subject: Stock Update On Chk, Atpg And Tgmp From Pennytobuck.com [print this page] American Power CorpAmerican Power Corp. (OTCBB:TGMP) is pleased to announce that it has retained Weir International Inc. of Downers Grove, Illinois (Weir) to prepare an exploration drilling program and to supervise the execution of that program, in order to evaluate the coal reserve potential on the Pace coal property in Judith Basin County, Montana.
In September of 2008, Weir International conducted a preliminary review of 30 stratigraphic test wells drilled in 1979 by Mobil Oil Corp. (now ExxonMobil Corp.) on the Pace Coal Property. A reserve report was not completed at that time but Weir International stated that the in-place coal resources of the drilled area could exceed 200 million tons, and that the undrilled controlled properties could have substantial additional resources.
TGMP is a member of the Montana Mining Association, and holds approximately 29,000 acres in Judith Basin County, Montana. The estimated resources in place, based on exploration work conducted by Mobil Oil Co. (now ExxonMobil Corp.), and in several independent studies, range from 172 million up to 410+ million tons of high volatile bituminous B coal.
ATP Oil & Gas Corporation (NASDAQ: ATPG) announced that it has closed its previously announced $150 million First Lien Senior Secured Term Loan facility. The facility replaces the existing undrawn $100 million revolving credit facility and provides an option to increase the first lien loan by up to an additional $350 million (for a total of $500 million) as the companys Adjusted Consolidated Net Tangible Assets value grows. The facility matures October 15, 2014 and carries an annual coupon of 11%. Other features include the elimination of financial maintenance covenants and the ability to reinvest within one year 100% of asset sale proceeds into future developments.
ATPG is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market.
Chesapeake Energy Corporation (NYSE:CHK)
CHK announced this week the expiration of its previously announced cash tender offers for any and all of its outstanding 7.00% Senior Notes due 2014, 6.625% Senior Notes due 2016 and 6.25% Senior Notes due 2018 (collectively, the Notes). The tender offers expired at 12:00 midnight, New York City time, on August 30, 2010 (the Expiration Date). The full terms and conditions of the tender offers are set forth in the Offer to Purchase and Consent Solicitation Statement dated August 3, 2010 .
CHK is the second-largest producer of natural gas and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, CHKs operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. CHK owns leading positions in the Barnett, Fayetteville, Haynesville, Marcellus and Bossier natural gas shale plays and in the Eagle Ford, Granite Wash and various other unconventional oil plays. CHK has also vertically integrated its operations and owns substantial midstream, compression, drilling and oilfield service assets.
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