ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for smarter Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Piedmont Lithium Limited (delisted)

Piedmont Lithium Limited (delisted) (PLLL)

8.36
0.00
(0.00%)
Closed December 04 4:00PM
0.00
0.00
(0.00%)

Real-time discussions and trading ideas: Trade with confidence with our powerful platform.

PLLL News

Official News Only

PLLL Discussion

View Posts
GuruTrader GuruTrader 15 years ago
Apollo Successfully Completes Tender Offer for Shares of Parallel Petroleum Corporation and Announces Subsequent Offering Period


Press Release
Source: Parallel Petroleum Corporation and PLLL Acquisition Co. and PLLL Holdings, LLC
On 8:30 am EDT, Friday October 23, 2009
Buzz up! 0 Print.Companies:Parallel Petroleum Corp.
NEW YORK--(BUSINESS WIRE)--Parallel Petroleum Corporation (“Parallel”), PLLL Acquisition Co. and PLLL Holdings, LLC, entities formed for the purpose of acquiring Parallel Petroleum Corporation (NASDAQ: PLLL - News) and wholly owned subsidiaries of an affiliate of Apollo Global Management, LLC, today announced the completion of the tender offer for all of the outstanding shares of common stock of Parallel, including the associated preferred stock purchase rights (collectively, the “Shares”).

Related Quotes
Symbol Price Change
PLLL 3.13 0.00


{"s" : "plll","k" : "c10,l10,p20,t10","o" : "","j" : ""} The initial offering period and withdrawal rights expired at 12:00 midnight, New York City time, on Thursday, October 22, 2009. Computershare Trust Company, N.A., the disbursing agent for the tender offer, has advised that a total of approximately 35,244,824 Shares were validly tendered and not withdrawn (including approximately 802,359 Shares subject to guaranteed delivery) prior to the expiration of the initial offering period, representing approximately 84.62% of the outstanding Shares. In accordance with the terms of the tender offer, PLLL Acquisition Co. accepted for payment all Shares that were validly tendered and not withdrawn prior to the expiration of the tender offer, and payment for such Shares will be made promptly in accordance with the terms of the tender offer.

PLLL Acquisition Co. and PLLL Holdings, LLC announced today that they would make available a subsequent offering period commencing immediately and expiring on Thursday, October 29, 2009 at 5:00 p.m., New York City time for all the Shares not tendered into the offer prior to the initial expiration date. During the subsequent offering period, PLLL Acquisition Co. will accept for payment and promptly pay for the Shares as they are tendered. Stockholders who tender Shares during such period will receive the same $3.15 per Share price, without interest and subject to applicable withholding taxes, that was paid in the tender offer. Procedures for tendering Shares during the subsequent offering period are the same as during the initial offering period with two exceptions: (1) Shares cannot be delivered by the guaranteed delivery procedure and (2) pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, Shares tendered during the subsequent offer period may not be withdrawn.

During the subsequent offer period, Parallel may issue Shares to PLLL Holdings, LLC at a price of $3.15 per Share in accordance with the terms of the merger agreement by and among PLLL Acquisition Co., PLLL Holdings, LLC and Parallel, dated as of September 15, 2009 (as amended, the “Merger Agreement”). These Shares, when added to the number of Shares owned by PLLL Acquisition Co. as a result of the initial offer period and the subsequent offer period, may result in PLLL Acquisition Co. owning more than 90% of the number of shares of Parallel common stock then outstanding. In such case, PLLL Holdings, LLC and Parallel would effect the merger in accordance with the short-form merger provisions of the Delaware General Corporate Law, without prior notice to, or any action by, any Parallel stockholder.

PLLL Acquisition Co. and PLLL Holdings, LLC reserve the right to extend the subsequent offering period in accordance with applicable law and the terms of the Merger Agreement. After expiration of the subsequent offering period, PLLL Acquisition Co. will acquire all of the remaining outstanding Shares by means of a merger under Delaware law. As a result of the purchase of Shares in the tender offer, PLLL Holdings, LLC has sufficient voting power to approve the merger without the affirmative vote of any other Parallel stockholder. In the merger, each Share not previously purchased in the tender offer will be converted, subject to appraisal rights, into the right to receive the same $3.15 per Share price, without interest and subject to applicable withholding taxes, that was paid in the tender offer. After the merger, Parallel will be a wholly owned subsidiary of PLLL Holdings, LLC and Parallel’s common stock will cease to be traded on the NASDAQ Global Select Market.

About Apollo

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Singapore, Frankfurt and Mumbai. Apollo had assets under management of over $38 billion as of June 30, 2009 in private equity and credit-oriented capital markets funds invested across a core group of industries where Apollo has considerable knowledge and resources.

About Parallel Petroleum Corporation

Parallel Petroleum Corporation is an independent energy company headquartered in Midland, Texas, engaged in the exploitation, development, acquisition and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel’s primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado. Additional information on Parallel is available via the internet at www.plll.com.


Contact:
Sard Verbinnen & Co.Jonathan Gasthalter, 212-687-8080 212-687-8080orParallel Petroleum CorporationCindy Thomason, 432-684-3727 432-684-3727Manager of Investor Relationscindyt@plll.com
👍️0
mlkrborn mlkrborn 15 years ago
up 29 cents again while many ready give up: 3.30s
👍️0
omega777 omega777 15 years ago
Beyond me the price of nat gas is up--storage almost briming full. Not to say PLLL is not worth 2.80.
👍️0
ddabetsmallwinbig ddabetsmallwinbig 15 years ago
How are things going here?
👍️0
ddabetsmallwinbig ddabetsmallwinbig 15 years ago
NEWS Parallel Petroleum Announces Additional Oil Hedges

Parallel Petroleum Corporation (NASDAQ:PLLL) today announced that on June 11, 2009, it hedged 621,500 barrels of oil for the calendar years 2011 and 2012. Citibank, N.A. is the counterparty for these derivatives, which are West Texas Intermediate (WTI) costless collars with $70.00 floors and caps ranging from $94.25 to $101.50, as shown in the table below.



Barrels of WTI Oil Prices
Period of Time Oil Floor Cap
Jan 1, 2011 thru Dec 31, 2011 255,500 $ 70.00 $ 94.25
Jan 1, 2012 thru Dec 31, 2012 366,000 $ 70.00 $ 101.50
Total barrels of oil 621,500

Management Comments

Larry C. Oldham, Parallel’s President, commented, “These additional hedges bring our total oil hedges to 1,100 barrels of oil per day for 2011 and 1,000 barrels of oil per day for 2012. Our average daily oil production for the first quarter ended March 31, 2009, was approximately 2,807 barrels of oil per day, which was primarily produced from our long-life Permian Basin oil properties.”

The Company

Parallel Petroleum is an independent energy company headquartered in Midland, Texas, engaged in the exploitation, development, acquisition and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel’s primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado. Additional information on Parallel is available via the internet at www.plll.com.
http://ih.advfn.com/p.php?pid=nmona&cb=1246057628&article=38244792&symbol=N%5EPLLL


👍️0
ddabetsmallwinbig ddabetsmallwinbig 15 years ago
EOD slump just a few shares traded low
👍️0
ddabetsmallwinbig ddabetsmallwinbig 15 years ago
People buying @2.07 2.08! Nice day!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 15 years ago
INM oil is the thing that the world still moves on. If you read my posts you can see I am invested in several Green companys but If can take some profits from Oil and invest it Green so be it. IMO if you believe in Black Gold, Texas Tea and Jed then this is not a bad bet at all.
👍️0
ddabetsmallwinbig ddabetsmallwinbig 15 years ago
INM nice day your doing a great job!
All those reserves are just gaining more value and when they get done with the extraction deals who knows?$$$
👍️0
I Need Money I Need Money 16 years ago
I think next week we start to move up!
👍️0
I Need Money I Need Money 16 years ago
Today was a strong day!
👍️0
I Need Money I Need Money 16 years ago
Oil is gonna be going up consistently for a long time...this board needs a little life!
👍️0
I Need Money I Need Money 16 years ago
I'm in Plll as of this morning. I see $20 a share coming back!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Atlas you should be the Mod here. I am moving on and trying to simplify things in my life. GLTA here Oil rocks
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
grbrusky25 welcome to the HUB
👍️0
gbrusky25 gbrusky25 16 years ago
Sorry for the delay, I'm ready to play.
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
To my new Friend; if you make it here tonight i am turning in for some ZZZs we can catch up tomorrow. LOL since we are off topic I might have to deleat our own posts LOL
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
2.23 today!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
1.95 and over 3 mil traded got to love it
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
She is looking good today nice action
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Lot of green today us too!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Its crazy but a buying op could be presenting
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Anybody why not $20.00?
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
The big guys playing oil and gold right now
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Another green day! One day at a time!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
And back up we go!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Nice and green next week will be great!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Correction maybe but no dip this will
follow the trend and oil will survive!
PS: I do not care for paying greater prices but as OIL continues to go up this could make a $1000.00 into $2000.00 quick! IMHO
👍️0
Atlas180 Atlas180 16 years ago
PLLL has stayed strong with the recent dip in oil prices. Some time in the near term we will get a spike in prices for oil.
Cheers!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
They already have OIL and..
are working with another company to bring up more with a share agreement. Watch the BRT charts in the I box. As it rebounds so goes PLLL the value of their reserves only will increase in value in the future IMHO!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Good post yes oil will go higher
We might as well make some money on the stock so we can pay it back at the pump LOL!
👍️0
Atlas180 Atlas180 16 years ago
Credit Crunch Will Lead to Oil Shock: Consultant
ENERGY, NORTH AMERICA, MIDDLE EAST, OIL, RECESSION, ARAMCO, IEA, INTERNATIONAL ENERGY AGENCY, OPEC
Reuters | 26 Mar 2009 | 07:13 AM ET
The global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices, an energy consultant and financier says.


Matt Simmons, founder of Houston-based investment bank Simmons & Co, argues the underlying rate of decline of the world's ageing oilfields is as much as 20 percent a year and only high levels of investment can reduce that to single digits.

With credit tight and oil prices almost $100 a barrel below their highs last year, oil companies are unable to sustain previous levels of spending and the result is falling production, he said in an interview on Thursday.

"We are three, six, maybe nine months away from a price shock. We are not talking about three to five years away -- it will be much sooner," Simmons told Reuters in London.

"These prices now are dangerously low. The lower prices fall, the less oil will be produced and the greater the chance of an oil spike," he said.


Oil prices hit record highs of almost $150 per barrel last July but have tumbled since then as the global economic downturn has cut energy consumption by consumers and companies alike.

Prices have rallied from lows below $35 a barrel in December to above $50 but remain well below what many oil companies and producing countries say they need to invest in new production.

Simmons is a proponent of the "peak oil" theory, and has argued for years that world oil output is in irreversible decline because oil industry infrastructure is getting too old.

He says the cost of rebuilding the oil industry is colossal: "The industry's asset base is beyond its original design life."

Twilight in the Desert

Simmons' 2005 best-seller "Twilight in the Desert, The Coming Saudi Oil Shock and the World Economy," argued oil output from the Middle East's biggest supplier was reaching an apex and would soon decline, ending forever the era of cheap oil.

Saudi Arabian oil company Aramco and many other analysts strongly disagreed with that thesis, saying Simmons exaggerated the rate of decline of older oilfields.


Cambridge Energy Research Associates last year put the rate of decline of the world's oilfields at just 4-5 percent a year.

But Simmons' concerns over the impact of the credit crisis and the dramatic fall in oil prices are shared by many other, more conservative bodies, including the International Energy Agency (IEA), which advises 28 industrialized nations.

IEA Deputy Executive Director Richard Jones warned the oil market this week that so far as much as 2 million barrels per day (bpd) of new upstream capacity due to come on stream had been deferred for now due to lack of funds and low oil prices.

The IEA is also worried recent cuts in oil production by the Organization of the Petroleum Exporting Countries in an attempt to bolster prices have left oil inventories dangerously low, leaving little room for maneuver when oil demand recovers.

Simmons says many OPEC oil producers will find it difficult to bring output back to previous levels once prices recover.

"When you have an old oilfield whose flow is being maintained by extremely high levels of investment and you reduce production, you rarely if ever get back to where it was."

Slideshow: Which Oil Nations Make Money?
Because of this and natural declines in output, oil use may not need to rise much before production fails to meet demand.

"Unless oil demand falls by 10 or 15 percent per annum, which it is not going to do, then we don't need to wait for oil demand to come back before we have a supply crunch," he said.

"Within a few months, we are going to realize our visible inventories are really tight -- squeaky tight -- and what would really be inconvenient is to see a recovery in the economy."

Copyright 2009 Reuters. Click for restrictions.
URL: http://www.cnbc.com/id/29891917/


--------------------------------------------------------------------------------
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Yes watch the BRT chart it makes the oil worth more!
👍️0
Atlas180 Atlas180 16 years ago
Great day to add some shares while the market in general consolidates. Down on very low volume so far.

Cheers!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Yes we should invest in the money well done!
👍️0
Atlas180 Atlas180 16 years ago
I actually sold a few of my Goldcorp shares (GG) today to grab hold of a few PLLL Shares. Not something I do easily. Very bullish on Parallel Petroleum for the short and long term. Oil and Natural gas will continue to be in High demand for years to come!

CHEERS!
👍️0
Atlas180 Atlas180 16 years ago
PLLL will be over $2.00 next week. Oil is set to move close to $60.00 very soon.

Cheers!!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Stuey just keeps counting LOL
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Well done!
I did not get a chance to add more but after a look at my account i might go for it tomorrow. Wish i got more when it was .78 only days ago. Still we continue to make money! WOOOOOPEEEE!
👍️0
Atlas180 Atlas180 16 years ago
I bought more PLLL today at $1.57
Going to look very cheap at these lows!!!

Cheers!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
$5.00 easy money here! Go Oil!
👍️0
Atlas180 Atlas180 16 years ago
Yes! A great day! There is big money to be made here with PLLL. Only a couple hundred or a few thousand shares is still going to make an excellent GAIN!!
We should see another move up with energy prices before the summer and all these oversold cheap oil and gas stocks are going to move very quickly.
PLLL is way too cheap down here!!
I think $6.00 - $8.00 in the short term is coming for PLLL.

Cheers
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Stuey is counting the money! LOL
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
I only have 3k shrs but wish I had more
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
What a great Day! up almost .75 from a week ago
👍️0
Atlas180 Atlas180 16 years ago
PLLL is way oversold! I just bought in yesterday.
$2.00 - 3.00 will come very quickly with the few outstanding shares.
Gotta love that!

Cheers!
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Another 14% what do you want?
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
Yes play this like the bigboard
Big company with a lot of money flowing thru it
GO OIL!
👍️0
Texan77 Texan77 16 years ago
nice reserves chart
👍️0
ddabetsmallwinbig ddabetsmallwinbig 16 years ago
25% thats folding money
👍️0

Your Recent History

Delayed Upgrade Clock