Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd

- Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd



Sep 6, 2011

Lufkin Industries (NASDAQ:LUFK) announced it has signed an Asset Purchase Agreement to acquire substantially all of the assets of Quinn's Oilfield Supply Ltd., including certain affiliates, for about $303 million in cash subject to certain adjustments.

John F. Glick, President and Chief Executive Officer of Lufkin, stated, "The acquisition of Quinn's continues our strategy of expanding our product portfolio in artificial lift systems, while at the same time extending our sales and service network in the increasingly active oil provinces of the United States and Western Canada. The integration of Lufkin's surface beam pump unit with Quinn's downhole rod pump will enhance Lufkin's ability to package complementary products and allow us to better optimize the rod lift system to the benefit of our customers. Quinn's is well positioned to benefit from the large increase in unconventional oil plays as oil shale wells generally transition to artificial lift approximately 18 to 24 months after completion. Quinn's downhole rod pumps and PCPs are also a clear fit with our Automation strategy of integrating downhole devices and instrumentation to monitor and control production."

Lufkin Industries has a potential upside of 62.3% based on a current price of $58.83 and an average consensus analyst price target of $95.5.

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Inpex: Agreement Signed for Vladivostok LNG Joint Study

Inpex: Agreement Signed for Vladivostok LNG Joint Study

Wednesday, April 27, 2011

Inpex Corp.

Inpex announced that the Company Japan Far East Gas Co., Ltd., newly established by INPEX, ITOCHU, Japan Petroleum Exploration Co., Ltd. (hereinafter JAPEX), Marubeni and ITOCHU (hereinafter CIECO), has signed an agreement on the implementation of a joint study for the natural gas utilization project in Vladivostok area with Russia's Gazprom. The Agreement was signed on April 25, 2011 in Moscow, Russia.

The Joint Study consists of a Pre-FEED for the construction of a liquefied natural gas (LNG) plant with production capacity of 10 million tons per year, a preliminary feasibility study on the compressed natural gas (CNG) pilot project and a preliminary study on gas-chemical complex project. The Joint Study is scheduled to be completed by the end of 2011.

The Agency for Natural Resources and Energy of Japan's Ministry of Economy, Trade and Industry, ITOCHU, JAPEX and Gazprom implemented a preliminary feasibility study (Pre-FS) from May 2009 to July 2010. Following the result on the Pre-FS as well as the discussions between the related parties, an agreement was signed between the Agency and Gazprom in January 2011 on the framework and cooperation for the Joint Study. This Agreement was hereby signed on the details of the Joint Study in furtherance of the above-mentioned agreement between the Agency and Gazprom.

On March 19, 2011 at the meeting on the comprehensive development of the fuel and energy industry in Eastern Siberia and the Far East held in Sakhalin Oblast, Prime Minister Putin revealed his intentions to increase LNG supply to Japan and alluded to the construction of a new LNG plant in that area. This Joint Study and realization of its future potential projects are considered to be very important for Russia-Japan relations, as well as for the stable LNG supply to not only Japan but also to the Far East and other Asian countries, and will contribute to the diversification of Russia's gas (LNG) export sources.