President Obama Announces 54.5 MPG Fuel Efficiency Standard

- President Obama Announces 54.5 MPG Fuel Efficiency Standard



Jul 29, 2011

President Obama announced an agreement with thirteen major automakers to track the next phase in the Administration's national vehicle program, increasing fuel economy to 54.5 miles per gallon for cars and light-duty trucks by Model Year 2025.

The President was joined by Ford (F), GM (GM), Chrysler, BMW, Honda (HMC), Hyundai, Jaguar/Land Rover, Kia, Mazda, Mitsubishi, Nissan (NSANY), Toyota (TM) and Volvo, which together account for over 90% of all vehicles sold in the United States, as well as the United Auto Workers, and the State of California.

Building on earlier agreements for Model Years 2012-2016 vehicles, which will raise fuel efficiency to 35.5 mpg, the next round of standards will require performance equivalent to 54.5 mpg or 163 grams/ mile of CO2 for cars and light-duty trucks by Model Year 2025.

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American Standard Spuds 2nd Well in Permian Basin Program

- American Standard Spuds 2nd Well in Permian Basin Program

Monday, July 25, 2011
American Standard Energy Corp.

American Standard announced 2nd spud for 10 net well drilling program in Andrews County, Texas.

The JW #5 rig is on location, rigging up and is expected to spud within 24 hours on the University 8 #1 location in Andrews County, Texas.

The Company intends to drill the University Andrews 8 #1 well to the Strawn and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations. The Company will own 100% working interests in all 10 wells.

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American Standard Adds Rig for Permian Basin Drilling Program

- American Standard Adds Rig for Permian Basin Drilling Program

Thursday, July 21, 2011
American Standard Energy Corp.

American Standard announced the addition of a second rig for its 10 net well drilling program in Andrews County, Texas.

ASEN has secured the JW Rig #5 which will be moving onto the University 8 #1 location this week in Andrews County and is expected to spud Monday July 25th.

The Viking Rig #20 initiated the 10 net well drilling program and has spud the University 42 #2 well in Andrews County.

ASEN intends to drill the University Andrews 42 #2 well to the Devonian and then subsequent wells will be drilled to the Strawn and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations. The Company will own 100% working interests in all 10 wells.

ASEN will have these dedicated two Rigs for the duration of this Phase 1 of our Permian Basin development program and expects to maintain them for future Phases. With the addition of the second rig, we project completion of this project to be cut by three months.

Scott Feldhacker, CEO of ASEN commented, "With over 4000 permits filed by various operators in the Permian Basin this year to date ASEN is demonstrating its abilities to aggregate the services needed to develop its assets in a marketplace of high demand."

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American Standard Begins Tx. Drilling Program

- American Standard Begins Tx. Drilling Program

Tuesday, July 19, 2011
American Standard Energy Corp.

American Standard announced initial spud for its 10 net well drilling program in Andrews County, Texas.

ASEN intends to drill the University Andrews 42 #2 well to the Devonian and then subsequent wells will be drilled to the Strawn and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations. The Company will own 100% working interests in all 10 wells.

The Viking Rig #20 has arrived on location, is rigging up, and is expected to spud the University 42 #2 well in Andrews County within the next 24 hours.

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American Standard Kicks Off Permian Basin Drilling Program

- American Standard Kicks Off Permian Basin Drilling Program

Wednesday, July 13, 2011
American Standard Energy Corp.

American Standard has commenced a 10 net well drilling program in Andrews County, Texas.

ASEN plans to drill the University Andrews 42 #2 well to the Devonian formation and then subsequent wells will be drilled to the Strawn formation and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations. The Company will own 100% working interests in all 10 wells.

The Company anticipates the Viking Rig #20 to move in the latter part of this week to the University Andrews 42 #2 well to begin this drilling program.

ASEN has engaged Cambrian Management, Ltd. ("Cambrian") to oversee the drilling program and completion of these wells. Cambrian is widely recognized in the industry for its track record for highly successful drilling and completion of Wolfberry wells in the Permian Basin over the past 10 years.

Upon completion, ASEN's wells will be turned over to our affiliated partner XOG Operating for ongoing operations. Utilizing this relationship for our operations will provide cost control and reliable operations with a seasoned operator with 30 years of experience operating in the Permian Basin of west Texas.

ASEN currently produces over 800 barrels of oil equivalent per day (BOEPD) from 27.67 net wells in the Permian, Bakken and Eagle Ford combined. This initial drilling program is expected to increase our net well count by more than 35%, and is expected to increase daily production by more than 100% in the first quarter 2012, to a projected cumulative production of approximately 2,000 BOEPD.

Scott Feldhacker, CEO of ASEN commented on the potential impact of this drilling program on the Company's growth outlook. "We are optimistic that these 10 wells will have a significant impact on the growth prospects for ASEN. We hold a high number of potential drilling sites in the Permian today with 100% working interests, which allow ASEN to control its growth outlook and capital budget expenditures."

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S&P Lifts BP Outlook To Stable; Sees Less Downside Risk

- S&P Lifts BP Outlook To Stable; Sees Less Downside Risk

Wednesday, July 06, 2011
Dow Jones Newswires
by Melodie Warner

Standard & Poor's Ratings Services revised its credit outlook on BP to stable from negative, saying it sees less downside risk to the oil company's credit quality and little evidence of further erosion to its business standing.

The ratings company also affirmed BP's long-term corporate credit rating of A, which is five steps below the coveted AAA.

"The stable outlook reflects our view that BP is well positioned to meet potentially substantial additional fines and other payments related to the Gulf of Mexico disaster," the firm said. For its analysis, S&P assumes that all Gulf of Mexico-related payments will total less than $55 billion and will be spread over several years.

The ratings firm noted BP's first-quarter average realized oil price was 19.2% higher than the fourth quarter, and rose 31% from a year earlier. BP's refining margins also expanded in 2011, while its underlying downstream operating profit increased to $2.1 billion in the first quarter, from a quarterly average of $1.2 billion in 2010, despite a 6% decline in refining throughput, S&P said.

But, a sustained decline in oil prices below $70 a barrel alongside underlying operating cash flow of less than $25 billion could put downward pressure on the ratings, S&P said. Any upside rating potential is limited until there is more clarity on the penalties BP could face in the U.S. for the Gulf of Mexico oil spill.

Copyright (c) 2011 Dow Jones & Company, Inc.

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WATER STANDARD Inks Global Frame Agreement with Shell

- WATER STANDARD Inks Global Frame Agreement with Shell

Wednesday, June 15, 2011
WATER STANDARD

WATER STANDARD has signed a global frame agreement with Shell for engineering services related to the development of water based enhanced oil recovery methods and produced water treatment.

"We are extremely pleased to be working with Shell in support of Shell's ground breaking global enhanced oil recovery programs" said Amanda Brock, CEO of WATER STANDARD. "WATER STANDARD has been working with Shell to develop sustainable long term water treatment solutions. We look forward to our continued collaboration."

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American Standard Enters LOI for Shale Acreage

- American Standard Enters LOI for Shale Acreage

Thursday, June 02, 2011
American Standard Energy Corp.

American Standard has entered into four non-binding Letters of Intent (LOI) to acquire acreage in its three primary areas of operations: the Bakken of North Dakota and the Eagle Ford and Permian Basin plays of Texas and New Mexico. An LOI was signed for each of the following:

• Bakken: ASEN has entered into an LOI to purchase approximately 15,000 acres in the Bakken shale play of North Dakota. This acquisition would increase the Company's total acreage in the Bakken to approximately 48,000 net acres. The agreement covers acreage in the heart of the play being mostly in Mountrail, Burke, Williams McKenzie and Divide Counties. A significant portion also lies in the newest "hot spot" of the Bakken being Stark and Dunn counties.
• Eagle Ford: ASEN has agreed to a transaction that when completed will increase its acreage holdings in the Eagle Ford oil window from 10% Working Interest in 12,000 net acres (two rigs presently running with 8 wells in various stages of development) to a total of over 20,000 net acres. The average well on ASEC holdings has come in at Initial Production (IP) flowing daily rates in excess of 1,000 BOE. Upon completion of these acquisitions ASEN will have positions in LaSalle, Wilson, Gonzales and Maverick Counties.
• Permian Basin:
  • Wolfcamp Shale: West Texas: ASEN entered into an agreement to purchase 100% Working Interest in over 12,800 acres of the "Wolf camp Horizontal Play" (10,000 acres of which are Held By Production). This position is in the fairway of Crockett and Reagan Counties. The acreage is contiguous to the recent University of Texas leases auctioned in April for over $2,700 per acre by companies such as Pioneer, El Paso, Devon, EOG and Conoco Phillips.
  • Avalon, Wolf-Bone Play: South Eastern New Mexico. A tentative agreement has been reached whereby ASEN will acquire various non-operated working interests in over 65,000 gross acres (approximately 14,400 net acres). The leases are located in Eddy and Lea Counties including two 100 % Working Interest Sections on the Texas side being immediately to the south in Loving, Reeves and Culberson Counties. All of the acreage included in the agreement is Held By Production. Operators of the wells will be Apache, Yates Petroleum, Heyco, Oxy, COG, XOG, Nadel and Gusman, Mewbourne, Nearberg, Chesapeake, Devon and BP.

Recent entry of major oil companies and large independents in these plays has made it difficult for other companies to compete. However, upon completion of these acquisitions with its strategic partner, ASEN will be in a position to participate in a larger number of leases, which not only reduces risk but provides ASEN with more drilling opportunities normally available to a company of similar size.

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American Standard Extends Presence in Bakken/Three Forks

American Standard Extends Presence in Bakken/Three Forks

Tuesday, April 26, 2011
American Standard Energy Corp.

American Standard has entered into a definitive agreement to acquire an additional 11,775 net leasehold acres in the Bakken/Three Forks. The acquired leasehold acreage is located within seven (7) counties widely considered to be the 'fairway' for the Bakken and Three Forks formations; and particularly increases ASEN's holdings in Mountrail, Stark and Williams Counties. This portfolio of leases includes a large number of working interest positions in the 5-15% range, multiple 20% working interests and two at 100%.

Scott Feldhacker, CEO of American Standard Energy Corp. commented, "This is another major acquisition for our company that increases our Bakken/Three Forks holdings to over 31,000 acres and further advances our strategic profile in the region. This major addition to our lease portfolio increases our current revenue and reserve outlooks and also has potential to increase our well count and production rates for 2012. As a result of this acquisition, ASEN will have six controlling interest positions in the Bakken/Three Forks formations available for development or exchange.

This acquisition works to establish a heightened awareness of ASEN as an effective consolidator of lease acreage around, under and within the development path of key operators such as Brigham, Continental, EOG, Whiting and Petro-Hunt; and further qualifies ASEN as a preferred partner for these quality operators."

SmarTrend Market Close Wrap-Up: April 18, 2011

SmarTrend Market Close Wrap-Up: April 18, 2011



Apr 18, 2011

The major U.S. equity indices closed lower Monday after Standard & Poor's Ratings Services lowered its outlook on the U.S.

S&P's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the U.S. It also revised its outlook on the long-term rating to negative from stable.

Crude futures for May delivery fell 2.48% lower to $106.94 a barrel on the New York Mercantile Exchange.
In corporate news, Texas Instruments (TXN) reported Q1 revenue of $3.39 billion, in line with the analyst expectations. EPS was $0.55, vs. expectations of $0.58 per share. For Q2, the company expects revenue in the range of $3.41 to $3.69 billion and EPS of $0.52 to $0.60 per share.

The Dow Jones Industrial Average (DJI) closed 1.14% lower at 12,201, the S&P500 (INX) closed 1.10% lower at 1,3.05, and the Nasdaq Composite (IXIC) closed 1.06% lower at 2,735.

Commodity Corner: Crude Tumbles on S&P Debt Outlook

Commodity Corner: Crude Tumbles on S&P Debt Outlook

Monday, April 18, 2011

Rigzone Staff

by Saaniya Bangee

Front-month crude futures plummeted Monday after Standard & Poor (S&P) changed its outlook for U.S. debt from stable to negative. The shift in outlook has increased concerns of the U.S. economy's stability and cuts in government spending.

Oil prices fell by $2.54 Monday, settling at $107.12 a barrel on the New York Mercantile Exchange (NYMEX). Prices fluctuated between $106.54 and $109.44. The S&P move came on the possibility that policymakers may not reach an agreement on how to address long-term fiscal pressures.

Over the weekend, China's central bank announced it would increase bank reserve requirements. In its fourth attempt this year, China hopes to control inflation and curb energy demand. Following the U.S., China is the world's second largest energy consumer.

Additionally, Saudi Arabia's Oil Minister Ali al-Naimi said Sunday that the kingdom has reduced oil production by 800,000 barrels due to lack of demand. Crude output was 8.3 million barrels a day last month, compared to February's 9.1 million barrels a day. Naimi anticipates an increase in April production.

On Monday, the greenback rose against the euro and other currencies further pressuring prices. The euro fell on concerns that Greece will have to restructure its debt. A stronger dollar makes oil more expensive, less attractive to foreign buyers.

May natural gas prices fell for a second day Monday, settling nearly seven cents lower at $4.14 per thousand cubic feet. Analysts do not foresee any near-term pressure increasing prices due to near-average storage and below-average prices. The intraday range for natural gas was $4.087 to $4.27 per thousand cubic feet.

Likewise, gasoline futures fell 1.1 percent, peaking at $3.29 before bottoming out at $3.23. Gasoline priced ended Monday's trading session at $3.25 a gallon.

American Standard Acquires Acreage in Williston Basin

American Standard Acquires Acreage in Williston Basin

Tuesday, April 12, 2011
American Standard Energy Corp.

American Standard announced the acquisition of approximately 2,780 acres located in Mountrail County of North Dakota's Williston Basin, "the Bakken". The Company paid an average of $669 per acre for a total transaction price of $1,860,858.

The acreage is located within twenty separate mostly contiguous sections of the Parshall and Stanley Fields in the Williston Basin. This location offers the potential for rapid development due to current drilling operations to the north, south and west by EOG, Hunt, Brigham, Marathon and Sinclair among others. The acquisition also expands ASEN's footprint in the historically successful Bakken play, specifically within Mountrail County.

Scott Feldhacker, CEO of American Standard Energy Corp., stated, "We are excited to announce the expansion of our Bakken holdings, specifically in Mountrail County. These acres are well situated among acres held by leading Bakken exploration companies in an area of the play that is thought to be the most prolific and developed to date. This not only expands our holdings in the Bakken but demonstrates to the market and our shareholders the continued implementation of our growth strategy."

The Company's President, Richard MacQueen, also commented, "This transaction once again demonstrates our ability to make quick and successive acquisitions of quality acreage in the Bakken. Not only have we acquired highly desirable Mountrail acreage, we have acquired it at a highly desirable price."

Upon close of this transaction, the Company's Williston Basin, Bakken holdings total approximately 18,900 acres.

American Standard Welcomes Directors to Board

American Standard Welcomes Directors to Board

Friday, April 08, 2011

American Standard Energy Corp.

American Standard announced the appointment of Scott David and William Killian to the Company's Board of Directors as Independent Directors. Messrs. David and Killian bring decades of diverse professional experience to the Board and its committees.

Mr. David has twenty years of experience in the downstream oil industry with Shell Oil Company. With Shell Oil Company he has led large and complex joint venture formation projects and asset portfolio restructuring activities. Mr. David has held management roles in several capacities during his employment at Shell Oil including in Joint Ventures, Business Acquisitions, and Strategy and Portfolio Manager. Mr. David has also served as Member Representative on the Board of several Shell Retail Joint Venture affiliates.

Mr. David holds a Bachelor's of Business Administration in Finance as well as a minor in Information Systems (ISY) from Baylor University. He also holds a Master of Business Administration with a concentration in Finance from St. Mary's University.

Mr. David will also serve on the Nominating and Corporate Governance Committee, the Audit Committee and the Fairness Evaluation Sub-Committee.

William "Bill" Killian's professional managerial experience spans over fifteen years primarily in the waste management industry. Mr. Killian began in the solid waste management industry as Operations Manager before being promoted to General Manager of Laidlaw/Allied Waste in the mid-1990s. His professional roles have included managing hundreds of employees, finance, safety programs, marketing, obtaining financing as well as overseeing and focusing on expanding market share and growth in a competitive market. Mr. Killian currently serves as General Manager of Texas Jack Waste Holdings in Corpus Christi, Texas.

Mr. Killian shall serve on the Compensation Committee and the Nominating and Corporate Governance Committee.

Scott Feldhacker, CEO of American Standard Energy Corp., stated, "We are elated to have the opportunity to add these individuals to our Board of Directors. Each brings over 20 years of experience, running organizations and serving the oil and gas industry at its highest levels. Bringing the highest level of professionalism to our organization, the addition of Scott David and Bill Killian completes our Board of Directors with a majority of Independent Directors."

Messrs. David and Killian join Scott Feldhacker, Richard MacQueen, Randall Capps, James R. Leeton, Jr., and Chairman Robert Thompson on the Board.