latest news releases from the newsroom
Eternal Energy Corp.
Eternal Energy Corp. Acquires Participation Rights to a Second Petroleum Exploration Project in the North Sea
LITTLETON, Colo., Feb. 3, 2006 (PRIMEZONE) -- Eternal Energy Corp., (OTCBB:EERG) today announced that it has acquired an option to participate in the drilling of an exploratory test well located in the North Sea. On January 30, 2006, the company entered into an agreement with International Frontier Resources Corporation ("IFR"), an oil and gas exploration company based in Calgary, Canada, pursuant to which Eternal Energy acquired a ten percent working interest in the project. As consideration, Eternal Energy paid an initial cash payment of $75,000 and agreed to pay fifteen percent of test well drilling costs, production testing costs and all completion costs, plus its proportionate share of the royalty and annual license fees to which the project acreage is subject. In addition, Eternal Energy agreed to provide an irrevocable letter of credit for $1,500,000 in favor of Palace Exploration Limited, another participant in the project. Such letter of credit is for the purpose of securing the company's portion of the turnkey dry hole costs for the exploratory test well. Eternal Energy also agreed to be bound by the terms and conditions of an agreement and a joint operating agreement between IFR and Palace Exploration Limited relating to the project. The 970 square kilometer (240,000 acre) acreage block is located in Quad 41 and Quad 42 in the North Sea. A three-dimensional seismic survey has been conducted over the project and indicates the potential trapping of hydrocarbons in three potential zones. Subject to rig availability, drilling of the initial test well is tentatively scheduled to commence during the third or fourth quarter of this year.
PSB Group, Inc.
PSB Group, Inc. Announces Fourth-Quarter Earnings
MADISON HEIGHTS, Mich., Feb. 3, 2006 (PRIMEZONE) -- PSB Group, Inc. (OTCBB:PSBG), the bank holding company for Peoples State Bank, a Michigan state-chartered bank with offices in Wayne, Oakland, Macomb and Genesee Counties, today announced net income for the fourth quarter of 2005 was $790,000, or $.26 per average outstanding share, compared to $1,185,000, or $.39 per average outstanding share in the fourth quarter of 2004.