Paxton Closes on Vermilion 179 Acquisition

Paxton Closes on Vermilion 179 Acquisition

Tuesday, May 10, 2011
Paxton Energy, Inc.

Paxton Energy, Inc., an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, announced that on Friday, May 6, 2011, Paxton closed on the agreement with Montecito Offshore, LLC ("Montecito") of Louisiana, whereby Paxton acquired a 70% working interest in 546.875 acres in the Vermilion 179 (VM 179) track for $1,500,000 cash, a $500,000 subordinated note and the issuance of 15 million shares of Paxton common stock.

Located in the shallow waters of the Gulf of Mexico offshore from Louisiana, VM 179 is adjacent to Exxon's VM 164 #A9 well. Based on the Montecito Independent Reserve report by James E. Hubbard, dated March 29, 2010, Proven and Probable reserves have a PV-10 value of $92,000,000 at $85 per barrel oil and $4 per mcf gas.

"The Vermilion 179 acquisition follows the company's strategy of acquiring producing properties with proved and probable reserves," said Charles F. Volk, Jr., Chairman of Paxton.

Paxton engages in the acquisition, exploration, development and drilling of oil and natural gas properties. Paxton is an energy turnaround company whose strategy is to acquire cash flow producing properties with proved and probable reserves, develop the fields by reworking existing wells and drilling new wells. Paxton was founded in 2004 and is based in Stateline, Nevada.

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GM to announce $2 billion in update and expansion plans

GM to announce $2 billion in update and expansion plans



May 10, 2011

USA Today is reporting that GM is expected to announce today it will spend more than $2 billion on plant updates and expansion in eight states. The plan will create more than 4,000 jobs.
About half the hires will be at Detroit-Hamtramck Assembly Center, where GM builds the Chevrolet Volt and is in the expected last year of building the Buick Lucerne and Cadillac DTS sedans. It will be revamped later in the year to start building the 2013 Malibu.

The report says that CEO Dan Akerson will reveal the plans today at GM's Toledo, Ohio, transmission factory, which is where GM will spend about $250 million and add 250 jobs.

Hiring is expected to start this year and run through 2013, according to USA Today.

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Chevron, JX Nippon Sign Gorgon SPA

Chevron, JX Nippon Sign Gorgon SPA

Tuesday, May 10, 2011
Chevron Corp.

Chevron Corp. on Tuesday announced that its Australian subsidiary has signed a Sales and Purchase Agreement (SPA) with JX Nippon Oil and Energy Corporation for a portion of Chevron's offtake of liquefied natural gas (LNG) from the Gorgon Project.

Under the binding agreement, JX Nippon Oil and Energy will receive 0.3 million tons per annum (MTPA) of LNG from the Gorgon Project for 15 years.

John Gass, president, Chevron Gas and Midstream, welcomed JX Nippon Oil and Energy Corporation as a customer of the Gorgon Project. "We are pleased to have JX Nippon Oil and Energy as a customer of the Gorgon Project. Chevron has a long-standing relationship with JX Nippon Oil and Energy, and we look forward to continuing to grow our relationship."

Roy Krzywosinski, managing director, Chevron Australia, said, "The agreement is another step towards commercializing our equity natural gas in Australia, further demonstrating Chevron's leading ability to meet long-term demand growth in Asia-Pacific. Construction of the Gorgon Project is progressing well with first gas expected in 2014."

Chevron is the operator of the Gorgon Project and holds an approximate 47 percent interest.

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Enterprise Products Partners Reports Strong Q1, Revenue Up 19% YoY

Enterprise Products Partners Reports Strong Q1, Revenue Up 19% YoY



May 10, 2011

Enterprise Products Partners L.P. (NYSE:EPD) reported Q1 EPS of $0.49 today, beating the consensus estimate for $0.44 per share. Revenues for the quarter were up 19% year-over-year to $10.18 billion, easily topping the consensus estimate for $8.86 billion.

Michael A. Creel, president and CEO of Enterprise stated, "Enterprise had a record first quarter to begin 2011. Our 50,000-mile system of natural gas, NGL, refined products, crude oil and petrochemical pipelines continues to operate at record or near record volumes. We are continuing to benefit from production growth in the shale regions as well as increased demand for NGLs by the U.S. petrochemical industry and international markets. With few exceptions, the partnership's diversified mix of businesses had another strong quarter."

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