Energy stocks are giving up a portion of their earlier gains
today with the NYSE Energy Sector Index adding 0.5% while shares of
energy companies in the S&P 500 are up nearly 0.5% as a group
in late trade. Crude oil for October delivery settled 29 cents
lower at $102.04 per barrel while November natural gas was up 5
cents to $3.61 per 1 million BTU.
In company news, Pyramid Oil Co. (
) is ahead over 15% heading into the close at $4.80 a share,
earlier climbing with 2 cents of its 52-week high of $5.00 after
saying board chairman Mike Herman will serve as interim President
and CEO following the retirement of John Alexander after nine years
at the helm.
Herman is the largest individual shareholder of the crude oil
and natural gas company. He also is chairman and CEO of
Denver-based energy-services company Enservco Corp. (
), a provider of well-enhancement and fluid-management
As part of the upcoming transition, Herman is buying 243,579
shares of PDO common stock from John Turco, paying the departing
board member $6 for each of the shares for a total outlay of $1.46
million. He also bought 95,592 shares from Alexander, also at $6
per share, and agreed to buy another 100,000 of Alexander's shares
by next May at the same price.
In other sector news,
(+) EDG, Agrees to a $12-per-share cash buyout offer from
Sumitomo Corp. of America.
(-) HDY, Discloses Department of Justice subpoena requesting
documents linked to the company's effort to secure a
production-sharing contract in offshore Guinea and possible
violations of anti-bribery and money-laundering statutes.
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