Wednesday, November 26, 2008

Environmental Thugs Continue Attack on Consumers in Oil Lawsuit Frenzy

The environmental religion continues to produce attacks on regular, hurting people, as they sue oil companies every time a drilling lease permit is granted to them.

"Every lease that has been granted in the last several years has been immediately challenged in the lawsuits 100 percent," said Rep. Virginia Foxx, R-N.C.

This thuggery is hurting people and will damage the lives of human beings, as environmental crackpots continue their assualt against them.

These earth and animal worshippers would rather see human beings suffer through high energy costs and inability to heat their homes, than the lie that polar bears are endangered (which has proven to be false) and other bogus claims of endangerment.

It doesn't matter to these wackos, as lying to achieve their ends is part of their way of operating.

What's more evil about this is they know they can't win, they'll only increase the cost of doing business, which is always passed on to regular people.

These people aren't real conservationists doing this, rather they are elitest who care about their earth religion rather than human beings. People continue to be an insult to their sensibilities, and they would rather see them hurt than their earth-mother.

Screw 'em. Hopefully we'll start to see true conservation groups emerge who truly care about managing our resources. Hunters and fisherman are especially concerned and good at this, knowing we need to keep our resources managed properly.

These environmental terrorists need to be sued into oblivion, and associations need to be formed in order to make that a reality.

Hunt Gold Corporation -- Disposal of American Molygold Corp

Company Confirms Completion of American Molygold Corp Sale in January 2009


Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 14, 2008 the sale of its " Molybdenum" interests held through its subsidiary company, American Molygold Corp.

The sale amount is US$620 million to be settled in shares of Common Stock of a USA quoted Company focussed exclusively on the business of Molybdenum. The sale will be completed upon the transfer of title of the various claims held by American Molygold Corp, to the Purchaser.

This transaction will be completed by mid January 2009.

The value of this disposal equates to US$0.0021 per 1 share of Hunt Gold Corporation Common Stock. The Company's stock is currently trading at US$0.0003 in the market.

Once the value of the Company's 14 (fourteen) Gold Mining Properties, already significantly increased by the steady rise in the price of Gold, to this value, clearly demonstrates and reflects the huge discount to Net Asset Value at which the Company's stock is currently trading in the market.

As announced on August 15, 2008, the Company announced that it intended to distribute all of the proceeds from the sale of American Molygold Corp to its stockholders upon receipt of these proceeds. This Stock Dividend has been approved in writing by stockholders holding in excess of 75% of this Company's Common Stock.

This will result in a Stock Dividend payout to stockholders valued at US$0.0021 per 1 (one) share of Hunt Gold Corporation Common Stock.

Stockholders will be advised once the "Record Date" and "Pay Date" of this Stock Dividend has been declared.

Hunt Gold Corporation intends to focus exclusively on the Exploration and Mining of its existing Gold properties. The Company does not need to place any shares for cash, nor does it need to retain any of the proceeds from the sale of American Molygold Corp, as it is funding the exploration of its Gold Mining interests through traditional Bank Mortgage Finance.

Molybdenum has become very important as demand for moly is tied to demand for steel used in the petroleum industry (e.g. drill pipe, pipeline construction), which will benefit from accelerated petroleum exploration and development in an era of high oil prices.

The molybdenum assets held by American Molygold Corp and disposed of by your Company; are as follows:


1. American Molygold. The American Molygold property is in the Cherry Mining District in Yavapai County, Arizona approximately 10 miles from Jerome. This 1,900 acre property includes the two major historic gold producing mines in the district, Monarch and Logan, as well as a probable resource of 150,000 tons and an inferred resource of 5,000,000 tons, based on work by the prior owner, Alanco. It is a Precambrian deposit in a Bradshaw Granite intrusion into Yavapai Schist, located along the Verde Fault. There is a large, partially stripped gold-bearing zone of alteration with vein lets of copper and molybdenum mineralization that has been interpreted as being the outer layer or shell of porphyry copper / moly mineralization on the eastern portion of the claims. The vein systems may warrant underground development and there is potential for an open pit low gold content target with associated moly and base metals production.

2. Rochester Molygold. The Rochester Molygold property is in the Rabbit Mining District in Madison County, Montana, approximately 30 miles from Butte and comprises approximately 2,250 acres. The project includes a majority of the former FMC Gold project, which reported an 850,000 ounce gold resource. It also includes the former US Steel moly project. This is also a Precambrian deposit with the gold found in well defined veins that strike north or northeast and dip steeply west, usually associated with granite dikes. Additionally, there are placer gold workings along Rochester Creek, and a possible method of mining would use water from dewatering the underground workings for placer mining downstream. The moly is found in a recambrian quartz monzonite stock , which is altered to a greisens -- like vuggy aggregate of muscovite, quartz, and clots and disseminated grains of pyrite and molybdenite, as well as quartz veins containing same.


ABOUT HUNT GOLD CORPORATION

Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal." The Company has completed the sale of its "American Molygold" interests and will be distributing the entire sale proceeds through a Stock Dividend to its stockholders, this to be announced shortly.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan," or "planned," "will," or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.

For further information contact:
Hunt Gold Corporation
E Mail: Email Contact
Telephone: (954) 840-6956
Contact: Mr. Michael G Saner

Wheat Harvest Already Breaks Record

Even though South Africa, Australia and Argentina haven't harvested their wheat yet, current wheat harvests around the world have already broken a global record.

Over the last three years worldwide consumption has been 22.9, 22.7, and 22.7 billion bushels. So far this year 23.3 billion bushels have been harvested.

If consumption is similar to the past years, we'll see ending stocks increase by about 900 million bushels.

Projections for wheat use in 2008-2009 are at close to 24.1 billion bushels. After South Africa, Australia and Argentina harvest their wheat, supply is expected to come in at around 25 billion bushels.

With farmers belatedly planting more wheat because of past performance, it has caused this surge of supply. Now with prices falling because of so much product, wheat production costs are higher than what wheat prices can bring.

Many wheat farmers need to understand that when a great year just ends, it probably is a signal that the next year will end up just like this one, as the obvious knee jerk reaction of planting more acres will happen, which will drive down prices.

Those investing in wheat also need to take this into account.

Tuesday, November 25, 2008

Where You Can Get Small Quantities of Gold Right Now!

Anyone buying physical gold knows how expensive it is, and also how difficult it is to find it at this time. Especially when you want to buy it in smaller quantities.

Daily Wealth mentions a couple places in Canada you can get it immediately, and at decent premiums.

Here's what they say:

"The Bank of Nova Scotia is one of the world's largest precious-metals dealers. If you go to the Hollis Street branch in Halifax, Nova Scotia, or the King Street West branch in Toronto, they'll sell you Canadian Maple Leaf coins at a 3.7% premium to spot and one-ounce wafers at a 2.6% premium to spot."

Friday, November 21, 2008

VeraSun Energy Requests Permission to Void Corn Contracts

Another reason to abandon the ethanol fiasco!

VeraSun energy has requested permission from a bankruptcy court in Delaware to void contracts with farmers if they give them a 10-day notice.

VeraSun Energy Requests Permission to Void Corn Contracts with 10-day Notice

Farmers are up in arms over the request by VeraSun Energy for a Delaware judge to give them permission to void corn contracts with a notice of 10 days.

The arguments by farmers was the action would take away their ability to sell corn to other potential buyers, while at the same time essentially killing expected revenue.

Because farmers have a contract with VeraSun, they would have to legally hold the corn until the they find out if VeraSun was continuing the contract, hindering them from lining up another buyer until a notice is officially received.

I don't have much sympathy for the farmers in this situation, as the farmers didn't mind lining their pockets with taxpayer subsidies for corn-based ethanol. When all you do is continue to beg at the government trough, and not become good at business, this is the risk you'll always take.

With the filing of the bankruptcy in Delaware, any agricultural organization or farmer would probably have to travel to the state to get legal counsel recognized by the government there. As of early Friday there hadn't been any objections filed in the case. Claiments had until 4 p.m. Friday to file.

On the 2nd of December the request by VeraSun will be reviewed at a hearing.

The entire ethanol fiasco needs to be abandoned, as it is a grotesque failure that continues to be one of the most idiotic wastes of time, energy and money.

For the quarter ending September 30, VeraSun reported a net loss of $476.1 million.

U.S. Could Land Some Wheat Export Business from Brazil

There are some things that would have to be overcome in order for Brazil to import some U.S. wheat this year; something that has become rare since the agreement between several South American countries to sell grain between countries with no duty attached to the deals.

While Argentina usually supplies the bulk of wheat to Brazil, this year their production has fallen drastically from last year's 16 million tons to only 10.1 million this year. Of that, last year 10.5 million tons were exported to Brazil, and this year projections are for only 5.8 million tons to be available.

The major disruptions causing the lackluster production for Argentina has been dry weather and less acreage planted in wheat.

A key factor the attractiveness of exporting to Brazil for the U.S. is if Brazil drops its import tax. The U.S. is able to send a high quality wheat with low freight charges, giving them an advantage over its competitors.

If that doesn't happen, U.S. wheat exports don't look too good.

With India making over 2 million extra tons of wheat available for export in their region, and Russia winning North Africa and Middle East contracts, it makes it harder for the U.S. to compete, as there's an abundance of wheat available because of the record crop this year.

The USDA is once again expected to drop its wheat export estimates over the next several months.

Why Silver is Experiencing Such a Crisis

Adam Hamilton talks on why silver is in crisis:

Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.

Rest of story...

Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.

iShares Silver Trust Scheduled to Move to NYSE Arca

SAN FRANCISCO, CA, Nov 21, 2008 (MARKET WIRE via COMTEX) -- Barclays Global Investors (BGI), one of the world's largest institutional asset managers, today announced that the iShares(R) Silver Trust (ticker: SLV) will transfer from the NYSE Alternext US LLC (formerly, the American Stock Exchange) to the NYSE Arca listing and trading platform on December 4, 2008. The move is following the merger of the American Stock Exchange and NYSE EuroNext, the holding company for NYSE Arca. No action is needed by shareholders.

Barclays Global Investors International, Inc. is the Trust's sponsor.

Barclays Global Investors International, Inc. (BGII) is the sponsor of the iShares Silver Trust ("Silver Trust"). Barclays Global Investors Services (BGIS) assists in the marketing of the Silver Trust. BGII and BGIS are affiliates of Barclays Global Investors, N.A., which is a majority-owned subsidiary of Barclays Bank PLC.

Investing involves risk, including possible loss of principal. The iShares Silver Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Silver Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the iShares Silver Trust are expected to reflect the price of the silver held by the Trust, the market price of the shares will be as unpredictable as the price of silver has historically been. Additionally, shares of the Silver Trust are bought and sold at market price (not NAV). Brokerage commissions will reduce returns.

Shares of the Silver Trust are created to reflect, at any given time, the market price of silver owned by the trust at that time less the trust's expenses and liabilities. The price received upon the sale of shares of the Silver Trust, which trade at market price, may be more or less than the value of the silver represented by them. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price received for the shares. For a more complete discussion of risk factors relative to the Silver Trust, carefully read the prospectus.

Following an investment in the iShares Silver Trust, several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of the shares. Among them: (i) A change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the iShares. (ii) A significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the shares. (iii) A significant increase in silver price hedging activity by silver producers. Traditionally, silver producers have not hedged to the same extent as other producers of precious metals (gold, for example) do. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the shares.

The amount of silver represented by shares of the iShares Silver Trust will decrease over the life of the trust due to sales necessary to pay the sponsor's fee and trust expenses. Without increase in the price of silver sufficient to compensate for that decrease, the price of the shares will also decline, and investors will lose money on their investment. The Silver Trust will have limited duration. The liquidation of the trust may occur at a time when the disposition of the trust's silver will result in losses to investors.

Although BGII believes that market makers will take advantage of differences between the NAV and the trading price of Silver Trust shares through arbitrage opportunities, BGII cannot guarantee that they will do so. BGII cannot guarantee an active trading market for the shares, which may result in losses on your investment at the time of disposition of your shares. The value of the shares of the Silver Trust will be adversely affected if silver owned by the trust is lost or damaged in circumstances in which the trust is not in a position to recover the corresponding loss. The Silver Trust is a passive investment vehicle. This means that the value of your shares may be adversely affected by trust losses that, if the trust had been actively managed, it might have been possible to avoid.

Shares of the iShares Silver Trust are not deposits or other obligations of or guaranteed by Barclays Global Investors, N.A. or its affiliates ("BGI"), and are not insured by the Federal deposit Insurance Corporation or any other governmental agency.

When comparing commodities and the iShares Silver Trust, it should be remembered that management fees associated with the Trust are not borne by investors in individual commodities. Buying and selling shares of the iShares Silver Trust will result in brokerage commissions. Because the expenses involved in an investment in physical silver will be dispersed among all holders of shares of the Silver Trust, an investment in the Silver Trust may represent a cost-efficient alternative to investments in silver for investors not otherwise able to participate directly in the market for physical silver.

Although shares of the iShares Silver Trust may be bought or sold on the exchange through any brokerage account, shares are not redeemable except in large aggregated units called Baskets.

Copyright2008 Barclays Global Investors, N.A. All rights reserved. iShares(R) is a registered trademark of Barclays Global Investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SOURCE: Barclays Global Investors
Copyright 2008 Market Wire, All rights reserved.

Gold Futures Close Friday at $791.80 - Highest Level in Over a Month

Gold futures went over the $800 an ounce mark for the first time since October 16, closing the session at $791.80 an ounce on the Comex division of the NYMEX. It went as high as $801.90 before settling to the closing numbers.

For the week, gold futures were up by 6.7 percent, the best performance since the week ending September 19. In dollars that was a $43.10 increase.

Investors are starting to ask themselves if this is the beginning of gold performing in its usual role as a haven of safety. The ongoing plunge in oil prices, decoupling from the movement of gold for the first time in a long time, may also signal a return to normal activity for the yellow metal.

Forced liquidation has been a major factor in holding the metal back from its usual upward movement in times like these.

Other factors have been prices falling and a stronger U.S. dollar, which has also put downward pressure on gold.

But the U.S. dollar strength is partly the result of some governments selling gold to prop up the dollar, as well as the forced liquidation coming from funds needing access to cash.

It doesn't seem that even with the beginning of the decoupling of gold from oil, that it means the forced liquidation period is over. I don't think we've reached that point yet. It is possible it may be the beginning of the end though, and that would definitely be a positive signal for gold investors.

MonArc Corporation (MONA) Completes Peru Visit Andrea SA Gold Mine

BEIJING, Nov 21, 2008 /PRNewswire-FirstCall via COMTEX/ -- Mon Arc Corporation www.monacorporation.com PINKSHEETS: MONA.PK management representatives have completed their on-site inspection of the Andrea Gold mine operation in Peru.

While the MonArc team is still traveling they have been able to provide a top line summary of the results of their field work. The have had the opportunity to view the current operations of the mine, led by a geologist familiar with this particular gold play.

In addition, they were fully briefed on the status of the assays to date, and the progress being made to complete its form 43-101 filing, which will provide an analysis of the proven and probable reserves of the mine based on industry standard requirements.

MonArc CEO, Mr. Yong Chan advises; "Based on these initial reports, all parties are eager to finalize this acquisition. We are currently drawing up the necessary documents to complete the acquisition, and anticipate that the deal can close very shortly." Mr. Alex Diaz President of Andrea SA Mine in Peru (targeted merger company) said "We are pleased to have met the MONA management and their advisors and I'm particularly pleasantly impressed with MONA executive management and its corporate Secretary Mr. Winters. While we were approached by others for the merger and business cooperation Andrea SA and its managers feel that MONA is the best fit for all concerned."

The Company will provide additional updates as information continues to come in from the field, and expects to have the team back next Wednesday, the 26th of November.
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.

Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet www.pinksheets.com filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.

CONTACT: For corporate matters contact: corporate@monacorporation.com
CONTACT: corporate@monacorporation.com
SOURCE MonArc Corporation (MONA)
Copyright (C) 2008 PR Newswire. All rights reserved

Silverstone Completes Purchase of Life of Mine Gold and Silver From Sherwood Copper Corporation's Minto Mine

VANCOUVER, BRITISH COLUMBIA, Nov 21, 2008 (MARKET WIRE via COMTEX) -- Silverstone Resources Corp. ("Silverstone") (CA:SST) is pleased to announce that it has closed its previously announced transaction (November 7, 2008) with Sherwood Copper Corporation to purchase all of the payable gold and silver from the Minto Mine in the Yukon, Canada, over the life of the mine starting December 1, 2008.

Silverstone will purchase all of the payable gold and silver from the Minto Mine and, in exchange, Sherwood received an up-front payment from Silverstone of US$37.5 million, plus a further payment of the lesser of (a) US$300 per ounce of gold and US$3.90 per ounce of silver (subject to a 1% inflationary adjustment after three years and each year thereafter) and (b) the prevailing market price of gold and silver quoted on the London Bullion Market Association, for each ounce delivered. If production from the Minto Mine exceeds 50,000 oz of payable gold in the first two years of the agreement or 30,000 oz of payable gold per year thereafter, Silverstone will be entitled to purchase only 50% of the amount in excess of those thresholds. Kutcho Copper Corp., Sherwood's wholly owned subsidiary that owns the Kutcho copper-zinc-silver-gold project in British Columbia, has also granted Silverstone a right of first refusal to purchase any gold and/or silver streams from the Kutcho project, should Kutcho Copper elect to sell such, on terms and conditions to be agreed by mutual consent. Sherwood and Silverstone have now signed definitive purchase agreements with respect to the above described transaction.

In order to fund the US$37.5 million cash payment, in addition to US$28 million in cash on hand, Silverstone has drawn on its US$15 million revolving line of credit through Scotia Capital.

"Silverstone is very pleased to add the Minto Mine gold and silver production which more than doubles silver equivalent production in 2009 to 4.5 million ounces of silver(1). This transaction provides leverage to both gold and silver," said Darren Pylot, President and CEO of Silverstone Resources Corp.

ABOUT SILVERSTONE

Silverstone is a silver and gold mining company with 100% of its revenue from precious metal production. Silverstone expects to have 2008 silver sales of approximately 1.9 million ounces and increasing to 4.5 million silver equivalent(1) ounces in 2009. More information is available online at: www.silverstonecorp.com.
(1) Silver equivalent ounces are calculated by using a ratio of 1 ounce of gold is equivalent to 70 ounces of silver.

This press release contains "forward-looking information" that is based on Silverstone's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Silverstone's mineral discoveries, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Silverstone's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: projected sales or production rates; uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Silverstone disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved or disapproved of the contents herein.

Contacts:

Silverstone Resources Corp.
Chris Tomanik
(604) 637-8151
Email: ctomanik@silverstonecorp.com

Silverstone Resources Corp.
Mark Patchett
(604) 637-8151
(604) 688-2180 (FAX)
Email: mpatchett@silverstonecorp.com
Website: www.silverstonecorp.com


SOURCE: Silverstone Resources Corp.
mailto:ctomanik@silverstonecorp.com
mailto:mpatchett@silverstonecorp.com
http://www.silverstonecorp.com

Copyright 2008 Market Wire, All rights reserved

Wednesday, November 19, 2008

Global National Oil Companies Look for Oil to Drop to $40 a Barrel

National oil companies from around the world said in a recent meeting in Beijing that prices would probably fall to around $40 a barrel, according to Fu Chengyu, chief executive of China National Offshore Oil Corporation.

Fu added that the tone of the meeting was one on the verge of panic, as the reality of what is happening with oil is setting in.

Commenting on the idea of OPEC to cut back more on production, Fu said that it probably won't have any significant impact on the price of oil. The major reason for that is the economic climate around the world, which is making oil nowhere near the priority of consumers, who have cut back on travel and vacationing, and are spending only on necessities.

Another outcome of this is oil companies will cut back on investing in new projects, as the current and eventual price of oil can't sustain them.

Most extraction projects were initiated assuming a minimum price of $60 a barrel to break even, and up to $90 a barrel.

“When most of the oil companies budgeted their projects, they were using $70, $80, even $100 a barrel for their cash flow calculations,” Fu said. “For those projects that have started, certainly they will try to complete them, but for those projects that have not started yet they will delay or cancel. Simply, they don’t have enough cash to do all of those that they budgeted.”

Saturday, November 15, 2008

OPEC Could Cut Production by 1 Million Barrels in Cairo

Fighting to stave off oil plunging below $50 a barrel, OPEC may cut production another 1 million barrels a day.

Expectations are at the next OPEC meeting on November 29 they will definitely cut production again, the question is only by how much. The 1 million barrels a day figure is expected by most analysts; although some have said it could be anywhere from 500,000 a day to 3 million barrels a day.

The problem from OPEC's standpoint is it's one thing to announce production cuts, it's another thing to implement them, as supply cut announcements from September and October are still in the process of being put into action.

Iran is calling for cuts between 1 to 1.5 million barrels a day.

Oil futures closed Friday's session down to $57.04 a barrel for December delivery on the Nymex.

Friday, November 14, 2008

Proteome Systems Renamed Tyrian Diagnostics

Completes Transition to Biomarker Discovery and Diagnostic Test Development Company

SYDNEY, Australia, Nov 14, 2008 (BUSINESS WIRE) -- Proteome Systems Ltd (ASX:PXL) (TDX Pending) announced today that shareholders have voted in favour of an official name change to Tyrian Diagnostics Limited. The Company's ASX code will change to "TDX" on November 19, 2008. "Over the past few years, the management team has focused on leveraging the Company's core strengths in the validation and development of biomarkers and diagnostic tests. The divestiture of the technology platform and an exit from the therapeutic business enabled the allocation of the appropriate resources to achieve corporate growth. This fundamental shift in strategy has prompted the name change, and we are pleased to have the support of our shareholders," said Jenny Harry, BSc, PhD, Chief Executive Officer.

Tyrian Diagnostics will host a conference call to provide an update on the Company's current programs and corporate development strategy. The call in the U.S. will take place on Monday, November 17, 2008 at 5:00pm EST, 2:00pm PST. Therefore, the call in Sydney will take place on Tuesday, November 18, 2008 at 9:00 am. Participants may join the call by dialling (877) 407-9210 in the U.S./Canada. Non-U.S. participants may access the call by dialling (201) 689-8049. Those interested in hearing management's discussion may also access a live webcast of the conference call on Tyrian's website at www.tyriandx.com.

A replay of this call will be available for one month by dialling (877) 660-6853 in the U.S./Canada. For Non-U.S. participants dial (201) 612-7415. When prompted, enter Account Number #286 and Conference ID #303767. The webcast will also be available via the Company's website.

About Tyrian Diagnostics

Tyrian Diagnostics (ASX:TDX) is a diagnostics company with expertise in biomarker discovery and validation and diagnostic test development and a core focus on respiratory and infectious diseases. In addition, Tyrian can partner in alternative fields given its capabilities to work across the entire spectrum of diagnostic test development -- from identification and isolation of biomarkers, point-of-need test design, clinical development or field testing to final product. Tyrian's product pipeline includes: WheatRite(R) for measuring wheat quality, which is partnered with BayerCropSciences; and DiagnostIQ(TM) for active tuberculosis, in collaboration with Becton Dickinson and Company.

Additional information about Tyrian Diagnostics can be found at www.tyriandx.com
SOURCE: Proteome Systems Limited
Tyrian Diagnostics
Dr Jenny Harry, CEO, +61 2 8877 8947
Mobile: 0417 428 290

Copyright Business Wire 2008

Update: AgFeed Industries, Inc. Reports Record 3rd Quarter Financial Results, Revises 2008 Earnings Guidance

NEW YORK, Nov 13, 2008 /Xinhua-PRNewswire via COMTEX/ -- AgFeed Industries, Inc. (FEED) , the largest commercial hog producer and the largest premix feed company in China, today announced record financial results for the quarter ended September 30, 2008:

-- Revenue grew year over year by 316% to approximately $49.4 million from $11.9 million
-- Gross Profit increased 279% year over year to $12.3 million from $3.2 million
-- Comprehensive Income increased by 279% to $8.5 million for the third quarter of 2008 from $2.3 million for the third quarter of 2007
-- Income from Operations of $9.3 million, an increase of 353% from 2007 period
-- Net Income of $8.2 million, up 296% from 2007 Q3 Net Income of $2.1 million and 110% from 2008 Q2 Net Income of $3.9 million
-- Earnings per Share of $0.25, up 222% from 2007 Q3 Earnings per Share of $0.08
-- Revises 2008 earnings estimate downward
-- Strategic discussions with leading global genetic companies



Record 3rd Quarter Revenue

AgFeed recorded increased revenues in its hog production and premix feed production businesses Revenue from premix feed sales was $12.4 million, up from $11.9 million in the third quarter of 2007 and $12.2 million in the second quarter of 2008. Revenue from hog production was $37.0 million in the third quarter of 2008, up from $23.4 million in the prior quarter. The increase in premix feed sales was due to expanded independently owned, exclusive AgFeed retail distribution store sales (now more than 900 stores), broadened commercial hog farm direct sales channels, coupled with the effects of two previously implemented price increases in their premix feed products. Expanding customer recognition of the quality "AgFeed" brand name products continues to stimulate revenue growth. The increase in revenue from hog sales was, in part, due to the successful integration of recently acquired producing hog farms. AgFeed sold more than 150,000 hogs during the quarter, up significantly from production in the prior quarter.

Record 3rd Quarter Earnings

AgFeed reported premix feed related income from operations of $2.6 million, compared to $2.2 million in the corresponding quarter of 2007 and $1.7 million from the immediately preceding quarter. These results reflected 20% net income margins and were in line with the Company's expectations. Strong premix feed earnings performance was driven by efficient cost management, increased economies of scale on raw material purchases, and long term annual supply agreements entered in early 2008 for key raw materials. Reported hog sales related income from operations for AgFeed were $6.9 million, up slightly from the prior quarter. AgFeed's income from hog operations for the quarter is reflective, in part, of the successful integration of 28 hog farms acquired since late 2007. The anticipated synergistic benefits derived from acquired hog farms, including increased operating efficiencies, economies of scale, advanced disease control initiatives and centralized cash/accounting management have exceeded the Company's initial targets.

Earnings Guidance

AgFeed's business is being negatively impacted by, among other factors, a decrease in the price of hogs, a surge in the supply of swine, and the overall economic downturn in China and worldwide. We are conscientiously maintaining efficient cost of production. Additionally, the Company has made a strategic determination to scale back its planned expansion of the hog farm business during the current economic downturn.

As a result of these factors, the Company believes that its previous 2008 earnings guidance of adjusted net earnings per share guidance of between $1.10 and $1.20 per share is no longer accurate. Management believes that adjusted earnings per share should range from $0.55 to $0.65 for 2008. AgFeed believes that its premix feed production will remain steady and that it is on course to produce approximately 650,000 hogs on an annual basis. Due to the current volatility in the markets in China and worldwide, the Company has chosen not to provide earnings guidance beyond 2008, and retracts the guidance it had previously provided for 2009.

Management Comments

Our record results were driven primarily by volume increases, offset by the results of a surge in the market supply of swine, peak pricing of key raw ingredients and a consumption slowdown that compressed margins.

Our board and management remain totally committed to enhancing shareholder value through solid earnings growth and good corporate governance. We will continue to execute our business plan in a favorable business environment in which we see our strong operating efficiencies and increased economies of scale benefiting our financial performance. Our management's agreement to enter into share lock up agreements is a reflection of our total commitment to the interest of our public shareholders.

We operate in a generally favorable market environment. China produces approximately 600 million hogs annually, making it the largest market for pork in the world. More than 1.2 billion Chinese consume pork as their primary source of meat. 65% of all meat consumed in China is pork. Chinese consumers consume more pork each year than the rest of the world combined. We are geographically positioned to take advantage of the most favorable segment of this market. Our hogs are sold in some of the wealthiest regions in China -- Shanghai and Guangdong -- where some of the highest hog prices in China are captured due to the large local population and its high income levels as well as deep pork consuming cultures. Historically, hog prices in our target markets have been approximately 5.5% higher than China 's national average prices. Our hog farms are strategically located to effectively access this market. Our hog farms are in Shanghai, Guangdong, Guangxi, Jiangxi, Fujian and Hainan provinces, neighboring provinces to our consumer markets. These geographic locations represent more than 67% of China 's total annual hog production. AgFeed is a market leader in these regions.

Additionally, we have a feed cost efficiency advantage. Our feed manufacturing plants are located in the same regions as our hog farms, permitting significant cost savings on raw material purchases from which greater economies of scale are realized, thanks to our integrated feed to hog production model.

AgFeed management has a realistic understanding of our business through the last 13 years of our successful corporate history. We have highly skilled founders/managers who are industry experts. We believe the pork consuming Chinese population of approximately 1.2 billion people will continue to demand fresh pork on a daily basis. Additionally, it is our belief that China's rapid urbanization, and the reduction in backyard hog production, will present long- term opportunities for commercial production systems to develop and grow. AgFeed intends to continue to capitalize on this situation to position AgFeed as a quality, low cost producer of premix feed and hogs going forward.

AgFeed Completes Acquisition of Previously Announced Commercial Hog Farms

In late October 2008, AgFeed completed the acquisition of all of the equity interest in two commercial producing hog farms located in the Guangxi Province, PRC. These farms have an aggregate annual hog production capability of approximately 29,000 hogs, with existing facilities for additional expansion.

Commodity Prices Relevant to Our Premix Feed Business

The current quarter has seen corn and soybean meal prices begin to decline. Corn represents about 70% of our total feed component in swine diets. Corn costs in China have moved up slightly with world markets but have dropped recently, declining approximately 11% from the average price for the first six months of 2008. Our increased economies of scale on raw material purchases resulted in a price discount of approximately 4.8% on our overall raw materials costs, compared to market prices in general. With expected increases in seasonal consumption along with seasonal supply pressure AgFeed believes that it may see improving margins in our premix feed business in the coming months.

Efficient Hog Farm Management Process

AgFeed believes that a combination of local hog farm management and centralized operations is efficient to the overall success of its hog farm business. As a result, the Company has maintained on-site operational management and staff of each of its commercial hog farms following acquisition and has established a pre-determined set of corporate operating efficiency standards, which is applicable to all farms. The Company further has established centralized systems for all operations to further maximize operating efficiency, including: accounting and internal control; raw material purchasing; disease prevention and bio-security response teams; and sales and marketing operations. This management system has been successfully implemented in the past and will continue to be utilized going forward in our hog farm operations.

Hog Genetics Program

AgFeed intends to implement a hog genetics program. We believe a quality hog genetics program utilizing the right genotypes could reduce hog production cost from our current cost levels. AgFeed is currently in strategic discussions with several leading global hog genetics companies in an effort to further this goal.
About AgFeed Industries, Inc.

NASDAQ Global Market listed AgFeed Industries ( www.agfeedinc.com) is a US company with its primary operations in China. AgFeed has two profitable business lines -- premix animal feed and hog production. AgFeed is China's largest commercial hog producer in terms of total annual hog production as well as the largest premix feed company in terms of revenues. China is the world's largest hog producing country that produces over 600 million hogs per year, compared to approximately 100 million hogs in the US. China also has the world's largest consumer base for pork consumption. Over 65% of total meat consumed in China is pork. Hog production in China enjoys income tax free status. The pre-mix feed market in which AgFeed operates is an approximately $1.6 billion segment of China's $40 billion per year animal feed market, according to the China Feed Industry Association.

SAFE HARBOR DISCLOSURE NOTICE: The information contained in this earnings release and the attachments is as of November 13, 2008. The Company assumes no obligation to update any forward-looking statements contained in this earnings release or the attachments as a result of new information or future events or developments.
This earnings release and the attachments contain forward-looking information about the Company's financial results and estimates, business plans and prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans and prospects. Among the factors that could cause actual results to differ materially are the following: the availability and prices of live hogs, raw materials, fuel and supplies; food safety; livestock disease; live hog production costs; product pricing; the competitive environment and related market conditions; operating efficiencies; interest rate and foreign currency exchange rate fluctuations; access to capital; the cost of compliance with environmental and health standards; actions of the PRC government; governmental laws and regulations affecting our operations, including tax obligations; the ability to make effective acquisitions at the prices we expect and successfully integrate newly acquired businesses into existing operations; the success of our research and development activities, changes in generally accepted accounting principles; uncertainties related to general economic, political, business, industry, regulatory and market conditions; any changes in business, political and economic conditions due to the threat of terrorist activity; and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and in its subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. Any forward-looking statement that the Company makes speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.


AGFEED INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007

September 30, December 31,
2008 2007
(unaudited)
ASSETS

Current assets:
Cash and cash equivalents $15,565,123 $7,696,209
Other current assets 34,800,935 10,381,719
Total current assets 50,366,058 18,077,928

Long term assets 74,285,990 4,992,336

Total Assets $124,652,048 $23,070,264

LIABILITIES AND
STOCKHOLDERS' EQUITY

Total current liabilities $11,325,350 $3,569,738

Convertible note, net 3,152,734 -

Total Liabilities 14,478,084 3,569,738

Minority interest 1,957,197 -

Stockholders' Equity
Total stockholders' equity 108,216,767 19,500,526

Total Liabilities and
Stockholders' Equity $124,652,048 $23,070,264



AGFEED INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007


Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
(unaudited) (unaudited) (unaudited) (unaudited)

Net Revenue $49,426,274 $11,888,283 $97,208,685 $23,757,731

Cost of Revenue 37,124,058 8,645,218 70,438,683 16,961,534

Gross profit 12,302,216 3,243,065 26,770,002 6,796,197

Operating expenses 2,991,817 1,185,701 6,962,328 2,540,418

Income from
operations 9,310,399 2,057,364 19,807,674 4,255,779

Non-operating
income (expense) (828,031) 17,515 (5,910,313) 18,822

Income before
minority interest
and provision for
income taxes 8,482,368 2,074,879 13,897,361 4,274,601

Minority Interest
in Subsidiaries (64,309) - (425,403) -

Income before
provision for
income taxes 8,418,059 2,074,879 13,471,958 4,274,601

Provision (benefit)
for income taxes 201,904 (295) 414,993 (40,756)

Net income $8,216,155 $2,075,174 $13,056,965 $4,315,357

Weighted average
shares
outstanding:
Basic 33,267,815 27,026,756 31,049,732 25,778,831
Diluted 33,557,457 27,194,479 31,377,267 25,799,624

Earnings per
share:
Basic $0.25 $0.08 $0.42 $0.17
Diluted $0.24 $0.08 $0.42 $0.17


Contact:

U.S. Contact:
Arnold Staloff
Independent Board Member
AgFeed Industries, Inc.
Tel: 212-631-3510

Corporate Contact:
Summer Xie
Corporate Communications
AgFeed Industries, Inc.
Tel: 011-86-13767051503
Email: info@agfeedinc.com

Gerry Daignault
Chief Operating Officer
AgFeed Industries, Inc.
Tel: 615-480-7847
Email: gdaignault@agfeedinc.com



SOURCE AgFeed Industries, Inc.


Copyright (C) 2008 PR Newswire. All rights reserved

BioFuel Energy Reports Huge Third Quarter Losses

DENVER, Nov 13, 2008 /PRNewswire-FirstCall via COMTEX/ -- BIOFUEL ENERGY CORP. (BIOF), an ethanol production company, today announced third quarter results. For the three months ended September 30, 2008, revenues totaled $90.5 million. A net loss to common shareholders of $33.1 million or $2.18 a share was recorded. The aggregate loss during the period was $70.6 million, including $50.0 million of losses on corn hedging. In calculating the net loss to common shareholders, $37.5 million in minority interest was eliminated.

Revenues totaled $90.5 million, including $77.5 million of ethanol sales and $13.0 million from distillers grain. An operating loss of $17.0 million was recorded during the quarter. This resulted from $103.8 million in cost of goods sold, including $74.4 million for corn, $11.5 million for natural gas, $2.1 million for denaturant, $2.8 million for electricity, $4.9 million spent on chemicals and enzymes, along with $5.8 million of general operating expense and $2.3 million of depreciation. Finally, $2.5 million of selling, general and administrative expenses and $1.3 million on other operating expenses were incurred. In addition, $1.1 million representing all remaining site development costs associated with prospective plants was written off and that loss was included in operating expenses. During the quarter, the Company had $1.6 million in interest expense and $2.1 million in other non-operating expenses, offset by $100,000 in interest income. In summary, a net loss of $20.6 million before minority interest would have been recorded in the absence of hedging losses.

As previously reported, the sharp decline in corn prices between July 1, 2008 and August 11, 2008 resulted in $46.0 million in realized and unrealized hedging losses as of that date. Once the last of the hedging contracts were terminated in September, the realized loss totaled $39.9 million. Including reversal of $10.1 million of unrealized hedging gains at June 30th, hedging losses in the quarter totaled $50.0 million. As of the date of this release, $17.5 million relating to these losses remain payable to Cargill. The Company is exploring with Cargill how the matter might be resolved.

The Company's plants in Wood River, Nebraska and Fairmont, Minnesota commenced operation in June. Consequently, the third quarter represented the plants' first full quarter of commercial operations. The plants each have an annual nameplate capacity of 115 million gallons of fuel grade ethanol. During the quarter, the plants ran at an average of 62.5% of capacity. In October, 75% of capacity was achieved and average run rates continue to improve. While a number of construction and reliability issues remain challenging, the Company expects to reach full capacity operation by year-end. Cargill supplies the plants' corn requirements and markets their ethanol and distillers grain output.

Through September 30, 2008, a total of $320.4 million had been spent on construction of the Wood River and Fairmont facilities, excluding capitalized interest. Of the total, $272.0 million had been incurred under turnkey construction contracts with TIC. Of this amount, $13.5 million or 5% is being retained until completion. A further $48.4 million has been spent directly by the Company. Based on remaining amounts due TIC and the estimated cost to complete construction being performed by the Company, a further $6 to $8 million is expected to be expended on the plants subsequent to quarter-end.

In the third quarter, the Company borrowed $7.5 million under its construction loan and $10.0 million under its working capital facility. At September 30, 2008, amounts outstanding included $179.5 million drawn under the construction loan, $10.0 million borrowed on the working capital facility and $20.0 million of subordinated debt. Of the $30.5 million still available under the construction loan facility, $13.0 million is reserved to fund a debt service reserve and $13.5 million to pay retainage. At of September 30, 2008, the Company held $19.6 million of cash and equivalents, stockholders' equity totaled $86.7 million and minority interest totaled $30.6 million.

Given the open issues relating to amounts due Cargill, the Company did not make the $767,000 scheduled interest payment on its subordinated debt on September 30th. Because that interest was not paid, the interest rate on the subordinated debt increased from 15% to 17% effective October 1st.

Commenting on the quarter's results, Scott H. Pearce, the Company's President and Chief Executive Officer, said, "We were extremely disappointed with third quarter results. Despite the exceptional decline in the corn market during the period, we should never have allowed the Company to be exposed to that degree of hedging loss. In addition, our operating losses resulted largely from the continuing delay in having our plants up and running at capacity. During the quarter, we made considerable headway, but progress has been much slower than expected. At this stage, we are single mindedly focused on getting the plants commissioned and operating at full capacity on a reliable basis."

Remarking on the production issues at both plants, Daniel J. Simon, Executive Vice President and Chief Operating Officer, said, "Despite being well behind our original schedule, our operations teams have made good progress toward reaching reliable commercial production rates at both sites. We hope to reach full capacity by year-end. The largest remaining obstacle is ensuring efficient and consistent operation of the dryers which handle much of our output of distillers grain. Our contractors, vendors, and production staff are all working around the clock to complete a long list of improvements and repairs required to reach our goal. All parties are confident we will reach nameplate capacity by year-end despite continuing obstacles."

The Company plans to host a conference call on Friday, November 14, 2008 beginning at 11:00 a.m. (EST) to discuss the results. To participate, please dial (800) 944-8766. The participant code for the call is 42537. Approximately 90 minutes following the call, a phone playback will be available for 30 days by dialing (866) 281-6782. The access code for the replay is 159564.

This release contains certain forward-looking statements within the meaning of the Federal securities laws. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Factors that could cause actual results to differ from those anticipated are discussed in our Exchange Act filings and our Annual Report on Form 10-K.
BioFuel Energy currently has two 115 million gallons per year ethanol plants in the Midwestern corn belt. The Company's goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.

Contact: Kelly G. Maguire For more information:
Vice President - Finance & http://www.bfenergy.com
Chief Financial Officer
(303) 640-6500
kmaguire@bfenergy.com



BioFuel Energy Corp.
(in thousands, except per share amounts)

Three Months Ended Nine Months Ended
Summary Income Statement September 30, September 30,
(unaudited) 2008 2007 2008 2007
Net sales $90,549 $- $90,841 $-
Cost of goods sold 103,765 - 104,021 -
Gross profit (loss) (13,216) - (13,180) -
Selling, general and
administrative expenses:
Compensation expense 1,115 1,395 6,560 4,011
Other 1,353 1,249 8,408 2,558
Other operating expense 1,345 - 1,345 -
Operating loss (17,029) (2,644) (29,493) (6,569)
Interest income 135 855 987 1,068
Interest expense (1,632) - (1,632) -
Other non-operating
expense (2,123) - (1,785) -
Loss on derivative
financial instruments (49,992) - (39,912) -
Loss before minority
interest (70,641) (1,789) (71,835) (5,501)
Minority interest 37,493 821 37,856 4,092
Net loss (33,148) (968) (33,979) (1,409)
Beneficial conversion
charge - - - (1,327)
Net loss to common
shareholders $(33,148) $(968) $(33,979) $(2,736)

Loss per share - basic $(2.18) $(0.06) $(2.23) $(0.30)
Loss per share - diluted $(2.18) $(0.06) $(2.23) $(0.30)

Weighted average shares
outstanding
Basic 15,210 15,235 15,250 9,069
Diluted (a) 15,210 15,235 15,250 9,069


Additional operational
data (unaudited)
Ethanol sold (gallons, in
thousands) 35,599 35,599
Dry distillers grain sold
(tons, in thousands) 68.7 68.7
Wet distillers grain sold
(tons, in thousands) 83.4 89.9
Average price of ethanol
sold (per gallon) $2.20 $2.20
Average price of dry
distillers grain sold (per
ton) $149.22 $149.22
Average price of wet
distillers grain sold (per
ton) $38.99 $39.63
Average corn cost (per
bushel) $5.36 $5.45


September December
Summary Balance Sheet 30, 31,
(unaudited) 2008 2007

Cash and equivalents $19,641 $55,987
Accounts receivable 18,727 -
Inventories 17,066 -
Prepaid expenses 1,415 194
Other current assets 953 -
Property, plant and
equipment, net 321,491 276,785
Certificates of deposit 4,002 2,155
Debt issuance costs, net 8,205 8,852
Other assets 683 126
Total assets $392,183 $344,099

Total current liabilities $68,627 $24,814
Senior debt, net of
current portion 181,022 102,440
Subordinated debt, net of
current portion 20,000 20,000
Tax financing, net of
current portion 5,121 5,823
Derivative financial
instrument, net of
current portion - 525
Other liabilities 102 27
Total liabilities 274,872 153,629

Minority interest 30,583 68,799
Stockholders' equity 86,728 121,671
Total liabilities and
stockholders' equity $392,183 $344,099


Total shares outstanding
at November 12, 2008 (b) 32,601,204

(a) Diluted shares are not utilized in the GAAP loss per share
calculation as they are anti-dilutive.
(b) Includes common shares and class B common shares, net of 809,606
shares held in treasury.


SOURCE BioFuel Energy Corp.


Copyright (C) 2008 PR Newswire. All rights reserved

Bunge Acquires Corn Dry Milling Assets From J.R. Short Milling

ST. LOUIS, Nov. 14 /PRNewswire-FirstCall/ -- Bunge North America, the North American operating arm of Bunge Limited (NYSE: BG), announced that it has purchased the assets that J.R. Short Milling Company used in its traditional corn dry mill operations as well as the assets to operate its specialty product line. The purchase does not include J.R. Short's pellet division. Financial terms of the acquisition have not been released.

"This purchase enables us to balance our operations in a core North American business, corn dry milling, so that we now have two locations in the western half of the U.S. and two in the eastern half," said Todd Bastean, vice president and general manager, Bunge Milling. "This additional plant enables Bunge to better serve our existing customers and reach out to new customers with an expanded line of products."

Bunge expects to keep a majority of the employees currently working at the plant.

The plant in Kankakee, Ill., becomes Bunge Milling's fourth U.S. location. Other Bunge Milling plants are located in Danville, Ill., Atchison, Kan., and Crete, Neb.

About Bunge North America

Bunge North America (www.bungenorthamerica.com), the North American operating arm of Bunge Limited (NYSE: BG), is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico.

About Bunge Limited

Bunge Limited (www.Bunge.com, NYSE: BG) is a leading global agribusiness and food company founded in 1818 and headquartered in White Plains, New York. Bunge's over 25,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. The company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers and supplies raw materials and services to the biofuels industry.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including "may," "will," "expect," "anticipate," "believe," "intend," "estimate," "continue" and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these forward-looking statements. The following important factors, among others, could affect our business and financial performance: our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances; estimated demand for the commodities and other products that we sell and use in our business; industry conditions, including the cyclicality of the agribusiness industry and unpredictability of the weather; agricultural, economic and political conditions in the primary markets where we operate; and other economic, business, competitive and/or regulatory factors affecting our business generally. The forward-looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstance.


SOURCE Bunge North America

Enterprise Oilfield Group, Inc. Announces Third Quarter Results

Nov 14, 2008 12:28 ETEnterprise Oilfield Group, Inc. Announces Third Quarter Results
ST. ALBERT, ALBERTA--(Marketwire - Nov. 14, 2008) - Enterprise Oilfield Group, Inc. ("Enterprise") (TSX:E). Consolidated revenue for the three months ended September 30, 2008 was $8.7 million versus $8.5 million for the comparable period in 2007. The Company had EBITDAS_ of $1.6 million and a net income of $0.6 million for the three month period ended September 30, 2008 versus EBITDAS of $1.4 million and a net income of $0.9 million for the comparable period in 2007.

For the nine month period ended September 30, 2008 consolidated revenue was $28.1 million versus $32.1 million for the comparable period in 2007. The Company had EBITDAS of $4.2 million and a net income of $1.3 million for the nine month period ended September 30, 2008 versus EBITDAS of $4.5 million and a net income of $2.0 million for the comparable period in 2007. The Interim Financial Statements and the Management Discussion and Analysis have been filed and can be viewed at www.SEDAR.com.

Outlook

Management believes the long term outlook for its business segments is positive. Although year to date operational results have been positive in the face of volatile commodity prices, global financial and economic turmoil has added to near-term uncertainty for commodity prices. Weaker commodity prices have however been buffered to a large extent by the devaluation of the Canadian dollar relative to the US dollar. Continuing credit market instability will likely adversely affect the energy industry during 2009. However, Enterprise is positioned well due to the diversity of its business and strong performance of its infrastructure services division. Enterprise has a history of success due to the commitment of its field staff to provide excellent service to its customers regardless of industry conditions, and the commitment of its management to prudent financial management. Consequently, Enterprise will continue to actively pursue opportunities to enter new geographic territories and make strategic acquisitions. While the Company is uncertain of near-term movements in the financial markets, we are well-positioned to continue generating positive growth relative to our peers. Enterprise has positioned itself for improved levels of demand for its services and will continue to pursue opportunistic growth initiatives. Management is very encouraged with its high quality people, modern equipment, and service locations. Enterprise's position in the current market place is exceptional and believes that the remainder of 2008 and into 2009 holds tremendous opportunities for continued revenue growth. From the beginning, the Company's goal has been to increase the level of customer service with the best and safest practices, the newest equipment and the best field staff. And the plan is working with great success. Enterprise has paid down over $2.4 million in long term debt during the current year through its accelerated debt repayment plan, has purchased several pieces of new equipment for the operations and is selling off older equipment in order to maintain a new, efficient and cost effective fleet. Additionally, the Company's expansion into the Peace River area has opened the door to very profitable, year round, infrastructure and facilities maintenance opportunities, smoothing out the cyclical effects of the traditional pipeline industry. As well, Peace River holds tremendous potential for pipeline services work due to all of the heavy oil production in the area.

Energy and Construction Services

Although commodity prices have been volatile in the third and fourth quarters of 2008, field activity levels in our oilfield energy and construction services division remains strong. We continue to look at growth opportunities from both an internal perspective and from an acquisition perspective.

Utility and Directional Drilling Services

A number of the Company's clients have significant backlogs of outstanding maintenance orders to replace miles of underground cable. Significant infrastructure investment from all levels of government and the Company's focus on organic growth within this sector will prove to be meaningful contributor to revenues and profitability. The Company's continued efforts to broaden its infrastructure services to a larger regional footprint have been met with success. The outlook for this sector remains strong.

Conclusion

Management believes that balanced and diversified positions in both the infrastructure and energy services sectors are the best path to generating shareholder value. The Company has hired additional management experienced in infrastructure projects to spearhead more civic-related construction and maintenance as there are inherent synergies related to the heavy equipment and crews of both sectors. Enterprise expects to continue distancing itself from its peers by delivering profits in a challenging operating environment. Over the last few quarters, Enterprise's competitive landscape has shrunk with some competing companies choosing to cease operations and exit the industry, while others were forced to file for creditor protection. Our Company will continue to exercise fiscal and operational prudence. Enterprise remains confident in its strategic and operational plans and has a seasoned leadership team to guide the Company. Enterprise is committed to the further expansion of its customer base in central and northern Alberta and strives to provide excellent customer service. Management is excited about Enterprise's future prospects.

(1) EBITDAS = Earnings Before Income Tax, Depreciation, Amortization, and Stock Based Compensation.

Forward Looking Statements

This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For more information, please contact

Enterprise Oilfield Group, Inc.
Leonard D. Jaroszuk
President & CEO
(780) 418-4400 or Toll Free: 1-888-303-3361
(780) 418-1941 (FAX)

or

Enterprise Oilfield Group, Inc.
Desmond O'Kell
Vice President, Corp. Development
(780) 418-4400 or Toll Free: 1-888-303-3361
(780) 418-1941 (FAX)
Email: contact@EnterpriseOil.ca
Website: www.EnterpriseOil.ca Click here to see all recent news from this company Privacy Statement | Terms of Service | Sitemap |© 2008 Marketwire, Incorporated. All rights reserved.

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Zion Oil & Gas Reports Third Quarter Results

CAESAREA, Israel, Nov 14, 2008 (BUSINESS WIRE) -- Zion Oil & Gas, Inc. (NYSE Alternext US: ZN) of Dallas, Texas and Caesarea, Israel, reported today its results for the quarter ended September 30, 2008. The company reported a net loss of $865 thousand or $(0.08) per share for the third quarter of 2008 compared to a net loss of $748 thousand or $(0.07) per share for the same quarter a year earlier. The company has no revenues as it is still an exploration stage company.

On release of the third quarter results, Zion's Chief Executive Officer, Richard Rinberg, commented: "Zion is moving forward with its exploration and drilling plans. We anticipate that the refurbished 2,000 horsepower drilling rig, with which we plan to drill Zion's planned Ma'anit-Rehoboth #2 well 'directionally' to below 18,000 feet, will be shipped into Israel during January 2009. We have almost finished preparing the drill site and expect to commence drilling shortly after the rig arrives on location. Zion's public offering of $10 units continues, in order to raise further funds for our planned multi-well drilling program."

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv. It currently holds two petroleum exploration licenses, the Joseph and the Asher-Menashe Licenses, between Netanya, in the south, and Haifa, in the north, covering a total of approximately 162,000 acres.

The Company's financial statement information is summarized below:

(In thousands, except for per share income)
STATEMENT OF OPERATIONS Three months ended
September 30
2008 2007
Revenues - -
Total Expenses 853 748
Net Income (loss) (853) (748)
Earnings (loss) per common share -- basic (0.08) (0.07)
and diluted
Weighted avg. shares issued and outstanding -- 10,125 10,121
basic and diluted

CASH FLOW DATA Nine months ended
September 30
2008 2007
Net cash (used in) operating activities (3,125) (2,970)
Net cash used in investing activities (1,014) (2,653)
Net cash provided by financing activities - 8,218

BALANCE SHEET DATA September 30, 2008 December 31, 2007
Current Assets 1,392 4,716
Total Assets 5,114 7,421
Total Liabilities 2,110 1,633
Total Shareholders Equity 3,004 5,788

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations and planned operations and an ability to raise additional capital, are forward-looking statements as defined in the "Safe Harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

NOTICE

Zion Oil & Gas, Inc. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, Inc., at www.zionoil.com

SOURCE: Zion Oil & Gas, Inc.
Zion Oil & Gas, Inc.
Brittany Russell, 214-221-4610
brittany@zionoil.com

Copyright Business Wire 2008

Saratoga Resources, Inc. Reports Third Quarter 2008 Results

Saratoga Resources, Inc. Reports Third Quarter 2008 Results

HOUSTONTX-SARATOGA-RESOURCES


HOUSTON--(BUSINESS WIRE)--
Saratoga Resources, Inc. (OTCBB: SROE) (the 'Company') today announced fiscal third quarter results for the period ended September 30, 2008.

The company reported net income for the three months ended September 30, 2008 of $6,224,842, or $0.41 per basic share and $0.36 per diluted share, on revenues of $12,550,937 as compared to a net loss of $29,452, or $0.01 per share, on revenues of $16,220 for the three months ended September 30, 2007. For the nine months ended September 30, 2008, the company reported net income of $5,907,084, or $0.48 per basic share and $0.45 per diluted share, on revenues of $12,586,046 as compared to a net loss of $62,520, or $0.01 per share, on revenues of $25,000 during the nine month period in 2007.

Results for the current quarter and year to date period reflect the acquisition by the Company of Harvest Oil & Gas and The Harvest Group in July 2008 and also reflect the effects of Hurricanes Gustav and Ike which temporarily disrupted production and resulted in an estimated $710,000 of damage to the Company south Louisiana properties. Based on daily production volumes at the time, storm-related production delays reduced production during the quarter by an estimated 19.4 Mbls of oil and 113.1 Mmcf of natural gas, resulting in an estimated reduction in revenues for the period of $3,098,600. As of September 30, 2008, production had been restored to substantially 100% of pre-hurricane levels.

'We are pleased with our results for the 2008 third quarter,' Saratoga Chairman and CEO Tom Cooke said. 'We successfully consummated our acquisition of the Harvest companies and have progressed quickly in integrating the Harvest operations and team and in commencement of our planned development of the Harvest properties. We came through two hurricanes in good condition, rapidly bringing operations back to pre-hurricane levels and, despite the lost production and revenues from the hurricanes and the incurrence of costs associated with integrating the Harvest companies, we managed to produce strong operating cash flows and profits for the period.'

About Saratoga Resources

Saratoga Resources, Inc. is an independent exploration and production company headquartered in Austin, Texas with offices in Houston, Texas and Covington, Louisiana. The Company engages in the acquisition and development of oil and gas producing properties that allow the Company to grow through low-risk development and risk-managed exploration. The Company currently operates properties in Texas and Louisiana with principal holdings covering approximately 30,000 net acres located in the state waters offshore Louisiana.

Forward-looking Statements

This press release includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements with respect to actual costs of storm-related damages, actual production volumes following the period, the company's ability to integrate the operations of the Harvest companies as well as anticipated operating and financial performance, growth opportunities, growth rates, potential acquisition opportunities, and other statements of expectation. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'assumes,' 'seeks,' 'estimates,' 'should,' and variations of these words and similar expressions, are intended to identify these forward-looking statements. While we believe these statements are accurate, forward-looking statements are inherently uncertain and we cannot assure you that these expectations will occur and our actual results may be significantly different. These statements by the Company and its management are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Important factors that could cause actual results to differ from those in the forward-looking statements include the factors described in the 'Risk Factors' section of the company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information, or otherwise.

Saratoga Resources, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Nine Months Ended September 30, 2008 and 2007

(Unaudited)



Three Months Ended
September 30,
Nine Months Ended
September 30,

2008 2007 2008 2007
Revenues:
Crude oil, condensate and natural gas liquids $ 10,626,472 $ - $ 10,626,472 $ -
Natural gas 1,924,465 16,220 1,959,574 25,000

Total revenues 12,550,937 16,220 12,586,046 25,000

Operating Expense:
Lease operating expense 3,598,214 13,625 3,602,888 16,740
Depreciation, depletion and amortization 5,194,983 88 5,194,983 263
General and administrative 1,643,854 18,599 1,962,590 32,625
Taxes other than income 1,424,576 - 1,424,576 -

Total operating expenses 11,861,627 32,312 12,185,037 49,628

Operating income (loss) 689,310 (16,092 ) 401,009 (24,628 )

Other income (expenses):
Commodity derivative income, net 12,855,560 - 12,855,560 -
Other income 526,839 - 526,839 -
Interest income 37,945 - 37,945 -
Interest expense (4,645,655 ) (13,360 ) (4,675,112 ) (37,892 )

Total other income (expense) 8,774,689 (13,360 ) 8,745,232 (37,892 )

Net income (loss) before income taxes 9,463,999 (29,452 ) 9,146,241 (62,520 )

Income tax provision:
Current 560,007 - 560,007 -
Deferred 2,679,150 - 2,679,150 -

Net income (loss) $ 6,224,842 $ (29,452 ) $ 5,907,084 $ (62,520 )

Net income (loss) per share:
Basic $ 0.41 $ (0.01 ) $ 0.48 $ (0.01 )

Diluted $ 0.36 $ (0.01 ) $ 0.45 $ (0.01 )

Weighted average number of common shares outstanding:
Basic 15,183,205 7,540,292 12,254,701 7,540,292

Diluted 17,058,426 7,540,292 13,199,147 7,540,292

TransAtlantic Petroleum Corp.: Third Quarter 2008 Financial Results and Operations Update

CALGARY, ALBERTA, Nov 14, 2008 (MARKET WIRE via COMTEX) ----TransAtlantic Petroleum Corp. (TSX: TNP) today reported the following (all results in U.S. dollars):

Consolidated net loss for the quarter ended September 30, 2008 was $1.5 million or $0.02 per share, compared to a net loss of $2.2 million or $0.05 per share for the same quarter last year. The Company's consolidated net loss for the third quarter 2008 is primarily composed of general and administrative costs of $719,000 and international expenditures of $858,000. As of September 30, 2008, the Company had cash and cash equivalents of $10.1 million, no debt and working capital of $9.4 million compared to cash and cash equivalents of $657,000, current debt of $4.0 million and working capital of $316,000 at September 30, 2007.

With regard to the development of its international properties, in October 2008 the Company began re-entry operations on one well in Morocco. In September 2008, the Company agreed to farm-in to Sterling Resources Ltd.'s Sud Craiova Block in western Romania. In exchange for a 50% working interest, the Company will drill three 1,000 meter exploration wells on the Sud Craiova license. The Company expects to commence drilling operations in Romania in December 2008. Also in September 2008, the Company agreed to farm-in to Incremental Petroleum Limited's License 4262 in southeastern Turkey. In exchange for a 60% working interest, the Company agreed to drill one exploration well. By drilling this well, the Company will also earn an undivided 75% working interest in four additional licenses covering 1,863 square kilometers (460,321 acres) in southeastern Turkey, subject to government approval. The Company began drilling operations on this well in October 2008. By the end of November 2008, drilling operations will commence to test the Bedinan Ordivician formation (approximately 3,700 meters) on Block 4174 in southeastern Turkey pursuant to a farmout agreement in which the Company retains a 25% working interest. The Company will be carried through testing of the well.

The re-entry operation in Morocco is being performed with a drilling rig supplied by Longe Energy Limited. As announced in the Company's press releases dated August 27 and September 19, 2008, the Company has agreed to acquire Longe Energy Limited in a transaction expected to close in December 2008, subject to regulatory and shareholder approval.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and Romania. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol "TNP."

This news release contains statements regarding drilling, plans, plans to raise capital, and plans to acquire a company, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

SOURCE: TransAtlantic Petroleum Corp.

http://www.tapcor.com Copyright 2008 Market Wire, All rights reserved.

China North East Petroleum Reports Third Quarter 2008 Financial Results

HARBIN, China and NEW YORK, Nov.14 /Xinhua-PRNewswire-FirstCall/ -- China North East Petroleum Holdings Limited (the "Company") (OTC Bulletin Board: CNEH), an oil producing company in Northern China, today announced consolidated financial results for the third quarter ended September 30, 2008.

Third Quarter 2008 Results

Total sales for the third quarter were $19.1 million, a 227% increase compared to $5.8 million over the same period last year. This increase was due to an increase in crude oil production and the average price received for crude oil. Crude oil production for the third quarter doubled to 172,730 barrels from 86,222 barrels for the comparable quarter in the prior year. The increase in production was attributable to refracturing improvements and the implementation of water injection technology which improved efficiency of existing oil wells as well as from the addition of 30 new wells drilled during the third quarter of 2008.

The cost of sales in the third quarter increased by 214% to $9.2 million from $2.9 million for the three months ended September 30, 2007. The increase in cost of sales resulted primarily from the increase in production, depreciation of oil and gas properties, and an increase in the absolute amount of oil surcharges as a result of increased production.

Gross profit in the third quarter increased 241% to $9.9 million from $2.9 million in the same period last year. Third quarter gross margin increased to 52.0% compared to 49.9% in the year ago period.

Operating expenses increased to $978 thousand, or 5.1% of sales, from $291 thousand, or 5.0% of sales, in the third quarter 2007. This is primarily a result of an increase in selling, general and administrative costs. Operating income increased 241% to $8.9 million, or 46.8% of total sales, compared to $2.6 million, or 44.9% of total sales, in the prior year period.

Net income for the third quarter increased 229% to $4.9 million, or $0.24 per diluted share, versus $1.5 million, or $0.08 per diluted share, in the third quarter of 2007.

Mr. Hongjun Wang, President of China North East Petroleum commented, "We were pleased to report another strong quarter of revenue and profit growth and are on plan to report record production increases in 2008. We added 30 new wells during the third quarter bringing our total oil well count to 218 wells through September. Most of these wells have been installed in the Qian'an 112 oilfield where the majority of our wells are located.

During the quarter, we were particularly satisfied to see significant improvements to our financial liquidity. We grew our cash position by 220% sequentially to nearly $8 million and our operating cash flow improved notably as well. Based on the reserves within our four existing oilfields (Qian'an 112, Hetingbao 301, Daan 34, Gudian 31), we believe we have the capability of drilling approximately 675 wells in the coming years and believe the cash flows derived from oil we yield from our existing wells can support much of our well expansion activities in these areas.

Heading into the fourth quarter, we expect to be impacted by lower per- barrel oil prices which will likely impact revenue growth but believe we can sustain our full year net profit projection of $14.5-$15 million and diluted EPS of $0.62-$0.65 due to our strong production rates in the second half of the year as well as from a lower government oil surcharge rate. As oil prices decline, the amount of oil surcharge we are required to pay to the Chinese government declines. During this difficult market environment, we are keeping our operating costs low and continue to implement strict cost controls in all key areas of operation. We are encouraged with our opportunity in the market and continue to focus on expanding our position in China's oil market by adding more wells to our production capacity and seeking additional oil fields to lease and operate. We continue to expect very healthy quarterly revenue, EBITDA and profit growth, even at current oil price levels, and believe the growth plan we have in place will yield strong financial results ahead," concluded Wang.

Nine Month 2008 Results

Sales for the nine month period ended September 30, 2008 increased 273% to $44.1 million compared to $11.8 million for the nine month prior year period. Crude oil production through the first nine months of 2008 increased 143% to 422,788 barrels from 174,280 barrels for the comparable period in the prior year.

Gross profit for the first nine months was $23.6 million, a 292% increase over $6.0 million in the same period last year. Gross margin increased 260 basis points to 53.6% compared to 51.0% in the year ago period.

Operating expenses through the first nine months of 2008 were $2.0 million, or 4.4% of sales, compared to $939 thousand, or 8.0% of sales, in the prior year period. Operating income increased 326% to $21.7 million, or 49.2% of sales, compared to $5.1 million, or 43.1% of sales, in the prior year nine month period.

Net income increased by 223% to $9.8 million, or $0.54 per diluted share, from $3.0 million, or $0.12 per diluted share, for the nine months ended September 30, 2007.

2008 Financial Outlook

The Company expects 2008 crude oil production to total approximately 623,000 barrels and the anticipated number of oil producing wells is expected to total approximately 240 wells by year-end 2008. This is a 133% increase from 267,516 barrels produced in 2007, when the company finished the year with 157 wells.

Based on the Company's results through the first nine months of 2008, its drilling schedule for the remainder of 2008, and the current per-barrel price of oil received from PTR, the Company reiterates comfort with 2008 net income growth of 190%-200% to $14.5-$15.0 million, and fully diluted earnings per share growth of 195%-200% to $0.62-$0.65, compared to the 2007 fiscal year. The fully diluted EPS estimate range is based on a share count of approximately 24.0 million shares and assumes the exercise of all outstanding Company warrants.

Oil Pricing

Please note that CNEH's sole customer, PTR pays the Company a price per barrel which is calculated on a monthly basis, and is based upon a lagged, daily price per barrel average for a relatively heavy, sour grade of crude oil that trades in Singapore. This daily price index is one of a large number of crude oil price indices maintained by Platts, an international commodity and trading company. The grade of oil for which the company is paid typically trades at a discount to West Texas or London Brent crude.

Government Oil Surcharge

Under a regulation introduced in June 2006 by the Chinese government, a surcharge of 20% has been imposed on Chinese oil producers on the portion of the selling price of crude oil which exceeds $40 per barrel and a surcharge of 40% is imposed on the portion of the selling price of crude oil which exceeds $60 per barrel.

ABOUT CHINA NORTH EAST PETROLEUM

China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.

Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.



(Financial tables on following pages)


CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited) (Unaudited)
Three months ended Nine months ended
September 30 September 30
2008 2007 2008 2007


$ 19,060,007 $ 5,826,506 $44,051,519 $ 11,804,007
NET SALES

COST OF SALES

Production costs 895,155 704,568 2,390,432 1,669,166
Depreciation of
Oil and gas
properties 3,774,327 1,361,732 8,155,321 2,601,561
Amortization of
intangible assets 2,975 2,695 8,743 7,972
Government oil
surcharge 4,480,955 848,315 9,865,655 1,500,902
Total Cost
of Sales 9,153,412 2,917,310 20,420,151 5,779,601



GROSS PROFIT 9,906,595 2,909,196 23,631,368 6,024,406

OPERATING EXPENSES
Selling, general
and administrative
expenses 793,479 194,697 1,339,404 694,103

Professional fees 42,850 26,245 140,180 46,245

Consulting fees 91,926 27,125 319,764 81,375
Depreciation of
fixed assets 50,445 42,609 160,930 117,593
Total
Operating
Expenses 978,700 290,676 1,960,278 939,316


INCOME FROM
OPERATIONS 8,927,895 2,618,520 21,671,090 5,085,090

OTHER INCOME
(EXPENSE)

Other income 809 -- 66,651 --

Other expense (2,000) (3,878) (107,601) (3,878)

Interest expense (296,761) (28,186) (721,805) (51,290)
Amortization of
deferred financing
costs (74,140) -- (172,992) --

Amortization of
discount on
debenture (486,803) -- (1,135,874) --
Imputed interest
expense (16,794) (6,404) (49,535) (139,079)

Interest income 4,238 615 34,204 1,105
Gain on disposal
of fixed assets -- 460 -- 15,217
Recovery of deposit
from a supplier
previously written
off -- 2,515 -- 358,609
Total Other
Income
(Expense),
net (871,451) (34,878) (2,086,952) 180,684


NET INCOME BEFORE TAXES
AND MINORITY INTERESTS 8,056,444 2,583,642 19,584,138 5,265,774


Income tax expense (2,390,961) (885,188) (5,695,498) (1,825,513)

Minority interests (726,566) (198,959) (1,889,457) (399,836)

NET INCOME 4,938,917 1,499,495 11,999,183 3,040,425

OTHER COMPREHENSIVE
INCOME
Foreign currency
translation gain 152,651 235,873 2,020,632 450,633


COMPREHENSIVE INCOME $ 5,091,568 $ 1,735,368 $14,019,815 $ 3,491,058

Net income per share

- basic $ 0.25 $ 0.08 $ 0.62 $ 0.12
- diluted $ 0.24 $ 0.08 $ 0.61 $ 0.12

Weighted average number of shares
outstanding during the period

- basic 19,987,123 19,224,080 19,480,284 25,780,857
- diluted 20,676,711 19,224,080 19,624,216 25,780,857




CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

September December
30, 2008 31, 2007
(Unaudited) (Audited)
ASSETS

CURRENT ASSETS


Cash and cash equivalents $ 7,762,017 $ 74,638

Accounts receivable, net 10,595,234 4,852,633
Prepaid expenses and other
current assets 2,261,853 398,046
Current portion of deferred
financing costs, net 296,557 --
Value added tax recoverable -- 651,905
Total Current Assets 20,915,661 5,977,222

PROPERTY AND EQUIPMENT
Oil and gas properties, net 56,007,998 40,345,008
Fixed assets, net 1,462,703 885,474
Oil and gas properties under
construction 784,851 2,550,058
Total Property and Equipment 58,255,552 43,780,540


LAND USE RIGHTS, NET 39,168 45,076

LONG-TERM DEFERRED FINANCING
COSTS, NET 716,680 --

DEFERRED TAX ASSETS 209,102 --


TOTAL ASSETS $ 80,136,163 $ 49,802,838



LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES


Accounts payable $ 10,806,009 $ 6,580,930
Current portion of secured
debenture, net of discount 1,399,451 --
Other payables and accrued
liabilities 825,947 1,020,980
Due to related parties 14,588 28,036
Note payable -- 273,444
Income tax and other taxes
payable 7,605,514 2,687,449
Due to a stockholder 783,258 123,105
Total Current Liabilities 21,434,767 10,713,944

LONG-TERM LIABILITIES
Accounts payable 7,783,956 15,467,661
Secured debenture, net of
discount 6,197,571 --
Deferred tax payable -- 543,100
Due to a related party 486,714 3,118,085
Total Long-term Liabilities 14,468,241 19,128,846

TOTAL LIABILITIES 35,903,008 29,842,790

COMMITMENTS AND CONTINGENCIES -- --

MINORITY INTERESTS 3,014,421 1,124,964

STOCKHOLDERS' EQUITY
Common stock ($0.001 par value, 150,000,000
shares authorized, 20,784,080 shares issued
and outstanding as of September 30, 2008;
19,224,080 shares issued and outstanding as
of December 31, 2007) 20,784 19,224
Additional paid-in capital 21,147,979 11,361,579
Deferred stock compensation (1,451,250) (27,125)
Retained earnings
Unappropriated 17,200,090 5,200,907
Appropriated 916,263 916,263
Accumulated other comprehensive
income 3,384,868 1,364,236
Total Stockholders' Equity 41,218,734 18,835,084

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 80,136,163 $ 49,802,838




CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
For the nine months ended September 30, 2008 and 2007 (Unaudited)

2008 2007
CASH FLOWS FROM OPERATING
ACTIVITIES


Net income $ 11,999,183 $ 3,040,425
Adjusted to reconcile
net income to cash
provided by operating
activities:
Depreciation of oil
and gas properties 8,155,321 2,601,561
Depreciation of fixed
assets 160,930 117,593
Amortization of land
use rights 8,743 7,972
Amortization of
deferred financing
costs 172,992 --
Amortization of
discount on debenture 1,135,874 --
Amortization of stock
option compensation 163,402 --
Warrants issued for
services 154,171 --

Minority interests 1,889,457 399,836
Stocks issued for
services 27,125 81,375
Stocks-based
compensation for
service 168,750 --
Imputed interest
expenses 49,535 139,079
Gain on disposal of
fixed assets -- (15,217)
Changes in operating
assets and liabilities
(Increase) decrease in:

Accounts receivable (5,742,601) (2,026,688)
Prepaid expenses and
other current assets (1,863,807) (262,501)
Due from related
parties -- 38,692
Value added tax
recoverable 651,905 (1,200,623)
Deferred financing
costs (1,186,229) --

Deferred tax assets (209,102) --
Increase (decrease)
in:

Accounts payable (3,458,626) 3,781,456
Other payables and
accrued liabilities (195,033) (2,824)
Income tax and other
taxes payable 4,918,065 2,123,234

Deferred tax payable (543,100) 363,774
Net cash provided by
operating activities 16,456,955 9,187,144

CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of oil and
gas properties (18,300,636) (8,992,444)
Purchase of fixed
assets (668,233) (321,211)
Additions to oil and
gas properties under
construction (649,786) (714,885)
Proceeds on disposal
of fixed assets -- 23,451
Net cash used in
investing activities (19,618,655) (10,005,089)

CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from the
issuances of notes
payable -- 798,128
Repayment of note
payable -- (133,021)
Proceeds from
issuance of secured
debenture 15,000,000 --
Repayment of secured
debenture (750,000) --
Decrease in other
loans payable -- (25,612)
Proceeds from
exercise of stock
warrants 12,000 --
Increase in due to a
stockholder 660,153 146,813
(Decrease) increase
in due to related
parties (2,644,819) 1,280,048
Net cash provided by
financing activities 12,277,334 2,066,356

EFFECT OF EXCHANGE RATE ON
CASH (1,428,255) (950,576)

NET INCREASE IN CASH AND
CASH EQUIVALENTS 7,687,379 297,835

CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 74,638 13,746


CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 7,762,017 $ 311,581

SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid during the period
for:

Income tax expense $ 4,932,518 $ 208,315

Interest expense $ 721,805 $ 51,290



SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES:

During 2008, the Company issued 360,000 shares of common stock valued at $1,620,000 as employee stock bonuses.

SOURCE China North East Petroleum Holdings Ltd.