wel is a bankrupt company that is being played because they put out oil well fires. every time there is a news flash about oil well fines in iraq it gets pumped. be careful with this one because it looks like we already control the oil wells.
Lots of "interesting" (aka conspiracy) background info on WEL (Boots & Coots): http://majorbarbara.blogspot.com/ --opm8
Boots & Coots Updates Notice of Default HOUSTON, Feb 18, 2003 /PRNewswire-FirstCall via COMTEX/ -- Boots & Coots International Well Control, Inc. (WEL) announced today its execution of a Discretional Advance Agreement pursuant to its Loan Agreement with Checkpoint Business, Inc. ("Checkpoint"). The Discretional Advance Agreement allows Boots & Coots to receive an advance under the Loan Agreement, which provides for short-term working capital of up to $1 million. On January 31, 2003, Boots & Coots received a Notice of Default in which Checkpoint alleged several defaults under the Loan Agreement. Boots & Coots acknowledged certain of these defaults and cured some of them. Although Checkpoint has agreed to an advance under the Loan Agreement pursuant to the Discretional Advance Agreement, it has not waived all alleged defaults and has indicated its belief that Boots & Coots is not in full compliance with the terms of the Loan Agreement as of the date of this release. If not cured or waived, the alleged defaults under the Loan Agreement would permit Checkpoint to immediately act to protect its collateral by, among other things, foreclosing on the stock of Boots & Coots' Venezuelan operations. In addition, Boots & Coots announced today that Checkpoint had presented a proposal to restructure the Company to its board of directors. This proposal would involve a voluntary Chapter 11 bankruptcy filing by Boots & Coots and the cancellation of Boots & Coots common equity as part of the bankruptcy process. The board of directors of Boots & Coots is considering the proposal from Checkpoint and possible alternatives to it, but has not made any decision about the proposal as of the date of this release. About Boots & Coots Boots & Coots International Well Control, Inc., Houston, Texas, is a global emergency response company that specializes, through its Well Control unit, as an integrated, full-service, emergency-response company with the in- house ability to provide its expanded full-service prevention and response capabilities to the global needs of the oil and gas and petrochemical industries, including, but not limited to, oil and gas well blowouts and well fires as well as providing a complete menu of non-critical well control services. Certain statements included in this news release are intended as "forward- looking statements" under the Private Securities Litigation Reform Act of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to these forward- looking statements are found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at http://www.sec.gov . Investor Contact: Barry Gross Gross Capital Associates 361-949-4999 barry@grosscapital.com Company Contact: Jennifer Lane Boots & Coots 281-931-8884 jennifer@bncg.com SOURCE Boots & Coots International Well Control, Inc. Barry Gross of Gross Capital Associates, +1-361-949-4999, orbarry@grosscapital.com , for Boots & Coots International Well Control, Inc.;or Jennifer Lane of Boots & Coots International Well Control, Inc.,+1-281-931-8884, or jennifer@bncg.com http://www.sec.gov Copyright (C) 2003 PR Newswire. All rights reserved.
+DJ Halliburton Implements Plan For Extinguishing Iraq Fires 03/24/2003 Dow Jones News Services (Copyright © 2003 Dow Jones & Company, Inc.) (MORE) Dow Jones Newswires 03-24-03 1923ET *DJ Halliburton Unit Gets Army Pact To Put Out Oil Well Fires not sure what this means for WEL.
Good points, vhehn and louier and volume Here is the press release from www.halliburton.com. With its size ($8B+ equity market cap vs. $49MM for WEL) and its connections (VP Cheney ran it), Halliburton would appear to be a strong competitor. I would not want to bet in fovor of WEL if it meant betting against HAL. But, note in the press release below that Halliburton subcontracted work to WEL. But, as LouieR posted, WEL is considering "the cancellation of Boots & Coots common equity as part of the bankruptcy process". It is possible that, even if there are a lot more oilwell fires in Iraq than there are now, WEL shareholders might not benefit, especially if WEL files for Chapter 11. KBR IMPLEMENTS PLAN FOR EXTINGUISHING OIL WELL FIRES IN IRAQ Company tapped for proven track-record, expertise HOUSTON - KBR (Kellogg Brown & Root) has been awarded a contract from the US Army Corps of Engineers to put into action a contingency plan the company originally developed at the Department of Defense's (DoD) request for assessing and extinguishing oil well fires in Iraq and evaluating and repairing, as directed by the US government, the country's petroleum infrastructure. KBR is the engineering and construction subsidiary of Halliburton (NYSE:HAL). KBR's initial task involves hazard and operational assessment, extinguishing oil well fires, capping oil well blowouts, as well as responding to any oil spills. Following this task, KBR will perform emergency repair, as directed, to provide for the continuity of operations of the Iraqi oil infrastructure. KBR was selected for this award based on the fact that KBR is the only contractor that could commence implementing the complex contingency plan on extremely short notice. This contract will be used for an interim period, until the US Army Corps of Engineers procures additional contracts to provide a broad range of services required to support full execution of the contingency plan. KBR is leveraging the expertise of personnel from Halliburton's Energy Services Group for oil well services and engineering planning efforts. Halliburton is proud to offer the company's global resources and capabilities at this critical time. The DoD, through its US Army Logistics Civil Augmentation Program (LOGCAP) III contract with KBR, tapped the company in November 2002 to develop the contingency plan. Implementation of the plan is being executed through a separate contract KBR now holds with the US Army Corps of Engineers. KBR has subcontracted the firefighting portion of the work to Houston-based companies Boots & Coots International Well Control, Inc. and Wild Well Control, Inc. In 1991, Halliburton crews brought 320 wells in Kuwait under control in less time than was expected following the Gulf War. More than 190,000 work hours were incurred on this project without a lost-time accident. Originally scheduled as an 18-month project, Halliburton's crew extinguished 90 percent of the blowouts within one year of the beginning of operations. Additionally, Brown & Root Services (now KBR) was initially responsible for damage assessment and expeditious repairs to war-damaged public and private buildings in three sectors of Kuwait City following the end of the Gulf War. Two additional contracts also were awarded for emergency electrical and building restoration to government buildings in Kuwait City following the Gulf War. With more than 60 years of government experience, KBR has a proven track record on military contracts, such as the production of Navy war ships for World War II, the construction of the Phan Rang Air Base in Vietnam in 1965, and the designation as the premier logistics services provider for US troops stationed in the Balkans. KBR provides global engineering, procurement, construction, logistics, operation and maintenance, program management and other technical services. Whether designing a chemical plant; serving as a defense industry contractor; or providing small capital construction, KBR delivers world class service and performance. Founded in 1919, Halliburton is one of the world's largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction business segments. The company's World Wide Web can be accessed at www.halliburton.com. Editor's Note: Please use the following link to access the company's Frequently Asked Questions on this topic: http://www.halliburton.com/news/faq.jsp