News Article | April 17, 2017
A mysterious airplane that the Iranian government claims is its first stealth fighter prototype has reappeared after a more than three-year absence. The Qaher F313 that first appeared on Iranian state media in February 2013 was clearly not a flyable warplane. It was, instead, a mock-up—one that either represented a functional future jet... or was purely for show. A propaganda prop. The version of the Qaher F313 that reappeared on April 15, 2017 is also fake, albeit less obviously. Unlike the 2013 model, the 2017 model can move under its own power. But it's still just a mock-up. We can reasonably assert this because the engineers who built the 2017 fake, following standard procedure, dutifully stenciled the plane's standard tire pressure on the fuselage. And that pressure is way too low for a real jet. In other words, Iran is apparently no closer to developing a working stealth fighter than it was three years ago. The Qaher F313 inspired great excitement when it debuted in official photos in 2013. Long embargoed by major world powers—and thus most big aerospace companies—Iran has had to develop its own aviation industry. It's met with some success. Iran has managed to maintain and upgrade its four- and five-decade-old F-4 and F-14 fighters, for instance. But new-start warplanes—especially sophisticated fighters—had, up to 2013, proved too ambitious for Tehran's aerospace industry. So observers were skeptical of the F313. Moreover, the demonstration model had features that quite clearly marked it as a non-flying mock-up. It lacked engine nozzles. Its cockpit was too small to fit a normal-size pilot. Official statements specified that the F313 could carry two 2,000-pound bombs plus six air-to-air missiles—a huge load for such a small fighter. War Is Boring reporter Steve Weintz proved fairly definitively that eight weapons simply would not fit on the F313. Weintz built a scale model of the F313. He managed to fit the missiles under the wings and one bomb under the fuselage. The only way to squeeze in a second bomb was to mount it on top of the F313's fuselage, behind the pilot in his impossibly tiny cockpit. Carrying a gravity bomb on top of your plane leads to obvious complications. To drop the bomb, you'd have to roll upside down. The 2017 version of the F313 is much more convincing. The 2013 model apparently never moved under its own power—probably because it entirely lacked an engine of any kind. The 2017 model, by contrast, has appeared in official videos slowly taxiing on an airfield tarmac. Not flying, mind you—just taxiing. The question was whether the new F313 had full-fledged aeroengines installed or just some small motor driving, say, the nose wheels. Most likely it's the latter. Military analyst Galen Wright was the first to notice and post on Twitter that whoever built the 2017 edition of the purported stealth fighter stenciled the plane's tire pressure—50 pounds per square inch—on the side of the plane above the front landing gear. Fifty PSI is way too little for a real warplane. Wright dug up a Pentagon document stating the standard tire pressure for the F-4 and F-15 fighters, among others—265 and 305 PSI, respectively, for roughly the same area of tire rubber. If the F313 can safely roll on tires inflated to just 50 PSI, it means it probably weighs no more than a fifth of what an F-4 does per unit of volume. It is, in other words, mostly hollow. It must have a small motor of some sort to allow it to taxi. But it probably lacks aeroengines—and certainly can't fly. Unless you drive it off a cliff. Motherboard is nominated for three Webby Awards for Best Science YouTube Channel , Best Drama , Best Tech/Science Podcast . Please vote for us!
News Article | March 26, 2017
Scientists have found an impact crater that may be a relic of strong tsunamis sweeping across a section of planet Mars some 3 billion years ago. Detailing its findings at the 48th Lunar and Planetary Science Conference, the team thought that an asteroid incited 150-meter (492-feet) waves when it hit an ocean believed to have been on the northern part of ancient Mars. The crater, called Lomonosov and located in Mars’ northern plains, fits the characteristics of tsunami deposits on the surface. "We found typical tsunami deposits along the dichotomy between the northern hemisphere and southern hemisphere of Mars. It supports that there was, at that time, a northern ocean,” lead researcher and Université Paris-Sud professor Dr. François Costard said in a BBC News report. It may not be a popular idea today, but some experts believe that an ocean might have once occupied the lowland section occupying Mars’ northerly latitudes. This new evidence involving tsunamis helps confirm this idea. To test their proposal, the team identified and tracked the distribution of sediment that seemed to originate in the northern plains, as well as flowed onto a potential bygone shoreline to the south. Two encouraging findings were lobate flow deposits (from a massive wave washing over plateaus and through valleys) and landforms called thumbprint terrain, making a case for sediment deposits as well as an ancient ocean. The terrain was formerly interpreted as the result of mud flows, mud volcanoes, or glaciers. But the tsunami, traveling 95 miles and climbing to peaks of around 330 feet, need an ocean in the northern plains in order to have taken place. The roughly 75-mile-wide Lomonosov crater, named after 18th-century scientist and polymath Mikhail Lomonosov, features a collapsed rim and a very degraded overall appearance. It is thought to be created by the impact of a huge-scale, high-speed tsunami followed by a second wave that allowed it to reach the shoreline situated tens of miles from the said impact crater. If it is true that an ocean existed on the red planet billions of years ago, it could have produced a more life-supporting Mars today. This further fuels hopes of finding signs of biology on the planet. One can recall that last May, a study by a team from the Planetary Science Institute (PSI) in Arizona found signs of two mega tsunamis that may have occurred during Mars’ early formation. The waves rose to around 400 feet in height and produced shore-break waves with 150-feet-tall waves at an average. The team saw that the layers of dark, flat sediment on higher elevations were bordered by rock and boulder-filled exposures, which they believed was probably created by massive tsunamis. Incidentally, they also detected seven impact craters formed by meteors, also their leading culprit behind the huge wave formations. Other scientists, however, disagreed, saying that current proof of water once flowing on the red planet came to life during the Noachian period or around 3.8 billion years old, before the PSI team thought Mars lost most of its water-friendly atmosphere. The new findings were discussed in the Journal of Geophysical Research - Planets. © 2017 Tech Times, All rights reserved. Do not reproduce without permission.
News Article | April 29, 2017
Introducing the RCT1000 Coriolis mass flow meter, the latest addition to Badger Meter USAs growing product portfolio. The meters are renowned for their outstanding accuracy in measuring flow applications. Buckingham, United Kingdom, April 29, 2017 --( RCT1000 meters are especially suited to the precise measurement of high viscosity fluids, aggressive media and contaminated fluids as well as high density gases, whilst maintaining a wide turndown ratio. Typical applications for these mass flow meters will include filling or dosing oils, solvents and chemicals and measuring adhesives or binding materials, coatings and hardeners, dyes, vitamins and other additives. Renowned for their outstanding accuracy and versatility in measuring challenging flow applications, Coriolis principle flow meters have been employed in a wide variety of industries and applications. Coriolis flow meters are true multi-variable instruments, which means that they provide simultaneous measurement of mass flow, density, temperature and volume flow. A valuable feature of this design is the lack of internal moving parts, enabling the flow meter to experience little or no mechanical wear, resulting in a long operational life expectancy. These meters offer low cost maintenance operation and flexible integration options. The RCT1000 is capable of controlling equipment, such as valves and pumps with PID and batch control signals. The transmitter features a user-lock feature to prevent accidental activation as well as a local LCD display with optical buttons which allow the operator to navigate the display through the glass without opening the enclosure. Network communications options for this model include; EtherNet/IP, 4-20mA HART, Modbus TCP and Modbus RTU. The RCT1000 meters feature mass flow accuracy of -/+ 0.1% with a pressure range up to 2150 PSI (148 bar) and options for use in hazardous areas. For more information on this Coriolis meter range, contact Bell Flow Systems on email@example.com or 0800 027 7786. Buckingham, United Kingdom, April 29, 2017 --( PR.com )-- Introducing the RCT1000 Coriolis mass flow meter, the latest addition to Badger Meter USA’s growing product portfolio.RCT1000 meters are especially suited to the precise measurement of high viscosity fluids, aggressive media and contaminated fluids as well as high density gases, whilst maintaining a wide turndown ratio. Typical applications for these mass flow meters will include filling or dosing oils, solvents and chemicals and measuring adhesives or binding materials, coatings and hardeners, dyes, vitamins and other additives.Renowned for their outstanding accuracy and versatility in measuring challenging flow applications, Coriolis principle flow meters have been employed in a wide variety of industries and applications. Coriolis flow meters are true multi-variable instruments, which means that they provide simultaneous measurement of mass flow, density, temperature and volume flow.A valuable feature of this design is the lack of internal moving parts, enabling the flow meter to experience little or no mechanical wear, resulting in a long operational life expectancy. These meters offer low cost maintenance operation and flexible integration options.The RCT1000 is capable of controlling equipment, such as valves and pumps with PID and batch control signals. The transmitter features a user-lock feature to prevent accidental activation as well as a local LCD display with optical buttons which allow the operator to navigate the display through the glass without opening the enclosure.Network communications options for this model include; EtherNet/IP, 4-20mA HART, Modbus TCP and Modbus RTU. The RCT1000 meters feature mass flow accuracy of -/+ 0.1% with a pressure range up to 2150 PSI (148 bar) and options for use in hazardous areas. For more information on this Coriolis meter range, contact Bell Flow Systems on firstname.lastname@example.org or 0800 027 7786. Click here to view the list of recent Press Releases from Bell Flow Systems
News Article | April 13, 2017
It’s complicated. I’ve spent more than 20 years recommending various anti-virus programs as an essential part of any Windows setup. However, Windows has changed, and the threat landscape has changed. I am no longer sure that a third-party AV program is essential, and some of them may be detrimental. Of course, needs vary. Some people are more accident-prone than others, and some are less sensitive to threats. Some venture into riskier parts of the internet. Some need to protect very valuable information. All these factors should be taken into account. A risk-aware Windows user can probably survive without any anti-virus software at all. I ran Windows XP for a year to try to prove it. Less knowledgeable users can get their PCs infected no matter how much protection you give them. Software can’t protect people from themselves. Most of the major AV products started out when many viruses were written by amateurs who were showing off. That’s no longer the case. Today’s malware is written by professionals who are in business to make money. They are less interested in viruses that replicate themselves – their delivery mechanisms are emails and websites. They don’t want to show off: they want their malware to stay hidden. They are interested in collecting financial information and passwords etc, but there’s also a trend towards ransomware. They know they can blackmail people into paying for something they value – their personal files, financial information, family photos etc – and the arrival of Bitcoin has provided a secure way to collect the cash. The best defence against ransomware is an offline backup of all your essential data. Most of the major AV products started out when Windows and its major browsers were insecure. That’s no longer the case. In 2002, Microsoft cofounder Bill Gates launched the Trustworthy Computing Initiative to make security the company’s highest priority. TCI training and methodologies changed the way Microsoft designed and developed software, and the result has been a dramatic reduction in Windows PC infection rates. Windows 10 now includes a vast array of security and “threat mitigation” technologies, to the point where the main threats to Windows users come from third-party programs such as Oracle Java and some Adobe software. There has also been a huge improvement in the security of web browsers, particularly Google’s Chrome and Microsoft’s Edge. Chrome is securely sandboxed, which helps protect the underlying operating system from web-based attacks. Google also runs a “bug bounty” program, which pays researchers up to $100,000 for each exploitable hole they find in Chrome or Android. It paid out more than $3 million last year, making Chrome even more secure. Further security improvements have come from “safe browsing” systems, which blacklist websites that host malware. Google Safe Browsing is now part of Chrome, Firefox, Vivaldi and Apple’s Safari, while Windows 10 has its own built-in SafeScreen filter. If you are worried about a website, you can check it manually at Google’s website. The result is that Windows 10 users are not sitting ducks, like Windows XP users, as long as they keep their software up to date. This includes updating browsers and other third-party software, using a free tool such as Flexera’s Personal Software Inspector (PSI), Patch My PC, or Kaspersky Software Updater. Anti-virus companies started out protecting vulnerable operating system and browser code, but we may have reached the point where vulnerable anti-virus software is doing more harm than good. Issues that have been debated in back rooms became very public last November when Google Chrome security expert Justin Schuh launched a tweetstorm against renowned Bulgarian AV expert, Vesselin Bontchev. Schuh tweeted: “You misunderstand your own ignorance. AV is my single biggest impediment to shipping a secure browser.” The gist of Schuh’s many complaints was that AV programs messed up the security of other programs while being written insecurely themselves. He tweeted: “You ignore all security best practice, piling dodgy format parsing and other unsafe code into the kernel. I expect it’s possible to make an AV that isn’t more harm than good, but none of you are even trying.” In January, former Firefox developer Robert O’Callahan chimed in with a confirmatory blog post, Disable Your Antivirus Software (Except Microsoft’s). Normally, programmers won’t talk about these problems, because they need the AV supplier’s cooperation when AV cripples or crashes their software. And they can’t tell users to turn off their AV, because they’ll be blamed if something bad happens. That leaves one alternative. As Schuh tweeted a few days later: “Browser makers don’t complain about Microsoft Defender because we have tons of empirical data showing that it’s the only well behaved AV.” Windows Defender may not do the most good, in protecting you from malware, but it does the least harm. Stop thinking that malware protection means running an anti-virus program and adopt a layered approach. First, run Windows 10 with Windows Defender, the SmartScreen filter, cloud-based heuristics and basic telemetry (which is largely security related) all turned on. Do that and you are probably safe enough. All our PCs at home, including my wife’s, are set up this way, and we’ve not had any malware problems after 20 months. Second, run Windows as a standard user, not as an administrator. (MacOS and Linux users already do this.) Running as a standard user may eliminate 90% of threats. Third, make sure Windows and all your PC’s software is updated. Most malware exploits security holes that have already been patched, sometimes several years earlier. For maximum security, run Google Chrome or a Chromium-based browser such as Vivaldi. Fourth, make sure you have good backups of all your personal data. In addition to normal PC backups, I use FreeFileSync to copy my main data folders to an external hard drive every day, and this gets backed up later to a second EHD. Blu-rays are another good option, because they can’t be encrypted by ransomware. Fifth, run periodic scans to make sure your chosen anti-virus program hasn’t missed anything. Microsoft does this with its MSRT (Malicious Software Removal Tool) before installing major updates, and Kaspersky offers a good alternative. I run spot checks with Malwarebytes Antimalware and Hitman Pro, among others. There are also free online scanners from many AV firms including Bitdefender, Trend Micro, ESET and F-Secure. Sixth, remember that Windows 10 provides good refresh, reset and recovery options. If those don’t so what you want, be prepared to wipe your hard drive and reinstall Windows 10 from scratch, either from a DVD or a thumb drive. Microsoft provides instructions. Your authentication and preferences are stored online against your Microsoft account, and the Windows Store will reinstall any apps you’ve downloaded, so it’s relatively easy to get back to where you were. If you are not on Windows 10, if you are accident-prone, or if you have other reasons for wanting better protection, there’s still a place for anti-virus programs. From the current free programs, I recommend Avira or Bitdefender, though both Avast and AVG (which is now owned by Avast) are still acceptable choices. Kaspersky is probably the best paid-for option, but Trend Micro is worth a look. Try a couple of AV programs to see if you like any special features, the user interface, the impact on performance (eg on web page and file download times), whether it seems to interfere with any other software, the scanning speed and so on. There are at least a dozen decent alternatives, so you don’t have to use one you don’t like. Have you got another question for Jack? Email it to Ask.Jack@theguardian.com
News Article | April 17, 2017
L-com Global Connectivity, a preferred manufacturer of wired and wireless connectivity products, announced today that it has released a new line of armored M12 cable assemblies for use with industrial Ethernet, test equipment, I/O connectivity, sensors and actuators, and industrial control and factory automation. L-com’s new premium armored M12 cable assemblies are built with high-flex, outdoor CMX-rated, double-shielded, FR-TPE cable. The inner cable jacket is resistant to oil, UV sun rays, weld splatter and is rated for 600V. Additional features include IP68-rated M12 connectors to protect against liquids and particulates. Premium, stainless steel armor, not offered with other cables, protects the cable from damage and features 1,500 PSI of crush resistance. “Our new premium M12 cable assemblies are designed to exceed category standards and ensure uninterrupted network performance even in harsh industrial or severe weather environments. An IP68 rating, outer armor and inner shield makes these cables as robust as they come and built to withstand the most demanding applications,” said Dustin Guttadauro, Product Manager. These armored M12 cable assemblies feature a double-shielded braid and foil design for maximum EMI/RFI protection. The inner cable is flex-tested to 1 million cycles at 10x cable OD and 10 million cycles at 20x cable OD and they are available in 1, 2, 3, 5 and 10 meter lengths off-the-shelf. For more information about this release, please contact: L-com Global Connectivity, a preferred manufacturer of wired and wireless connectivity products, offers a wide range of solutions and unrivaled customer service for the electronics and data communications industries. The company's product portfolio includes cable assemblies, connectors, adapters, computer networking equipment, and custom products, as well as wireless connectivity products which include antennas, RF amplifiers, coaxial lightning and surge protectors, and NEMA rated enclosures. Trusted for more than 30 years, L-com, which is headquartered in North Andover, Mass., is ISO 9001: 2008 certified and many of its products are UL® recognized. For more information, please visit: http://www.L-com.com/
News Article | May 2, 2017
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Trinidad Drilling Ltd. (TSX:TDG) ("Trinidad" and "the Company") announced today that it has increased its capital expenditure budget for 2017 by $80 million, in response to strong demand from customers, particularly in the Permian Basin in the US. In 2017, Trinidad expects to spend approximately $175 million in capital expenditures, with $155 million directed towards rig upgrades and $20 million towards maintenance capital. The incremental capital of $135 million over the Company's initial $40 million capital budget is largely backed by customer commitments, including early termination provisions that covers all the committed incremental capital, with additional contracts expected to be signed. Capital associated with the contracts under negotiation will not be spent unless suitable contract terms can be agreed. Of the total 2017 upgrade capital, approximately 75% will be spent in the US and 25% will be spent in Canada, with rig upgrades expected to be completed throughout the first three quarters of 2017. Trinidad expects to recover the upgrade capital invested in 2017 through incremental Adjusted EBITDA1 (on an annualized basis) within 2.5 years. "We have seen a strong increase in customer demand in 2017, with recent acceleration in the past two months," said Brent Conway, Trinidad's President and Chief Executive Officer. "This demand is focused on modern, high performance equipment that allows our customers to drill wells quickly and efficiently. Our already high spec fleet is able to be upgraded relatively easily to meet the changing demands of our customers, allowing us to maintain our position as a leading high performance driller and to improve the future marketability of our fleet." Trinidad's expanded upgrade program includes increasing the pressure capacity of mud circulating systems, adding mud pumps, moving systems, additional generators and AC power conversion. Following the completion of the upgrade program, half of Trinidad's US fleet will be equipped with a moving system and just under half will have 7500 PSI, making these rigs fit the new "ultra, high-spec" category US customers are increasingly requesting. In the US, Trinidad currently has 32 rigs or 47% of its US fleet operating, including 26 rigs operating in the Permian Basin. Another 11 rigs are expected to start up in the Permian in the coming months, giving Trinidad strong and growing market share in North America's most active play. By the end of the third quarter, Trinidad expects to have approximately 45 rigs operating in the US. In Canada, it is currently spring break-up, a time when rig activity typically lowers due to road bans and wet ground conditions. Trinidad currently has 7 rigs or 10% of its Canadian fleet running, well ahead of the levels running at the same time in the past two years. Trinidad expects activity levels in Canada to rebound quickly once ground conditions allow rigs to return to work. Customer demand in both Canada and the US has been growing since crude oil prices began to improve towards the end of 2016. During the early stages of the rebound, opportunities existed to upgrade rigs for customers; however, the contract terms available did not meet Trinidad's economic thresholds and the Company initially planned a low capital budget for 2017. As conditions have improved and contract terms changed to exceed Trinidad's thresholds, the Company took the opportunity to lock in increasing dayrates, termination provisions and contract upside. Several of the contracts signed include price escalation clauses tied to crude oil prices, performance incentives and contract duration. These contracts allow Trinidad to lock in a base revenue level, while allowing the Company to share in the benefits of increasing commodity prices and strong operational performance. Since the beginning of March this year, Trinidad has added 8 new long-term contracts. Including the contracts associated with the current upgrade program, Trinidad has 31 rigs, or 21% of its fleet under long-term contracts, with an average term remaining of 1.6 years. The Company also has a significant number of rigs under contracts with term of less than one year, not included in the long-term contract base. 1. See Non-GAAP Measures Definitions section of this document for further details. Early in the second quarter of 2017, Trinidad received a distribution from its international joint venture operations of approximately $40 million. These funds, along with cash on hand, funds generated from its operations and where necessary, the Company's revolving credit facility, will be used to fund the capital expenditure program. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. This document contains references to Adjusted EBITDA that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Adjusted EBITDA is computed on a consistent basis for each reporting period and is defined as follows: Adjusted EBITDA is used by management and investors to analyze the Company's profitability based on the Company's principal business activities prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core business alone, amounts are removed related to foreign exchange, share-based payment expense, impairment expenses the sale of assets, and fair value adjustments on financial assets and liabilities, as the Company does not deem these to relate to the core drilling business. Adjusted EBITDA also takes into account the Company's portion of the principal activities of the joint venture arrangements by removing the (gain) loss from investment in joint ventures and including adjusted EBITDA from investment in joint ventures. Adjusted EBITDA is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA is calculated using 100% of the related amounts from all entities controlled by Trinidad where Trinidad may not hold 100% of the outstanding shares. This document contains certain forward-looking information and statements ("forward-looking statements") within the meaning of applicable Canadian securities laws, relating to Trinidad's plans, strategies, objectives, expectations and intentions for the future. The use of any of the words "expect", "anticipate", "continue", "will", "plans" and similar expressions are intended to identify forward-looking statements. In particular, this document contains forward-looking statements pertaining to, among other things: Trinidad's 2017 capital budget, including the amounts and breakdown of anticipated capital expenditures and the projects that are expected to be undertaken during 2017; the maintenance of Trinidad's rig fleet in 2017; Trinidad's ability to sign contracts for its upgraded rigs; the future utilization and margin levels of upgraded rigs; that the demand for high spec equipment will grow; Trinidad's ability to fund its capital program from cash generated from our operations, Joint Venture distributions, the Company's revolving facility and cash on hand; the rebound in activity in Canada, the number of rigs operating in Trinidad's US division and Trinidad's ability to generate an Adjusted EBITDA to repay capital investment within 2.5 years. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document. While Trinidad believes that the expectations and material factors and assumptions reflected in its forward-looking statements are reasonable as at the date hereof, there can be no assurance that any of these expectations, factors or assumptions will prove to be correct. In particular, in presenting its forward-looking statements, Trinidad has made assumptions respecting, among other things: that Trinidad's customers will honor their take-or-pay contracts; future liquidity levels; future industry conditions and general economic conditions; oil and gas supply and demand conditions in 2017; internal capital expenditure programs and other expenditures by oil and gas exploration and production companies; areas of industry activity and rig demand (and the spec requirements thereof) in such areas; regulatory and legislative conditions; commodity prices, in particular oil and natural gas; future expected cash flows; foreign currency exchange rates and interest rates; and future performance and operations of joint ventures and partnership arrangements. The forward-looking statements included in this document are not guarantees of future performance and should not be unduly relied upon. Readers are cautioned that forward-looking statements are based on current expectations, estimates and projections that, by their nature, involve a number of known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. These known and unknown risks and uncertainties include, but are not limited to: potential changes in the regulatory and legislative environment; political uncertainty and instability in North American and internationally, and changes in political leadership in North America and elsewhere; volatility in commodity prices and foreign currency exchange, interest and tax rates; the ability of Trinidad to attract and retain qualified personnel, in particular field staff to crew the Company's rigs; the existence of competitors, technological changes and developments in the oilfield services industry; operating risks inherent in the oilfield services industry; variations in internal capital expenditure programs and other expenditures by oil and gas exploration and production companies; volatility in supply and demand for commodities, in particular oil and natural gas; and changes in general economic conditions including the capital and credit markets. Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Although the Company's current 2017 capital budget is based upon the current expectations of Trinidad's management, should any one of a number of issues arise, Trinidad may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this document as to how those funds may be reallocated or the Company's strategy changed. Additional information on risks and other factors that could affect Trinidad's business, strategy, operations or financial results are described in reports filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) including but not limited to Trinidad's annual and quarterly MD&A and financial statements, Annual Information Form and Management Information Circular. The forward-looking statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
News Article | April 25, 2017
Hundreds of thousands of pressure washers are sold annually in the U.S. to consumers who often make their purchasing decisions based largely upon advertised PSI (pounds-per-square-inch). A higher PSI can make cleaning jobs quicker and easier. However, advertised PSI does not always equate to actual pressure washer power. Independent lab tests reveal Kärcher's new line of electric pressure washers with TruPressure™ far outperforms competitor models. The test results indicate the competing models deliver 20-30 percent less actual cleaning power than promised — including those claiming as much as 2,030 PSI. Kärcher's new line of electric pressure washers will deliver more than just its promised TruPressure PSI. The entire line of washers was created in direct response to the needs of consumers; research found that Americans seeking to purchase a pressure washer for under $250 ranked ease of set-up and ease of use as their top priorities, followed by ease of storage, price and warranty. To meet consumer demand, Kärcher's innovative new pressure washers make set-up easier than ever, ready for use in five minutes or less with no tools necessary. The new electric pressure washers are also simple to use thanks to a convenient on/off foot pedal switch and a tall folding handle that makes it more comfortable to push and simpler to store. "Creating innovative products that make it easier for consumers to clean their homes is at the core of our company's history," said Andy Telatnik, Senior Product Marketing Manager, Kärcher North America. "The design of Kärcher's new electric pressure washers was directly driven by demand for a more affordable, convenient and reliable pressure washer to make homeowners' driveways, sidewalks, yards, house siding, and car exteriors the cleanest on the block." With an industry-leading three year warranty and models ranging in price from $139-$239 MSRP, additional user-friendly features of the new electric pressure washers include: A video demonstrating the cleaning capabilities and features of the new electric pressure washer line is available on the Kärcher YouTube channel. The Kärcher K1700, K1800, K1900 and K2000 Electric Pressure Washers are now available for purchase at Kaercher.com/us, Amazon.com, HomeDepot.com, Lowes.com and other leading retailers. About Kärcher Group Kärcher is the world's leading provider of cleaning technology. The family owned enterprise employs over 11,000 people in 65 countries. More than 50,000 service centers ensure continuous and comprehensive supplies to customers all over the world. In 2016, Kärcher sales reached 2.33 billion euros, the highest sales record in company history. About Kärcher North America Kärcher North America is one of the largest subsidiaries of Alfred Karcher, GmbH & CO. In North America, Kärcher produces and distributes products and services under the brands Kärcher, Windsor Kärcher Group, Prochem Kärcher Group, Landa Kärcher Group, Hotsy, Water Maze, Graco, Spraymart, Cuda, and Shark. The company's solutions serve customers' cleaning needs in an economical and environmentally-friendly manner. Visit www.karcher.com/us for more information. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/karcher-packs-power-and-performance-into-new-electric-pressure-washers-300445414.html
News Article | April 18, 2017
WOOD DALE, Ill., April 18, 2017 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. ("the Company") (Nasdaq:PSIX), a leader in the design, engineer and manufacture of emissions-certified, alternative-fuel power systems, announced that on April 17, 2017, the Company received notification from The NASDAQ Stock Market LLC ("Nasdaq") that the Hearings Panel has determined to delist the Company’s common stock from Nasdaq, and will suspend trading in the shares effective at the open of business on April 19, 2017. The Nasdaq Hearings Panel’s determination was made in connection with the Company’s non-compliance with Securities and Exchange Act (“SEC”) filing requirements as set forth in Nasdaq Listing Rule 5250(c)(1). Following the suspension of trading on Nasdaq, the Company expects its common stock will be quoted on the OTC Pink market electronic quotation service operated by OTC Markets Group Inc. until such time as the Company becomes current in its reporting obligations with the SEC and seeks to relist the common stock on a national exchange. The common stock will continue to trade under the symbol PSIX. For quotes or additional information on the OTC Pink market, please visit http://www.otcmarkets.com. Ray Anderson, interim chief executive officer, commented, “While we are disappointed with the Nasdaq delisting, it does not in any way impact our strategic collaboration agreement with Weichai, our business activities, or our valued relationships with customers, suppliers and employees. We remain focused on driving the adoption of our engines and technologies across the globe as we strive to generate sustainable sales growth and profitability. At the same time, we continue to diligently work to restate our financials and become current with our reporting obligations with the SEC. Once that process is complete, we will seek to relist the Company’s common stock on a major exchange. We are appreciative of Weichai’s support as we work to become compliant and look forward to executing on the multiple growth and cost savings opportunities we believe we can achieve through our partnership.” The Company currently anticipates completing the restatement and becoming current with all of its SEC filings by August of 2017; however, there can be no assurance that the process will be completed by that time. About Power Solutions International, Inc. Power Solutions International, Inc. (PSI or the Company) is a leader in the design, engineer and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The Company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, gasoline and diesel. PSI develops and delivers powertrains purpose built for the Class 3 through Class 7 medium duty trucks and buses for the North American and Asian markets, which includes work trucks, school and transit buses, terminal tractors, and various other vocational vehicles. In addition, PSI develops and delivers complete industrial power systems that are used worldwide in stationary and mobile power generation applications supporting standby, prime, distributed generation, demand response, and co-generation power (CHP) applications; and mobile industrial applications that include forklifts, aerial lifts, industrial sweepers, aircraft ground support, arbor, agricultural and construction equipment. For more information on PSI, visit www.psiengines.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements regarding the current expectations of the Company about its prospects and opportunities. These forward-looking statements are covered by the "Safe Harbor for Forward-Looking Statements" provided by the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward looking statements by using words such as "expect," "contemplate," "anticipate," "estimate," "plan," "will," "would," "should," "forecast," "believe," "outlook, " "guidance," "projection," "target" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other factors could cause the Company's actual results to differ materially from those expressed in, or implied by, the forward-looking statements, including, without limitation, the final results of the Audit Committee’s internal review as it impacts the Company’s accounting, accounting policies and internal control over financial reporting; the reasons giving rise to the resignation of the Company’s former independent registered public accounting firm; the time and effort required to complete the restatement of the affected financial statements and amend the related Form 10-K and Form 10‑Q filings; any adverse effects on the Company’s business resulting from Nasdaq’s delisting of the Company’s common stock; the subsequent discovery of additional adjustments to the Company’s previously issued financial statements; the timing of completion of necessary re-audits, interim reviews and audits by the new independent registered public accounting firm; the timing of completion of steps to address and the inability to address and remedy, material weaknesses; the identification of additional material weaknesses or significant deficiencies; the inability to re-list the Company’s common stock on a securities exchange and any delays in obtaining such listing; risks relating to the substantial costs and diversion of personnel’s attention and resources deployed to address the financial reporting and internal control matters and related class action litigation; the impact of the resignation of the Company’s former independent registered public accounting firm on the Company’s relationship with its lender and trade creditors and the potential for defaults and exercise of creditor remedies and the implications of the same for its strategic alternatives process; the impact of the previously disclosed investigation initiated by the SEC and any related or additional governmental investigative or enforcement proceedings. Actual events or results may differ materially from the Company’s expectations. The Company’s forward-looking statements are presented as of the date hereof. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, changed circumstances, future events or otherwise.
News Article | May 3, 2017
TULSA, Okla.--(BUSINESS WIRE)--WPX Energy (NYSE:WPX) posted its second consecutive quarterly high for oil output and reported unaudited first-quarter 2017 net income available to common shareholders of $88 million, or income of $0.22 per share on a diluted basis. First-quarter oil volumes of 46,100 barrels per day has since been eclipsed by higher rates. Current production is approximately 55,000 bbl/d following the startup of 14 new wells that began flowback in April. Oil production also is benefitting from the close of the Panther bolt-on acquisition in the Delaware Basin and better than expected performance from its recent wells. Volumes associated with the acquisition are included in WPX’s guidance for 2017. “ I like how our growth story is unfolding,” said Rick Muncrief, chairman, president and chief executive officer. “ WPX 2.0 is all about showing what we can do with an oil-focused portfolio that’s anchored by assets in one of the world’s most prolific plays. The key to achieving our ambitious goals for the next four years is continued, fundamental execution.” On March 10, WPX completed a previously announced transaction to acquire Delaware Basin assets from Panther Energy Company II, LLC and Carrier Energy Partners, LLC. The operations include existing production, approximately 18,000 net acres, more than 900 gross undeveloped locations and an existing two-rig program. During the first quarter, WPX also completed another acquisition in the Delaware Basin for acreage that is exploratory in nature. This is a large contiguous area covering approximately 17,900 acres on a ranch in Culberson County. The purchase price was approximately $38 million. The terms include a 1-well commitment in 2018, two wells in 2019 and five more in 2020-2021. Also in the Delaware Basin, WPX already has installed about half of its planned 50-mile crude oil gathering system in the Stateline area that initiated service in late 2016. WPX has 27 wells tied in, with flows approaching 10,000 barrels per day. WPX is considering a joint venture for the Stateline oil gathering system and natural gas processing infrastructure. The evaluation process is on track, with an agreement expected midyear as planned. Subsequent to the close of the first quarter, WPX signed an agreement with a major pipeline company to begin shipping natural gas from the Waha hub in the Permian Basin to Katy, Texas, in November of this year. The agreement initially starts with 100,000 MMBtu per day and ramps up to 200,000 MMBtu per day, providing WPX with multiple sales outlets in the Katy area. WPX’s CBR-22 pad successfully tested nine wells at 15 wells-per-section in the upper and lower Wolfcamp A landing zones using wine-racked spacing. This represents the industry’s most densely spaced test in the Delaware Basin to date. Initial flowback started as planned at the end of the first quarter. The nine wells have 30-day production averaging 1,538 Boe/d (51% oil) per well during controlled flowback with an initial flowing tubing pressure of 3,000 PSI per well. Total cumulative production from the nine wells exceeds 250,000 barrels of oil to date. The highest single well peak rate so far is 2,193 Boe/d (50% oil). Early time production data and downhole pressure gauges in each well indicate minimal communication. WPX continues to monitor production, pressures and will conduct interference tests in the coming months. Three 1-mile laterals in the Wolfcamp A interval associated with the newly acquired Panther operations in the first quarter are tracking above the original offset well that has a projected type curve of 1 million barrels of oil. These three wells are in central Reeves County. The Mac State 20-1H well had a peak rate of 2,328 Boe/d and 30-day production averaging 2,234 Boe/d (56% oil). The Fiver State 18-1H well had a peak rate of 2,073 Boe/d and 30-day production averaging 1,914 Boe/d (55% oil). The Titan State 16-1H well had a peak rate of 2,086 Boe/d with 30-day production averaging 1,987 Boe/d (53% oil). In the Williston Basin, WPX completed nine two-mile laterals on three pads during the first quarter. The highest peak rate among the nine was 3,343 Boe/d (81% oil) on the Grizzly 24-13HG well. The three wells on the Grizzly pad had a combined average peak of 2,806 Boe/d during initial flowback, along with 30-day production averaging 1,703 Boe/d per well. Three wells on the Caribou pad had a combined average peak of 2,885 Boe/d along with 30-day production averaging 2,145 Boe/d per well. The three wells on the Behr pad had a combined average peak of 1,977 Boe/d along with 30-day production averaging 1,375 Boe/d per well. These nine wells averaged 80 percent oil. WPX’s first San Juan Basin completion of 2017– the 713H in the northeast portion of the West Lybrook unit – posted initial production of 1,410 Boe/d (74% oil). Oil and NGL sales of $209 million accounted for 83 percent of WPX’s first-quarter 2017 total product revenues of $253 million. Quarterly oil sales grew by 94 percent vs. the same period a year ago driven by higher average prices and production volumes. WPX’s first-quarter 2017 net income of $88 million was primarily driven by $203 million of net gains associated with its hedge book that resulted from forward commodity price decreases. Cash operating expenses – excluding exploration and DD&A – were 7 percent higher vs. the first quarter a year ago due to increased production volumes, but general and administrative expenses decreased 19 percent. The adjusted net loss from continuing operations (a non-GAAP financial measure that excludes certain items typically excluded from published analyst estimates) in the first quarter was $59 million, or a loss of $0.15 per share. Adjusted EBITDAX (a non-GAAP financial measure) for the first quarter was $115 million. Reconciliations for non-GAAP financial measures are available in the tables that accompany this press release. The weighted average gross sales price – prior to revenue deductions – was $46.38 per barrel for oil, $3.01 for natural gas and $22.14 per barrel for NGL during first-quarter 2017. Subsequent to the close of the first quarter, WPX’s borrowing base under its credit facility increased to $1.2 billion from $1.025 billion following the semi-annual redetermination process. WPX’s current liquidity is now approximately $1.3 billion, including unrestricted cash and cash equivalents. Cash flow from operations of $22 million in first-quarter 2017 was impacted by the timing of interest payments and the payout of the company’s annual incentive program. Total company production volumes of 90.0 Mboe/d in first-quarter 2017 were up 1 percent vs. fourth-quarter 2016 and 12 percent higher than the same period a year ago. Liquids volumes accounted for 64 percent of first-quarter 2017 production. First quarter oil volumes of 46,100 barrels per day represent a new quarterly high for WPX. Oil volumes were 3 percent higher than the most recent quarter and 11 percent higher vs. the same period a year ago. As previously announced, WPX expects to grow oil volumes by 30 percent this year vs. 2016. First-quarter volumes were expected to be relatively flat compared to fourth-quarter 2016 based on the timing of anticipated first sales, which is driven by pad drilling and the batching of completions. WPX completed 25 gross operated wells (23.81 net) in its three basins during first-quarter 2017 and participated in another four gross (0.76 net) non-operated wells in the Delaware Basin. Note: 1Q 2016 NGL and natural gas volumes in the Delaware Basin were negatively impacted by an outage at a third-party gas processing plant. For the remainder of 2017, WPX has 39,392 barrels per day of oil hedged at a weighted average price of $50.84 per barrel. WPX also has 170,000 MMBtu per day of natural gas hedged at a weighted average price of $3.02 per MMBtu. For 2018, WPX has 42,000 barrels per day of oil hedged at a weighted average price of $54.36 per barrel. WPX also has 185,000 MMBtu per day of natural gas hedged at a weighted average price of $2.98 per MMBtu. WPX operates in the core of the Permian’s world-class Delaware Basin where the company has more than 6,400 gross drillable locations following the completion of the Panther bolt-on acquisition in the first quarter. Following the transaction, WPX has seven rigs in the basin. WPX’s total Delaware production averaged 28.9 Mboe/d in the first quarter, up 15 percent vs. fourth-quarter 2016. First-quarter Delaware oil production rose 13 percent vs. the most recent quarter. In the first quarter, WPX brought 12 Wolfcamp A 1-mile laterals online – including four from the Panther operations – and two vertical DUCs from a prior bolt-on acquisition in 2016. WPX also is completing a 2-mile Wolfcamp A lateral from the Panther properties and is in the process of bringing its fourth and fifth Wolfcamp D wells online. WPX spud 20 Delaware wells in the first quarter, including three wells associated with the Panther operations. The spuds include 14 Wolfcamp A wells, four Wolfcamp D wells, a Wolfcamp C well and a well in the Third Bone Spring Lime interval. Nine of the spuds were long laterals ranging from 1.5 to 2 miles. Of the first-quarter spuds, the CBR 6-7B-3H Wolfcamp A 2-mile lateral currently ranks as the longest single run, conventionally drilled slim-hole lateral in Loving County, Texas. The new record is 10,580 feet. Additionally, the Lindsay 10-15G-20H is WPX’s first Wolfcamp C well, scheduled for completion in June. WPX’s Williston Basin production comes from the Bakken and Three Forks formations. Approximately 85 percent of the production stream is oil. WPX has two rigs deployed in the basin. The company spud 11 Williston wells in the first quarter, including three Bakken wells and eight Three Forks wells. All of WPX’s first-quarter 2017 spuds and completions in the Williston were two-mile laterals. The company’s first-quarter oil production in the Williston rose 5 percent to 25,300 barrels per day vs. fourth-quarter 2016 driven by volumes from nine new completions (five in the Bakken and four in the Three Forks). Overall Williston Basin production averaged 29.4 Mboe/d in the first quarter, up 2 percent vs. 28.8 Mboe/d in the fourth quarter and 13 percent above results for the first quarter a year ago. On April 17, WPX recorded its single-day high for oil output in the Williston Basin with 29,000 barrels for the day, surpassing the company’s previous daily high of nearly 27,100 barrels of oil on Nov. 27, 2014, when it had five rigs operating in the basin. Starting this month, WPX expects to realize an improvement on netbacks for its Williston oil volumes as the Dakota Access Pipeline begins deliveries. WPX estimates an improvement of $2.00-$2.50 per barrel vs. 2016 basis differentials. WPX produces oil in the southern end of the San Juan Basin from the Gallup Sandstone and has a legacy natural gas position in the northern end of the basin, including considerable dry Mancos upside. San Juan Basin production averaged 28.8 Mboe/d in the first quarter, down 10 percent vs. 31.9 Mboe/d in fourth-quarter 2016. WPX has one rig deployed in the basin performing batch drilling on multi-well pads, including a two-well pad and WPX’s second and third six-well pads in the West Lybrook unit. Five of the 14 new wells started flowback in April. Two more are scheduled to begin producing in May, with the balance set for production at the end of the second quarter. WPX’s recent San Juan drilling includes its first two laterals in the basin exceeding 10,000 feet. One of the laterals represents a new WPX company-wide record for lateral length drilled in a 24-hour period – 6,258 feet. WPX’s first six-well pad in West Lybrook now has 240-day cumulative production of more than 1.3 million Boe (70% oil), which represents an average of more than 900 Boe/d per well. The company’s next webcast takes place on May 4 beginning at 10 a.m. Eastern. Investors are encouraged to access the event and the corresponding slides at www.wpxenergy.com. A limited number of phone lines also will be available at (844) 215-3288. International callers should dial (615) 247-5915. The conference identification code is 6860949. WPX Chief Operating Officer Clay Gaspar is scheduled to speak at the Citi 2017 Global Energy and Utilities Conference on Thursday, May 11, at 11 a.m. Eastern. Please visit www.wpxenergy.com on the day of the event to confirm the time, see the slides and listen to the discussion. WPX plans to file its first-quarter 2017 Form 10-Q with the Securities and Exchange Commission this week. Once filed, the document will be available on the SEC and WPX websites. WPX has posted double-digit oil volume growth each of the past five years. The company is active in the Delaware, Williston and San Juan basins. The Delaware Basin is the western portion of the greater Permian Basin. This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by WPX Energy on its website or otherwise. WPX Energy does not undertake and expressly disclaims any obligation to update the forward-looking statements as a result of new information, future events or otherwise. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us at WPX Energy, Attn: Investor Relations, P.O. Box 21810, Tulsa, Okla., 74102, or from the SEC’s website at www.sec.gov. Additionally, the SEC requires oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, under existing economic conditions, operating methods, and governmental regulations. The SEC permits the optional disclosure of probable and possible reserves. From time to time, we elect to use “probable” reserves and “possible” reserves, excluding their valuation. The SEC defines “probable” reserves as “ those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.” The SEC defines “possible” reserves as “ those additional reserves that are less certain to be recovered than probable reserves.” The Company has applied these definitions in estimating probable and possible reserves. Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s reserves reporting guidelines. Investors are urged to consider closely the disclosure in our SEC filings that may be accessed through the SEC’s website at www.sec.gov. The SEC’s rules prohibit us from filing resource estimates. Our resource estimations include estimates of hydrocarbon quantities for (i) new areas for which we do not have sufficient information to date to classify as proved, probable or even possible reserves, (ii) other areas to take into account the low level of certainty of recovery of the resources and (iii) uneconomic proved, probable or possible reserves. Resource estimates do not take into account the certainty of resource recovery and are therefore not indicative of the expected future recovery and should not be relied upon. Resource estimates might never be recovered and are contingent on exploration success, technical improvements in drilling access, commerciality and other factors.
News Article | April 26, 2017
"Our clients have urged us to make this move and after careful deliberation we've decided that now is the right time to expand," said Jay Biggins, BLS & Co.'s Executive Managing Director. "Andy's skills and experience, acquired during his thirty-year career as a management consultant, have made him the obvious choice to launch our West Coast practice group." BLS & Co.'s new San Francisco Bay Area location now gives the firm a nationwide footprint. Other locations include the Princeton, NJ headquarters and practice offices in New York, NY; Chicago, IL; and Cleveland, OH. "We have witnessed tremendous interest from companies presently located in the Mountain West or anticipating growing jobs and making investments in the region," said Shapiro. "Our new office enables BLS & Co. to better serve our existing and our new clients; I am very pleased to be leading the change." Shapiro joined BLS & Co. in 2001, and serves as Managing Director, leading the firm's Location Advisory practice. Prior to joining BLS & Co., he spent more than a decade with Fantus Consulting, Moran Stahl & Boyer (a former subsidiary of Prudential Financial) and Deloitte. He also managed development for PSI Realty in New England and Florida. Earlier he held positions in marketing and land use with the Fairfax County (VA) Economic Development Authority and Office of Comprehensive Planning. BLS & Co.'s new Bay Area office is located at 1255 Treat Boulevard, Suite 300, Walnut Creek, CA 94597. Andy Shapiro can be reached by phone at 925-239-1711 or ashapiro@BLSstrategies.com. More information is also available at www.BLSstrategies.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/biggins-lacy-shapiro--co-launches-west-coast-expansion-300446382.html