UPDA -- Universal Property Development & Acquisition Corp.
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TradersWorks.com: Market`s news & oil brief- gainers & high volume profiles: DALRQ, HEGP, PGPM, UPDA, GTEM, MGEN
Dallas, Texas, Nov 30, 2006 (M2 PRESSWIRE via COMTEX) -- TraderWorks.com reports news and movements on: Delta Air Lines Inc. (OTC:DALRQ), Heartland Energy Group Inc. (OTC:HEGP), Pilgrim Petroleum Corporation (OTC:PGPM), Universal Property Development and Acquisition Corporation's (OTCBB:UPDA), GlobeTel Communications Corp. (OTC:GTEM), Med Gen Inc. (OTCBB:MGEN). Check and visit us at TraderWorks.com for more on market news and profiles.
Oil Brief: Crude oil rose to $62.87 a barrel at 9.39 a.m. on NYMEX, while Brent crude oil rose to $62.98 a barrel. Check more news on TradersWorks.com
Delta Air Lines Inc. (OTC:DALRQ) which is operating under bankruptcy protection, reported Thursday that it narrowed its loss in October to $88 million (EUR 66.9 million). The nation's third-largest carrier said its loss was equivalent to 45 cents a share in the 31-day period and was smaller than its loss of $301 million for the same month last year. It did not provide a per-share figure for the loss a year ago. Excluding reorganization items, Delta said its latest loss was $64 million (EUR 48.6 million). Delta recorded revenue of $1.43 billion (EUR 1.09 billion) in October, according to a filing with the bankruptcy court. The airline did not provide a revenue figure for the same month a year ago. As of Oct. 31, Delta had $2.7 billion (EUR 2 billion) in unrestricted cash on hand. The company also said in its court filing that through the end of October, roughly 7,800 claims totaling $84 billion (EUR 63.8 billion) had been filed against Delta in the bankruptcy case. Delta has been working to reduce or disallow certain claims. Delta so far has objected to 880 claims totaling about $905 million (EUR 688 million), and it expects to make more objections in the future. The court has not ruled on any of the objections, Delta said. The Atlanta-based company hopes to emerge from Chapter 11 bankruptcy protection in the first half of next year. It faces a hostile bid by Tempe, Arizona-based US Airways Group Inc. to buy Delta in a deal now worth $8.5 billion (EUR 6.46 billion). US Airways was expected to pitch its offer to Delta executives and to Delta's official committee of unsecured creditors in the bankruptcy case during a closed-door meeting later Thursday in New York.
Stock Price: 1.34, Up+ 4.72 on 1,018,137 shares traded
Heartland Energy Group Inc. (OTC:HEGP) announced today, that it is forming an Advisory Board. The Advisory Board will be composed of professionals and business leaders with proven success in the field. In addition the Advisory Board will assist the Company's executive and Board of Directors in strengthening the Company's leadership and help the Company realize its vision for the future. The Advisory Board will counsel Heartland Energy on a wide variety of issues, including the expansion of the business, financial and technical issues. They will also provide guidance and support for decision-making and strategy formulation and assist in building and growing the business.
Stock Price: 0.27, Up+ 8.00% on 305,141 shares traded
Pilgrim Petroleum Corporation (OTC:PGPM), an independent oil and gas company, announces today that the Board of Directors has approved, effective immediately, a repurchase plan to buy up to $1.5 million of its common stock. Pilgrim shares may be repurchased from time to time in the open market through negotiated block trades or otherwise at the Company's discretion, based on ongoing assessments of capital needs of the business, the market price of its stock, general market conditions and other factors. These repurchases may be commenced or suspended at any time, or from time to time, without prior notice. No time limit has been set for the completion of the repurchase program. The shares repurchased will become treasury shares, and may be used later for general corporate purposes.
Stock Price: 0.034, Up+ 0.00% on 24,000 shares traded
Universal Property Development and Acquisition Corporation's (OTCBB:UPDA) subsidiaries Canyon Creek Oil and Gas, Inc. and Catlin Oil and Gas, Inc., together with its operating subsidiary, UPDA Operators, Inc. and its service subsidiary, Ambient Wells Services, Inc. remain on target in their aggressive plans to return all of UPDA's oil and gas wells to production by the end of the year. Ambient and its subcontractors continue to work on Canyon Creek's Prideaux Field and UPDA Operators has received a new contract from Targa North Texas, LP to purchase all of the natural gas expected to be produced from this field. In Palo Pinto County, Ambient and the Texas Rail Road Commission are scheduled to conduct an H5 test of the injection wells that, when completed, will allow UPDA Operators to turn an additional 25 wells to production to supplement the more than 20 wells Canyon Creek is already producing in Coleman and Archer Counties. Catlin Oil and Gas reports that all of the north side of its field in Jack County has been readied for production while Ambient completes the workover of its south side wells. UPDA Operators is negotiating a new contract with Conoco-Phillips (NYSE:COP) for the purchase of all of the crude oil produced by the 65 wells in the Catlin Field. "We continue to work at a feverish pace," reports Gaby Damary, COO of Ambient. "We have rigs working 12-16 hour days and roustabout crews working 70 hour weeks to complete this ambitious project. We fully expect all of the wells to be in production before Christmas." For timely updates of this progress, visit UPDA's website at: www.universalpropertydevelopment.com which will report production from all of the wells as improvements to the site and the wells continue.
Stock Price: 0.111, Up+ 6.73% on 6,255,871 shares traded
GlobeTel Communications Corp. (OTC:GTEM) yesterday announced that it has successfully built and deployed a HotZone 4010-based wireless broadband network within a city northeast of Mexico City, Mexico, and has begun to service customers through the network. "The Company began offering Internet services on the network in conjunction with an introductory promotion to residential users within the network's cloud," stated Peter Khoury, Chief Executive Officer of GlobeTel Communications. "We experienced a favorable response rate and we are optimistic that these products and services will continue to be well-received through the extension of this network, and other HotZone-based networks in Mexico." Khoury continued, "The low cost of customer acquisition allows us to provide service at a rate competitive with the existing Internet access services in the area, plus the addition of enhanced services such as higher download speeds. This is a WiMAX-based technology that provides high throughput, low latency and high quality service while supporting existing end-user CPE devices such as Wi-Fi cards and DECT phones. This WiMAX technology will allow a new breed of wireless applications to be utilized, such as video, MP3 and in-vehicle devices." This first phase of network deployment includes 15 sites containing HotZone 4010s broadcasting both 5.8 GHz point-to-multipoint connections and the redistribution of standard Wi-Fi at 2.4 GHz providing broadband internet access. This network rollout illustrates the cost efficiency of the HotZone 4010 by broadcasting a standard 802.11b signal resulting in a Wi-Fi "cloud" allowing homes in the area access to broadband Internet service using an ordinary laptop or computer with a standard Wi-Fi card or adapter. The network has been operating with users since mid-October and has performed to Tier 1 specifications providing 99.9997% network availability calculated on a monthly basis. Although the primary use of the Company's first commercially-available network in Mexico is for broadband Internet access, the HotZone 4010 also allows the offering of VoIP telephony through the DECT standard, permitting a typical DECT-enabled cordless phone to have a reach of up to 800 meters from a HotZone 4010 base station, and allows for the fulfillment of WiMAX needs.
Stock Price: 0.30, Up+9.09% on 105,603 shares traded
Med Gen Inc. (OTCBB:MGEN), manufacturers of nationally branded OTC Healthier Life Products, announced that it has achieved significant sales increases across a broad spectrum of activity. On a same year month to month basis and as of November 28, 2006, November sales showed an 1100% increase over October sales. On a year to year basis at the close of the day on November 28, 2006, November sales compared with those of 2005 showed a 300% increase. Unaudited sales for November were $116,978.78. "The company's continuing advertising programs on TV, Radio and Print are expected to show continued sales increases through the balance of this current fiscal year," said Paul Kravitz, Company Chairman and CEO. He continued, "it should be no surprise to anyone that follows Med Gen, that the company, during this past year, has undergone a complete metamorphous from retail sales orientation to direct to consumer programs; in the process filming five commercials and completing four new Internet Sites. The cost to the company, an excess of $1.5 million." The overriding decision to attempt this corporate conversion in marketing strategy centered on the marketing reach of the Med Gen product lines, which exceeds $100 billion and the tremendous cost involved in selling major chains and discount stores. "This was a risky decision," said Kravitz. "However, declining margins and lack of capital left management with few choices." Med Gen has an extraordinary, strong shareholder base, one that deserves to see a prospering company and although small, this November's sales results go a long way in proving the validity of this past years efforts.
Stock Price: 0.008, Up+23.08% on 17,966,284 shares traded
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