Sunoco Announced It Plans To Exit Refining Business

- Sunoco Announced It Plans To Exit Refining Business



Sep 6, 2011

Sunoco (NYSE:SUN) announced that it plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, Pennsylvania. The company also announced it is conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders.

Lynn L. Elsenhans, Sunoco's chairman and chief executive officer said, "We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business and focus on our profitable retail and logistics businesses which have higher returns, growth potential, and provide steady, ratable cash flow."

Sunoco has a potential upside of 27% based on a current price of $36.11 and an average consensus analyst price target of $45.86.

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Sun River Begins Production at Haynesville Well

Sun River Begins Production at Haynesville Well

Tuesday, April 05, 2011

Sun River Energy Inc.

Sun River announced it turned the Neal Heirs # 1 well to production on March 31, 2011.
The Neal Heirs # 1 well (API # 42-365-37706) is drilled vertically to a total depth of 11,057 feet in Panola County, Texas. The well is completed in the Haynesville Shale geological formation at 10,214' to 10,716'. The well is located within the prolific Carthage Field. The well initially shut-in at 5,386 PSI tubing pressure after fracture treatment. Presently, the well is producing both natural gas and crude. The well is flowing at 2,256 MCF a day with a constant flowing tubing pressure of 3,320 PSI.

Sun River Operating, Inc. operates the well. Sun River Energy, Inc. owns a 77.5% working interest in the well.

Donal R. Schmidt, Jr., the Company's CEO and President, stated, "It is always a relief to have your first well in a project come on like the Neal Heirs #1. The well exceeded our team's initial expectation in every way. We are presently preparing to drill two more wells in adjoining gas units and expect similar results. The Neal Heirs #1 confirms my belief that our team has what it takes to consistently develop deep unconventional gas at an attractive cost. Our preliminary estimate is that the net finding and development cost per MCFE of proved gas in this well will be around $1.24. This will place us at the top of low cost producers in our sector of the natural gas market."