Boston, MA 05/19/2014 (wallstreetpr) – Panhandle Oil and Gas Inc. (NYSE:PHX) whose shares have gone up 62.38 percent since the beginning of 2014 said it acquired 11,100 acres at Eagle Ford Shale, Texas. The company expects its acquisition to boost its oil production. According to CEO Michael C. Coffman, the company’s current oil product stands at 72-0 barrels per day. The properties that it agreed to acquire from unidentified sellers produced 733 barrels of oil per day in 1Q. In the latest Eagle Ford deal, Panhandle Oil and Gas Inc. (NYSE:PHX) paid $84 million to gain 16 percent stake in 58 producing wells, six wells near completion and 113 wells undeveloped. The company will fund the transaction through a credit facility. The company earned 68 cents per share in 1Q2014 and generated revenue of $19.75 million in revenue. The revenue in the quarter exceeded the consensus estimate of $12.58 million.
Reading International, Inc. (NASDAQ:RDI) will spend $10 million to repurchase its common stock shares. The board of directors approved the buyback program but its timing has not been disclosed except that shares will be spent from time to time. The move to approve a repurchase program indicates the company’s attempt at sharing its successes with the shareholders. The company continues to acquire assets in promising markets to boost revenue growth and maximize shareholder value. Shares of Reading International, Inc. (NASDAQ:RDI) are 10.81 percent year-to-date.
The provider of metal packaging for beverage and food industries Ball Corporation (NYSE:BLL) today announced plans to establish a new can manufacturing plant in Southeast Asia. The plant in Myanmar will support the big demand for high-quality packaging solutions in Southeast Asia region. In 2012, Ball entered a joint venture investment to establish a packaging plant in Vietnam. According to CEO John A. Hayes, the Myanmar plant is in-line with the company’s growth strategy in the Southeast Asia region. The company intends to make more investment in the region as it capitalizes on its ability to make capital investment and the compelling demand for packaging solutions.
