SARASOTA, Fla., Oct. 27, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Fidelis Energy, Inc. (OTCBB:FDEI), PetroQuest Energy, Inc. (Nasdaq:PQUE) Delta Petroleum Corp. (Nasdaq:DPTR) and Tidelands Oil & Gas Corporation (OTCBB:TIDE).
Investors will surely want to keep an eye on oil and gas company Fidelis Energy, Inc. (OTCBB:FDEI) as the company announced after the closing bell Tuesday, that they have negotiated, arranged and secured $5 million in financing to forward its oil and gas projects. The line of credit is secured by production, specifically from the North Franklin Project gas sales that is expected to be in production shortly. In a prior news release, Fidelis Energy stated that they plan to steam a number of the 19 wells on the Comanche Point property to increase the heavy oil daily production.
FDEI has been seeing its price rise $.50 for the month of October.
On the Nasdaq;
PetroQuest Energy, Inc. (Nasdaq:PQUE)
Independent oil and natural gas reserve energy company, PetroQuest Energy, Inc., announced on Tuesday that its production for the third quarter of 2004 was 41.2 Mmcfe per day net to the company, which is within its previously issued guidance of 40-42 Mmcfe per day. PetroQuest said that the majority of its Gulf of Mexico offshore facilities previously evacuated and shut-in due to Hurricane Ivan have returned to full operations.
PQUE closed Tuesday at $5.11 on volume of 584,889 shares.
Delta Petroleum Corp. (Nasdaq:DPTR)
Shares of Delta Petroleum Corp. stock traded on 3 times its average daily volume on Tuesday, at 1,509,658 shares. DPTR ended the trading session higher by 31 cents at $14.65.
On the OTCBB;
Tidelands Oil & Gas Corporation (OTCBB:TIDE)
Tidelands Oil & Gas Corp. announced on Tuesday that Bob Dowies is their new Vice President of Gas Markets and Supply. The company said that Mr. Dowies is an energy marketing professional with thirty years of successful leadership in the oil and gas industry, and that he will play an instrumental role in the evaluation of pipelines and their flow capacity, and will evaluate existing and future supply and demand in regions where Tidelands delivers gas and petroleum-related products.
TIDE closed Tuesday's trading session up 2 cents at $0.80.
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