WESTON, Fla., Oct. 27, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Fidelis Energy, Inc. (OTCBB:FDEI), Sirius Satellite Radio (Nasdaq:SIRI), Intel Corporation (Nasdaq:INTC) and General Electric Company (NYSE:GE).
Aggressive investors and traders will want to watch Fidelis Energy, Inc. (OTCBB: FDEI) this morning! Yesterday after the markets closed, the company issued a press release announcing that it has negotiated, arranged and secured a $5.0 million financing to forward its oil and gas projects!
This should be great news for investors! According to the press release, the $5.0 million is in the form of a low interest line of credit to be drawn on as required. The line of credit is secured by production, specifically from the North Franklin Project gas sales that is expected to be in production shortly. The financing is non-dilutive and will allow Fidelis access to required capital as is necessary to fund project development.
Investors should continue to watch this company for more great news! Earlier this month, the company announced that the steam flood of the 2nd well at the Comanche Point heavy oil project is set to commence. The company planed to inject 5,000 barrels of steam into the well through the 5 mmbtu/hr steam generator to heat the oil prior to pump testing to evaluate oil flow rates.
The stock closed yesterday at around $1.45 a share.
In case you are not familiar with the company: Based in Tucson, AZ, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America. The company's website is: www.FidelisEnergy.com.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Sirius Satellite Radio (NASDAQ: SIRI) up 0.2% on 60.3 million shares traded, Intel Corporation (NASDAQ: INTC) up 0.4% on 58.7 million shares traded and General Electric Company (NYSE: GE) up 2.2% on 20 million shares traded.
Commentary:
"Moving to wean its communist economic system from the U.S. currency, Cuba said that dollars will no longer be accepted at island businesses and stores in a dramatic change in how commercial transactions have been done here in more than a decade," stated Mario Cardenas in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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