This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Prometheus Energy And Seneca Resources Sign LNG Services Agreement

Stocks in this article: NFG

HOUSTON, Oct. 25, 2012 /PRNewswire/ -- Prometheus Energy Group Inc. ("Prometheus Energy"), a leading supplier of liquefied natural gas (LNG) to the industrial sector, today announced it has entered into a long-term master agreement with Seneca Resources Corporation (" Seneca"), the wholly-owned exploration and production subsidiary of National Fuel Gas Company (NYSE:NFG) ("National Fuel"), to supply LNG and related equipment and services for Seneca's initiative to utilize clean-burning natural gas in its drilling operations. 

(Photo: http://photos.prnewswire.com/prnh/20121025/SF00454)

(Logo: http://photos.prnewswire.com/prnh/20111206/SF18166LOGO)

Under the agreement, Prometheus will be Seneca Resources' exclusive turnkey LNG solutions provider, supplying LNG fuel through its established North American LNG network, providing onsite mobile LNG storage and vaporization equipment, and providing skilled local technician support to ensure operational reliability of LNG equipment.  In addition, the agreement will provide Seneca with an immediate reduction in fuel costs and air emissions (CO2, SO 2, NOX), coupled with the operational flexibility required in today's dynamic E&P market.

"Prometheus developed the world's first LNG-fueled drilling rig solutions, and our market leading experience in the LNG-fueled drilling space makes us uniquely capable to address the major challenges of an evolving E&P operation while providing demonstrable value for our customers", said Ron Bertasi, CEO of Prometheus Energy.  "We are extremely pleased to partner with a leader like Seneca Resources in providing a lower cost, cleaner burning natural gas alternative for their operations."

"We are proud to be the first operator in the Pennsylvania Marcellus to launch such a program using dedicated natural gas engine technology. And we are equally proud to partner with industry leaders such as Prometheus Energy and our drilling equipment partner Ensign Energy Services Inc.," said Steven Conley, Vice President of Drilling in Seneca's Pittsburgh office.

Ensign, one of the world's leading land-based drillers and well servicing providers for crude oil, natural gas and geothermal, operates 15 drilling rigs exclusively on natural gas in the United States.

About Prometheus Energy

Prometheus Energy is one of the largest and fastest growing suppliers of liquefied natural gas (LNG) to the industrial sector in North America.  Prometheus provides turnkey fuel solutions to convert industrial users of diesel, propane and other crude-derived fuels to clean, domestic, secure LNG, resulting in reduced fuel cost and environmental footprint.  The company is vertically integrated from LNG production through distribution, onsite storage, and vaporization. A pioneer in the industrial LNG market, Prometheus developed first-of-their-kind conversions of industrial fuel consumers to LNG in numerous sectors, and was named a Finalist in the 2012 Platts Global Energy Awards in recognition of its industry leadership. Prometheus Energy is privately held by Shell Technology Ventures Fund 1 B.V. and Black River Asset Management LLC, a wholly owned but independently managed subsidiary of Cargill.  For more information, please visit www.PrometheusEnergy.com

About Seneca Resources Corporation, subsidiary of National Fuel Gas Company

Seneca Resources Corporation, the exploration and production segment of National Fuel Gas Company explores for, develops, and purchases natural gas and oil reserves in California and Appalachia. Additional information about Seneca Resources and National Fuel Gas Company is available at www.nationalfuelgas.com or through the Company's investor information service at 1-800-334-2188.

Contacts Roger Dillon Laurie Nix Garberg info@PrometheusEnergy.com www.PrometheusEnergy.com

Rob Boulware boulwarer@srcx.com www.srcx.com

SOURCE Prometheus Energy Group Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs