Layn, Rexx And Evca Stock Report From Pennytobuck.com
EVCARCO (OTCBB:EVCA) is an aggressive company continually exploring new markets to expand its business
. EVCA is engaged in high level projects to develop Hybrid Engine systems which will be used for US Military Applications that have been approved by the EVCA board of directors. EVCARCO is already developing applications for both wartime and homeland security in collaboration with Military Spec Units.
EVCARCO Inc has made the right move at the right time as the Pentagon currently plans to increase its alternative energy vehicle fleet. The US Army is looking at 4,000 electric vehicles over the next three years which will be the largest fleet of electric vehicles in the world. The Air Force also plans to convert almost 25 percent of its energy at the bases to renewable energy by 2025 and 50 percent of aviation fuel to be generated by biofuels blends by the year 2016. The US Navy has been considering to develop a strike group which only run on non fossil fuel energy by 2016.
Layne Christensen Company (Nasdaq:LAYN)
LAYN today announced net income for the second quarter ended July 31, 2010, of $6,450,000, or $0.33 per diluted share for the three months and $13,021,000, or $0.67 per diluted share for the six months, compared to a net loss of $8,640,000, or $0.45 per diluted share, for the three months and a net loss of $7,644,000, or $0.40 per diluted share, for the six months ended July 31, 2009. Earnings in the prior periods were impacted by non-cash impairment charges in the energy division. Excluding the non-cash charges, net income for the three months ended July 31, 2009, was $4,399,000, or $0.23 per diluted share, and for the six months ended July 31, 2009, was $5,395,000, or $0.28 per diluted share.
Revenues increased $36,073,000, or 16.6% to $253,300,000, for the three months ended July 31, 2010, and $62,596,000, or 14.9%, to $484,015,000 for the six months ended July 31, 2010, as compared to the same periods last year.
Rex Energy Corporation (Nasdaq:REXX) announced today that it has entered into a joint venture agreement with Summit Discovery Resources II, LLC, a wholly owned subsidiary of Sumitomo Corporation (Sumitomo), one of the largest trading and investment firms in Japan. Pursuant to the agreement, Rex Energy will sell and transfer interests in its Marcellus Shale assets located in the Commonwealth of Pennsylvania, including 12,900 net acres, certain producing Marcellus Shale wells and associated mid-stream assets, in a transaction valued at approximately $140.4 million. Under the transaction, Sumitomo will pay approximately $88.4 million in cash upon closing and an additional $52.0 million in the form of a drilling carry. Rex Energy will continue to serve as the operator of its Butler County, Pennsylvania project area.
Rex Energy is an independent oil and gas company operating in the Illinois, Appalachian and Denver-Julesburg Basins in the United States. The company has pursued a balanced growth strategy of exploiting its sizable inventory of lower risk developmental drilling locations, pursuing its higher potential exploration drilling prospects and actively seeking to acquire complementary oil and natural gas properties.
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