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Striving To Fuel Our World:
Barnabus Energy
by Glenn Wilkins - AllPennyStocks.com News Reporter
September 1, 2005 (AllPennyStocks.com Media, Inc.) - Events in
recent years have pointed out the urgency of finding
alternative fuels - most recently, the skyrocketing price of
gasoline at the pumps this summer. The continued dilemma in
Iraq has given most consumers little hope that these prices
will soon find their way down.
One company, out of Carlsbad, California, making a serious
pitch in the alternative fuels game is Barnabus Energy. The
Company is exploring and developing oil and natural gas
reserves in the western half of North America, besides
undertaking feasibility studies towards the acquisition of
alternative, sustainable energy sources.
Barnabus notes on its company website that many of the key
players in the petroleum industry are coming around to that
way of thinking, by their diversification into wind, solar and
hydrogen technologies - companies such as Shell, BP and
Chevron, as well as General Electric. Barnabus also cites its
own efforts at funding its own drilling enterprises and a
well-balanced portfolio of exploration and development
opportunities that promise strong cash flow for investors
wishing to take part. The Company has thrown in its lot with
bigger conglomerates on what it claims are low-risk,
high-reward projects to enhance shareholder value.
Barnabus' President Kerry Nagy has been in this role since
the Company was founded in April 2002 (it was known then as
Barnabus Enterprises), having come from the insurance
industry, where he'd been an underwriter. Nagy had also been
in the financial services industry as a loans officer with a
British Columbia-based credit union. One other director, David
Saltman, who signed on in August, also heads up a building
materials company in California, while still another, Tedman
Williams, has spent a number of years in the information
technology industry. Together, the three are building a base
of expertise on which they hope to grow the company.
Barnabus Energy has put a lot of its capital - financial
and otherwise - into the solar panel business. In early
August, it signed a Memorandum of Understanding to acquire a
20-percent interest in Solar Roofing Systems (SRS), with an
eye to acquiring a majority interest in the company before too
long. SRS, which has offices in Ontario, Arizona and Los
Angeles, produces leading-edge environmentally friendly
technology that uses photovoltaics to make electricity.
Later on in the month, Barnabus acquired Innova
Exploration's working interest in the Manyberries Area of
Southeastern Alberta, a deal which includes significant
working interests on existing wells, gathering pipelines, well
site and plant facility equipment.
The Southern Alberta region is rich in natural gas
formations and the Company is working to realize the area's
full potential. Barnabus Energy also intends to seek out
shallow "sweet and sour" gas reserves (as determined by the
sulfur content). As of June 2005, Barnabus has raised
$1,000,000 towards meeting an expenditure commitment of an
estimated $3,000,000 (all values in U.S. dollars unless
specified otherwise) for the capital required for drilling,
pipeline and facility construction for further development of
its primary oil and gas project, Manyberries, in Southeastern
Alberta.
Barnabus' research has forged links with experts in the
energy field such as Dr. Melvin Prueitt, a 30-year veteran of
the nuclear industry who spent much of his time at the Los
Alamos laboratory in New Mexico. Prueitt's research led to an
invention called "Suncone". Successful commercialization of
this technology shows promise of cost-effectively producing
low-cost electricity, using only the concentrated energy of
the sun.
The Company put more of its emphasis on the energy sector
when it changed its name to Barnabus Energy in April of this
year, having decided to capitalize on its links with some of
the major players in the industry.
Barnabus is in something of an advantageous position. Its
stock, which trades on the OTCBB under the ticker symbol BBSE,
is at a 52-week peak of $1.36 -head, shoulders and torso above
its low of 25 cents, in the last week of August last year. As
the thirst for alternative sources of energy intensifies, and
people grow more frustrated with the prices they pay at the
pumps for the energy they need, look for this stock to
continue its march "sunward."
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