SARASOTA, Fla., Oct. 12, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Silver Star Energy, Inc. (OTCBB:SVSE), Art Technology Group Inc. (Nasdaq:ARTG), PSS World Medical Inc. (Nasdaq:PSSI) and FuelCell Energy Inc. (Nasdaq:FCEL).
Energy stock investors may want to take a look at a little known company called Silver Star Energy, Inc. (OTCBB:SVSE), a company committed to exploring and developing oil and natural gas reserves throughout western North America through high quality, low risk prospects provided by key strategic alliance partnerships. On Monday the company announced that it has executed acquisition and joint operating agreements on five natural gas prospects in California, joining an exploration project on these prospects located throughout the Sacramento Basin.
Silver Star Energy said that it has a 7.5 percent carried working interest on four of the prospects and has acquired a 25 percent carried working interest in the fifth, and under the terms of the agreements, is carried through the drilling and completion of the first well on each of the five prospects. The Company added that cumulative potential natural gas reserves in the five newly acquired prospects are in excess of 100 Bcf. Gas, and that each separate gas play has been chosen as a moderate risk, high probability of success gas target with good quality seismic anomalies in known gas producing formations. Silver Star said there is 3D Seismic information, good geological control and analog fields spread throughout the basin.
The drilling of the first prospect is targeted for the fourth quarter of this year, weather permitting. Due to the intense competition between gas exploration and development companies competing for the best quality prospects in the Sacramento Basin, Silver Star said the specifics of each play will be made available after spudding, adding that as the prices of natural gas continue to rise, high quality gas prospects are of a competitive nature.
Silver Star also added the company is carried on all costs related to the prospect through the licensing, permitting, drilling and completion of the first well on each project, and in the event of a successful gas well being drilled, it would then be responsible for the working interest costs of well tie-in and pipeline, following testing and completion. Silver Star would also then be a working interest participant on any additional gas wells drilled.
SVSE is currently trading at around .70 a share.
On the Nasdaq;
Art Technology Group Inc. (Nasdaq:ARTG)
Software solutions provider Art Technology Group Inc. (Nasdaq:ARTG) announced Monday that Institutional Shareholder Services has recommended that ATG stockholders vote FOR the Primus Knowledge Solutions, Inc. (Nasdaq:PKSI) acquisition at the special meeting of ATG shareholders scheduled for October 22, 2004.
ARTG also introduced on Monday ATG Adaptive Customer Outreach, described by the company as the first e-marketing product designed specifically to leverage the rich understanding of a company's customers gained through their Web interactions, preferences, and behaviors.
Shares of ARTG closed Monday up one cent to $1.00.
PSS World Medical Inc. (Nasdaq:PSSI)
Specialty marketer of medical products PSS World Medical Inc. announced Monday the acquisition of Associated Medical Products by its Elder Care Business, Gulf South Medical Supply.
The company said it expects to complete the integration of Associated Medical Products into its business operations in the fourth quarter of fiscal year 2005, and that the acquisition would be accretive immediately after the closure of the integration.
PSSI closed Monday up .11 at $9.93.
FuelCell Energy Inc. (Nasdaq: FCEL)
FuelCell Energy Inc. and its Japan based partner Marubeni Corp. announced that they have jointly finalized their deal with Kawasaki Heavy Industries to become a packager of Direct FuelCell (DFC) power plants in Japan. FuelCell Energy stated that Kawasaki will purchase a DFC300A power plant from Marubeni as part of the deal where it will undergo evaluation and testing for the development of a Kawasaki-branded carbonate fuel cell power plant.
Kawasaki, a supplier of ultra-clean gas turbines in Japan and internationally, will be Marubeni's packaging partner for Japan to design and manufacture balance of plant components. Kawasaki will also be a sub-distributor to Marubeni in Japan, with plans to market the DFC products directly to Kawasaki's end customers.
FuelCell Energy stock closed Monday up .63 at $12.14
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