GTE Corporation, formerly General Telephone & Electronics Corporation was the largest independent telephone company in the United States during the days of the Bell System.Originally founded in 1926 as Associated Telephone Utilities, it went bankrupt in 1933 during the Great Depression, and reorganized as General Telephone in 1934. In 1991, it acquired the third largest independent, Continental Telephone . They also owned Automatic Electric, a telephone equipment supplier similar in many ways to Western Electric, and Sylvania Lighting, the only non-communications-oriented company under GTE ownership. GTE provided local telephone service to a large number of areas of the U.S. through operating companies, much as American Telephone & Telegraph provided local telephone service through its 22 Bell Operating Companies.The company also acquired BBN Planet, one of the earliest Internet service providers, in 1997. That division became known as GTE Internetworking, and was later spun off into the independent company Genuity to satisfy Federal Communications Commission requirements regarding the GTE-Bell Atlantic merger that created Verizon.GTE operated in Canada via large interests in subsidiary companies such as BC TEL and Quebec-Téléphone. When foreign ownership restrictions on telecommunications companies were introduced, GTE's ownership was grandfathered. When BC Tel merged with Telus ) to create BCT.Telus, GTE's Canadian subsidiaries were merged into the new parent, making it the second-largest telecommunications carrier in Canada. As such, GTE's successor, Verizon Communications, was the only foreign telecommunications company with a greater than 20% interest in a Canadian carrier, until Verizon completely divested itself of its shares in 2004.In the Caribbean, CONTEL purchased several major stakes in the newly independent countries of the British West Indies .Prior to GTE's merger with Bell Atlantic, GTE also maintained an interactive television service joint-venture called GTE mainStreet as well as an interactive entertainment and video game publishing operation, GTE Interactive Media. Wikipedia.
News Article | May 12, 2017
Last year, Ford Performance chief Dave Pericak found himself standing next to Edsel Ford II at the edge of a certain pastoral French racing circuit that has witnessed 84 years of glory, gore, grudges, and relentless grit. “You know,” mused Ford, according to Pericak’s recollection, “I was here 50 years ago with my father, when we won it. Now I’m here with my son.” When you work at FoMoCo, you work for a family. Pericak, who, with a small group of volunteers, took over a padlocked basement room in Dearborn, Michigan, and labored on his own time and after hours for months on “Project Phoenix” before it was even approved, tells me with a faraway look: “To bring that trophy back and hand it to that family, to return the most coveted prize in family history, that’s what it was about.” Le Mans veterans will tell you that if you bring a new team, you should keep your expectations in check. And the GT’s attempt last year to celebrate Ford’s 1966 24 Hours of Le Mans victory with a class win started ominously. In sheeting rain, one of the four GTs, already saddled with last-minute weight and boost penalties, suffered a stuck gearbox right before the green flag. Wanting to be near the action, Pericak’s boss, Ford executive VP and chief technical officer Raj Nair, leaped a rain-slicked pit wall, slipped, and broke his elbow. Amid the tension, nobody even noticed. Almost a year later, we’re standing beside another circuit, a 2.2-mile slice of the Utah Motorsports Campus west of windy Salt Lake City, next to the roadgoing version of the Ford GT that will trickle into buyers’ hands at the rate of 250 annually over the next four years. Finally, after the surprise January 2015 reveal at the Detroit auto show, after countless magazine covers and breathless coverage, a few lucky members of the fourth estate will at long last get to drive Project Phoenix. I am in that group, about to pilot the first cousin to an honest-to-Ronnie-Bucknum Le Mans car! The GT is pure Ford history and enthusiasm condensed against all odds and business sense into a drivable carbon-fiber Hot Wheels toy that forever will remain rare enough to drop jaws wherever it goes. And I get to drive it. On a circuit. Nobody is luckier than me, I think, as I stride up to the GT, doors levitated to a spread eagle, and thrust my right leg in, twist sideways, and . . . ah, no, that didn’t quite work. Let’s try sitting down on the wide sill, swinging a leg in, and—ow!—just bashed my head on the FIA-spec roll cage hidden behind the low-hanging headliner. Okay, stand up again, right leg in, twist while bending the left knee a bit, and—pop!—I feel a tendon go. There’s a white-hot flash of shooting pain in my knee, and as my left leg collapses like the bridge on the River Kwai, I tumble backward into the GT and voilà! I’m in! Because the GT’s narrow, vertical buckets don’t move (the pedals and steering column do, with wide latitude for different body types), most of the car’s buttons cluster on the rectangular wheel so you don’t have to reach to the architecturally sculpted dash of carbon-fiber bridges and buttresses. This car is not at all retro like its 2005–06 predecessor with its comparatively giant cabin; all data comes via digital screens, the one in front of the driver flashing the speed, revs, and plebeian messages such as “Driver Door Ajar.” A big anodized button in the slim center console lights the twin-turbo 3.5-liter V-6, and the nearby rotary shifter seems a little out of place, like something from a Ford Fusion. A CGI image of the car appears in the dash screen when you change driving modes. Put the GT into Track mode via the thumbwheel on the steering wheel, hit the “OK” button to confirm, and the car suddenly falls a couple of inches with a startling lurch while hydraulic actuators compress the coil springs, as if the pit crew has dropped you off the jacks. Take it out of Track mode and it jumps up again with equal haste. This thing means business. Back at Le Mans last year, luck continued not to favor Ford as it diced with Ferrari for the LM GTE Pro class lead. Loose wires caused the lead GT’s mandatory position lights to wink out, and Sébastien Bourdais, one of the team’s most seasoned vets, had to find his way through the darkness with a fritzing electrical system. In the wee hours, Nair, determined to stand with his colleagues for the entire race, approached Pericak. “I can’t hold a cup of coffee,” he said. In Utah, Billy Johnson, just 29 when he drove the #66 car that finished fourth in class in 2016, slides in next to me. For a vehicle that is more than 15 feet long, putting two people into the GT is like stuffing a couple of bedspreads into a Maytag. As in a Lotus Elise, the seats are squeezed together, inboard of the Ford’s carbon-fiber tub’s thick structural side boxes. You will want to shower beforehand and wear only the mildest cologne, as you and your passenger are about to enjoy an intimacy Tinder users only dream about. The affable Johnson waves me forward and we burble menacingly onto the track. A big V-6, especially one all stuffed up with turbos, doesn’t always sound fabulous, but this 647-hp unit does. It makes a proper wail, the rising, ragged tones of its exhaust sealing the car’s racing connection. You can hear the turbos whoosh a bit, but you can’t hear any of that crass pish, pish, pish, which would make it sound like just a jumped-up Mitsubishi Evo. As I warm the big Michelins and learn the track, the GT feels light and ready to play. Co-developed simultaneously alongside the competition car over a couple of short, intense years, the roadgoing GT, made up of approximately 250 carbon-fiber pieces, is not an all-or-nothing racing scull. It’s happy to motor at moderate speed with a gently progressive throttle and brakes that are easy to modulate. Considering how quickly the car was engineered and that its primary purpose was a class victory at Le Mans, it feels surprisingly refined and cohesive. The seven-speed dual-clutch automatic shifts quickly, and I can’t even detect any serious turbo lag, although the engine does get a little more urgent above 3000 rpm as it beelines for the 7000-rev redline. We start picking up the pace, Johnson reminding me of the track layout on the intensely flat, sometimes confounding course. Third and fourth gears are fine here; you can press deeper into the throttle and flood the turbines with exhaust gas without lighting up the tires. The grip is obviously tremendous and the ride not quite the body slam I was expecting. The GT swallows curbs and camber changes with sang-froid, the roll and body motions minimized but not choppy. The morning sun well up at Le Mans, the Grand Marnier crêpe booth was doing a brisk business and the big Ferris wheel was running at its roughly 0.5-rpm redline (with stops) when the #68 Ford GT passed the Risi Competizione Ferrari 488 for the lead. The stands erupted. Pushing myself now, I detect a bit of understeer in the tighter corners, and I’m also able to provoke the GT sideways on the exit just a little too easily. Is it loose? Johnson, next to me, starts coaching. You don’t drive the GT as you do lesser-powered cars such as—at the risk of hilarious overstatement—my old Spec Miata racer, which likes to corner under acceleration that settles and stabilizes the car. The GT has so much power and such a relatively light curb weight of about 3250 pounds, ideally distributed, that it easily overdrives its front tires. In clumsy hands it behaves clumsily. Johnson advises me to do my hard braking in the traditional straight line, then trail-brake or coast as needed all the way to the apex. The GT, thus decelerating, now wants nothing more than to rotate around its axis like a gate swinging on a post. You can also feel this effect if you lift suddenly in an overcooked corner. Even in a scrubbing understeer flail, the GT’s helm will snap to and answer. On the exits, you have to be patient; mat the throttle too soon and the 325/30R-20 rear tires will break loose as the boost builds. To be fast you must learn to be smooth with this car, just like the pros. If you’re not, it’ll still play along, the breakaway terrifically gentle and the various stability-control modes letting you get more and more sideways without risking any damage. At Le Mans, with the #68 Ford GT leading its class, the prize almost at hand, Nair and a superstitious Pericak had been doing their best to “keep the jubilation under control,” Pericak recalls. Then the lead LMP1 Toyota quit in front of the pits with one lap to go. “After that you could hear a pin drop in our garage.” The Utah highways beckon, and the GT loves an undulating road as much as a track. The driver feels plugged into the Ford through the quick steering and the wide pedals, and placement of the nose is easy as it flows contentedly from bend to hairpin to sweeper. Ferrari drivers, spoiled by perfect steering, will not complain. Without helmets to muffle the noise, however, the GT’s cabin is downright loud, the exhaust in certain gears at certain throttle positions turning painfully boomy. The seats with their weirdly tufted cloth inserts barely recline, and the passenger well has a big footrest across it that is just a bit too close to the seat for a comfortable leg stretch. The “trunk” is a joke, filled to capacity by two rolled-up windbreakers. The new GT is gorgeous garage candy for a lucky few, but unlike the last GT, it won’t be much fun on a long club rally. Landing in Detroit after the race and the all-night parties, Pericak had to help Nair pull his suitcase down from the plane’s overhead bin. Nair looked at him and asked: “Did we just win Le Mans?” For Pericak, the victory effort and the spectacular if somewhat uncomfortable road car that it produced are “bittersweet—there were a lot of casualties,” from Nair’s arm, which eventually went into a cast, to the families who didn’t see their moms and dads much for two years. This is a car built on sentimentality. Sure, there were other reasons for the GT, such as creating a technology test bed and taking Ford’s brand onto the international racing circuit to be enhanced by its reflected glitz. But ultimately, a family with serious resources just thought a class win at Le Mans on the 50th anniversary of Ferrari’s famous drubbing would be cool. And with a lot of sweat, a few tears, and a dash of luck, their people made it possible. All of that is embedded in this car. The experience is singular. ENGINE TYPE: twin-turbocharged and intercooled DOHC 24-valve V-6, aluminum block and heads, port and direct fuel injection
News Article | May 11, 2017
On Wednesday, shares in Houston, Texas headquartered EP Energy Corp. ended the session 2.29% higher at $4.47 with a total volume of 776,557 shares traded. The stock is trading 2.33% below its 50-day moving average and 5.69% below its 200-day moving average. Moreover, shares of the Company, which engages in the exploration for and the acquisition, development, and production of oil, natural gas, and natural gas liquids in the US, have a Relative Strength Index (RSI) of 46.30. On May 09th, 2017, research firm Citigroup upgraded the Company's stock rating from 'Sell' to 'Neutral'. Sign up and read the free research report on EPE at: On Wednesday, shares in Irving, Texas headquartered Pioneer Natural Resources Co. recorded a trading volume of 1.54 million shares. The stock ended the day 1.06% higher at $171.27. Pioneer Natural Resources' stock has advanced 6.23% in the past one year. The Company's shares are trading below its 50-day and 200-day moving averages by 5.94% and 5.56%, respectively. Furthermore, shares of Pioneer Natural Resources, which operates as an independent oil and gas exploration and production company in the US, have an RSI of 41.89. On April 13th, 2017, research firm Stifel resumed its 'Buy' rating on the Company's stock, with a target price of $267 per share. The complimentary research report on PXD can be downloaded at: Calgary, Canada headquartered Gran Tierra Energy Inc.'s stock finished Wednesday's session 2.01% higher at $2.54 with a total volume of 1.15 million shares traded. Over the last one month and the previous one year, Gran Tierra Energy's shares have advanced 2.83% in the past three months. The Company's shares are trading below its 50-day and 200-day moving averages by 0.87% and 8.76%, respectively. Shares of Gran Tierra Energy, which engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil, has an RSI of 50.47. Register for free on Stock-Callers.com and access the latest report on GTE at: Los Angeles headquartered California Resources Corp.'s stock advanced 5.43%, to close the day at $13.79. The stock recorded a trading volume of 1.97 million shares, which was above its three months average volume of 1.94 million shares. The Company's shares are trading 2.40% and 6.03% below its 50-day and 200-day moving averages, respectively. Shares of the Company, which operates as an oil and natural gas exploration and production company in the State of California, are trading at a PE ratio of 2.13. Additionally, the stock has an RSI of 55.58. 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News Article | April 21, 2017
Linda Cowman returns to RE/MAX DFW Associates' Coppell office with over 30 years of real estate experience. Prior to becoming a real estate agent, Linda was in the telecommunications industry and worked for GTE.
News Article | April 18, 2017
This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Maha Energy AB Announces Capital Plan in anticipation of Acquisition of Gran Tierra Inc.'s Brazilian Operations Maha Energy AB (publ) ("Maha" or the "Company") has today released details of the capital plan ("Capital Plan") it would propose to implement in the event it closes the previously announced acquisition of the Brazil business unit of Gran Tierra Energy Inc. Jonas Lindvall, President and Chief Executive Officer of Maha Energy, commented "2016 was a transformational year for Maha. We secured the Tartaruga Brazilian asset and completed our Initial Public Offering. In 2017 we plan to complete our second high quality Brazil acquisition - Gran Tierra's Brazilian operations which will have obvious synergies with Tartaruga. This new Capital Plan is Maha tooling up to close the acquisition and operate two significant oil fields in Brazil." On February 6, 2017 Maha Energy AB (NASDAQ OMX First North: MAHA A) was pleased to announce that it had entered into an agreement to acquire the Brazil business unit of Gran Tierra Energy Inc. ("Gran Tierra") (NYSE MKT:GTE)(TSX:GTE) through the purchase of all of the shares and outstanding intercompany debt of Gran Tierra Finance (Luxembourg) S.Á.R.L., including assumed liabilities involved with the going-concern operations, for a cash consideration of $35 million, subject to closing adjustments (the "Acquisition"). Upon closing, Maha will own and operate, through a 100%-owned subsidiary, the 100% working interests in six concession agreements located, in the Reconcavo Basin of Brazil comprising 41,606 gross acres with average production expected to be 1,200 - 1,500 boepd in 2017 from the Tie Field. Closing of the Acquisition is subject to receiving the approval of the Acquisition from the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil ("ANP"), completion of a financing by Maha, and other closing conditions standard for similar transactions. The closing of the Acquisition is anticipated to occur in the second half of 2017. As previously announced, Maha became the operator of the Tartaruga field in January 2017. In addition to planning and executing the successful workover of the 107D well, Maha's operations group has been working closely with its Brazilian management team to conduct a top to bottom review of its operations at Tartaruga and the operating environment generally in Brazil. Maha conducted a detailed technical review of the Tartaruga and the Tie fields which included a recent technical workshop in Denver on April 6, 2017 with all Maha's technical team and advisers. This work was instrumental in creating a comprehensive conceptual development plan for the Tartaruga field. Our senior management team has had recent meetings with our partner in the Tartaruga field, Petrobras, as well numerous commercial meetings with local service providers, other operators, refineries, oil marketers, the ANP, gas-to-wire companies, and gas purchasers. With this level of knowledge, Maha has developed its proposed go-forward Capital Plan for its operations in Wyoming and Brazil in anticipation of its successful completion of the Acquisition. This plan is designed to maximize synergies between the operations at the Tartaruga and the Tie fields. Upon closing the Acquisition, the Company will have a robust portfolio of reserves that can be developed in pace with increasing oil prices. Maha currently operates (and will operate) all its assets which adds to Maha's flexibility and control over the Capital Plan. The Capital Plan details anticipated capital allocations as between the LAK, Tartaruga, and Tie producing fields based on the current development planning and available cash flow and are based on assumed oil prices of the current Brent Strip for 5 years. If prices are higher, certain elements of the Capital Plan may be accelerated. Likewise, any sustained period of prices below the current strip would result in the Company reallocating and/or decelerating capital expenditures to conserve capital as appropriate. The Company will adjust expenditures and planned capital outlays based on changes in local rules, regulations and market requirements, partner approvals, government approvals of well licenses, well drilling results, availability of funds from cash flow, operational results, and new technical information. The capital outlays, as modelled, will be funded out of Maha's current working capital, the balance of the proceeds from the equity and debt financings currently being undertaken by the Company (see Press Releases dated February 6, 2017 and February 13, 2017), and anticipated cash flows. The Capital Plan has been allocated between the three projects as follows: The Tartaruga oil field is situated within the Sergipe sedimentary basin in eastern Brazil. The Company is a 75 percent owner of the Tartaruga oil field with the remaining 25 percent interest held by the state oil company Petrobras. The Tartaruga oil field is located in the northern half of the 13,201 acre (53.4 km2) Tartaruga Block and produces 41° API oil from two deviated wells drilled into the early Cretaceous Penedo Formation. The Tartaruga oilfield has produced in excess of 1.0 million barrels of oil up until December 31, 2016. Net Penedo reservoir pay has been estimated by an independent Geology and Geophysics consulting group to be in excess of 80 m. Further, the Penedo sandstone consists of 27 separate stacked sandstone reservoirs, all of which have been electrically logged and are indicated to contain oil. To date, only 2 of these 27 stacked reservoirs have been produced (Penedo 1 and Penedo 6). The best estimate of the Oil Originally In Place (OOIP) of the Penedo sandstone is 65.4 million barrels, but has been estimated as high as 200 million barrels of oil in place by reputable consultants. A deeper, regionally producing sandstone, known as the Serraria, has also been mapped but the reservoir content is uncertain at this time. Should the Serraria contain oil, the OOIP estimates range between 6 to 236 million barrels of OOIP, depending on closure and spill-point of the reservoir. An adjacent structure to Tartaruga has produced oil from the Morro de Chaves Formation which lies above the Penedo formation. The Morro de Chaves Formation has not been tested in the Tartaruga Field and provides further exploration potential on the field. As previously announced in February this year, the Company completed a workover that turned an intermittently, low producing, free-flowing well (< 10 bopd) on the block to a steady 250 bopd (gross) producer by recompleting the well with a sub-surface jet pump. Both producing wells in the field are now being powered by a single pump and are currently producing in excess of 400 bopd (gross). Work is underway to optimize the pumping system by de-bottlenecking the surface handling system whereby the well production is expected to increase by an additional 10 - 15%. This work is anticipated to be completed by the end of April. These wells are producing positive cash flow to the Company at the current oil prices. Work is also underway to further delineate and produce the Penedo sandstone. On April 6, 2017, the Company's technical operations team focused on Tartaruga met with external experts to discuss future well placement and conceptual development plans. The current Capital Plan is to use an existing approved well license on the block to drill a combined delineation and production well later in 2018, the exact timing of which will depend on partner approval and equipment availability. The Reserve Report of Chapman Petroleum Engineering dated December 31, 2016 (see Press Release date March 3, 2017) assumes a number of near vertical wells to be drilled over the next five years. The Company is evaluating several differing completion techniques which could include horizontal completions, directional dual and multiple completions, high angle multiple selective completions, and wellbore stimulation practices. Based on results from desktop studies and the drilling of the 2018 directional well, the Company will refine its development strategy (which could alter the expected production profile). A total of 4 dually completed and directional wells are currently anticipated to be drilled over the next 5 years (one in 2019 and two in 2020) at a cost of approximately $5.6 million per well including related facility upgrades (net to Maha) in addition to the planned directional well in 2018. The Tararuga Field consists of two producing wells, a complete hydraulic jet pumping system, storage tanks, loading facilities, a heater treater, separator, flare system, and an office with accommodation buildings. The current production facilities have sufficient capacity for production levels up to 1,600 barrels of fluid per day at which point they are constrained by the heater treater unit. Oil produced from onshore fields in Brazil is generally sold and marketed to local receiving facilities and refineries. In Sergipe Province, where the Tataruga Field is located, operators are able to sell oil at a current price of Brent less $0.51 per barrel. In Bahia Province, where the Tie Field is located (see below), the price received by operators is lower due to insufficient capacity at local receiving facilities. Historically this discount has been as high as $15.00 per barrel but more recently slightly less than $9.00 per barrel is common. Upon the completion of the Acquisition, as part of the anticipated synergies Maha plans to truck incremental Tie Field production above 1,100 bopd to Aracaju, Sergipe facilities where the expected price is Brent minus $4.00 - 6.00 per barrel. Trucking costs are under $2.00 per bbl for operators within the Bahia and Sergipe area. Trucking crude from Bahia to Sergipe is expected to be about $4.00 per bbl. Based upon the above Capital Plan, Maha conservatively estimates average annual net production from Tartaruga of 320 bopd in 2017, 440 bopd in 2018, 620 bopd in 2019, 720 bopd in 2020, and 880 bopd in 2021. The Tiê Field is located in the Block REC-T-155 in the Recôncavo Basin in eastern Brazil. As mentioned above, upon completion of the Acquisition Maha will operate with a 100 percent working interest in the field. The Tiê Field was discovered in 2009 with the drilling of well 1-ALV-2-BA ("ALV-2") and delineated with wells 3-GTE-3D-BA ("GTE-3") and 3-GTE-4DPA-BA ("GTE-4") in 2011 and 2012. In September 2012, Gran Tierra received declaration of commerciality from the government of Brazil. A three dimensional ("3D") seismic survey was acquired in 2010 and re-processed in 2013. The ALV-2 well produced from the Sergi Formation until it was shut-in in July 2014. This well is planned to be converted to a water injection well during 2017. GTE-3 initially produced solely from the Sergi Formation while GTE-4 produced solely from the Agua Grande Formation until both wells were successfully dual completed in 2014. Oil is currently trucked 35 kilometres to a Petrobras oil terminal where up to 1,100 bopd is sold. A water injection pressure maintenance project is almost completed. Current management estimates 2017 production will average 1,200 - 1,500 boepd. The field has two structural highs and the saddle area between these highs is a few metres above the interpreted oil water contact. The southern lobe (high) has been classified as possible reserves as there is good evidence it could be a separate accumulation. As of December 31, 2016, the reserves estimates are publicly available and were prepared by McDaniel Associates as follows: Production from the existing wells drilled on the Tie structure has been curtailed for two reasons: (a) there has been no outlet for excess associated natural gas, and (b) receiving facilities were constrained in receiving tank volumes to a maximum of 1,100 bopd. The current operator recently completed its gas commercialization project whereby excess associated gas is now compressed and sold in the local market. Work by Maha is now underway to secure additional product sales volumes by trucking the produced crude oil to other receiving terminals. As indicated above (see Tartaruga Field), Maha has developed a plan with another purchaser that has expressed interest in purchasing the incremental Tie volumes that may be trucked from Bahia to Sergipe. It is expected that the trucking of incremental production will commence during the first half of 2018. With work underway to increase export capacity, the Capital Plan is to complete the water injection program this year, install artificial lift systems on the two existing wells by 2018, and drill an additional production well by 2020. Additional work will include the upgrade of the production facility, currently capable of handling production up to 2,000 bopd, to handle more than 3,000 bopd and associated fluids. Details of the proposed capital to attain the 3,000 bopd target is anticipated to be $2.6 million for the remainder of 2017 (assuming the Acquisition closes on August 31, 2017), $18.1 million in 2018, and $13.9 million in 2019. According to the McDaniels Associates Reserves Report, production volumes are expected to increase from an average of 1,100 bopd in 2017 to 1,350 bopd in 2018, 2,500 bopd in 2019, 3,000 bopd in 2020, and 3,000 bopd in 2021. The LAK Ranch heavy oil field is situated on the eastern edge of the prolific Powder River Basin in Wyoming, USA. The Company is the 99 percent owner and operator of the LAK Ranch heavy oil field. The remaining 1 percent interest in the LAK Ranch Field is entitled to 1 percent of revenues after paying production taxes without obligation to pay capital or operating costs and is therefore accounted for as a royalty holder. The LAK Ranch property has 6,475 gross acres and produces 19° API oil from six deviated wells located in the northern section of the license area. Maha (Canada) acquired the asset in 2013 and has since embarked on a very detailed production optimization appraisal program of the field. Independent reservoir engineering appraiser RPS Energy completed a static reservoir model using Petrel software that calculated the best estimated Original Oil In Place (OOIP9) to be 62 million barrels at the end of 2014. The Petrel static reservoir model that uses accepted industry parameters was based on fifteen existing representative wellbores to estimate the oil initially in place. Parameters used in defining the OOIP rely on direct measurements from petrophysical information as well as core data which in turn provide evidence as to the rock's porosity, oil saturation, and permeability. The static geo-model is based on the latest acquired 3D seismic to define the areal extent of the reservoir. As a result of the work completed in 2014, further production optimization work continued in 2015 culminating in a revised development plan based upon historical field production results. Because of the viscous nature of the 19° API oil, the addition of heat in the form of heated water is modelled to generate a 21 percent recovery factor. The recovery factor is estimated using the CMG STARS reservoir simulation software which predicts fluid movements through the Petrel static geomodel. The Recovery Factor is defined as the percentage of producible oil compared to the oil originally in place. Factors influencing the Recovery Factor include reservoir and fluid characteristics (porosity, permeability, pressure, viscosity, temperature, and saturations). The LAK Ranch heavy oil field is currently producing a stable 33 bopd from 6 wells, driven by a pilot hot water flood that is shaping up to be a reliable enhanced oil recovery (EOR) method for further development. As at December 31, 2016, the LAK Ranch asset is considered to be in the pre-production stage and is currently undergoing delineation and pre-development work. As such, operating costs net of revenues since the commencement of operations have been capitalized as part of exploration and evaluation costs. The LAK Field was shut in from April 2016 until August 2016, primarily due to low oil prices and the requirement for reservoir pressure maintenance. During the shut-in period, the Company completed a capital investment to allow for produced water recycling, which is critical for handling of produced water and re-injection of water for pressure maintenance. The project was completed in August and production from a limited number of wells was re-established by the end of August 2016. Technical work completed during 2015 and 2016 has laid the groundwork for the full field development plan. The full field development plan contemplates hot water injection, rather than steam playing a more significant role than originally anticipated. The extra cost of hot water injector wells is more than offset by the elimination of steam requirements. Production results have indicated near wellbore damage and in March 2017 the Company completed a clean-out program of three producing wells with varying results. Significant fine migration sand was flushed out of one well, whilst a second well had its production successfully restored to pre-wellbore damage levels and the third well saw no improvement. Simultaneous to the clean-out operations, the hot water injection scheme referred to above was providing encouraging results to allow for a wider expansion of the hot water flood pattern. The current hot water flood pattern involves more than doubling the number of injection wells and it is expected that injection efficiency will aid in increasing production volumes at LAK Ranch. Once the current hot water flood pattern is completed and injection has stabilized, there are no further wells to convert and therefore additional drilling is required to increase production. Until results of the current expanded hot water flood are fully analyzed, the LAK Field will continue to be considered in the 'pre-production' stage and costs will be capitalized. Further development of the field is therefore dependent on results from the hot water flood. The capital plan for LAK Ranch assumes a positive result from the current expanded hot water flood and contemplates the drilling of 6 additional vertical injectors and horizontal producers starting in 2018. Thereafter, additional injection and production patterns will be drilled annually with 9 wells being drilled in 2019 and 2020. 10 wells will be drilled in 2021 and production facilities will be expanded at a cost of $1.0 million to handle the additional production. Because the LAK reservoir is very shallow in depth, each well is expected to cost $550,000 to drill, complete, and hook up. Further, and because of low decline rates expected with the water flood, average annual production volumes are expected to grow from 250 bopd in 2018 to 870 bopd in 2019, 1,100 bopd in 2020, and over 1,200 bopd in 2021. It is the current strategy of the Company to bring LAK Ranch up to a break-even economic position as soon as possible and thereafter grow production from LAK Ranch through a capital program funded by the LAK property cash flow, reserve-based lending, or through corporate capital allocations. For more information, please contact: Jonas Lindvall (CEO) Tel: +1 403 454 7560 Email: firstname.lastname@example.org This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on April 18, 2017, at 5:31 p.m. CET. Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates two oil fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca. This press release does not contain or constitute an invitation or an offer to acquire, subscribe for or otherwise trade in shares, subscription rights or other securities in Maha Energy AB (publ). Any invitation to the persons concerned to subscribe for shares in Maha Energy AB (publ) will only be made through the prospectus that Maha Energy AB (publ) intends to publish. Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) ("Securities Act") or applicable laws in other jurisdictions.  Normal course debt owed to affiliate of vendor is being acquired  All dollar amounts are in United States dollars unless otherwise indicated  The Brazilian operations of Gran Tierra currently comprise seven concession agreements. One concession is in the process of being relinquished which is expected to be completed before the closing date 9 Original oil in place is an estimate of the total volume of oil originally in the reservoir measured in barrels. The estimated OOIP is calculated by making assumptions about the rock porosity, quantity of reservoir rock, water saturation among many other variables
Energy and Buildings | Year: 2011
This work evaluates the transient convective exchanges taking place in a building wall made up of air-filled inclined cells. Each cell is formed by two vertical active walls connected by a channel of insulating material. The active hot wall is composed by alternated isothermal and adiabatic bands and is opposite to the active cold wall. Both walls are vertical and separated by a distance equal to their height. The channel connecting these walls is inclined at an angle α with respect to the horizontal, being the values considered in the present work 0° (square cell), ±15°, ±30°, ±45° and ±60°. Two-dimensional temperature fields and streamlines are presented at some representative instants. The temporal evolution of the average Nusselt number at each band of the hot wall is determined for all the treated configurations. Numerical results are validated by comparison with other experimental and numerical studies for cavities with isothermal hot wall in steady state. The maximum deviation found is about 9% for the Nusselt number. This can be considered as very satisfactory for this type of studies characterized by high Rayleigh numbers varying between 1 × 105 and 3 × 108, representative of real building installations. © 2010 Elsevier B.V. All rights reserved.
Applied Thermal Engineering | Year: 2014
This work is intended to improve the operation of on-board radar systems contained in the disk of an inclined air-filled hemispherical cavity. When the device is switched on, its thermal behaviour is driven by the transient convection heat transfer that precedes the steady state. The heat flux density imposed on the device, the radius of the disk and its inclination with respect to the horizontal are the most influential parameters on this phenomenon. Nusselt-Rayleigh-Fourier correlations are proposed to calculate the transient convective heat exchanges. These relationships cover a wide range of Rayleigh numbers varying between 104 and 3.2 × 1011 and inclination angles comprised between 0° (horizontal cavity) and 90°(vertical cavity) in steps of 15°. These results are obtained by numerical approach based on the finite volume method and supplement steady state correlations presented in previous works validated experimentally. The large Rayleigh number and inclinations ranges considered in this work allow application of the proposed correlations in several other engineering fields such as solar energy, security of persons, domotics or installation safety. © 2014 Elsevier Ltd. All rights reserved.
Applied Thermal Engineering | Year: 2013
Correlations of the type Nusselt-Rayleigh-Fourier are proposed to determine the convective exchanges that occur in transient regime in closed cavities of parallelogrammic section. They complement the correlations obtained in a previous work for steady state. The active vertical walls of these cavities are vertical, maintained isothermal and differentially heated, while the closing channel is adiabatic. This work covers a wide range of the Rayleigh number 1.84 × 105 ≤ Ra ≤ 1.70 × 109 and different angles of inclination ranging from -60° to 60°, enabling applications in several fields of engineering such as building, solar energy or power electronics. Correlations are obtained from numerical results based on the finite volume method and are validated by measurements. © 2012 Elsevier Ltd. All rights reserved.
International Communications in Heat and Mass Transfer | Year: 2014
This work quantifies the natural convective heat transfer occurring in hemispherical air-filled cavities whose disk is inclined at an angle varying between 0° and 90°. This active hot disk as well as the dome are maintained isothermal at different temperatures. The numerical approach by means of the control volume method allows the examination of the dynamical phenomena that occurs in many configurations obtained by varying the temperature difference between the two active walls and the radius of the hemisphere. Convective heat transfer at the hot wall is represented by the average Nusselt number associated to Rayleigh numbers varying between 104 and 2.55×1012. By taking into account all the studied configurations, correlations between these two dimensionless numbers are established for the set of considered inclination angles. Comparisons with results from other studies for the case of horizontal cavity show a good agreement. The relationships presented here cover the laminar, transitional and turbulent heat transfer regimes. They complement previous studies with the condition of heat flux imposed on the disk. The wide range of Rayleigh numbers considered in this survey and its association with the large inclination angle range allow the application of the correlations to various engineering fields such as nuclear technology, solar energy, building, embarked electronics, architecture, safety or domotics. © 2014 Elsevier Ltd.
Gte | Date: 2012-03-26
Methods and systems are provided for communicating data from wireline terminals to mobile terminals in a telecommunications network, which includes a home node associated with the mobile terminal and one or more visited nodes. To establish communication with a mobile terminal, a wireline terminal sends data to a server in the telecommunications network. The server identifies a mobile identification number associated with the mobile terminal, and based on the identified mobile identification number, the server determines a route that excludes the home node when the mobile terminal is out of the geographical area served by the home node. The server then establishes via the determined route a connection to the mobile terminal and sends to the mobile terminal the data received from the wireline terminal.
Agency: European Commission | Branch: FP7 | Program: BSG-SME-AG | Phase: SME-2013-2 | Award Amount: 2.78M | Year: 2014
The production and installation of resilient flooring in public and private buildings is a major business in Europe involving various sectors including material and coating production, designers, architects, installers, cleaners as well as the end-users. The main requirements are: durability, ease of installation, optical appearance, ease of cleaning and low cost maintenance. On the other hand slip accidents are a major source of injury in Europe. The floorings industry is therefore challenged to develop flooring with improved slip behaviour under varying environmental conditions (humidity caused by rain or cleaning can reduce friction dramatically). Besides there is often a conflict of interest between decreasing slipperiness and maintaining ease of cleaning because conventional approaches to reduce slipperiness imply the macroscopic roughening of the surface resulting in the collection of dirt (problem in hospitals). With new standards and testing methods harmonised in Europe this problem becomes more prominent, requiring substantially new and innovative approaches to address the problem by the flooring industry, like material suppliers, coating technology manufacturers, flooring installers, cleaners and companies developing testing methods. SlipSafe involves the key players in the industry in an integrated bottom-up approach. Based on fundamental studies of the tribological phenomena of slip under varying environmental conditions, SlipSafe will develop new intelligent material formulations and processes to gain control of the interface between flooring and shoe. New technologies will allow the use of these new materials in flooring manufacturing as well as in an after-treatment process to renew existing or worn out floorings with anti-slip properties. A key aim is to at least double service life and to allow easy cleaning. An important factor will be development of a new testing method, allowing monitoring of slipperiness as a function of the wear of installed flooring material.