SARASOTA, Fla., Oct. 26, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Silver Star Energy, Inc. (OTCBB:SVSE), Global Industries, Ltd. (Nasdaq:GLBL), Industrial Services (Nasdaq:IDSA) and TGC Industries, Inc. (OTCBB:TGCI).
Making news is an energy company investors may want to take a look at, Silver Star Energy, Inc. (OTCBB:SVSE). Silver Star issued a press release after the close on Monday on further details for its comprehensive drilling plan now underway at the Joarcam Project. Silver Star and Transaction Oil and Gas Ventures, the operator, have added a fourth location to the development plan. Transaction Oil and Gas Ventures has now engineered four drilling locations. The four locations are designated "13-27," "13-22," "5-27" and "5-22." The company continued to state that the four wells now planned for Joarcam with the addition of the "13-27" location are part of an overall development strategy that could see up to 16 well locations ultimately be drilled. With success at Joarcam, it is anticipated that the field could produce 500 barrels of oil per day (bbls/d) if fully developed.
SVSE is currently trading at around .75 a share.
Oil Watch: A barrel of light crude was quoted at $54.54, down 63 cents, on the New York Mercantile Exchange after rising as high as $55.67.
Global Industries, Ltd. (Nasdaq:GLBL)
Shares of Global Industries, Ltd. traded on strong volume of 1,684,074 shares Monday, and closed the trading session 52 cents higher at $6.94. Global Industries said last week that it will report its earnings for the Third Quarter 2004 before the stock market opens on Thursday, November 4, 2004. Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico's Bay of Campeche.
GLBL closed Monday up 52 cents at $6.94 on volume of 1,685,714 shares.
Industrial Services (Nasdaq:IDSA)
Provider of logistic management services, equipment and processes for waste, recyclable commodities and other materials, Industrial Services of America, Inc. reported third quarter preliminary financial results on Monday, reporting quarterly revenue of $38.2 million, an increase of 24.8% over the comparable period in 2003. Year-to-date revenue for the third quarter ending September 30, 2004 was $107.0 million, an increase of 22.5% over the comparable period in 2003. Quarterly income before income taxes for the quarter was $776,369, an increase of 310% over the $189,475 recorded for the third quarter of 2003.
IDSA closed Monday's regular trading session up 1.79 at $11.87.
TGC Industries, Inc. (OTCBB:TGCI)
TGC Industries, Inc., a geophysical service company which primarily provides 3-D seismic services to oil and gas companies, reported Monday revenues of $6,872,740 for the third quarter ended September 30, 2004, compared with revenues of $2,099,890 for the same period of 2003, an increase in revenues of 227%.
TGC reported net income, before dividend requirements on preferred stock, for the third quarter of 2004, increased 718% to $1,037,664, compared with net income of $126,776 for the same period of 2003. For the nine months ended September 30, 2004, the Company reported a 123% increase in revenues to $14,626,809 compared with revenues of $6,537,096 for the same period of 2003. Net income for the nine months ended September 30, 2004 increased 677% to $2,347,428, before dividend requirements on preferred stock, compared with net income of $301,812 for the same period of 2003.
TGCI closed Monday up 18 cents at $2.78.
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