Stocks are lower as overseas markets weaken and the dollar strengthens
Major indexes dropped more than 1 percent, including the Dow Jones industrials, which tumbled 130 points.
Investors showed little deference to a new report on weekly unemployment claims that was in line with expectations.
The Labor Department said the number of newly laid off workers seeking unemployment benefits for the first time was unchanged last week at 505,000, matching economists’ expectations.
Nov. 18, 2009 (Business Wire) — Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, today announced that it has closed on the Asset Purchase agreement whereby the Company acquired a total of 30 previously drilled wells, 8 producing wells, and 2000 acres of leaseholds in Kentucky.
The eight producing wells will undergo minor repairs and be placed back into production immediately. The Company will initiate a progressive rework program on the remaining wells and will selectively place individual wells back into production over the next 2-3 months. The Company’s projections are for 3-4 BOD for each of the producing wells. The Company’s annual revenue projection for the 8 producing wells is $350,000.
Stocks are lower as economic worries persist and traders draw little comfort from Buffett deal
Investors worried about the economic recovery drew only modest comfort from billionaire investor Warren Buffett’s decision to buy one of the nation’s largest railroads.
Buffett’s Berkshire Hathaway said Tuesday it is paying $100 a share for Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion.
Investors are on edge about unemployment and the stability of major financial firms in Europe.
Nov. 3, 2009 (Business Wire) — Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, today announced that it has executed a joint venture with Lear Oil to rework four Knox wells in Lincoln County, Kentucky.
Under the agreement, the Company will be assigned a 65% working interest in each of the four previously drilled wells once they are placed back into production. In addition, Adventure is granted the right to drill five new wells on the leasehold. Each of the four wells produced on average 2-3 BOD prior to being shut-in.