Venoco, Inc. to Present at the Oil & Gas Conference and FX Energy narrows 2Q loss, shares fall

City of Industry, CA --(www.USEquityNews.com)-- 08/11/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Venoco, Inc. (NYSE: VQ) recently announced it will make a presentation at EnerCom's Oil and Gas Conference on Wednesday, August 13, 2008 at 8:25 a.m. Mountain (10:25 Eastern). The presentation slides will be available after market-close on Friday, August 8th via the Investor Relations page of the company's website, http://www.venocoinc.com. The presentation will be webcast live and accessible using the following link, http://www.investorcalendar.com/CEPage.asp?ID=132200. Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties in California and Texas.


Allis-Chalmers Energy Inc. (NYSE: ALY) and Bronco Drilling Company, Inc. (NASDAQ/GM:BRNC) announced recently that they have terminated their Agreement and Plan of Merger relating to the proposed acquisition of Bronco by Allis-Chalmers. Allis-Chalmers and Bronco agreed to terminate the merger agreement in light of clear indications that Bronco stockholders would not adopt the merger agreement. Micki Hidayatallah, Allis-Chalmers' Chairman and Chief Executive Officer, stated, "The management and board of directors of Allis-Chalmers strongly believed in the benefit of a combination with Bronco.

Oil and gas producer FX Energy Inc. (NASDAQ: FXEN) said its second quarter loss narrowed on price increases in natural gas. The Salt Lake City based company said Thursday it lost $1.5 million, or 4 cents a share, in the three-month period ending in June. That was smaller than the same period last year, when FX Energy lost $2.7 million or 8 cents per share. Revenue grew 15 percent to $5.2 million in the quarter, up from $4.5 million in the same period last year. Clay Newton, the company's vice president of finance, said FX Energy saw a 14 percent price increase for its natural gas production in Poland, where the company has the vast majority of its exploration and production operations, starting in May.

Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."

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