PPWE, ENH, ORFG- HOT COMPANY STOCK UPDATES BY STOCK-PR.COM
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__ Stock-PR Reporting FREE Daily Stock Alerts From Stock-PR.com ________________________________________ Endurance Specialty Holdings Ltd. (NYSE:ENH) today announced that it has entered into an agreement to repurchase the ordinary shares and options held by two affiliated funds of Perry Corp., which was a founding shareholder of Endurance. Endurance is repurchasing 7,143,056 ordinary shares and options to purchase an additional 10,000 ordinary shares. The aggregate repurchase price for the shares and the options is $321.5 million. The repurchase price per ordinary share is $44.99, the closing price on January 21, 2011 and a discount of approximately 1% from the volume weighted average price of Endurance`s ordinary shares for the 10 day period ending on January 21, 2011.
The repurchase is separate from Endurance`s existing 7 million share repurchase program that was authorized by its Board of Directors in August 2010. The repurchase of the ordinary shares represents approximately 15% of the total Endurance ordinary shares outstanding as of December 31, 2010. Endurance is using existing cash on hand to fund the repurchase.
Proper Power & Energy, Inc. (Board:PPWE.PK) announced today that its wholly owned subsidiary, American Resources, Inc. (ARI), has begun production on its 87.5 acres in Western Kentucky.
ARI has completed the re-work on all 4 wells, with those wells online and pumping. This is an exciting day for us, stated Proper Power President, Andrew Kacic. This is the beginning of production for Proper Power in Kentucky, and we look forward to increasing our presence.
Proper Power & Energy, Inc. (PPWE.PK) just recently reported that it has restructured its executive management team and entered into a strategic alliance.
Andrew J. Kacic will replace Joseph Abdo as President of Proper Power & Energy. Mr. Kacic brings more than 32 years of progressive experience as a chief executive in oil and gas, investment banking, insurance services and public securities. Mr. Kacic was the founder and president of American Resources of Delaware, Inc. and its subsidiary Southern Gas Company, successfully taking assets from $220,000 to more than $40 million in less than 4 years. Mr. Abdo will remain the Chief Executive Officer and Chairman of the Board.
Concurrently to the management restructuring, the Company has entered into a strategic alliance with Douglas Kiggins, founder of Mayo Energy Partners. Mr. Kiggins will assist Mr. Kacic in the development of the Companys Utah asset, with the target goal of drilling the first exploratory well in Utah by third Quarter 2011. Mr. Kiggins has participated in the drilling and development of over 250 oil and gas wells in Texas, Oklahoma and Colorado, with the deepest well reaching a total depth over 21,000 feet.
The Company is now postured to accelerate the development of both Utah and Kentucky in the first Quarter 2011, Mr. Abdo stated.
Oil supplies 97% of the fuel consumed by Americas gigantic fleet of trucks, trains, planes, ships, buses and cars.
We have based our entire way of life on a non-renewable resource that may run out within the next 30 years. All other alternative energy sources will not be able to replace oil any time soon. But Americans continue on as if there is an endless supply of oil, as they buy bigger and more cars and drive longer distances from non energy-efficient suburban developments.
About Proper Power & Energy:
Proper Power & Energy was formed in 2006 as an exploration and production company for oil and gas. The organization is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.
Orofino Gold Corp. (PINK OTC: ORFG) is a US (Nevada) company established for the purpose of creating a significant exploration and mining group to operate in Colombia.
Orofino Gold Corp has several Gold development properties in Colombia, a current hot spot of gold production in the world markets. Orofino Gold is pleased to report that the Board Of Directors have appointed Mr. Ning Shi Long as Chairman of the Board and Executive Director. Mr. Ary Fernando Pernett Marque has been appointed as the new President/CEO & Executive Director of Orofino Gold Corp. Mr. Pernett will be responsible for all affairs of Orofino Gold in Colombia.
The new team will now aggressively pursue other known Gold occurrences in the companies Senderos de Oro Gold Camp while the development team works to improve production at La Azul Mine.
La Azul is one producing artesanal mine in the Senderos de Oro area controlled by Orofino, it is a mixed sequence of predominantly volcanic rocks with the vien systems comprised of high grade chalcopyrite, galena and sphalerite with pyrite in quartz viens.
Orofino Gold Corp. engages in acquisition, exploration, and development of gold properties in Mexico and Colombia. Orofino Gold has an option to acquire properties in the Sur de Bolivar Department of Colombia South America.
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