EIN Presswire: Energy Press Releases

NW Natural Elects New Board Chairman

Fri, 25 May 2012 00:07:00 +0000

The Board of Directors of Northwest Natural Gas Company, dba, NW Natural (NYSE: NWN), today announced at the company's annual shareholder meeting the election of Tod R. Hamachek as board chairman. Hamachek will replace Russell F. Tromley who is retiring after serving as chair since 2008 and as a member of the board since 1994.

"Russ's insights and his commitment over the past two decades to the company, its shareholders and the board have been invaluable. He's been a thoughtful leader who will be greatly missed," said Gregg Kantor, NW Natural President and CEO.

Incoming chair Hamachek has served on NW Natural's board since 1986. During his 26-year tenure, he served on the governance and audit committees, and chaired the strategic planning committee. "We are honored to have Tod step into the role as chair, and look forward to the leadership he will provide," added Kantor. "As our longest serving director, the continuity, historical perspective and expertise Tod brings is a huge advantage for the company."

Hamachek is the former chairman and CEO of Penwest Pharmaceuticals Company in Danbury, Conn. He currently serves as a director of The Seattle Times Company, The Blethen Corporation, Virginia Mason Medical Center and Virginia Mason Medical System in Seattle. He is also president of the Board of Directors of The Sun Valley Center for The Arts in Ketchum, Idaho. Hamacheck is a graduate of Williams College and Harvard Business School.

NW Natural board also approves to extend share repurchasing program
Additionally, NW Natural's board of directors today extended the company's share repurchase program effective through May 31, 2013. The repurchase program, first authorized in 2000, authorizes the company to purchase up to $100 million in value and up to 2.8 million shares of the company's common stock. Since the program's inception, the company has repurchased 2.1 million shares of common stock at a total cost of $83.3 million.

About NW Natural
NW Natural (NYSE: NWN) is headquartered in Portland, Ore., and provides natural gas service to about 682,000 residential, commercial, and industrial customers in western Oregon and southwestern Washington. It is the largest independent natural gas utility in the Pacific Northwest. Additional information is available at www.nwnatural.com.

Media Contact:
Kim Heiting
503-220-2366
kah@nwnatural.com

Investor Contact:
Bob Hess
503-226-4211 ext. 2833
bob.hess@nwnatural.com

Hyperion Exploration Corp. Announces First Quarter 2012 Highlights, Increased Bank Facilities, and Financial and Operating Results for the Quarter Ended March 31, 2012

Thu, 24 May 2012 22:29:32 +0000

Hyperion Exploration Corp. ("Hyperion" or the "Corporation") (TSX VENTURE:HYX) is pleased to announce first quarter 2012 highlights, an increase to existing bank facilities and financial and operating results for the quarter ended March 31, 2012. Selected financial and operational information is outlined below and should be read in conjunction with Hyperion's unaudited financial statements and related management discussion and analysis which will be available for review under Hyperion's SEDAR profile at www.sedar.com.

Outlook

Hyperion has achieved significant growth since the recapitalization transaction of Triple 8 Energy Ltd. ("Triple 8") in July 2010. Having closed three equity financings for gross proceeds of approximately $77.1 million together with acquisitions in both the second half of 2010 and the first quarter of 2011, Hyperion continues to be well positioned with a drilling inventory of 53 net unbooked locations (41 or 77% targeting light oil).

Hyperion is focused on per share growth through the execution of a repeatable light oil focused drilling program. The 2012 drilling program currently includes 12 gross (8.34 net) Cardium wells and 2 gross (2 net) Glauconite wells. In Q1 2012, 6 gross (4.24 net) wells have been drilled and put on production. 2 gross (1.25 net) Cardium wells are awaiting further completion, tie- in and equipping work anticipated to commence in June 2012, weather dependent. 1 gross (1 net) Glauconite well drilled in Q1 and completed in Q2 has recently been put on production. Drilling of the balance of the 2012 drilling program as currently planned, consisting of 5 gross (3.85 net) wells, will occur in the summer and fall of 2012.

In Q2 the Corporation's budgeted production levels will be effected due to an extended turnaround at a 3^rdparty gas processing facility as well as the disposition of the Paradise property, effective April 16th (budgeted to produce approximately 80 boe per day). The turnaround work was anticipated to take 14 days. This downtime has extended significantly beyond management's and the facility operator's expectations and is currently estimated to take 34 days. It is expected that the extended turnaround will result in approximately 300 boe/day of production being shut in during the month of May. Hyperion will assess the actual impact on budgeted Q2 and annual average production after the turnaround is complete and production has been restored. Also in Q2 the Corporation completed the 10-27 Garrington Glauconite light oil well. Due to operational delays the well did not commence production operations until late May. The well is currently producing back frac oil with full recovery expected in early June.

Hyperion will continue to pursue growth through the drill bit and execute its strategy of acquiring assets that compliment and grow its repeatable development drilling inventory. Hyperion continues to acquire strategic land assets in its core areas and takes an opportunistic view for larger corporate and asset acquisitions.

Hyperion's Annual General Meeting will be held at 9:00 AM on June 13, 2012 at the Westin Calgary located at 320 4^thAve S.W., Calgary, Alberta.

Q1 2012 Highlights

The following represents the highlights of Hyperion's first quarter 2012 operations:

Average in Q1 2012 of 1,312 boe per day. This is a 107% increase compared to the Q1 2011 production average of 633 boe per day.
In Q1 2012 Hyperion expended total capital, including land acquisitions and work overs, of $26.9 million drilling 9 gross (6.49 net) wells targeting light oil. Of these, 8 gross (5.49 net) wells were drilled horizontally in the Cardium formation and 1 gross (1 net) well targeting Glauconite light oil. All Cardium wells placed on production in Q1 have met or exceeded the Corporation's type curve expectations.
Maintained Q1 2012 production compared with Q4 2011 with delayed Q4 2011 drilling being executed in Q1 2012.
Increased Q1 2012 production by 20% per share over Q1 2011.
Increased Q1 2012 funds flow by 301% year over year to $3.3 million, representing a 200% increase in funds flow per share.
Continued to achieve operating efficiencies, reducing operating and transportation costs from $14.41 per boe in Q4 2011 to $12.24 per boe in Q1 2012.
Positioned the Corporation for future growth with an unbooked reserve drilling inventory of 53 net locations, (41 or 77.3% targeting light oil).

Q1 2012 Operational Update

Confident Hyperion would achieve its guidance objectives for 2011, a conscious decision was made to stop drilling in November and December due to persistent, negative macro-economic events. Prudent use of debt in late 2011 ensured significant financial flexibility in the event of a prolonged downturn in the energy sector. Fortunately, January 2012 brought renewed optimism to junior oil and gas sector and Hyperion executed on a record level of drilling activity in Q1 2012, which saw the Corporation running three operated and one non-operating drilling rig. During Q1 2012, 6 gross (4.24 net) Cardium light oil wells have been drilled and placed on production. An additional 2 gross (1.25 net) Cardium wells are awaiting further completion, tie-in and equipping work anticipated to commence in June 2012, weather dependent. Also 1 gross (1 net) Glauconite well drilled in Q1 and completed in Q2 is on production.

Hyperion has concluded the sale of the Paradise assets for total consideration of $3.7 million, net of adjustments. The sale closed on April 16, 2012. The Paradise area was expected to contribute approximately 80 boe/d of net production towards the 2012 average and exit guidance, weighted 50% to light oil/natural gas liquids and 50% to gas.

Increase to Bank Facility

Hyperion is also pleased to announce an increase of its existing banking facilities with its credit provider to $50.0 million. The Corporation's revolving operating facility to a borrowing limit of $40.0 million and an acquisition/development facility to a borrowing limit of $10.0 million. Security for these facilities will continue to be provided by way of a charge over the petroleum and natural gas assets of the Corporation. The facilities are subject for review on or before November 1, 2012.

FINANCIAL HIGHLIGHTS

		3 Months Ended March 31
		2012		2011		Change
Financial ($000's except per share amounts)
Oil sales (net of financial contract settlements)		5,334		1735		207	%
NGL sales		685		285		140	%
Natural gas sales		641		782		(18	%)
Total Oil, NGL, & Natural gas		6,660		2,802		138	%
Funds inflow (outflow) from operations		3,275		817		301	%
	Per common share basic & FD ($)	0.06		0.03		200	%
Net earnings (loss) ¹		173		(1,057	)	nm
	Per common share basic & FD ($)	0.00		(0.03	)	100	%
Capital expenditures including deposits		26,851		30,408		(12	%)
Working capital (deficit) exit		(26,088	)	8,208		nm
Unused credit facilities ¹		39,479		13,000		204	%
Production
Oil (bbls per day)		677		224		202	%
NGL (bbl per day)		124		53		134	%
Natural gas (mcf per day)		3,069		2,133		44	%
Total (boe per day) (6:1)		1,312		633		107	%
	Per 1 million common share basic & FD (boe per day) ²	24.25		20.26		20	%
Average realized price ($'s - production weighted)
Oil ($ per bbl)		86.59		85.97		1	%
NGL ($ per bbl)		60.79		59.57		2	%
Natural gas ($ per mcf)		2.29		4.07		(44	%)
Average ($ per boe)		55.77		49.20		13	%

Netback ($'s per boe)
Oil, natural gas and NGL sales	55.77	49.20	13	%
Royalties	11.29	5.63	101	%
Operating and transportation expenses	12.24	9.37	31	%
Operating netback	32.24	34.20	(6	%)
Common Shares (000's)
Basic and fully diluted common shares o/s, end of period ³	54,190	32,190	68	%
Weighted average basic and fully diluted common shares o/s ³	54,190	31,241	73	%

1	Using amended facilities subsequent to March 31, 2012 as described herein.
2	Weighted average basic and fully diluted common share count used in calculation. Figures not adjusted for debt or working capital positions.
3	Basic and fully diluted common shares outstanding are considered equivalent prior to Q1 2012 as all dilutive instruments are considered anti-dilutive under IFRS.

Forward Looking and Cautionary Statements

This press release contains certain forward-looking statements (forecasts) under applicable securities laws relating to future events or future performance. Forward-looking statements are necessarily based upon assumptions and judgements with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather, the regulatory and legal environment and other risks associated with oil and gas operations. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of Hyperion. Undue reliance should not be placed on these forward-looking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.

In the interest of providing Hyperion shareholders and potential investors with information regarding the Corporation, including management's assessment of Hyperion's future plans and operation, certain statements throughout this press release constitute forward looking statements. All forward-looking statements are based on the Corporation's beliefs and assumptions based on information available at the time the assumption was made. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. By its nature, such forward- looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Hyperion believes the expectations reflected in those forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward looking statements contained throughout this press release should not be unduly relied upon. These statements speak only as of the date specified in the statements.

In particular, this press release may contain forward looking statements pertaining to the following:

â¢	the performance characteristics of the Corporation's oil and natural gas properties;
â¢	oil and natural gas production levels;
â¢	capital expenditure programs;
â¢	the quantity of the Corporation's oil and natural gas reserves and anticipated future cash flows from such reserves;
â¢	projections of commodity prices and costs;
â¢	supply and demand for oil and natural gas;
â¢	expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; and
â¢	treatment under governmental regulatory regimes.

The material assumptions in making these forward-looking statements include certain assumptions disclosed in the Corporation's most recent management's discussion and analysis included in the material available on this press release.

The Corporation's actual results could differ materially from those anticipated in the forward looking statements contained throughout this press release as a result of the material risk factors set forth below, and elsewhere in this press release:

â¢	volatility in market prices for oil and natural gas;
â¢	liabilities inherent in oil and natural gas operations;
â¢	uncertainties associated with estimating oil and natural gas reserves;
â¢	competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;
â¢	incorrect assessments of the value of acquisitions and exploration and development programs;
â¢	geological, technical, drilling and processing problems;
â¢	fluctuations in foreign exchange or interest rates and stock market volatility;
â¢	failure to realize the anticipated benefits of acquisitions;
â¢	general business and market conditions; and
â¢	changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry.

These factors should not be construed as exhaustive. Unless required by law, Hyperion does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies.

Estimated values contained in this press release do not represent fair market value.

Hyperion Exploration Corp.
Trevor Spagrud
President and CEO
(403) 930-0701
tspagrud@hyperionexploration.com
Hyperion Exploration Corp.
Doug Bailey
CFO
(403) 930-0703
dbailey@hyperionexploration.com
Hyperion Exploration Corp.
Suite 2010, Calgary Place II 355 - 4th Avenue SW
Calgary, Alberta
T2P 0J1

Basic Energy Services Announces Reauthorized Share Repurchase Program

Thu, 24 May 2012 21:56:11 +0000

Basic Energy Services Announces Reauthorized Share Repurchase Program

PR Newswire

MIDLAND, Texas, May 24, 2012 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") announced today that its Board of Directors has reauthorized the repurchase of up to approximately $35.2 million of its common shares from time to time in open market or private transactions, at the company's discretion, as a continuation of its prior $50.0 million program announced in 2008 (of which $14.8 million has been previously repurchased). The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued at any time.

Commenting on the announcement, Kenneth V. Huseman, Basic's Chief Executive Officer, said, "The Board's reauthorization and our reimplementation of the stock repurchase program, which was previously suspended, reflects our confidence in the long-term value of Basic's market position and financial performance. The repurchased shares will become treasury shares, which may be reissued later in connection with acquisitions or with our long-term incentive plans. We believe our current share price presents an attractive investment opportunity for the company and potential good use of our existing liquidity."

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 5,700 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com.

Safe Harbor Statement

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including (i) Basic's ability to successfully execute, manage and integrate acquisitions, (ii) changes in demand for services and any related material impact on our pricing and utilizations rates and (iii) changes in our expenses, including labor or fuel costs. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic's Form 10-K for the year ended December 31, 2011 and subsequent Form 10-Q's filed with the SEC. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise.

Contacts:	Alan Krenek, Chief Financial Officer
	Basic Energy Services, Inc.
	432-620-5510

	Jack Lascar/Sheila Stuewe
	DRG&L / 713-529-6600

SOURCE Basic Energy Services, Inc.

Vanoil Energy Ltd.: Larry Van Hatten Appointed as Director and Chair of Audit Committee

Thu, 24 May 2012 21:43:21 +0000

Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company") has appointed Larry Van Hatten as an independent director of the Company and as Chairman of the audit committee, with immediate effect.

Mr. Van Hatten was a partner of Ernst & Young LLP, from May 2005 to June 2010, leading its Vancouver assurance practice until announcing his retirement in June 2010. Prior to May 2005, he was the managing partner of Ellis Foster, Chartered Accountants, a Vancouver based firm that merged into Ernst & Young LLP in May 2005. From June 2002 to May 2006, Mr. Van Hatten was a director of Saxon Oil Company (TSX VENTURE:SXN), an international oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. He served on the board of the BC Children's Hospital Foundation, which he chaired from 1996 to 1999 and is currently a director of Kensington Court Ventures Inc. (TSX VENTURE:KCTP), a capital pool company, Undur Tolgoi Minerals Inc. (CNSX:UTM), a mineral exploration company focused on Mongolia and PNG Gold Corporation (TSX VENTURE:PGK), a premier gold exploration and mine development company in Papua New Guinea. Mr. Van Hatten received his Chartered Accountant designation in 1975 and his Fellow Chartered Accountant designation in 2009. In 2010, he completed the academic requirements for the Directors Education Program.

"We are delighted to have Larry on the Vanoil team," stated Mr. James Passin, President and CEO of Vanoil. "He combines superb professional qualifications with broad international resource experience."

About Vanoil Energy Ltd.

Based in Vancouver, Canada, Vanoil is an Africa focused oil and gas company with a comprehensive portfolio of oil and gas assets in Kenya and Rwanda. In Kenya, Blocks 3A and 3B were acquired in October 2007 and a Production Sharing Contract has been signed with the Government of the Republic of Kenya. These Blocks cover 24,912 square kilometers and are part of the under-explored Cretaceous Central African Rift Basin System, an area that may hold the next major sub-Saharan discoveries. Vanoil's 1,631 square kilometers exclusive oil and gas license in the East Kivu Graben in Rwanda is at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighboring Uganda.

To find out more about Vanoil, please visit our website at www.vanoil.ca.

On behalf of the Board of

VANOIL ENERGY LTD.

James Passin, President and CEO

Vanoil Energy Ltd.
Don Padgett
604-689-1515 x 104
dp@primarycapital.net
www.vanoil.ca

Willbros Elects Robert R. Harl, Edward J. DiPaolo and Michael C. Lebens to Board

Thu, 24 May 2012 21:09:00 +0000

Willbros Group, Inc. (NYSE: WG) announced that at its 2012 Annual Meeting of Stockholders, held on May 23, 2012, stockholders, with a majority of votes cast, re-elected Robert R. Harl and Edward J. DiPaolo and elected Michael C. Lebens as Class I directors to its Board.

Willbros also announced that stockholders approved proposals to amend the 2010 Stock and Incentive Compensation Plan and the 2006 Director Restricted Stock Plan and, in an advisory vote, approved Named Executive Officer compensation ("Say on Pay"). Say on Pay was approved by 83.5 percent of the votes on this proposal, compared to 53.4 percent in 2011. Stockholders also ratified re-appointment of PricewaterhouseCoopers LLP as the Company's independent auditor for 2012.

Willbros Group, Inc. is an independent contractor serving the oil, gas, power, refining and petrochemical industries, providing engineering, construction, turnaround, maintenance, life-cycle extension services and facilities development and operations services to industry and government entities worldwide. For more information on Willbros, please visit our web site at www.willbros.com.

CONTACT:
Michael W. Collier
Vice President Investor Relations
Sales & Marketing
Willbros
713-403-8038

Connie Dever
Director Investor Relations
Willbros
713-403-8035

Ballard to Present at the Lazard Annual Alternative Energy Investor Summit

Thu, 24 May 2012 21:00:00 +0000

Ballard to Present at the Lazard Annual Alternative Energy Investor Summit

PR Newswire

VANCOUVER, May 24, 2012 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD), a world leader in delivery of clean energy fuel cell solutions across a range of applications, announced that Mr. Tony Guglielmin, Chief Financial Officer will present at the Lazard Capital Markets Annual Alternative Energy Investor Summit in New York.

Mr. Guglielmin will participate on a panel discussing Emerging Technologies to Serve Distributed Generation Markets on Thursday, May 31^st at 2pm ET.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

SOURCE Ballard Power Systems Inc.

Primary Energy Recycling Announces Completion of Refinancing

Thu, 24 May 2012 21:00:00 +0000

Primary Energy Recycling Announces Completion of Refinancing

PR Newswire

OAK BROOK, IL, May 24, 2012 /PRNewswire/ - Primary Energy Recycling Corporation ("Primary Energy Recycling" or the "Company") (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, today announced the closing of a US$110 million senior secured credit facility (the "New Credit Facility").

The proceeds of the New Credit Facility have been applied to fully retire the Company's outstanding US$36.4 million term loan, and will be used to fund the previously announced purchase of Atlantic Power Corporation's common membership interests in Primary Energy Recycling Holdings LLC ("PERH").

"The completion of this transaction facilitates the impending closure and funding of the Atlantic Power transaction, provides the Company greater financial flexibility, and lowers our borrowing cost by approximately 180 basis points," said John Prunkl, President and Chief Executive Officer of Primary Energy Recycling. "This series of transactions will increase shareholder ownership and allow us to move forward as an independently managed company."

The New Credit Facility will include three tranches of debt:

$25 million 5-year revolver at Libor plus 300 basis points with no Libor floor
$50 million 5-year term loan at Libor plus 300 basis points with no Libor floor
$35 million 7-year term loan at Libor plus 425 basis points with a 125 basis point Libor floor

The cost of borrowing (including up-front and original issue discount fees, and hedges) for the New Credit Facility is approximately 5.1% based on current Libor. Principal repayment is primarily achieved by periodic 50% cash flow sweeps plus modest quarterly amortization payments. The revolver will be undrawn at close.

The existing senior debt that will be retired is at Libor plus 450 basis points with a 200 basis point Libor floor, and has a borrowing cost (including original issue discount fees) of approximately 6.9% based on current Libor.

Scotiabank Global Banking and Markets and RBC Capital Markets acted as joint lead arrangers and joint bookrunners on the New Credit Facility.

On February 16^th, 2012, the Company announced an agreement with Atlantic Power Corporation to purchase the 7,462,830.33 common membership interests in PERH (14.3% of PERH total common membership interests) not currently held by the Company.

Primary Energy Recycling anticipates that its transaction with Atlantic Power Corporation will close on or before May 31, 2012.

About Primary Energy Recycling Corporation

Primary Energy Recycling Corporation owns a majority interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH, headquartered in Oak Brook, Illinois, indirectly owns and operates four recycled energy projects and a 50 per cent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8M lbs/hour. PERH creates value for its customers by recycling recoverable heat and byproduct fuels from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com.

Forward-Looking Statements

When used in this news release, the words "anticipate", "expect", "project", "believe", "estimate", "forecast" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to completion, timing and the anticipated benefits of the transaction with Atlantic Power Corporation and the anticipated benefits of the New Credit Facility described in this press release, operating performance, regulatory parameters, weather and economic conditions and other factors discussed in the Company's public filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as required by applicable securities laws.

SOURCE Primary Energy Recycling Corporation

Cumberland Oil & Gas Ltd. Announces Filing of March 31, 2012 Interim Financial Statements and MD&A

Thu, 24 May 2012 20:55:34 +0000

Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) ("Cumberland" or the "Company") has filed its unaudited interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2012 (the "Quarter"). Copies of these documents may be obtained under Cumberland's SEDAR profile via the SEDAR website at www.sedar.com or through the Company's website at www.cumberlandltd.com

Highlights

Averaged 92 boe per day of production, a 33% increase from the same period in 2011.
Valhalla Doe Creek "M" Pool responding to water-flood, with average daily oil production for the Quarter of 51 bbls per day, a 122% increase from the same period in 2011.
Upper Montney horizontal well at West Nig licensed and drilling rig contracted for summer 2012 drill.
Positive working capital of $0.61 million at March 31, 2012.
Initiated a process to identify strategic alternatives to enhance shareholder value.

		Three months ended
		March 31
Financial		2012		2011

Oil and gas sales		469,172		285,334
Funds used in operations (1)		(62,404	)	(169,124	)
	Per basic and diluted share	(0.00	)	(0.00	)
Cash from operating activites		6,629		(282,996	)
	Per basic and diluted share	0.00		(0.01	)
Net loss		(171,041	)	(253,141	)
	Per basic and diluted share	(0.00	)	(0.01	)
Capital expenditures, net		21,354		41,125
Working capital (2)		615,415		1,416,436
Weighted average shares
	Basic and diluted	35,684,319		35,684,319

Notes:

Funds used in operations is calculated as cash used in operating activities and adding changes in non-cash working capital, if any. Funds used in operations per share is calculated using the basic and diluted weighted-average number of shares for the period. Funds used in operations and funds used in operations per share are used to analyze Cumberland's operating performance. Funds used in operations and funds used in operations per share do not have standardized measures prescribed by Canadian Generally Accepted Accounting Principles ("GAAP") and therefore may not be comparable with calculations of similar measures for other companies.
Working capital includes current assets and current liabilities.

		Three months ended
		March 31
Operations		2012	2011

Average Daily Production
	Crude oil (bbl/d)	51	23
	Natural gas (mcf/d)	247	275
	Oil equivalent (boe/d @ 6:1)	92	69

Average Realized Prices
	Crude oil ($/bbl)	91.35	91.55
	Natural gas ($/mcf)	2.15	3.74
	Oil equivalent ($/boe)	56.19	45.83

Netback
	Operating netback ($/boe) (1)	17.21	10.49

Note:

Operating netback equals oil and gas sales less royalties, operating expenses and transportation costs, calculated on a boe basis. Operating netback does not have a standardized measure prescribed by GAAP and therefore may not be comparable with the calculation of similar measures for other companies.

NE British Columbia Montney Update

In December 2011, Cumberland reported that it had entered into a farm-out and joint venture agreement covering its 1,128 hectares at West Nig, British Columbia. The proposed earning well, HZ W NIG b-97-K/94-A-13 (the "Earning Well") has been licensed and plans are underway to commence operations in late June 2012, weather permitting. A drilling rig has been secured and will be available in that time frame.

The proposed well site will be constructed to allow for upwards of eight horizontal wells from this central location. Four of these potential wells would traverse Cumberland lands. The Earning Well plans to target the Triassic Upper Montney at a true vertical depth of approximately 1,760 metres and the horizontal well trajectory will be approximately 2,200 metres in length. This length will accommodate numerous fracturing stages which should adequately evaluate the potential from this zone. Drilling operations are expected to take upwards of three weeks with plans to conduct the completion and production testing immediately thereafter.

The Upper Montney in this area is believed to be over-pressured with very attractive liquids content. Both the Upper and Lower Montney zones have now been successfully completed by other operators in this area with very encouraging results. Due to the high liquids content in this specific area, this project remains economically viable at current natural gas prices.

READER ADVISORIES

Forward-Looking Statements

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect', "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the volumes and estimated value of Cumberland's oil and gas reserves; anticipated production volumes from the Valhalla Doe Creek "M" pool (the "Pool") with continued water-flood activities; the drilling of a horizontal well at West Nig during the year; including plans to commence drilling operations on the Earning Well, the anticipated timing of the commencement of drilling operations on the Earning Well, the depth and trajectory of the Earning Well, the total estimated time to drill, complete and production test the Earning Well, the belief of the presence of liquids rich natural gas in the Upper Montney formation and the anticipated economics of the area due to the anticipated presence of liquids rich natural gas in the area; anticipated operational activities; the sources of funding for certain of the Company's future operations; the volume and product mix of Cumberland's production; future oil and natural gas prices; future liquidity and financial capacity; the total future capital associated with development of reserves and resources; future operating costs, royalty rates and exchange rates.

Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Cumberland which have been used to develop such statements and information but which may prove to be incorrect. Although Cumberland believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Cumberland can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities consistent with past operations and offsetting wells; the effect of water-flood activities at the Pool; continued and timely development of infrastructure in areas of new production; joint venture partner activities, including fulfilling its commitment to drill the Earning Well; availability of debt and equity financing and cash flow to fund Cumberland's current and future plans and expenditures; the impact of increasing competition; stability of the economic and political environment in which Cumberland operates; timely receipt of any required regulatory approvals; ability of Cumberland to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; ability of the operator of the projects in which Cumberland has an interest in to operate the field in a safe, efficient and effective manner; ability of Cumberland to obtain financing on acceptable terms; the potential effects of Cumberland's strategic alternatives process on its current plans and operations; field production and decline rates; ability to replace and expand oil and gas reserves through acquisition, development and exploration; timing and cost of pipeline, storage and facility construction and expansion and the ability of Cumberland to secure product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes, and environmental matters in the jurisdictions in which Cumberland operates; and the ability of Cumberland to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation; changes in commodity prices; changes in the demand for or supply of Cumberland's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Cumberland or by third party operators of Cumberland's properties, default of third parties of contractual commitments; inaccurate estimation of Cumberland's oil and gas reserve and resource volumes; limited or a lack of access to capital markets; increased costs; inadequate insurance coverage; impact of competitors and certain other risks detailed from time-to-time in Cumberland's public disclosure documents (including, without limitation, those risks identified in this news release and Cumberland's Annual Information Form).

The forward-looking information and statements contained in this news release speak only as of the date of this news release and Cumberland does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

BOE Equivalent

Boe's may be misleading, particularly if used in isolation. A boe conversion of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio of 6:1 may be a misleading indication of value.

Cumberland Oil & Gas Ltd.
Alan MacDonald
Vice President, Finance and Chief Financial Officer
(403) 237-0790
www.cumberlandltd.com

AltaGas Ltd. Receives Final Approval From Michigan Public Service Commission for SEMCO Acquisition

Thu, 24 May 2012 20:30:14 +0000

AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.R) and Continental Energy Systems LLC ("Continental") today announced that the Michigan Public Service Commission ("MPSC") approved the Settlement Agreement for AltaGas' acquisition of Semco Holding Corporation ("SEMCO").

AltaGas previously announced the proposed acquisition of SEMCO on February 1, 2012, subject to receipt of all regulatory approvals. SEMCO is the sole shareholder of SEMCO Energy Inc., a privately held regulated public utility company headquartered in Port Huron, Michigan. SEMCO indirectly holds a regulated natural gas distribution utility in Alaska through ENSTAR Natural Gas Company and an interest in a regulated natural gas storage utility in Alaska under construction called Cook Inlet Natural Gas Storage Alaska, LLC. SEMCO also indirectly holds a regulated natural gas distribution utility and an interest in a natural gas storage facility in Michigan.

The process for obtaining regulatory approval from the Regulatory Commission of Alaska is progressing with a hearing date scheduled for May 30, 2012.

Closing of the transaction is expected in third quarter 2012 after receipt of all regulatory approvals.

AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on renewable energy sources. For more information visit: www.altagas.ca.

This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect AltaGas' current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in AltaGas' public disclosure documents. Many factors could cause AltaGas' actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

AltaGas Ltd.
Investment Community
1-877-691-7199
investor.relations@altagas.ca
AltaGas Ltd.
Media
(403) 691-9873
media.relations@altagas.ca

Stone Energy Corporation Announces the Appointment of David H. Welch as Chairman of the Board

Thu, 24 May 2012 20:30:00 +0000

Stone Energy Corporation Announces the Appointment of David H. Welch as Chairman of the Board

PR Newswire

LAFAYETTE, La., May 24, 2012 /PRNewswire/ -- Stone Energy Corporation (NYSE: SGY) today announced at its annual meeting of stockholders that the Stone Energy Board of Directors has appointed David H. Welch as Chairman of the Board, replacing Mr. Richard A. Pattarozzi. Mr. Welch will retain his position as Chief Executive Officer and President of Stone Energy. Mr. Pattarozzi will remain as the lead Director on the Board.

Stone Energy is an independent oil and natural gas company headquartered in Lafayette, Louisiana, and is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties located primarily in the Gulf of Mexico. Stone is also active in the Appalachia region. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210-phone, 337-521-9880-fax or via e-mail at CFO@StoneEnergy.com.

SOURCE Stone Energy Corporation

Shear Wind Receives Order to Extend Annual Meeting Date

Thu, 24 May 2012 20:28:59 +0000

Shear Wind Inc. ("Shear Wind")(TSX VENTURE:SWX) announced that it has been granted an order by the Supreme Court of Nova Scotia extending the time for Shear Wind to call the next annual meetings of its shareholders to November 5, 2012. Shear Wind will announce the date and details of the annual meeting of its shareholders once finalized.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Shear Wind in any jurisdiction.

About Shear Wind

Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and is engaged in the exploration and development of renewable wind energy properties in Canada. Shear Wind is focused on building a strong company based on a secure and sustainable supply of clean wind energy. Shear Wind is committed to building shareholder value governed by environmental stewardship. Inveravante Inversiones Universales, S.L., an international corporation based in Spain, indirectly owns 62% of Shear Wind on a fully-diluted basis and 49% of Glen Dhu Wind Energy Limited Partnership through Genera Avante Holdings Canada Inc., following its investment in Shear Wind in November 2009.

Additional information on the various projects may be viewed on Shear Wind's website: www.shearwind.com.

Forward-Looking Statements / Information

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. Actual results may differ materially from information contained in the forward-looking information as a result of a number of material factors, including failure to secure adequate financing to develop projects of Shear Wind. Shear Wind undertakes no obligation to publicly update or revise any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

Shear Wind Inc. trades on the TSX Venture Exchange under the symbol "SWX".

Shear Wind Inc.
Mike Magnus
President & CEO
Head Office: 902-444-7420
mmagnus@shearwind.com
www.shearwind.com

Strata-X Ltd. Announces Re-Pricing for Private Placement

Thu, 24 May 2012 20:25:43 +0000

Strata-X Ltd. ("Strata-X" or the "Corporation") (TSX VENTURE:SXE) wishes to announce, further to its news release on May 15, 2012, regarding a non-brokered private placement of units and convertible notes, that it intends to adjust the conversion price of the convertible notes from $0.28 to $0.25. The principal amount and accrued interest on the convertible notes shall be convertible to units at a deemed price of $0.25 per unit. Each unit will be made up of one common share and one-half of a common share purchase warrant. Each whole warrant will be exercisable to acquire one common share at a price of $0.50 per share. The convertible notes shall automatically convert at the end of the one year term into such units. Other particulars regarding the private placement announced on May 15 remain unchanged.

Public documents for Strata-X Ltd. can be found at SEDAR (www.sedar.com).

Strata-X Ltd.
Tim Hoops
President
303-550-5582
Strata-X Ltd.
Doug Walker
Corporate Secretary
780-439-8995
info@strata-X.com

Albemarle Food Safety business launches new antimicrobial product

Thu, 24 May 2012 20:10:00 +0000

Albemarle Food Safety business launches new antimicrobial product

PR Newswire

BATON ROUGE, La., May 24, 2012 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global developer, manufacturer and marketer of highly engineered specialty chemicals, announces the launch of a new antimicrobial used in meat processing, enhancing the company's food safety portfolio to include a liquid form of hypobromous acid.

(Logo: http://photos.prnewswire.com/prnh/20111129/MM14279LOGO )

CellVex™ is a post-harvest antimicrobial proven effective against E. coli, Campylobacter and Salmonella for high volume applications in the meat and poultry markets. With the launch of CellVex, Albemarle can now offer customers two product platforms for hypobromous acid – solid and liquid. CellVex can be used as part of a multiple intervention strategy and is approved in all applications within a meat processing plant.

"Albemarle is dedicated to providing antimicrobial interventions to reduce food-borne pathogens across the globe. We offer unique products and science-based solutions for compliance with various global performance standards including the United States Department of Agriculture Food Safety and Inspection Service's Salmonella and Campylobacter initiative in poultry processing," stated Tina Craft, Global Business Manager, Specialty Bromides.

CellVex joins Albemarle's current food safety products, AviBrom^® and BoviBrom^®, which are solid forms of hypobromous acid and sold through a partnership with Elanco Food Solutions. Albemarle is the only company in the food safety industry to offer hypobromous acid in a solid form. AviBrom, an antimicrobial processing aid for poultry plants, was the first bromine chemistry solution introduced into meat processing. BoviBrom is a post-harvest antimicrobial rinse for beef processing. All three products are FDA-approved, are efficacious in reducing bacteria and can be applied in a variety of processing applications.

Albemarle utilized its new Research & Development Microbiology Laboratory in Baton Rouge at the Louisiana Business & Technology Center on the LSU South Campus Research Park for the development and testing of CellVex. This state of the art facility, fully staffed with research scientists, specializes in microbiology testing and is equipped to test all food-borne pathogens. As Albemarle expands its product offering, the company is working with key public and private entities to solve global food safety challenges.

Albemarle's Food Safety business is a part of the company's Fine Chemistry global business unit and offers a premium line of bromine-based antimicrobials as a unique solution for the food processing industry. Albemarle's food safety products are some of the fastest growing products used in processing today, proven effective against many pathogenic bacteria such as Salmonella, Campylobacter, Listeria and E. coli.

About Albemarle
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer, and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services. The Company is committed to global sustainability and is advancing its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry. Corporate Responsibility Magazine selected Albemarle to its prestigious "100 Best Corporate Citizens" list for 2010 and 2011. Albemarle employs approximately 4,000 people and serves customers in approximately 100 countries. Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings, and other information regarding the Company, its businesses and the markets we serve.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Albemarle Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.

SOURCE Albemarle Corporation

ONEOK and ONEOK Partners to Participate in Citi Power and Gas Conference

Thu, 24 May 2012 20:05:00 +0000

ONEOK and ONEOK Partners to Participate in Citi Power and Gas Conference

PR Newswire

TULSA, Okla., May 24, 2012 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) and ONEOK Partners, L.P. (NYSE: OKS) will participate in the Citi Power and Gas Conference, on Wednesday, May 30, 2012.

Pierce H. Norton II, chief operating officer of ONEOK and ONEOK Partners, will be conducting a series of one-on-one meetings with members of the investment community.

The materials utilized at the conference will be accessible on the ONEOK and ONEOK Partners websites, www.oneok.com and www.oneokpartners.com, that morning, beginning at 7 a.m. Central Daylight Time.

ONEOK, Inc. (NYSE: OKE) is a diversified energy company. We are the general partner and own 43.4 percent of ONEOK Partners, L.P. (NYSE: OKS), one of the largest publicly traded master limited partnerships, which is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. ONEOK is among the largest natural gas distributors in the United States, serving more than 2 million customers in Oklahoma, Kansas and Texas. Our energy services operation focuses primarily on marketing natural gas and related services throughout the U.S. ONEOK is a FORTUNE 500 company and is included in Standard & Poor's (S&P) 500 Stock Index.

ONEOK Partners, L.P. (NYSE: OKS) is one of the largest publicly traded master limited partnerships, and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy company, which owns 43.4 percent of the overall partnership interest. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.

For more information, visit the websites at www.oneok.com or www.oneokpartners.com.

For the latest news about ONEOK and ONEOK Partners, follow us on Twitter @ONEOKNews and @ONEOKPartners.

Analyst Contact:	Andrew Ziola
	918-588-7163
Media Contact:	Brad Borror
	918-588-7582

SOURCE ONEOK, Inc.

NiMin Energy Announces Annual and Special Meeting Information and Amendment to Senior Loan

Thu, 24 May 2012 20:00:00 +0000

NiMin Energy Corp. (TSX:NNN)(OTCBB:NEYFF)(OTCQX:NEYYF) (the "Company" or "NiMin") today announced that further to previous press releases of the Company, the annual and special meeting (the "Meeting") of holders ("Shareholders") of common shares of the Company ("Common Shares") will be held on June 26, 2012. At the Meeting, in addition to annual items of business, Shareholders will be asked to consider and vote on, among other things, special resolutions approving: (i) the proposed sale of all or substantially all of the Company's assets (the "Sale of Assets") including those assets held by NiMin's wholly-owned subsidiary, Legacy Energy, Inc. ("Legacy"), pursuant to purchase and sale agreements with respect to its Wyoming based assets and California based assets (collectively, the "Purchase and Sale Agreements"), for a total cash consideration of US$125,250,000, subject to adjustment in certain circumstances (the "Sale Transactions"); (ii) and the subsequent complete liquidation and dissolution of the Company (the "Winding Up"). In connection therewith, the Company expects to mail to Shareholders, on or about May 25, 2012, a management information circular (the "Circular") with additional information regarding the Meeting matters.

The completion of the Sale of Assets and the Winding Up of the Company (subsequent to a liquidating distribution by Legacy to the Company once all obligations have been accounted for) and the distribution of all available cash are subject to, among other conditions, the approval of the Shareholders at the Meeting. The Sale Transactions are expected to close on or around June 29, 2012. The Sale Transactions are not conditional upon the approval of the Winding Up by the Shareholders at the Meeting.

The board of directors of the Company (the "Board") expects that, after completion of the Sale Transactions and the liquidation and dissolution of Legacy, pursuant to the Winding Up, Shareholders will receive between US$1.01 to US$1.05 in cash per Common Share based upon 69,834,396 Common Shares issued and outstanding, which amount shall be paid in one or more instalments. The amount of the payment(s) shall be determined by the Board after repaying the Company's bank debt and other obligations and reviewing potential tax and other liabilities of the Company, including costs of the Sale Transactions and the subsequent winding up of Legacy and the Company. The Board is not currently aware of any material items that could give rise to unforeseen tax liabilities or other liabilities or costs which would materially reduce the amount of cash available for distribution to Shareholders, but there is no assurance this will remain the case. As soon as practical after closing of the Sale Transactions, NiMin shall distribute, in one or more instalments, as much as possible of the net cash received from the Sale of Assets, in excess of a reasonable reserve for remaining costs and liabilities in an amount determined by the Board in their discretion, acting reasonably.

The Common Shares currently trade on the Toronto Stock Exchange (the "TSX"). If the Sale Transactions are completed, according to the TSX's rules, the Company will be deemed to have gone through a Change in Business (as such term is defined in the TSX Company Manual). The Company does not expect to meet the original listing requirements as the Company will cease to be engaged in an ongoing business. As a result, the Company will take the appropriate steps following closing of the Sale Transactions to voluntarily delist from the TSX. In an effort to maintain liquidity in the Common Shares, the Board may apply to transfer the Company's listing to NEX, a separate board of the TSX Venture Exchange that provides a trading forum for listed companies that have low levels of business activity or have ceased to carry on an active business; however, no assurance can be provided that a NEX listing will be obtained. The Company expects that as a result of delisting from the TSX, it may no longer be eligible to be quoted on OTCQX.

The Company, Legacy and CLMG Corp., as administrative agent, and the lenders party to the credit agreement dated as of June 30, 2010 (the "Senior Loan") have entered into an amendment (the "Amendment") to the US$36 million Senior Loan whereby the Company will only be obligated to pay a 2% prepayment premium for prepayments made from June 28, 2012 through June 30, 2013. The Amendment also amended the last applicable date of the "make whole provision" of approximately $10,000,000 from June 30, 2012 to June 27, 2012.

Further Information

If the Sale of Assets and the Winding Up are approved by the Shareholders, further information regarding the liquidation and dissolution of the Company and the amount and timing of distributions to Shareholders will be provided in subsequent press releases as such information becomes available.

About NiMin Energy

NiMin is a California based independent oil exploration and production company with principal operations in the Bighorn Basin of Wyoming and the San Joaquin Basin in California. NiMin currently has 69,834,396 Common Shares issued and outstanding.

Additional Information

This communication may be deemed to be solicitation material in respect of the proposed Sale of Assets and Winding up. In connection with the proposed transactions, the Company has filed a management information circular/ preliminary proxy statement with the Securities and Exchange Commission on May 9, 2012. When completed, a definitive Circular and a form of proxy will be mailed to Shareholders. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY ALL RELEVANT MATERIALS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING THE CIRCULAR, WHEN THEY BECOME AVAILABLE, BECAUSE THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the Circular and other documents filed by the Company with the Securities and Exchange Commission (when available) at the Securities and Exchange Commission's website at http://www.sec.gov or at the Company's website at http://www.niminenergy.com. The Circular and other relevant materials (when available) may also be obtained for free from the Company by directing a request to NiMin Energy Corp., 1160 Eugenia Place, Suite 100, Carpinteria, California USA 93013; telephone (805) 566-2900. The contents of the websites referenced above are not deemed to be incorporated by reference into the Circular.

Participants in Solicitation

The Company and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from Shareholders in connection with the proposed transactions. Information concerning the interests of the Company's participants in the solicitation is, and will be, set forth in the Company's Circular and Annual Reports on Form 10-K, previously or in the future filed with the Securities and Exchange Commission, and in the Circulars relating to the proposed transaction when it becomes available. Each of these documents is, or will be, available free of charge at the Securities and Exchange Commission's website at http://www.sec.gov and from the Company at http://www.niminenergy.com, or by directing a request to NiMin Energy Corp., 1160 Eugenia Place, Suite 100, Carpinteria, California USA 93013; telephone (805) 566-2900.

Cautionary Statements

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws including statements regarding the Sale of Assets, the timing of the mailing of the Circular, the approval of matters to be presented to Shareholders at the Meeting, the timing of the Meeting, the liabilities of the Company, the net proceeds and cash per Common Share available for distribution, the dissolution of Legacy and NiMin and the distribution of funds to Shareholders. Although NiMin believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based upon currently available information to NiMin. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in forward-looking statements. Risks include, but are not limited to: receipt of all required regulatory and Shareholder approvals, satisfaction of the conditions to the closing of the Sale Transactions, changes in tax laws, the ability to liquidate the remaining assets of the Company, the ability to dissolve Legacy and Nimin and the risks associated with the oil and gas industry. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in more detail in NiMin's Annual Information Form/Annual Report on Form 10-K and other documents available at www.sedar.com and www.sec.gov. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release, and, except as required by applicable law, NiMin does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. NiMin undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of NiMin or the transactions discussed herein.

NiMin Energy Corp. - Investors
Jonathan Wimbish, CFA
Chief Financial Officer
+1 (805) 566-2900
jwimbish@niminenergy.com
www.niminenergy.com
Sard Verbinnen & Co - Media
Dan Gagnier
+1 (212) 687-8080
Sard Verbinnen & Co - Media
Jared Levy
+1 (212) 687-8080