black Hills of South Dakota. He is currently a non-executive board member of RESPEC, an engineering consulting firm also based in Rapid City, SD. Stephen serves as a member of the South Dakota School of Mines & Technology (SDSM&T) Geological Engineering advisory board and is Vice Chair of the SDSM&T Foundation Executive Committee. Mr. O’Rourke holds a BSc in Geological Engineering and an Honorary Doctorate of Public Service from SDSM&T and is a graduate of the Wharton School of Business Advanced Management Program.
Stephen A. Shassetz Steve is an accomplished business strategist, having been actively involved in this space for more than 30 years. He has provided a wide variety of business-consulting services for Schwan Financial Group, one of the top 10 financial management firms in the United States. He was CEO of NTS Logistics, in conjunction with Carrington Consulting, where his responsibilities were to redirect and lead a progressive logistic company. He is also the CEO/Founder of SMS, LLC. From 2002-12, he was the CEO for Native American Environmental, LLC, where he was hired by investors and owners to provide executive management for a company providing unexploded ordinance disposal and security services throughout the United States and Middle East. He was charged with developing all of the policies, procedures and systems necessary for company operation, as well as negotiating government and private contracts and securing all funding for company operations. He developed business from infancy to 100+ employees and $10 million in revenue.
As Director of Administration for Fairfield & Woods, PC, his responsibilities included managing all facets of finance, human resources, accounting, marketing and public relations. He also developed and implemented policies, administered 401k and profit sharing plans, performed strategic and tax planning and managed external corporate relations. In addition, he worked with internal and external system professionals to implement and update the firm’s technology and integrate it into daily operations. His other duties included providing work flow analysis and restructuring the financial and services delivery processes, resulted in increased profit margins.
Steve is a graduate of Utah State University with an MBA in Finance.
James M. O’Day In addition to being a senior managing partner for SMP, LLC, Jim is the CEO/Founder of O’Day Enterprises, LLC, based in Missoula, MT.
After a successful 15-year career in NCAA Division I intercollegiate athletics, the final seven as Director of Athletics (2005-12) at the University of Montana, Jim joined the highly-successful Farran Realty Partners team of Missoula, MT, in August 2012. A year later, he opened his own consulting practice, operating under the banner of O’Day Enterprises, LLC, where he has provided valuable consulting services in the areas real estate development, intercollegiate athletics, banking and various stages of business development. He also has a 20-year background in the newspaper industry, first as a reporter/sports editor for the Kalispell Daily Interlake in Kalispell, MT., and then as owner/publisher of the family-owned Western Breeze newspaper in Cut Bank, MT. He graduated from the University of Montana in 1980 with a Bachelor of Arts degree in Journalism.
Nationally, Jim sat on the prestigious NCAA Division I Football Issues Committee from 2008-12, as well as the NCAA Division I Football Championship Subdivision Playoff Selection Committee those same years. He was chairman of the committee from 2010-12.
O’Day also serves on the State Board of Directors for Special Olympics Montana (as well as its Executive Committee), the Board of Directors for the Providence/St. Patrick Hospital Foundation in Missoula, and is a member of Missoula Sentinel Kiwanis. He is a member of the Missoula Sports Commission.
Engagement of Strategic Management Partners LLC
Dakota Territory has engaged SMP to assist in the formulation and execution of its corporate business and capital markets development strategies for an initial term of 12 months. The Company has agreed to compensate Strategic Management Partners LLC 1,000,000 common shares of the Company’s stock, subject to a 12 month hold period from the Effective Date of the Agreement. Pursuant to the engagement, SMP and Dakota may extend the Agreement in one year increments for an additional two years under the same terms.
About Dakota Territory Resource Corp
Dakota Territory Resource Corp. is a Nevada Corporation with offices located at Reno, Nevada. Dakota Territory is committed to creating shareholder value through the acquisition and responsible exploration and development of high caliber gold properties in the Black Hills of South Dakota.
In terms of total historic US gold production, the Black Hills ranks second only to the Carlin District of northeast Nevada, with the gold production of the Black Hills concentrated in a 100 square mile area known as the Homestake District. Dakota Territory maintains 100% ownership of three mineral properties including the Blind Gold, City Creek and Homestake Paleoplacer Properties, all of which are located in the heart of the Homestake District and cover a total of approximately 3,341 acres. The Blind Gold Property is located approximately 4 miles northwest and on structural trend with the historic Homestake Gold Mine. Through its 125 year production history, the Homestake Gold Mine produced approximately 40 million ounces of gold and is the largest iron-formation-hosted gold deposit in the world.
In the 1980's and 1990's Homestake Mining Company undertook a $70 million exploration program managed by Richard Bachman, chief geologic officer of Dakota Territory, that was focused primarily on the search for a repeat of the Homestake Mine. This program successfully discovered significant new gold mineralization beyond the confines of the producing mine, demonstrating repeatability and the potential for additional gold deposits in the Homestake iron-formation host. This program also proved the continuous extension of the Homestake iron-formation to a distance of approximately 4 miles from the producing mine and under the Blind Gold Property.
Dakota Territory Resource Corp is uniquely positioned to leverage Management's extensive exploration and mining experience in the Black Hills of South Dakota with Homestake Mining Company. For more information on Dakota Territory, please visit the Company's website at http://DakotaTRC.com/.
Investor Relations Contact: For more information, please contact Dakota Territory Resource Corp (775) 747-0667
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