Nitro utilizes free labor from its directors and stockholders until funding is available from the capital markets. They anticipate that the funding will be required within the next twelve months to maintain the Company. They are also attempting to raise funds through private placements throughout 2010. They have recently announced an engineering update on wells Quinlan #1 and Quinlan #2 and are re-equipping Quinlan #3 to put online within the next 30 days. The wells are located in Pottawatomie County, Oklahoma. They have also completed the engineering and economic feasibility study for the Mason Burns lease.
Arch Coal ( NYSE:ACI) Arch Coal's Canyon Fuel Company subsidiary announced that its Dugout Canyon Mine in Carbon County, Utah, has resumed coal production with all mining equipment, including the main longwall mining system.
Mine crews recently completed permanently sealing a mined-out area where increased levels of carbon monoxide were detected on April 29. The company wishes to thank the Mine Safety and Health Administration (MSHA) for their technical support and assistance in resolving this situation in a safe and responsible manner.
Globe Specialty Metals, Inc. (Nasdaq:GSM)
Penn Virginia GP Holdings, L.P. (NYSE: PVG) recently reported financial results for the three months ended March 31, 2010. Distributable cash, a non-GAAP (generally accepted accounting principles) measure, was $15.2 million for the three months ended March 31, 2010, an increase of $0.4 million, or three percent, from the prior year quarter. Adjusted net income attributable to PVG, a non-GAAP measure that excludes the effects of the non-cash change in derivatives fair value that affects comparability to prior periods, was $12.6 million, or $0.32 per limited partner unit, as compared to $15.0 million, or $0.38 per limited partner unit, in the prior year quarter. Net income attributable to PVG was $8.4 million, or $0.22 per limited partner unit, as compared to $6.8 million, or $0.18 per limited partner unit, in the prior year quarter.
Fronteer (TSX:FRG) (AMEX:FRG) recently announced the acquisition of Nevada Eagle Resources LLC, a wholly owned subsidiary of Gryphon Gold Corp. Through this transaction, Fronteer adds an additional 44 gold properties to its large Nevada growth pipeline, reinforcing a commitment to creating value in a jurisdiction that is at the very heart of the company's operations.
"This purchase is consistent with our strategy of building an enduring gold growth business in Nevada by advancing a full pipeline of high-quality projects, from exploration to production."
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