A Bankrupt BP – Worse For The Financial World Than Lehman Brothers?
Written by JSMineset

The BP crisis in the Gulf of Mexico has rightfully been analyzed (mostly) from the ecological perspective. People’s lives and livelihoods are in grave danger. But that focus has equally masked something very serious from a financial perspective, in my opinion, that could lead to an acceleration of the crisis brought about by the Lehman implosion.

A-Bankrupt-BP-Worse-For-The-Financial-World-Than-Lehman-Brothers

A Bankrupt BP – Worse For The Financial World Than Lehman Brothers? is news story from: News and Stories from Energy Editor

New Fuel Now – By Guy Bennett

Follow Smart money?

On May 27th 2010, Petromanas Energy (TSX: PMI.V) announced they had oversubscribed their $75 million private placement with two large investment funds taking down 72% of the offering. It looks like the so called “smart money” investors are starting to take notice of this story.

The legendary George Soros’ fund, Quantum Partners Ltd., a private investment fund based in Curacao and the Cayman islands picked up 72,500,000 units representing 39% of PMI’s private placement. Soros is famous for “breaking” the Bank of England, and forcing it to devalue the pound. In 1992, Soros bet his entire fund in a short sale on the prediction that the British currency would drop in value, earning him a tidy profit of roughly $ 1 billion. According to Forbes Soros’ net worth is in the upper of $14 billion which I would say equals “smart money.”

10-05-28 PMI New Fuel Now

George Soros Bets on Albania is news story from: News and Stories from Energy Editor

PETROMANAS ENERGY INC (PMI-TSX Venture) UPDATE REPORT

Petromanas is an exploration stage international oil and gas company focused on high impact exploration onshore Albania. It was formed via a reverse take‐over transaction involving the acquisition by shell WWI Resources Ltd. of Manas Adriatic GmBH (holder of a 100% working interest in six exploration stage blocks onshore Albania), concurrent with a $25 million equity financing which closed on February 24, 2010 [see our heads-up alert on WWI Resources Dec 5, 2009 and Initial Report on Petromanas Feb 25, 2010].

On May 27, 2010 the company raised $75 million, issuing 187.5 million units at a price of $0.40 per unit with each unit consisting of one common share and one‐half of one common share purchase warrant. Quantum Partners Ltd., a private investment fund managed by Soros Fund Management, LLC subscribed for 72,500,000 Units. Investment Funds managed by Columbia Wanger Asset Management subscribed for a total of 65,000,000 Units.

Including this recent capital raise, the company has about $87 million in working capital. In addition to 615.7 million shares outstanding, there are 237.8 million warrants and options (100 million expiring February 2015 with a strike of $0.45/share, and 93.8 million expiring May 26, 2012 with a strike of $0.60/share and a call option at $1.10/share).

Similar to hugely successful Bankers Petroleum, the Endeavour Financial group is behind the formation of this deal. Bankers and its shareholders enjoyed significant success with their Albanian oil field reworks, and while a very different type of play, Petromanas also has an exceptional risk-reward profile.

10-05-30 PMI Growth Stocks Weekly

Albanian Oil & Gas is news story from: News and Stories from Energy Editor

One for All and All for… Myself
Why you shouldn’t believe OPEC’s reports

By Marin Katusa, Senior Editor, Casey’s Energy Opportunities

In December 2008, after OPEC warned of “substantial cutbacks,” I voiced my strong opinion that the members of the Dirty Dozen would cheat, because cartels always cheat. Sure enough, despite all the talk about production cutbacks, even more oil flowed out of OPEC.

The harsh truth is that the whole honor and brotherhood thing may work for the Three Musketeers, but it’s a non-starter when, like the OPEC members, you have to foot the bill for hefty social programs.

On April 19, the Algerian energy minister said that OPEC would probably do nothing to restrain rising oil prices, despite concerns that persistently high energy costs would hurt the fledgling global economic recovery.

Take his comments with a pinch of salt.

100427 CEO One for All and All for Myself GET

One for All and All for… Myself is news story from: News and Stories from Energy Editor

Talisman Energy Inc., the Canadian oil company that shed $2.3-billion in assets last year, agreed to sell natural-gas fields in Alberta and Ontario for $1.9-billion to free up cash for shale projects

Check out the original source here.

Talisman sells $1.9-billion in natural gas fields is news story from: News and Stories from Energy Editor

Backers of a rival natural gas pipeline from Alaska to Alberta said the project will cost about US$35-billion to build, documents filed with the Federal Energy Regulatory Commission showed Wednesday

Check out the original source here.

Denali Alberta-Alaska pipeline to cost US$35-billion is news story from: News and Stories from Energy Editor