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Markets Continue Rise After Oil Down Again Stone Energy Says SEC Probing Revision Port of New Orleans at About 40% Capacity Omni Energy Reports $100,000 in Revenue

Posted on: Thursday, 22 December 2005, 21:00 CST

Markets continue rise after oil down again

NEW YORK A continued slide in oil prices gave Wall Street a moderate advance Friday, with earnings from Dell Inc. and a labor deal at General Motors Corp. feeding the gains.

The major indexes ended the week more than 1 percent higher, their third straight winning week.

Crude oil has dropped to its lowest levels since summer $57.53 following recent reports of expanding supplies and weaker demand.

Stone Energy says SEC probing revision

Lafayette-based Stone Energy Corp. said the Securities and Exchange Commission is conducting an informal inquiry into the companys revision of proved oil and gas reserves.

The oil and gas company said in a news release that it plans to cooperate fully with the SEC.

The SEC inquiry announcement comes just days after Stone Energy announced it would restate results from 2001 through the second quarter of 2005 because of possible lapses in reserves bookings. The company said it expected to file amended reports by Monday.

Port of New Orleans at about 40% capacity

NEW ORLEANS The Port of New Orleans, which is trying to recover from Hurricane Katrina, has returned to about 40 percent of its normal operating capacity, port officials say.

The port is in stiff competition with other cities and the Federal Emergency Management Agency for truck drivers. Before Katrina, about 1,000 truck drivers hauled 1,500 truck loads on a busy day at the port. That has fallen to about 150 drivers handling 450 loads per day, the port said. The port said it would offer free housing aboard military ships to drivers who work its cargoes.

Compiled from staff, Associated Press reports.

Omni Energy reports $100,000 in revenue

Carencro-based Omni Energy Services Corp. reported net income of $100,000, or zero cents per share, during the third quarter, after deferring $3 million in seismic drilling revenues because of hurricanes Rita and Katrina.

Omni said its results were better than expected given the devastation caused by the hurricanes. During the third quarter of 2004, Omni lost $1.5 million, or 13 cents per share, on revenues of $11.3 million.

Source: Advocate; Baton Rouge, La.

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