EIN Presswire: Energy Live Feed Press Releases

CORRECTION FROM SOURCE: Conference Call Friday, February 10, 2012, to Discuss U.S. Geothermal's 2011 3rd Quarter Results

Wed, 08 Feb 2012 02:03:12 +0000

The following corrects and replaces the release that crossed the wire at 5:00pm PT (8:00pm ET) earlier today. The headline and the body of text incorrectly refer to the Earnings Call as being on November 10^th, 2012 at 8:30am MT (10:30am ET), when it should have read February 10^th at 8:30am MT (10:30am ET).

U.S. Geothermal Inc. (TSX:GTH)(NYSE Amex:HTM) will host a telephone conference call for investors and analysts on Friday, February 10, 2012 at 10:30 a.m. EDT (8:30 a.m. MDT) to discuss their 3^rdQuarter Financials (October 1, 2011 - December 31, 2011), which will be filed on Thursday, February 9, 2012.

The conference call may be accessed by dialing (877) 407-8133 in Canada and the United States, or (201) 689-8040 internationally. A simultaneous webcast of the conference call will be provided through: http://www.investorcalendar.com/IC/CEPage.asp?ID=167347

About U.S. Geothermal:

U.S. Geothermal Inc. is a leading renewable energy development company that is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada. The Neal Hot Springs project will be the company's third operating power project. The company holds geothermal energy rights to 69,500 acres comprising six advanced stage geothermal development projects. The San Emidio project is currently undergoing construction of a new 8.6 net MW binary cycle power plant.

U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
866-687-7059
604-688-9895 (FAX)
saf@usgeothermal.com
www.usgeothermal.com

E and P Information and Data Management Asia

Wed, 08 Feb 2012 02:00:00 +0000

E and P Information and Data Management Asia

PR Newswire

SINGAPORE, February 8, 2012 /PRNewswire/ --

Managing upstream E&P data is a difficult task for large and small E&P companies. SMi's 2nd annual E&P Information and Data Management Asia conference 25th - 26th April 2012, Singapore will provide attendees the opportunity to listen to senior experts on data management from oil and gas companies, solution providers, associations and technical experts so that you are fully up to date with the latest solutions.

Asia has accounted for about one-third of the world's economic growth in the 1990s, the Asian economies (both the advanced and developing economies) saw their share of the world's economic growth increase to almost 40% during the 2000-05 period and to almost 50% during the 2005-10 period, surpassing the share of the North American and European economies.

Forecasts from the International Monetary Fund (IMF), over the next five years, expects the Asian economies to account for about 50% of the world's growth, while the former leaders, North America and Europe, remain at about 25%.

The Asian boom will be led by China and India, with the IMF expecting China alone to account for almost 30% of the world's growth over the next five years. Therefore it is important to understand what Petrochina, Premier Oil etc are doing in the E and P Data markets.

Hear From:

David Lee, Director, PetroChina
Tang Chanh Dai, IS Manager, Premier Oil ( Vietnam)
Ahmad Abeed Mohammed Lotfy, PSC Data Management Executive, PETRONAS
Martin Farfan, IM Senior Consultant, Petroleum Development, Oman
C. Lwanga Yonke, Information Quality Process Manager, Aera Energy LLC.
Jonathan Jenkins, Director, NDB

Visit for more information http://www.smi-online.co.uk/2012asiaeandp46.asp

Plus 1 Full Day Post Conference Workshop - 27^thApril 2012

Knowledge Management: From Assessment, Implementation to Auditing

Sponsorship Opportunities
Profile your company through tailored sponsorship and branding packages.
Contact Sadia Malick : +44-(0)20-7827-6748/ smalick@smi-online.co.uk

Europe, North America Registration Details
Complete the enclosed registration form and fax to +44-(0)20-7827-6157.
Contact Andrew Gibbons on: +44-(0)20-7827-6156 / agibbons@smi-online.co.uk.

Asia Pacific Registration Details
Complete the enclosed registration form and fax to +65-664-990-94.
Contact Laura Green on: +65-66-4990-96/95 / lgreen@smi-online.sg.

*Hart E and P http://www.epmag.com/Production/Industry-Energy-Intensive-Middle-Class-Push-Chinas-Oil-Gas-Demand_93802

Conference Call Friday, November 10, 2012, to Discuss U.S. Geothermal's 2011 3rd Quarter Results

Wed, 08 Feb 2012 01:00:00 +0000

U.S. Geothermal Inc. (TSX:GTH)(NYSE Amex:HTM) will host a telephone conference call for investors and analysts on Friday, November 10, 2012 at 10:30 a.m. EDT (8:30 a.m. MDT) to discuss their 3^rdQuarter Financials (October 1, 2011 - December 31, 2011), which will be filed on Thursday, February 9, 2012.

About U.S. Geothermal:

U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
866-687-7059
604-688-9895 (FAX)
saf@usgeothermal.com
www.usgeothermal.com

Skope Energy Inc. Announces an Amendment to Credit Facility and Provides an Operational Update

Wed, 08 Feb 2012 00:38:01 +0000

Skope Energy Inc. ("Skope" or the "Company") (TSX:SKL) announced today that it has signed an amendment to its existing credit facility ("Credit Facility"). Skope is also pleased to announce an operational update and results of its horizontal Mannville well at Pendor.

Credit Facility Amendment

The Company has agreed with its lender to reduce the outstanding principal amount under the Credit Facility to a deemed borrowing base of $57 million and the lender has agreed to extend the Credit Facility to May 31, 2012. Skope has also agreed to convert the Credit Facility to a demand type facility and to make monthly payments from positive net cash flow (net of capital spending sufficient to maintain stable production) and to apply net proceeds of any equity or debt financings sufficient to reduce the outstanding amount under the Credit Facility to $25 million or less. The lender has the option to extend the Credit Facility beyond May 31, 2012 at its discretion.

Various other amendments have been made to the Credit Facility including increased interest rates and structuring fees and certain operating and capital spending targets sufficient to keep production stable during the extension period.

Skope is in discussion with a number of capital providers for equity, debt and/or other financing alternatives and is currently contemplating the best option to maximize shareholder value. Net proceeds from any alternative financing will be applied to further reduce outstanding amounts under the Credit Facility to $25 million or less and to fund potential future acquisitions. Skope expects that alternative financing will be in place on or prior to May 31, 2012.

Operational Update

Skope's operations continue to exceed expectations. Despite lower commodity prices in the past year, Skope continues to generate positive free cash flow and has repaid $8 million of long term bank debt well in advance of its original budget and has positive working capital (before debt payments). This is largely the result of capital spending efficiencies and commodity price hedging activities.

The Company currently has approximately 54% of anticipated net production for calendar 2012 hedged at an average price $4.21 per Mcf. As at the date hereof, the unrealized mark-to-market value of Skope's commodity hedges is approximately $9.9 million.

Lower Decline Rate

Production has remained steady in the range of approximately 25 to 26 mmcf/d with only $5.6 million of capital spent in calendar year 2011, including five horizontal wells drilled during calendar 2011. Decline rates on production have moderated from 17% at acquisition to the current rate of approximately 8% to 10%. This is largely the result of focused field operations including swabbing, recompletions and workover operations. Production has been running at approximately 10% above the proved plus probable curve indicated in Skope's March 31, 2011 independent engineering report.

As a result of its hedging program and low operating costs, Skope continues to have surplus operating cash flow over maintenance capital, providing discretionary cash flow to further repay debt.

Mannville Well

Skope drilled the 16-7-1-8W4 horizontal Mannville well which was brought on stream on January 6, 2012. The well was drilled to a depth of 850 meters using monobore technology and included a 730 meter horizontal section and was completed with 10 fracture treatments. Since the well came on stream, production has been steady at 25 bbl/d of 37 degree API light oil, and 1.0 mmcf/d of natural gas (192 boe/d). The total gross cost of the well was approximately $0.8 million ($0.6 million net to Skope). Skope and its partner, Spur Resources, have identified follow-up Mannville locations to be drilled upon partner approval. Skope has an 80% interest in the well. The results of this Mannville well are early stage and may not be reflective of future production results.

Skope Energy Inc.

Skope is in the business of oil and natural gas acquisition, development and production in Western Canada with a focus on shallow natural gas. Skope owns an 80% working interest in a package of high quality, long-term, low decline producing shallow gas assets, located in southeast Alberta and southwest Saskatchewan.

Skope's common shares are listed on the Toronto Stock Exchange under the symbol "SKL".

Forward-Looking Statements

This news release contains forward looking statements. These statements relate to future events or the Company's future performance. All information and statements contained herein that are not clearly historical in nature constitute forward looking statements, and the words "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "propose", "predict", "potential", "continue", or the negative of these terms or other comparable terminology are generally intended to identify forward looking statements. These statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Undue reliance should not be placed on these forward looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward looking statements in this press release include, but are not limited to, the Company's anticipated 2012 production, future hedging activities, plans to reduce the Company's indebtedness under the Credit Facility, future extensions of the Credit Facility, the Company's plans to secure replacement debt and or equity financing and on the timing contemplated, and the anticipated benefits and use of proceeds therefrom. In addition, this news release contains early production results from Skope's recent Mannville well. The initial results are not necessarily indicative of long-term performance or of ultimate recovery.

Management has included forward-looking information in this press release in order to provide security holders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes. These forward-looking statements are based on certain assumptions and are subject to a number of risks. Investors are cautioned that such information, although considered reasonable by the Company, may prove to be incorrect.

Actual results achieved will vary from the information provided in this news release as a result of numerous known and unknown risks and uncertainties including, the availability of capital on acceptable terms or at all, the risk that the Company's Credit Facility will not be renewed or renewed on the same terms, general economic, market and business conditions, volatility in market prices for crude oil and natural gas and hedging activities related thereto, limited, unfavourable, or a lack of access to external sources of capital, risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to test rates, reserves, production, costs and expenses; health, safety and environmental risks; environmental risks; competition; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking statement disclosure contained in this press release is expressly qualified by this cautionary statement.

These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Skope Energy Inc.
Henry Cohen
President and Chief Executive Officer
416 850 0193
henry.cohen@skopeenergy.com
Skope Energy Inc.
Viren Wong
Executive Vice-President and Chief Operating Officer
416 850 0193
viren.wong@skopeenergy.com
Skope Energy Inc.
Daniel Belot
Vice President, Finance and Chief Financial Officer
403 538 8018
daniel.belot@skopeenergy.com

Secure Energy Services Inc. Announces Expansion of Syndicated Credit Facility to $200 Million

Wed, 08 Feb 2012 00:22:19 +0000

Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) announced today that it has expanded its existing syndicated credit facility ("Syndicated Facility") to $200 million through the exercise of the $50 million accordion feature. All members of the existing syndicate consisting of six financial institutions and Canadian chartered banks participated in the expansion of the Syndicated Facility. There were no changes to the terms of underlying syndicated credit agreement previously announced on August 4, 2011.

ABOUT SECURE ENERGY SERVICES INC.

Secure is a TSX publicly traded energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin.

The Corporation operates two divisions:

Processing, Recovery and Disposal Division ("PRD"): Operating under the trade name Secure Energy Services, the processing, recovery and disposal services division focuses on clean oil terminalling, custom treating of crude oil, crude oil marketing, produced and waste water disposal, oilfield waste processing, landfill disposal and oil purchase/resale service.

Drilling Services Division: Operating under the trade names Marquis Alliance and XL Fluids, the drilling services division focuses on drilling fluid systems, solids control, equipment rental service, drilling waste management and environmental services. The drilling fluids service line includes the design and implementation of drilling fluid systems for producers drilling for oil, bitumen and natural gas.

Secure Energy Services Inc.
Rene Amirault
Chairman, President and Chief Executive Officer
(403) 984-6100
(403) 984-6101 (FAX)
Secure Energy Services Inc.
Nick Wieler
Chief Financial Officer
(403) 984-6100
(403) 984-6101 (FAX)
www.secure-energy.ca

WestFire Announces Updated Corporate Presentation

Wed, 08 Feb 2012 00:05:43 +0000

WestFire Energy Ltd. ("WestFire" or the "Company") (TSX:WFE) is pleased to announce that it has updated its standard investor presentation on its website at www.westfireenergy.com to reflect its previously announced 2012 capital budget and fourth quarter operational update.

Strategic Alternatives Process

On December 19, 2011, WestFire announced that its Board of Directors had decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value.

WestFire expects to open a data room as soon as reasonably possible which will include its independent reserves report and a detailed corporate presentation. However the Company has not established a definitive schedule to complete its identification, examination and consideration for completion of its strategic alternatives process.

About WestFire

WestFire is a Calgary based energy company primarily focused on light oil development and production in Alberta and central Saskatchewan. Common shares of WestFire are listed on the Toronto Stock Exchange under the symbol WFE.

Forward-looking information and 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", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the following; the disclosure of developments relating to the Company's strategic alternatives review process and the anticipated benefits of such process and the timing for opening a data room in connection with the process.

In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of WestFire which have been used to develop such statements and information but which may prove to be incorrect. Although WestFire 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 WestFire 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; the continued and timely development of infrastructure in areas of new production; continued availability of debt and equity financing and cash flow to fund WestFire's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which WestFire operates; the timely receipt of any required regulatory approvals; the ability of WestFire to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which WestFire has an interest in to operate the field in a safe, efficient and effective manner; the ability of WestFire to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of WestFire to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which WestFire operates; the ability of WestFire to successfully market its oil and natural gas products; that all necessary regulatory approvals will be obtained as and when required, that there will be no material adverse change in the Company's affairs or laws, rules or regulations relating to the Company, its securities or business, there will be no regulatory proceedings involving the Company or any of its directors or officers, or any cease trade or other order prohibiting or restricting trading in the Company's securities and no major national or international event will have occurred that has or could reasonably be expected to have a material adverse effect on financial markets or the business, operations or affairs of the Company.

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 defer 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 WestFire'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 WestFire or by third party operators of WestFire's properties, increased debt levels or debt service requirements; inaccurate estimation of WestFire's oil and gas reserve and resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in WestFire's public disclosure documents, (including, without limitation, those risks identified in this news release and WestFire's Annual Information Form filed on SEDAR).

The forward-looking information and statements contained in this news release speak only as of the date of this news release, and WestFire 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 expressly required by applicable securities laws.

WestFire Energy Ltd.
Lowell Jackson
President and CEO
(403) 718-3601
(403) 261-9658 (FAX)
WestFire Energy Ltd.
Jeff Holmgren
Vice President, Finance and CFO
(403) 718-3603
(403) 261-9658 (FAX)

Superior Energy Services Announces Executive Management Promotions

Tue, 07 Feb 2012 23:13:00 +0000

Superior Energy Services Announces Executive Management Promotions

PR Newswire

HOUSTON, Feb. 7, 2012 /PRNewswire/ -- Superior Energy Services, Inc. (NYSE: SPN) announced today that its Board of Directors has elected Brian Moore as Senior Executive Vice President, and Westy Ballard and Greg Rosenstein as Executive Vice Presidents.

Mr. Moore, 55, will serve as Senior Executive Vice President of North America Services, overseeing the Company's completion and production service lines. From March 2007 until the merger between Complete Production Services, Inc. and Superior, Mr. Moore was President and Chief Operating Officer of Complete, and was with Complete and its predecessor companies since April 2004. He has more than 30 years of management and operations experience in the North American energy industry.

Mr. Ballard, 40, will serve as Executive Vice President of International Services, focusing on developing and building out the Company's core services in international markets. Mr. Ballard has served as Vice President of Corporate Development since joining the Company in June 2007. Prior to joining Superior, Mr. Ballard spent six years working in private equity.

Mr. Rosenstein, 44, will serve as Executive Vice President of Corporate Development with responsibilities for corporate planning/M&A, investor relations and corporate marketing. Rosenstein will continue to be the main point of contact for investor relations matters and continue to serve as the Company's Corporate Secretary. Mr. Rosenstein most recently served as Vice President of Investor Relations, and has been with the Company since March 2000. He has more than 15 years of experience in the energy industry.

David Dunlap, President and Chief Executive Officer of Superior, stated, "By establishing these executive management level functions, I believe we have a structure in place that will support our long-term strategies and can endure as we grow. Brian, Westy and Greg have been successful in their prior roles and responsibilities, and I look forward to their contributions as we leverage our diverse suite of products and services to enhance our North American market position and continue our international expansion strategy."

Superior Energy Services, Inc. serves the drilling, completion and production-related needs of oil and gas companies worldwide through its brand name rental tools and its integrated completion and well intervention services and tools, supported by an engineering staff who plan and design solutions for customers. Offshore projects are delivered by the Company's fleet of modern marine assets.

FOR FURTHER INFORMATION CONTACT:
David Dunlap, President and CEO, (281) 999-0047;
Robert Taylor, CFO or Greg Rosenstein, EVP, (504) 587-7374

SOURCE Superior Energy Services, Inc.

Superior Energy Services, Inc. Completes Acquisition of Complete Production Services, Inc.

Tue, 07 Feb 2012 23:03:11 +0000

Superior Energy Services, Inc. Completes Acquisition of Complete Production Services, Inc.

PR Newswire

HOUSTON, Feb. 7, 2012 /PRNewswire/ -- Superior Energy Services, Inc. (NYSE: SPN) today announced that it has closed its previously announced acquisition of Complete Production Services, Inc. Under the terms of the agreement and plan of merger, each outstanding share of Complete common stock has been converted into the right to receive $7.00 in cash and 0.945 of a share of SPN common stock, with cash to be paid in lieu of fractional shares. Superior issued approximately 74.8 million shares related to this transaction and paid approximately $554 million in cash. As of today, former stockholders of Complete hold approximately 48% of the combined company's outstanding common stock.

David Dunlap, President and Chief Executive Officer of Superior, said, "I want to personally welcome the Complete employees to our team. I am excited about the opportunity to work with an additional dedicated and focused workforce of approximately 7,400 strong, and I welcome the energy, efforts and ideas of all employees as we build upon our collective strengths and opportunities brought about by this combination.

"This transaction provides us more access to U.S. land markets sooner than we could have accomplished on a stand-alone basis, while providing important completion and intervention services that we did not offer our customers. The combination will also assist us in accelerating our international expansion efforts as excess cash flows from North America can be deployed abroad to meet our growing international opportunity set."

Joe Winkler, former Chairman and Chief Executive Officer of Complete, said, "We are very proud of the contributions our employees made to build Complete into a leading provider of completion services in North America and we would like to thank them for their efforts and dedication through the years. We are also excited about the potential of the combined company to better serve customers, provide additional avenues for growth and create further opportunities for our people to advance."

Superior, which has corporate administrative offices and functions in New Orleans and Houston, will designate Houston as its corporate headquarters. Superior's New Orleans location will continue to house certain corporate and administrative functions.

Redemption of Complete's 8% Senior Notes

In connection with the closing, Superior has satisfied and discharged all of Complete's 8% senior notes due 2016. In accordance with the indenture covering these notes, all of the notes will be redeemed on March 8, 2012.

Superior Appoints McShane and Ralls as Independent Directors

Superior announced today that the Company's Board of Directors, at the recommendation of its Nominating and Corporate Governance Committee, has appointed Michael McShane and W. Matt Ralls to serve as directors until the 2012 annual meeting of stockholders. Messrs. McShane and Ralls served as directors on the Board of Complete Production Services.

Terry Hall, Chairman of Superior Energy Services, said, "We are pleased to welcome Mike and Matt to our Board. They are experienced energy industry leaders with extensive management, financial and operational leadership success. Their vision, experience and accomplishments will assist our team as we continue to expand and grow."

Mr. McShane's career in the energy industry spans more than 30 years, serving in a variety of executive management and financial leadership positions. Mr. McShane served as a director and President and Chief Executive Officer of Grant Prideco, Inc., from June 2002 until the completion of the merger of Grant Prideco and National Oilwell Varco, Inc. in April 2008, having also served as Chairman of the Board from May 2003 through April 2008. Prior to joining Grant Prideco, Mr. McShane held various management positions at BJ Services Company, highlighted by his position as Senior Vice President – Finance and Chief Financial Officer and director of BJ Services from 1990 to June 2002.

Mr. McShane also serves as a director of Spectra Energy Corporation, Oasis Petroleum, Forum Energy Technologies, and serves as an Operating Partner to Advent International, a global private equity fund.

Mr. Ralls is the President, Chief Executive Officer and a director of Rowan Companies, Inc. He has extensive leadership and financial management experience in the oil and gas drilling and production industry. Mr. Ralls's industry experience also includes serving as Executive Vice President and Chief Operating Officer of GlobalSantaFe Corporation from June 2005 until the completion of the merger of GlobalSantaFe with Transocean, Inc. in November 2007, having also served as Senior Vice President and Chief Financial Officer from November 2001 to June 2005. Mr. Ralls has held various other management and financial roles with other oil drilling and production companies.

Mr. Ralls also serves as a director of Cabot Oil and Gas Corporation and the American Petroleum Institute.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve known and unknown risks, uncertainties and other factors. Among the factors that could cause actual results to differ materially are volatility of the oil and gas industry, including the level of exploration, production and development activity; risks associated with the uncertainty of macroeconomic and business conditions worldwide, as well as the global credit markets; risks associated with the Company's rapid growth; changes in competitive factors and other material factors that are described from time to time in the Company's filings with the Securities and Exchange Commission. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements contained herein should not be regarded as representations by Superior or any other person that the projected outcomes can or will be achieved.

FOR FURTHER INFORMATION CONTACT:

David Dunlap, President and CEO, (281) 999-0047;
Robert Taylor, CFO or Greg Rosenstein, VP of Investor Relations, (504) 587-7374

SOURCE Superior Energy Services, Inc.

Noble Corporation Prices Offering of Senior Notes

Tue, 07 Feb 2012 22:49:27 +0000

Noble Corporation Prices Offering of Senior Notes

PR Newswire

ZUG, Switzerland, Feb. 7, 2012 /PRNewswire/ -- Noble Corporation ("Noble") (NYSE: NE) announced today that its indirect wholly-owned subsidiary, Noble Holding International Limited ("NHIL"), has priced an offering of $1.2 billion aggregate principal amount of senior unsecured notes in three separate tranches, with $300 million of 2.50% senior notes due 2017, $400 million of 3.95% senior notes due 2022 and $500 million of 5.25% senior notes due 2042. The weighted average coupon of all three tranches is 4.13%. Noble Corporation, a Cayman Islands company ("Noble-Cayman") and a direct wholly-owned subsidiary of Noble, will fully and unconditionally guarantee the notes on a senior unsecured basis. The estimated net proceeds of approximately $1.19 billion are expected to be used to repay indebtedness outstanding under Noble-Cayman's revolving credit facilities and for general corporate purposes, including Noble's capital expenditure program. Pending the application of funds from the offering, the net proceeds are expected to be invested in U.S. government obligations, bank deposits or other secure, short-term investments.

Barclays Capital Inc., HSBC Securities (USA) Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC are acting as the book-running managers. Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA), Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., DNB Markets, Inc., Goldman, Sachs & Co., Lloyds Securities Inc. and Standard Chartered Bank are serving as co-managers. Copies of the prospectus supplement and prospectus may be obtained from Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or (888)-603-5847; HSBC Securities (USA) Inc. at 452 Fifth Avenue, New York, New York 10018 or 1-866-811-8048; SunTrust Robinson Humphrey, Inc. at (800)-685-4786; or Wells Fargo Securities, LLC at 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Capital Markets Client Support or cmclientsupport@wellsfargo.com or (800) 326-5897. The documents are also available on the U.S. Securities and Exchange Commission's website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers of securities will be made only by means of a prospectus supplement and prospectus filed with the U.S. Securities and Exchange Commission. The prospectus and prospectus supplement are part of a shelf registration statement that has become effective under the U.S. Securities Act of 1933, as amended.

Statements regarding activities or events that Noble believes will or may occur in the future, including statements about the intended use of proceeds or other aspects of the notes offering, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions by regulatory authorities, customers and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, delays in the construction of newbuilds, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in Noble's most recent Form 10-K, Form 10-Q's and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Noble-Cayman is a direct, wholly-owned subsidiary of Noble Corporation, a Swiss corporation. Noble-Cayman performs, through its subsidiaries, contract drilling services with a fleet of 79 offshore drilling units located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific.

NHIL is an indirect, wholly-owned subsidiary of Noble-Cayman. NHIL owns, through its subsidiaries, a fleet of 70 mobile offshore drilling units (including five ultra-deepwater rigs and six jackup drilling rigs currently under construction), located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil and West Africa.

SOURCE Noble Corporation

AFPM Applauds Actions by Congress to Advance Keystone XL Pipeline

Tue, 07 Feb 2012 22:13:03 +0000

AFPM Applauds Actions by Congress to Advance Keystone XL Pipeline

PR Newswire

WASHINGTON, Feb. 7, 2012 /PRNewswire-USNewswire/ -- American Fuel & Petrochemical Manufacturers President Charles T. Drevna today welcomed passage of the North American Energy Access Act by the House Energy and Commerce Committee in a 33-20 bipartisan vote. The bill would require the Federal Energy Regulatory Commission to issue a permit for the construction of the Keystone XL pipeline within 30 days of receiving an application.

(Logo: http://photos.prnewswire.com/prnh/20120125/MM41823LOGO)

"Today's vote marks an important step forward to enable American refineries and American workers to do more to serve consumers by manufacturing vital fuels and other products that make modern life possible," Drevna said. "By bringing 700,000 barrels of oil each day to U.S. refineries on the Gulf Coast from oil fields in Canada, North Dakota and Montana, the Keystone XL pipeline will enhance America's national, economic and energy security."

Drevna continued: "Although American refineries would use nearly all of the oil transported by the Keystone XL pipeline to manufacture fuels and other products for American consumers and businesses, it would also allow them to continue to export a portion of their products. For the first time in more than 60 years, the United States is a net exporter and the Keystone XL pipeline will help our nation maintain this position, as well as create jobs for American workers, lower the trade deficit and increase American tax revenues."

About AFPM
AFPM, the American Fuel & Petrochemical Manufacturers (formerly known as NPRA, the National Petrochemical & Refiners Association) is a trade association representing high-tech American manufacturers of virtually the entire U.S. supply of gasoline, diesel, jet fuel, other fuels and home heating oil, as well as the petrochemicals used as building blocks for thousands of vital products in daily life. AFPM members make modern life possible and keep America moving and growing as they meet the needs of our nation and local communities, strengthen economic and national security, and support 2 million American jobs.

SOURCE American Fuel & Petrochemical Manufacturers

Quanta Services Reports Certain Items Impacting Fourth Quarter 2011 Results

Tue, 07 Feb 2012 21:35:00 +0000

Quanta Services Reports Certain Items Impacting Fourth Quarter 2011 Results

Excluding the effect of these items, Quanta currently expects its fourth quarter diluted earnings per share to be within the previously announced range of $0.32 to $0.36

PR Newswire

HOUSTON, Feb. 7, 2012 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that its 2011 fourth quarter results will include a pre-tax charge to earnings of $32.6 million due to the withdrawal from the Central States Southeast and Southwest Areas Pension Plan (Central States Plan) by certain Quanta subsidiaries. In addition, Quanta expects to record a tax benefit of between $10 million and $11 million primarily related to the release of income tax contingencies in the fourth quarter of 2011 as a result of the expiration of various federal and state statutes of limitations and audit settlements. Quanta estimates that the net effect of these items will negatively impact the company's diluted earnings per share for the fourth quarter and full year by approximately $0.04 to $0.05. If the net effect of these items are excluded, Quanta currently expects its fourth quarter 2011 diluted earnings per share to be within its previously announced range of $0.32 to $0.36.

(Logo: http://photos.prnewswire.com/prnh/20110810/MM50805LOGO)

The recognition of the partial withdrawal liability in the fourth quarter of 2011 resulted from the withdrawal from the Central States Plan by certain Quanta subsidiaries following an amendment to a collective bargaining agreement with the International Brotherhood of Teamsters that eliminated obligations to contribute to the Central States Plan. The Central States Plan's obligations for vested benefits are significantly underfunded, and Quanta believes that withdrawal from the Central States Plan was advantageous because it limited Quanta's exposure to increased liabilities from a future withdrawal if the underfunding status of the Central States Plan deteriorates further. The Quanta subsidiaries and other members of the Pipe Line Contractors Association (PLCA) that withdrew from the Central States Plan will contribute to a new multiemployer pension plan on behalf of affected Teamster employees, with contributions currently being made to an escrow fund until the new plan is established.

The partial withdrawal liability recognized in the fourth quarter is based on the most recent estimates received from the Central States Plan. Quanta expects the Central States Plan to issue a formal assessment of the partial withdrawal liability, which is anticipated to occur no earlier than 2013 and may differ from the amount recognized in the fourth quarter, and Quanta may seek to challenge and further negotiate the assessment at that time. The Central States Plan has asserted that the PLCA members did not effect a withdrawal in 2011, although Quanta believes that a legally effective withdrawal occurred in the fourth quarter of 2011 and has recorded the partial withdrawal liability on this basis. If, however, the Central States Plan were to prevail in its assertions and a withdrawal of the Quanta subsidiaries was deemed to occur after 2011, the amount of any withdrawal liability could increase substantially. Certain other Quanta subsidiaries also continue to participate in the Central States Plan. Quanta is evaluating the possibility of withdrawal of these subsidiaries from the plan, which will depend on various factors, including the collective bargaining agreements under which the subsidiaries participate and whether exemptions from withdrawal liability applicable to construction industry employers will be available. Given the unknown nature of some of these factors, the amount or timing of any liability upon withdrawal of the subsidiaries remaining in the Central States Plan is uncertain. However, Quanta currently does not expect the liability upon withdrawal of the subsidiaries remaining in the Central States Plan to be material.

About Quanta Services:

Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline and telecommunication industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America and in select international markets, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.

Forward-Looking Statements

This press release (and oral statements regarding the subject matter of this release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, estimates regarding Quanta's partial withdrawal liability and factors that may affect the amount of the liability in the future, the materiality of the amount of any withdrawal liability for Quanta's subsidiaries remaining in the Central States Fund, Quanta's beliefs regarding the advantages of withdrawal from the Central States Plan, projected revenues and earnings per share and other projections of financial and operating results; growth or opportunities in particular markets; and Quanta's strategies and plans, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, the amount of the future assessments from the Central States Plan and Quanta's opportunity to challenge and negotiate the assessed amount; the success of any legal challenges to the effectiveness or timing of the withdrawal from the Central States Plan; factors affecting whether the Quanta subsidiaries remaining in the Central States Plan withdraw and the amount of any applicable withdrawal liability that may be assessed; future financial performance of assets held by the Central States Plan; quarterly variations in operating results, including as a result of weather, site conditions, project schedules, regulatory and environmental restrictions, bidding and spending patterns and other factors that may affect the timing or productivity on projects; adverse economic and financial conditions, including weakness in the capital markets; trends and growth opportunities in relevant markets; delays, reductions in scope or cancellations of anticipated, existing or pending projects, including as a result of weather, regulatory or environmental processes or capital constraints that may impact our customers; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; dependence on fixed price contracts and the potential to incur losses with respect to these contracts; estimates relating to the use of percentage-of-completion accounting; the ability to generate internal growth; the ability to effectively compete for new projects and market share; the failure of renewable energy initiatives, the economic stimulus package or other existing or potential legislative actions to result in increased demand for Quanta's services; unexpected costs or liabilities that may arise from lawsuits or indemnity claims related to the services Quanta performs; liabilities for claims that are self-insured; potential additional risk exposure resulting from any unavailability or cancellation of third party insurance coverage; cancellation provisions within contracts and the risk that contracts are not renewed or are replaced on less favorable terms; the potential that participation in joint ventures exposes us to liability and/or harm to our reputation for actions or omissions by our partners; our failure to comply with the terms of our contracts, which may result in unexcused delays, warranty claims, damages or contract terminations; the effect of natural gas and oil prices on Quanta's operations and growth opportunities; the inability of customers to pay for services; the failure to recover on payment claims against project owners or to obtain adequate compensation for customer-requested change orders; the failure of our customers to comply with regulatory requirements applicable to their projects, including those related to awards of stimulus funds, potentially resulting in project delays or cancellations; budgetary or other constraints that may reduce or eliminate government funding of projects, including stimulus projects, which may result in project delays or cancellations in whole or in part; the ability to attract skilled labor and retain key personnel and qualified employees; potential shortage of skilled employees; estimates and assumptions in determining financial results and backlog; the ability to realize backlog; risks associated with operating in international markets; the ability to successfully identify and complete acquisitions, to effectively integrate acquired businesses and their operations, and to realize potential synergies, such as cross-selling opportunities, from acquisitions; the potential adverse impact resulting from uncertainty surrounding acquisitions, including the ability to retain key personnel from the acquired businesses and the potential increase in risks already existing in Quanta's operations; the adverse impact of goodwill or other intangible asset impairments; growth outpacing infrastructure; requirements relating to governmental regulation and changes thereto; inability to enforce our intellectual property rights or the obsolescence of such rights; risks associated with the implementation of an information technology solution; the impact of a unionized workforce on operations and the ability to complete future acquisitions; liabilities associated with union pension plans, including underfunding of liabilities; potential liabilities relating to occupational health and safety matters; risks associated with our dependence on suppliers, subcontractors and equipment manufacturers and their ability to perform their obligations; risks associated with Quanta's fiber optic licensing business, including regulatory changes and the potential inability to realize a return on capital investments; beliefs and assumptions about the collectability of receivables; the cost of borrowing, availability of credit, fluctuations in the price and volume of Quanta's common stock, debt covenant compliance, interest rate fluctuations and other factors affecting financing and investment activities; the ability to access sufficient funding to finance desired growth and operations; the ability to obtain performance bonds; the ability to continue to meet the requirements of the Sarbanes-Oxley Act of 2002; potential exposure to environmental liabilities; rapid technological and structural changes that could reduce the demand for services; the potential impact of incurring additional healthcare costs arising from federal healthcare reform, and other risks detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2010, Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.

Contacts:	James Haddox - CFO
	Kip Rupp, CFA – Investors
	Reba Reid – Media
	Quanta Services, Inc.
	713-629-7600

SOURCE Quanta Services, Inc.

Walk for Warmth - Warming Hearts and Homes in Michigan

Tue, 07 Feb 2012 21:31:55 +0000

Walk for Warmth - Warming Hearts and Homes in Michigan

PR Newswire

CAAs, Utilities, Neighbors Join in Energy Assistance Fund Raisers

LANSING, Mich., Feb. 7, 2012 /PRNewswire-USNewswire/ -- In late February, when most Michiganders prefer to stay indoors, you might notice large groups of young and not so young walkers, traipsing through the streets of your community. Chances are they are taking part in a "Walk for Warmth" fundraiser, sponsored by their local Community Action Agency to raise money to help low income neighbors keep the heat and lights on through our cold, dark winters.

(Photo: http://photos.prnewswire.com/prnh/20120207/DC49390)

There are 30 Community Action Agencies (CAAs) in Michigan, operating in each of the 83 counties. Many sponsor a "Walk for Warmth" or similar fundraiser to support their mission of helping low income families achieve higher levels of economic self-sufficiency. When a household has to spend 25-35 percent of its monthly income for energy, compared to less than 10 percent in more affluent homes, other needs are likely to go unmet. Or they are simply unable to pay their bills, risking dangerous shutoffs and driving them deeper into debt.

The need for help is greater than ever. In recent months, Michigan has seen state and federal support for heating assistance programs wane like a weak winter sun. The federal Low Income Home Energy Assistance Program (LIHEAP) is slated for a 50% cut in FY 2012, and the state's Low Income Energy Efficiency Fund has been replaced by the Vulnerable Household Warmth Fund at 65% of former funding levels. In 2010, 1.2 million Michigan households were eligible for LIHEAP assistance and it's unlikely that number has gone down.

CAAs have long been centers where folks facing hard times could go to get help paying their utility bills and making their homes more energy efficient through the Weatherization Assistance Program and other resources. About 20 years ago, agencies began to supplement the funds they received from state and federal sources with their own fundraising events, eventually creating today's "Walk for Warmth." With drastic cuts being made to LIHEAP and our state assistance programs, private funds to address the need are more important than ever.

That's where events like "Walk for Warmth" come in. The concept is much like other efforts to raise money for worthy causes: "Race for the Cure" for breast cancer awareness, Easter Seals' "Walk with Me" to combat birth defects, are two examples. Participants collect pledges for donations upon completion of the walk or simply make a donation in their own names.

CAAs also enlist corporate sponsors in the effort, many of which contribute cash and in kind donations. Among the leading supporters have been the state's utility companies. DTE, Consumers Energy, and others energy companies provide marketing support and employee volunteers. Working with its hometown CAA in Jackson, for example, Consumers Energy has vowed to match all employee and retiree contribution to any "Walk for Warmth" in the state.

The "Walks" themselves are designed to be fun and are combined with other activities to generate interest. EightCAP, the CAA serving Gratiot, Ionia, Isabella, and Montcalm counties adds a chili cook-off competition to spice up its event. Dickinson-Iron Community Services Agency in the UP offers up a Nordic twist with its cross-country themed "Ski for Warmth." Many agencies recruit local politicians and celebrities to participate—radio disc jockeys and television personalities are great at spreading the word and increasing awareness of the need for funding a vital program.

The number of participants and the amount of money raised by the "Walk for Warmth" events are impressive. Oakland Livingston Human Service Agency expects nearly 1500 residents and 30 sponsors to take part and to collect $180,000 in cash and in kind contributions through its two "Walk" events this year. Collections in the area of $50,000 are not uncommon even among the smaller CAAs. And, as each agency will tell you, the money raised stays in the community and is used only to pay utility bills or for deliverable fuels such as propone and fuel oil for neighbors in need. No "Walk for Warmth" money is used for administrative costs or other unrelated purposes.

Most "Walk for Warmth" events in Michigan are being held in February and March. A complete listing can be found at www.mcaaa.org/events page at MCAAA.org to find out who's holding a Walk in your area and contact your local CAA to find out how to get involved. Participating in a "Walk for Warmth" is like chopping your own firewood: you'll be warmed by it twice—once by the exercise and once more by the feeling in your heart when you've helped a neighbor in need.

Contact: Mike Shalley, +1-517-321-7500, mshalley@mcaaa.org

SOURCE Michigan Community Action Agency Association

Powell Industries Announces Fiscal 2012 First Quarter Results

Tue, 07 Feb 2012 21:15:00 +0000

Powell Industries Announces Fiscal 2012 First Quarter Results

PR Newswire

HOUSTON, Feb. 7, 2012 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management and control of electrical energy and other critical processes, today announced results for the fiscal 2012 first quarter ending December 31, 2011.

Revenues for the first quarter of fiscal 2012 were $157.5 million compared to revenues of $124.7 million for the first quarter of fiscal 2011. The Company reported a net loss for the first quarter of ($1.7) million, or ($0.15) per share, compared to net income of $2.4 million, or $0.21 per diluted share, in the first quarter of fiscal 2011. The first quarter loss was primarily attributable to project execution challenges at its Canadian operations, principally resulting from changes in scope and cost overruns on a large project that occurred in the quarter. The Company will pursue recovery of certain of these costs. However, there is no assurance these costs can be recovered, and no recovery has been recorded in the condensed consolidated financial statements as of December 31, 2011. Additionally, the first quarter loss was further impacted by the Company's provision for income taxes on non-Canadian profits.

Thomas W. Powell, Chief Executive Officer, stated, "Our first quarter earnings reflect the difficult market environment that we have experienced over the past year, along with some remaining challenges to complete certain projects in our backlog, yet our growth in orders and backlog points to improved results in upcoming quarters. In spite of market conditions, our first quarter orders rebounded from the previous quarter to $189 million and backlog grew to $474 million. These levels are consistent with our objectives and demonstrate the value we offer our customers in terms of our capabilities, solutions and project performance.

"While we continue to see activity dominated by projects for the oil and gas market, we firmly believe that pent-up demand exists in our other primary markets. However, we believe an improvement in the overall economy is needed to cause a significant rebound in industrial activity. When that happens, we are well positioned and prepared to make the most of opportunities as they occur."

New orders placed during the first quarter of fiscal 2012 totaled $189 million compared to $125 million in the fourth quarter of fiscal 2011 and compared to $186 million in the first quarter of fiscal 2011. The Company's backlog as of December 31, 2011 was $474 million compared to $443 million as of September 30, 2011 and compared to $344 million at the end of last year's first quarter.

OUTLOOK

The following statements are based on the current expectations of the Company. These statements are forward-looking, and actual results may differ materially as further elaborated in the last paragraph below.

Based on its backlog and current business conditions, as well as the additional costs incurred on certain large projects in the first quarter as discussed above, Powell Industries expects full year fiscal 2012 revenues to range between $625 million and $675 million and full year fiscal 2012 earnings to range between $1.00 and $1.25 per diluted share. The earnings outlook does not include an estimate of recoverable costs as there is no assurance these costs can be recovered.

CONFERENCE CALL

Powell Industries has scheduled a conference call for Wednesday, February 8, 2012 at 11:00 a.m. eastern time. To participate in the conference call, dial 480-629-9645 at least 10 minutes before the call begins and ask for the Powell Industries conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until February 15, 2012. To access the replay, dial 303-590-3030 using a passcode of 4503224#.

Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.powellind.com. To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at http://www.powellind.com.

Powell Industries, Inc., headquartered in Houston, engineers packaged solutions and systems for the control, distribution and management of electrical energy and other dynamic processes. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations, commuter railways and other vehicular transportation facilities. For more information, please visit www.powellind.com.

Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

Contacts:	Don R. Madison, CFO
	Powell Industries, Inc.
	713-947-4422

	Ken Dennard / ksdennard@drg-l.com
	Karen Roan / kcroan@drg-l.com
	DRG&L / 713-529-6600

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

	Three Months Ended December 31,
	2011	2010
(In thousands, except per share data)	(Unaudited)

Revenues	$ 157,456	$124,674

Cost of goods sold	137,078	98,809

Gross profit	20,378	25,865

Selling, general and administrative expenses	19,763	20,928
Amortization of intangible assets	703	1,167

Operating income (loss)	(88)	3,770

Interest expense	76	114

Interest income	(29)	(45)

Income (loss) before income taxes	(135)	3,701

Income tax provision	1,610	1,269

Net income (loss)	$ (1,745)	$ 2,432

Net earnings (loss) per common share:

Basic	$ (0.15)	$ 0.21
Diluted	$ (0.15)	$ 0.21

Weighted average shares:

Basic	11,764	11,640
Diluted	11,764	11,773




SELECTED FINANCIAL DATA:

Depreciation and amortization	$ 3,176	$ 3,555
Capital Expenditures	$ 9,378	$ 763

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31,	September 30,
	2011	2011
(In thousands)	(Unaudited)

Assets:

Current assets	$ 336,520	$ 336,682

Property, plant and equipment (net)	66,508	59,637

Other assets	23,948	25,357

Total assets	$ 426,976	$ 421,676


Liabilities & equity:

Current liabilities	$ 145,969	$ 137,724

Long-term debt and capital lease obligations, net of current maturities	3,803	4,301

Deferred and other long-term liabilities	3,739	4,308

Stockholders' equity	273,465	275,343

Total liabilities and stockholders' equity	$ 426,976	$ 421,676

POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS

	Three Months Ended December 31,
	2011	2010
(In thousands)	(Unaudited)
Revenues:

Electrical Power Products	$ 150,664	$ 117,143
Process Control Systems	6,792	7,531

Total revenues	$ 157,456	$ 124,674

Income (loss) before income taxes:

Electrical Power Products	$ (21)	$ 4,085
Process Control Systems	(114)	(384)

Total income (loss) before income taxes	$ (135)	$ 3,701





	December 31,	September 30,
	2011	2011
(In thousands)	(Unaudited)
Identifiable tangible assets:

Electrical Power Products	$ 273,962	$ 248,155
Process Control Systems	12,994	10,711
Corporate	123,748	145,683

Total identifiable tangible assets	$ 410,704	$ 404,549

Backlog:

Electrical Power Products	$ 424,457	$ 394,598
Process Control Systems	49,287	48,363

Total backlog	$ 473,744	$ 442,961

SOURCE Powell Industries, Inc.

Innovative LED Installation Defines a Detroit Icon

Tue, 07 Feb 2012 21:11:12 +0000

Innovative LED Installation Defines a Detroit Icon

YESCO delivers a bold look to GM's Global Headquarters

PR Newswire

SALT LAKE CITY, Feb. 7, 2012 /PRNewswire/ -- The Renaissance Center, Detroit's most prominent and iconic feature and world headquarters for General Motors, has been given a dynamic new appearance by YESCO.

(Photo: http://photos.prnewswire.com/prnh/20120207/LA49168)

The crowns of the five towers are now vibrantly highlighted day and night, and the previous GM logo signs have been replaced with LED screens. Content on the various LED components can be updated and synchronized immediately and remotely via the new control network designed and implemented by YESCO. "This innovative new signage is fully capable of promoting GM's diverse marketing strategies, from displaying GM's global brand logos to supporting an infinite range of charitable, community, sporting, or seasonal events," says Jim Steffin of YESCO.

Initiated by GM's marketing team, this ambitious project was undertaken by a world-class team of Jack Morton Worldwide, Hines, Gensler, SOM, and YESCO. "We worked collaboratively throughout the process. It was a feat of creative thinking, careful planning, amazing technology, and hard, physical labor. Everyone's hats are off to the crew, who worked tirelessly through a relentless Michigan winter, nearly 900 feet in the air, for most of the installation," says Michael Bojarczyk, GM's global marketing strategist.

YESCO's Las Vegas team led the project for YESCO. "When you see your work finally come to fruition in such a big way, it's so rewarding," says Nick Priest, director of special projects for YESCO. "I don't believe that another firm could have overcome the engineering, logistical, and installation challenges that YESCO had to on this project or delivered the level of quality achieved. It's a great example of our diverse capabilities coming together on one project."

Both General Motors and the local community are pleased with the end result. "Our goal with the Renaissance Center project was to make our World Headquarters a beacon for the city of Detroit – a shining spotlight where we could not only showcase our brands, but also support community and charitable projects," said Joel Ewanick, GM's global chief marketing officer. "We are proud of the new look and feel of the Renaissance Center and the small contribution that it is making to the overall effort to rebuild the image of Detroit."

There's much more to discover about this project. Visit yesco.com to see additional pictures and read the story.

About YESCO: YESCO has been a family-owned provider of a full spectrum of sign and lighting products and services since 1920. YESCO provides custom signs of all types and sizes—from simple wayfinding plaques to towering, spectacular displays. YESCO Electronics manufacturers versatile, color LED signs and is a leading supplier of digital billboards in North America. YESCO Outdoor Media has approximately 1,700 billboards strategically located on major thoroughfares across 10 western states. For more information visit www.yesco.com.

SOURCE YESCO

Neal E. Murphy Joins Met-Pro Corporation as Vice President

Tue, 07 Feb 2012 21:08:54 +0000

Neal E. Murphy Joins Met-Pro Corporation as Vice President

PR Newswire

HARLEYSVILLE, Pa., Feb. 7, 2012 /PRNewswire/ -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE: MPR), announced today that Neal E. Murphy has joined the Company as a Vice President. Mr. Murphy's hiring will allow the Company to facilitate an orderly transition in its financial leadership. He will become the Company's Vice President-Finance, Secretary, Treasurer, Chief Financial Officer and Chief Accounting Officer effective on the departure of Gary J. Morgan, who presently holds these positions and whose resignation was previously announced by the Company. It is anticipated that Mr. Murphy will assume these positions by April 30, 2012.

"We are very pleased to welcome Mr. Murphy to Met-Pro Corporation," stated De Hont. "He brings outstanding qualifications and experience to our Company, which we are confident will be a tremendous asset to Met-Pro as we continue our efforts to grow and create value. At the same time, we are grateful to Mr. Morgan for the contribution he has made to Met-Pro over the years, and for effecting an orderly transition in our financial leadership."

Mr. Murphy is an accomplished financial executive with extensive experience working for both public and privately held companies. He was most recently Vice President, Chief Financial Officer at Northern Tier Energy. Mr. Murphy also previously served as Vice President, Chief Financial Officer at Sunoco Logistics Partners, Quaker Chemical Corporation, International Specialty Products, and PQ Corporation. His previous experience also includes serving as President of Akzo PQ Silica. Mr. Murphy started his career at Coopers & Lybrand.

Mr. Murphy, age 54, earned a Bachelor of Science Degree in Accounting from Villanova University and a Master of Science Degree in Taxation from Widener University. He also completed the Advanced Management Program at the Harvard Business School.

About Met-Pro

Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a leading niche-oriented global provider of product recovery, pollution control, fluid handling and filtration solutions. The Company's diverse and synergistic solutions and products address the world's growing need for clean air and water, reduced energy consumption and improved operating efficiencies. Through its global sales organization, internationally recognized brands, and operations in North America, South America, Europe and The People's Republic of China, Met-Pro's solutions, products and systems are sold to a well-diversified cross-section of customers and markets around the world. For more information, please visit www.met-pro.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company), contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, goodwill impairment, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.

Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.

To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's website at www.met-pro.com.

Contact:

Investor Contact:

Raymond J. De Hont
Chairman and Chief Executive Officer
215-723-6751

Joseph Hassett, SVP

Gregory FCA Communications
610-228-2110

SOURCE Met-Pro Corporation