T. Boone Pickens Expects Congress to Pass the Natural Gas Act
Hybrid Energy Holdings reports that it has stepped up its Natural Gas acquisition efforts in anticipation of increased consumer demand and further appreciation of its current energy portfolio. Hybrid Energy has experienced a 25% increase in its portfolio valuation since acquisition. The Company anticipates further appreciation of its portfolio in the coming months as industry demand and inflationary pressures increase the price of natural gas.
T. Boone Pickens told the Houston Chronicle last week that he expects Congress to pass the Natural Gas Act by Memorial Day. The act would greatly increase the use of natural gas as a fuel for heavy-duty fleets, which would be a boon to Natural Gas.
Consuming the equivalent of 21 barrels of crude oil per day, the oil used to fuel heavy-duty fleets represents a large percentage of America's petroleum use. As reported in the March 8, 2010 Wall Street Journal, Pickens told the WSJ's Jeffrey Ball that "The fuel is cheaper; it's cleaner; it's abundant; and it's ours."
The Act calls for a $65,000 per truck tax credit for conversions to Natural Gas. There are presently over 8 million "18 wheelers" that would benefit from the tax credit, greatly increasing the demand for Natural Gas.
The Company recently announced the closing of its acquisition of 9 energy properties that consistently deliver profitably with strong recurring current and historical cash-flows. The company's portfolio contains 35 Billion Cubic Feet of reserves and produces from an estimated $30,000,000 in active reserves. The company has an additional estimated $145,000,000 in available reserves.
About Hybrid Energy Holdings
Hybrid Energy Holdings (HEH) acquires and operates profitable energy companies with strong historical cash-flow and sustainable profitability. HEH may acquire promising nascent energy technology or technology rights as portfolio enhancing assets. HEH's acquisitions are focused primarily on traditional and proven fuel production and the latest in energy conservation and power co-generation technologies. HEH's fuel production acquisitions provide expertise in the recovery of oil and gas reserves in both mature and marginal fields. The company's operational teams deliver production improvements and developmental and low risk exploration as part of its acquisition strategy for its fuel producing subsidiaries. HEH's primary business strategy is the acquisition of diverse, profitable energy related assets that provide synergistic profits and revenue enhancements across all portfolio companies.
HEH believes its combination of acquisition profitability and mitigated-risk funding structures provides ongoing portfolio viability and long-term shareholder equity appreciation.
The company maintains its web site at: www.HybridEnergyHoldings.com