NASA's twin Van Allen space probes detected a previously unknown temporary ring of high energy particles around our planet.?
By Charles Q. Choi,?SPACE.com / February 28, 2013
Two giant swaths of radiation, known as the Van Allen Belts, surrounding Earth were discovered in 1958. In 2012, observations from the Van Allen Probes showed that a third belt can sometimes appear. The radiation is shown here in yellow, with green representing the spaces between the belts.
NASA/Van Allen Probes/Goddard Space Flight Center
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A ring of radiation previously unknown to science fleetingly surrounded Earth last year before being virtually annihilated by a powerful interplanetary shock wave, scientists say.
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NASA's twin Van Allen space probes, which are studying the?Earth's radiation belts, made the cosmic find. The surprising discovery ? a new, albeit temporary, radiation belt around Earth ? reveals how much remains unknown about outer space, even those regions closest to the planet, researchers added.
After humanity began exploring space, the first major find made there were the?Van Allen radiation belts, zones of magnetically trapped, highly energetic charged particles first discovered in 1958.
"They were something we thought we mostly understood by now, the first discovery of the Space Age," said lead study author Daniel Baker, a space scientist at the University of Colorado.
These belts were believed to consist of two rings: an inner zone made up of both high-energy electrons and very energetic positive ions that remains stable in intensity over the course of years to decades; and an outer zone comprised mostly of high-energy electrons whose intensity swings over the course of hours to days depending primarily on the influence from the solar wind, the flood of radiation streaming from the sun. [How NASA's Twin Radiation Probes Work (Infographic)]
The discovery of a temporary new radiation belt now has scientists reviewing the Van Allen radiation belt models to understand how it occurred.
Radiation rings around Earth
The giant amounts of radiation the Van Allen belts generate can pose serious risks for satellites. To learn more about them, NASA launched twin spacecraft, the Van Allen probes, in the summer of 2012.
The satellites were armed with a host of sensors to thoroughly analyze the plasma, energetic particles, magnetic fields and plasma waves in these belts with unprecedented sensitivity and resolution.
Unexpectedly, the probes revealed a new radiation belt surrounding Earth, a third one made of super-high-energy electrons embedded in the outer Van Allen belt about 11,900 to 13,900 miles (19,100 to 22,300 kilometers) above the planet's surface. This stable ring of?space radiation?apparently formed on Sept. 2? and lasted for more than four weeks.
"The feature was so surprising, I initially foolishly thought the instruments on the probes weren't working properly, but I soon realized the lab had built such wonderful instruments that there wasn't anything wrong with them, so what we saw must be true," Baker said.
This newfound radiation belt then abruptly and almost completely disappeared on Oct. 1. It was apparently disrupted by an interplanetary shock wave caused by a spike in solar wind speeds.
"More than five decades after the original discovery of these radiation belts, you can still find new unexpected things there," Baker said. "It's a delight to be able to find new things in an old domain. We now need to re-evaluate them thoroughly both theoretically and observationally."
A radiation mystery
It remains uncertain how this temporary radiation belt arose. Van Allen mission scientists suspect it was likely created by the?solar wind?tearing away the outer Van Allen belt.
"It looks like its existence may have been bookended by solar disturbances," Baker said.
Future study of the Van Allen belts can reveal if such temporary rings of radiation are common or rare.
"Do these occur frequently, or did we get lucky and see a very rare circumstance that happens only once in a while?" Baker said. "And what other unusual revelations might come now that we are really looking at these radiation belts with new, modern tools?"
The scientists detailed their findings online Feb. 28 in the journal Science.
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Contact: Emma Thorne emma.thorne@nottingham.ac.uk 44-011-595-15793 University of Nottingham
Research at The University of Nottingham that could help the UK manufacturing industry to remain competitive by evolving to meet future challenges is in line for a multi-million pound funding boost.
The work being led by Professor Svetan Ratchev, Director of the University's Institute for Advanced Manufacturing, has received two five-year research grants from the Engineering and Physical Sciences Research Council (EPSRC) totalling 4.6 million.
The funding will support work being done to design the next generation of 'smart' manufacturing systems that will be able to continuously evolve to respond quickly to changes in product requirements, technology provision and market opportunities and will embrace the latest ICT developments in complex systems, data analytics and cloud computing to drive innovation.
The first project Evolvable Assembly Systems Towards Open, Adaptable and Context-Aware Equipment and Systems, which has attracted an EPSRC grant of 2.2 million, will bring together unique research skills from across the University in collaboration with industrial heavyweights including Airbus, Astra Zeneca, BAE Systems and Siemens.
Assembly of final products in sectors such as automotive, aerospace, pharmaceutical and medical industries is a key production process in the UK. To respond to the current challenges, a radically-new approach towards the development of future assembly systems is needed to create systems that can respond to changes in demand with extremely short set-up times. The systems would have the ability to self-repair, self-adapt and reconfigure to incorporate low-cost maintenance and the ability to upgrade with emerging new technologies.
Professor Ratchev said: "The research programme will deliver a new paradigm shift in adaptable and cost-effective manufacture that breaks with traditional approaches and is predicated on an innovative intertwining of Product-Process-Systems Evolution, Data Analytics, Knowledge Modelling, Emergence Engineering and Open Manufacturing.
"These pillars for a new extremely flexible and evolvable manufacturing infrastructure are expected to shed new insights on the self-configuration, self-organisation, self-adaptation and evolution of future production platforms. Together they will presage a game-changing strategy for industry's ability to respond to and solve current and future societal grand challenges linked to retaining and expanding manufacturing operations in the UK."
The wider public will benefit from the research through the increased ability of organisations to respond to customer needs and to reduce product cost through the increased flexibility of manufacturing systems, as well as more rapid product development.
Manufacturing competitiveness increasingly depends on maximising the use of all available information and knowledge for the total product lifecycle from design, production and use through to maintenance and recycling.
The second project Cloud Manufacturing Towards a Resilient and Scalable High Value Manufacturing has received 2.4 million from the EPSRC and will focus on the concepts of 'cloud manufacturing', where a shared pool of data from design and manufacturing resources can be shared and readily accessed by users to improve manufacturing processes. The research will be actively supported by world leading international companies including IBM, Airbus, ARM, HP, PA Consulting and DLA Piper LLP.
The multi-disciplinary research team from the University will use complex systems, cloud computing and crowdsourcing methods in a radical departure from existing manufacturing ICT. The advantages are that manufacturers can optimise processes, respond quickly to change and gain valuable data and knowledge from crowds. Crowds who could participate include manufacturing partners, designers, logistics partners and consumers.
The challenges will include understanding the resource base, how to incorporate customer and user intelligence and processing information securely on a service-oriented platform.
The research will lead to increased participation of UK small and medium-sized companies in global manufacturing networks, will allow longer-term strategic capital and infrastructure investment and will dramatically increase the use of available manufacturing resources and skills.
The new projects will contribute to the diverse research portfolio of the Institute for Advanced Manufacturing and further strengthen its position as a multidisciplinary international centre of excellence in manufacturing research.
The funding comes as part of a 45 million package of investments in manufacturing research announced today by David Willetts, Minister for Universities and Science.
Speaking ahead of the BIS Manufacturing Summit on Thursday, Mr Willetts said: "The UK has a proud history of manufacturing but to build on this success industry needs access to the very latest science and technology. This 45 million package of investment will see our world-class research base investigating innovative new manufacturing equipment and techniques. This will support our industrial strategy in a range of important sectors, driving growth and keeping the UK ahead in the global race."
EPSRC's Chief Executive Professor David Delpy said: "Our high labour costs combined with global competition mean that the future of UK manufacturing lies in being as smart as possible. The country has the scientific and engineering knowhow to not only develop new, valuable products, but the means to produce them more precisely, efficiently and to order. These research projects will help the country gear up for a future that can redefine manufacturing worldwide."
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Contact: Emma Thorne emma.thorne@nottingham.ac.uk 44-011-595-15793 University of Nottingham
Research at The University of Nottingham that could help the UK manufacturing industry to remain competitive by evolving to meet future challenges is in line for a multi-million pound funding boost.
The work being led by Professor Svetan Ratchev, Director of the University's Institute for Advanced Manufacturing, has received two five-year research grants from the Engineering and Physical Sciences Research Council (EPSRC) totalling 4.6 million.
The funding will support work being done to design the next generation of 'smart' manufacturing systems that will be able to continuously evolve to respond quickly to changes in product requirements, technology provision and market opportunities and will embrace the latest ICT developments in complex systems, data analytics and cloud computing to drive innovation.
The first project Evolvable Assembly Systems Towards Open, Adaptable and Context-Aware Equipment and Systems, which has attracted an EPSRC grant of 2.2 million, will bring together unique research skills from across the University in collaboration with industrial heavyweights including Airbus, Astra Zeneca, BAE Systems and Siemens.
Assembly of final products in sectors such as automotive, aerospace, pharmaceutical and medical industries is a key production process in the UK. To respond to the current challenges, a radically-new approach towards the development of future assembly systems is needed to create systems that can respond to changes in demand with extremely short set-up times. The systems would have the ability to self-repair, self-adapt and reconfigure to incorporate low-cost maintenance and the ability to upgrade with emerging new technologies.
Professor Ratchev said: "The research programme will deliver a new paradigm shift in adaptable and cost-effective manufacture that breaks with traditional approaches and is predicated on an innovative intertwining of Product-Process-Systems Evolution, Data Analytics, Knowledge Modelling, Emergence Engineering and Open Manufacturing.
"These pillars for a new extremely flexible and evolvable manufacturing infrastructure are expected to shed new insights on the self-configuration, self-organisation, self-adaptation and evolution of future production platforms. Together they will presage a game-changing strategy for industry's ability to respond to and solve current and future societal grand challenges linked to retaining and expanding manufacturing operations in the UK."
The wider public will benefit from the research through the increased ability of organisations to respond to customer needs and to reduce product cost through the increased flexibility of manufacturing systems, as well as more rapid product development.
Manufacturing competitiveness increasingly depends on maximising the use of all available information and knowledge for the total product lifecycle from design, production and use through to maintenance and recycling.
The second project Cloud Manufacturing Towards a Resilient and Scalable High Value Manufacturing has received 2.4 million from the EPSRC and will focus on the concepts of 'cloud manufacturing', where a shared pool of data from design and manufacturing resources can be shared and readily accessed by users to improve manufacturing processes. The research will be actively supported by world leading international companies including IBM, Airbus, ARM, HP, PA Consulting and DLA Piper LLP.
The multi-disciplinary research team from the University will use complex systems, cloud computing and crowdsourcing methods in a radical departure from existing manufacturing ICT. The advantages are that manufacturers can optimise processes, respond quickly to change and gain valuable data and knowledge from crowds. Crowds who could participate include manufacturing partners, designers, logistics partners and consumers.
The challenges will include understanding the resource base, how to incorporate customer and user intelligence and processing information securely on a service-oriented platform.
The research will lead to increased participation of UK small and medium-sized companies in global manufacturing networks, will allow longer-term strategic capital and infrastructure investment and will dramatically increase the use of available manufacturing resources and skills.
The new projects will contribute to the diverse research portfolio of the Institute for Advanced Manufacturing and further strengthen its position as a multidisciplinary international centre of excellence in manufacturing research.
The funding comes as part of a 45 million package of investments in manufacturing research announced today by David Willetts, Minister for Universities and Science.
Speaking ahead of the BIS Manufacturing Summit on Thursday, Mr Willetts said: "The UK has a proud history of manufacturing but to build on this success industry needs access to the very latest science and technology. This 45 million package of investment will see our world-class research base investigating innovative new manufacturing equipment and techniques. This will support our industrial strategy in a range of important sectors, driving growth and keeping the UK ahead in the global race."
EPSRC's Chief Executive Professor David Delpy said: "Our high labour costs combined with global competition mean that the future of UK manufacturing lies in being as smart as possible. The country has the scientific and engineering knowhow to not only develop new, valuable products, but the means to produce them more precisely, efficiently and to order. These research projects will help the country gear up for a future that can redefine manufacturing worldwide."
###
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Apple?s annual shareholder?s meeting was held this morning at the company?s Cupertino headquarters. These meeting are to allow shareholders to ask questions of Apple?s leadership, as well as hold elections for the board of directors. According to CNBC, the entire board was reelected, Apple?s accounting firm was approved, and a proposal to establish a Human Rights board committee was defeated. Additionally, Bloomberg reports that Tim Cook received 99.1% investor approval as CEO.
Following the formal company business, the meeting was opened up to a Q&A. Questioned about Apple?s new headquarters, Cook said that Apple was planning on moving into that building at some point in 2016. This is due to a delays caused by some redesigns of some aspects of the new campus, as reported in November.
Cook also took questions about the competition, the stock price, and future products. Cook said that while market share is important, the actions that Apple could take to gain market share quickly would ultimately be bad for Apple. Reuters says that Cook is aware that shareholders are disappointed by the current stock price, and that focus should be on the long term, and revenue and profits following. On new products, Cook said that Apple is exploring ?new categories,? but did not elaborate on what those might be.
Two people are injured and a suspect is in custody following a shooting in the parking lot of a Mormon temple in Columbus, Ohio, Tuesday afternoon, NBC affiliate WCMH reported.
The shooting took place in the parking lot of the Columbus Ohio Temple of The Church of Jesus Christ of Latter-day Saints at about 4:45 p.m.
Columbus police told WCMH they have a male suspect in custody.
He and one of the victims were transported to Riverside Methodist Hospital in critical but stable condition, according to WCMH.
A second victim was taken to Mount Carmel Hospital West also in critical but stable condition.
LOS ANGELES (AP) ? The Associated Press has learned that federal immigration authorities have released a number of detainees around the country to save money.
Gillian Christensen, spokeswoman for U.S. Immigration and Customs Enforcement in Washington D.C., said Monday that field offices have been directed to review their numbers of detained immigrants to ensure the jail populations stay within budgeted resources.
Christensen says an unspecified number of immigrants have been released and placed on more cost effective forms of supervision.
She says she did not have further details about those forms of supervision or how many people have been released.
Christensen says the agency will continue to pursue the cases in court and deport people when necessary.
Immigration activists say the agency most likely released detainees in California, Texas, Florida, and New Jersey.
Former 'X Factor' contestant tells Mixtape Daily his Deadbeats & Lazy Lyrics is a shoutout of sorts to his father who 'was never around.' By Rob Markman
SAN ANTONIO ? Bad actors in air pollution may contribute to asthma and allergy by subverting protective cells in the body that tone down immune reactions, researchers report. The pollution components also seem to rev up overactive immune warriors ? already linked to allergies ? that need no such prompting.
The airborne culprits are polycyclic aromatic hydrocarbons, or PAHs, the products of incomplete burning of fuel in diesel engines, furnaces, wood fires, wildfires and even barbeque grills. Air pollution has been tied to asthma and allergy in past research, but the link between PAHs and these immune problems is still unclear.
In the new report, researchers show that children exposed to high levels of PAHs had poorly functioning T-regulatory cells, or T-regs, which normally ratchet down immune-caused inflammation as needed. ?T-regs are peacekeeper cells,? says Kari Nadeau, a physician and biochemist at Stanford University, who presented the findings February 23 at a meeting of the American Academy of Allergy, Asthma and Immunology. ?But in asthma, T-regs are impaired.?
The team also found that kids exposed to a lot of PAHs made excess amounts of an antibody called immunoglobulin E, or IgE. The IgE antibody normally helps the body fight parasites. But in developed countries, where parasitic infections are largely a thing of the past, IgE has become better known for its role in allergy. The body often cranks out IgE as part of a misguided immune reaction against noninfectious substances in the environment. IgE also shows up in asthma, which can be triggered by allergy.
To study the effect of air pollution on these immune players, Nadeau and her colleagues obtained blood tests, lung function readings and health information from 153 children, median age 14, in Fresno, Calif. The researchers used airborne PAH sampling to estimate exposure to PAHs, and chose Fresno because of its relatively high air pollution levels. Children with high exposure to PAHs, based on air sampling in and around their homes, made high amounts of IgE and had lower T-reg function than children exposed to low levels. High PAH exposure during the most recent three months was linked to 51 percent higher risk of being diagnosed with asthma.
?I think this is a very interesting and thought-provoking study,? says Todd Rambasek, an allergist at Ohio University in Athens. He notes that other studies had linked air pollution with asthma and allergy but failed to discern between PAH and ozone or particulate matter that could contribute to the conditions.
Nadeau also reported that consistent PAH exposure coincided with changes in a gene called Foxp3. As reported in Nature in 2010, Foxp3 seems to be a master regulator of T-reg populations in the body. Unfortunately, Nadeau says, the changes observed in the Foxp3 gene seem irreversible and widespread.
The asthma rate is 22 percent among children in Fresno, Nadeau says, compared with 12 percent in the United States as a whole. Up to 70 percent of people in Fresno have an allergy, she notes, more than double the average lifetime risk of having an allergy in California. The new study adds PAHs to a known pollution problem in the area: in 2012, Fresno County had the second-highest number of days with unhealthy air particulate matter among California counties.
Citations
E. Noth et al. A spatial-temporal regression model to predict daily outdoor residential PAH concentrations in an epidemiological study in Fresno, CA. Atmospheric Environment. Vol. 45, May 2011, p. 2394. doi:10.1016/j.atmosenv.2011.02.014. [Go to]
A. Walker et al. Exposure to polycyclic aromatic hydrocarbons is associated with higher levels of total IgE, decreased function of T regulatory cells and an increase of asthma occurrence in children. Abstract #197. American Academy of Allergy, Asthma and Immunology meeting. San Antonio, Texas, February 22-26, 2013.
Y. Zheng et al. Role of conserved non-coding DNA elements in the Foxp3 gene in regulatory T cell fate. Nature. Vol. 463, February 11, 2010, p. 808. doi:10.1038/nature08750. [Go to]
LONDON (Reuters) - The yen hit a 33-month low against the dollar on reports that a strong supporter of aggressive monetary easing is likely to head the Bank of Japan, while Italian assets gained as markets await the outcome of national elections.
Britain's pound also slumped against the dollar, hitting a 2-1/2 year low, following Moody's downgrade of the country's prized triple-A rating late on Friday.
Voting closes in Italy at 1400 GMT, with exit polls due soon after. An inconclusive result would trigger a sell-off in Italian bonds and stocks and renew concerns about the euro.
"If we don't have an indication of a clear winner, there will be pressure on Italian bond yields," said Ishaq Siddiqi, market strategist with trading house ETX Capital.
European shares extended their slow recovery from multi-month lows in early trade as investors kept a close eye on Italy, with the FTSEurofirst 300 <.fteu3> up 0.2 percent at 1,167.55 points.
Reports that the Japanese government was likely to nominate Asian Development Bank President Haruhiko Kuroda as the next central bank governor, along with an academic who has criticized the central bank as deputy governor, sent the yen down to 94.77 to the dollar, lows not seen since May 2010.
Tokyo shares rose 2.4 percent to a 53-month high <.n225> on the news, but gains in other Asian markets were limited by data showing growth in China's giant manufacturing sector in February pulled back from two-year highs.
Sterling fell to a 2-1/2 year trough against the dollar at $1.5073 and a 16-month low against the euro of 87.75 pence after the Moody's downgrade, although the UK's main share index <.ftse> rose.
British government June bond futures touched a low of 115.50, some 56 ticks down from Friday's close as the market reacted to the ratings loss.
(Additional reporting by Clement Tan in Hong Kong; Editing by Will Waterman)
NEW ORLEANS (AP) ? BP put profits ahead of safety and bears most of the blame for the disastrous 2010 spill in the Gulf of Mexico, a U.S. Justice Department attorney charged Monday at the opening of a trial that could result in the oil company and its partners being forced to pay tens of billions of dollars more in damages.
The London-based oil giant acknowledged it made "errors in judgment" before the deadly blowout, but it also cast blame on the owner of the drilling rig and the contractor involved in cementing the well. It denied it was grossly negligent, as the government contended.
The high-stakes civil case went to trial after attempts to reach an 11th-hour settlement failed.
Eleven workers were killed when the Deepwater Horizon rig leased by the BP exploded on April 20, 2010. An estimated 172 millions of gallons of crude gushed into the Gulf over the three months that followed in the worst offshore oil spill in U.S. history.
Justice Department attorney Mike Underhill said the catastrophe resulted from BP's "culture of corporate recklessness."
"The evidence will show that BP put profits before people, profits before safety and profits before the environment," Underhill said in opening statements. He added: "Despite BP's attempts to shift the blame to other parties, by far the primary fault for this disaster belongs to BP."
BP attorney Mike Brock acknowledged that the oil company made mistakes. But he accused rig owner Transocean Ltd. of failing to properly maintain the rig's blowout preventer, which had a dead battery, and he claimed cement contractor Halliburton used a "bad slurry" that failed to prevent oil and gas from traveling up the well.
BP has already pleaded guilty to manslaughter and other criminal charges and has racked up more than $24 billion in spill-related expenses, including cleanup costs, compensation for businesses and individuals, and $4 billion in criminal penalties.
But the federal government, Gulf Coast states and individuals and businesses hope to convince a federal judge that the company and its partners in the ill-fated drilling project are liable for much more in civil damages under the Clean Water Act and other environmental regulations.
One of the biggest questions facing U.S. District Judge Carl Barbier, who is hearing the case without a jury, is whether BP acted with gross negligence.
Under the Clean Water Act, a polluter can be forced to pay a minimum of $1,100 per barrel of spilled oil; the fines nearly quadruple to about $4,300 a barrel for companies found grossly negligent, meaning BP could be on the hook for nearly $18 billion.
The judge plans to hold the trial in at least two phases. The first phase, which could last three months, is designed to determine what caused the blowout and assign percentages of blame to the companies involved. The second phase will determine how much crude spilled into the Gulf.
During opening arguments, BP and its partners pointed the finger at each other in a tangle of accusations and counter-accusations. But BP got the worst of it, from its partners and the plaintiffs in the case.
Jim Roy, who represents individuals and businesses hurt by the spill, said BP executives applied "huge financial pressure" to "cut costs and rush the job." The project was more than $50 million over budget and behind schedule at the time of the blowout, Roy said.
"BP repeatedly chose speed over safety," Roy said, quoting from a report by an expert who may testify.
Roy said the spill also resulted from Transocean's "woeful" safety culture and failure to properly train its crew. And Roy said Halliburton provided BP with a product that was "poorly designed, not properly tested and was unstable."
Brad Brian, a lawyer for Transocean, said the company had an experienced, well-trained crew on the rig. He said the Transocean workers' worst mistake may have been placing too much trust in the BP supervisors on the rig.
"And they paid for that trust with their lives," Brian said. "They died not because they weren't trained properly. They died because critical information was withheld from them."
A lawyer for Halliburton defended the company's work and tried to pin the blame on BP and Transocean.
"If BP had shut in the well, we would not be here today," Halliburton's Donald Godwin said.
Underhill, the Justice Department attorney, heaped blame on BP for cost-cutting decisions made in the months and weeks leading up the disaster. He said two BP rig supervisors, Robert Kaluza and Donald Vidrine, disregarded abnormally high pressure readings that should have been glaring indications of trouble.
Kaluza and Vidrine have been indicted on federal manslaughter charges.
Brock, the BP lawyer, said Transocean employees on the rig also played roles in misinterpreting the "negative pressure test."
"It was a mistake made by several men from two different companies," Brock said. "They were trying to get it right. They were trying to do the right thing."
Hundreds of attorneys have worked on the case, generating roughly 90 million pages of documents, logging nearly 9,000 docket entries and taking more than 300 depositions from witnesses who could testify at trial.
"In terms of sheer dollar amounts and public attention, this is one of the most complex and massive disputes ever faced by the courts," said Fordham University law professor Howard Erichson, an expert in complex litigation.
The spill fouled marshes, killed wildlife and closed fishing grounds. Scientists warn that the disaster's full effect may not be known for years. But they have reported dying coral reefs and fish afflicted with lesions and illnesses that might be oil-related.
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FORT COLLINS, Colorado ? The 22nd-ranked Colorado State Rams had the 16th-ranked New Mexico Lobos and their hot-shooting guard Kendall Williams right where they wanted them.
Six minutes to go. Up six. Arena rocking.
Williams on the bench with four fouls ? and 28 points.
They were about to lock up their 28th straight home win and vault into a first-place tie with the Lobos atop the Mountain West Conference standings.
After a timeout, however, Williams returned to the Lobos' lineup and, incredibly, scored 18 more points in a 27-12 run that sent the Rams trudging off the court with their first home loss since Nov. 11, 2012.
Williams' 46 points included a league record 10 3-pointers and New Mexico's 91-82 win Saturday gave them a sweep of the season series.
The Lobos (23-4, 10-2) took a two-game lead over the second-place Rams (21-5, 8-4).
"After this one, you've got to start to taste it," Williams said. "If we handle business this week then we can really feel confident in our abilities to get this ring."
The Rams surrendered 45 points to Air Force's Michael Lyons a week earlier and their second straight loss will almost certainly send them tumbling from the rankings that they reached this month for the first time since 1954.
The Rams' 27-game winning streak was the nation's third-longest. Syracuse had the longest at 38 games, but it was snapped by Georgetown on Saturday, leaving South Dakota State's 30-game home winning streak as the best in the nation.
Nobody had ever scored this many points at Moby Arena, which opened in 1966.
"Luckily, some shots went in," said Williams, a junior guard from Rancho Cucamonga, California, who had never scored more than 24 and who bested the arena record of 44 set by Portland State's Freeman Williams on Nov. 29, 1975.
"He should be hands-down player of the week, I would think," Lobos coach Steve Alford deadpanned.
Williams helped the Lobos overcome that 70-64 deficit at the 6-minute mark by hitting a trio of 3-pointers, a dunk and seven free throws down the stretch.
Williams' offensive display overshadowed a brilliant big man competition between Lobos center Alex Kirk (19 points, 10 rebounds) and Colorado State's Colton Iverson (26 points, 15 boards).
The Rams blamed themselves for Williams' big game.
"We had no answer for him," Rams coach Larry Eustachy said. "... He was completely unstoppable. I want to see film on how many of those shots were contested."
His bet is that not many were.
The Rams, who gave up 45 points to Air Force's Michael Lyons a week earlier, left Williams open early on while locking down Tony Snell, who scored 10 points Saturday after getting 23 in their first meeting last month.
"He hadn't been shooting well this year," Dorian Green said. "We gave him some uncontested looks, let him get hot. Guys are too good in our league to do that."
"We gave him open looks early," Wes Eikmeier added. "He got hot and then he was feeling it the rest of the night."
Williams' previous career best was 24 points against Indiana State and New Mexico State earlier this season.
Green (20) and Eikmeier (22) gave the Rams three 20-point scorers in their losing effort. Eikmeier scored 11 straight to put the Rams ahead 55-50.
The Lobos quieted the crowd with a 12-6 run to regain the lead at 62-61, but Williams, less than a minute after returning to the lineup, was whistled for his fourth foul and took a seat at the nine-minute mark.
Williams' 10th 3-pointer ? in 13 tries ? broke the conference mark of nine set by several players, most recently UNLV's Chace Stanback against Central Arkansas on Dec. 28, 2011.
It also put New Mexico ahead 78-72. He would add a dunk and then seven free throws as the Rams sent the Lobos to the line over the final two minutes in a desperate attempt to catch up.
"I would say he was more determined," Eustachy said of Williams. "Their team was far more determined than us, starting from myself on down.
The Rams were coming off a two-point loss at UNLV on Wednesday night that snapped their six-game winning streak, which began after a 66-61 loss to the Lobos in Albuquerque last month.
"I believe in these guys," Eustachy said. "I can't get a crystal ball and tell you how they're going to respond, but I believe in them as much as I did going into this week. I believe they'll respond. Face it, this team was picked fifth in a lot of magazines. They caught two really difficult opponents.
"When you play these types of teams, you're going to have to play near perfect. I'm not a coach sitting here dumbfounded and not knowing what the answer it. I know exactly what the answer is. The team needs to listen and execute better."
And if they face the Lobos again in the MWC tournament next month, they'll know better than to leave Williams open.
Follow Arnie Melendrez Stapleton on Twitter: http://twitter.com/arniestapleton
HP has formally announced their entry into the Android tablet space with this, the HP Slate 7. The 7-inch Slate 7 isn't intended to be a high end, bleeding edge tablet, but it is only $169. So, spec wise, what do we get for that low, low price.
In my last article, I analyzed PDC Energy (PDCE), a natural gas weighted company whose stock has run too much lately. PDC's core area is the Wattenberg field where Bonanza Creek Energy (BCEI) also operates. In my opinion, Bonanza is another grossly overvalued company of the Wattenberg field but please do not get me wrong because I have nothing against this field. I just believe that some Wattenberg players are great short candidates due to their current valuations.
In general, my followers know that I do not recommend overvalued or hyped stocks. All my picks are undervalued stocks where the numbers speak volumes. If my picks are not favored by the market temporarily, the buying opportunity becomes even more appealing for me. This may remind you of Warren Buffet who says : "The best thing that happens to us is when a great company gets into temporary trouble. We want to buy them when they're on the operating table."
Based on these criteria, I recommended Rock Energy (RENFF.PK) at $1 and Surge Energy (ZPTAF.PK) below $4. Especially Surge is a grossly undervalued oil-weighted producer of 11,500 boepd (73% oil and liquids) with operations in North Dakota and Canada.
I also recommended Bri-Chem (BRYFF.PK) at $1.94, a manufacturer of drilling fluids and steel pipes for the oil and gas industry but I shorted Halcon (HK) at $8 as shown in my article few days ago.
The more choices an investor has, the more successful he can be. This is why, I also thought to capture at the bottom of my article some other oil-weighted companies of North America whose key metrics are much lower than Bonanza's. The numbers always speak volumes.
The Properties
Bonanza Creek Energy sold 10 million shares of common stock at $17 per share in late 2011, raising gross proceeds of $170 million in the offering. The deal was priced below the expected range of $20 to $22 per share. The company also reduced the number of shares being offered from the original level of 14.3 million shares.
After selling the Californian assets, the company is focused on the Wattenberg Field, the North Park Basin and the Cotton Valley sands of Southern Arkansas. In August 2012, Bonanza won the leases and expanded its position in Colorado by 5,638 acres of oil and gas rights in Weld County. It is de-risking the horizontal Niobrara "B" Bench currently and it plans to expand its drilling inventory into the Niobrara "C" Bench and Codell formation of the Wattenberg field.
The typical Niobrara horizontal well is drilled on 80 acre spacing and cost approximately $4 million to drill and complete. These wells have an estimated ultimate recovery (EUR) of 312,000 BOE and have approximately 65% oil.
In the Wattenberg field, the company has provided IP-30 average production rates on 31 wells and IP-60 average production rates on 25 wells, which have averaged 503 boepd (76% oil) and 394 boepd (74% oil) respectively. During Q2 2012, Bonanza Creek also drilled and completed the North Platte J-F-24HZ, its first horizontal Codell well. The well delivered an IP-30 average rate of 370 boepd (81% oil).
Anadarko Petroleum (APC) is also operating in the Wattenberg field and it estimates its Wattenberg HZ program contains net resources of 1.0 billion to 1.5 billion barrels of oil equivalent. Actually, the Wattenberg field is one of the core fields for Anadarko who holds 350,000 net acres there and its wells hit rates of return (ROR) exceeding 100%.
PDC's Wattenberg wells have average IRR=65%-70%, average peak 24-hour IP=517 boepd and average IP-30=403 boepd. Thus, Bonanza's wells in the Wattenberg field show better results than PDCE's and it seems they can compete with Anadarko's.
The Key Metrics
The average production in Q3 2012 was 9,545 boepd (74% oil and liquids). Most of this production is coming from the Rocky Mountain region which contributed approximately 5,063 boepd (72% oil). The company has also proved reserves 43,7 MMboe (December 2011).
Bonanza has 40 million outstanding shares and its Enterprise Value (EV) is $1,5 billion. Thus, it trades at $156,000 per flowing barrel and $34.3/boe of proved reserves. Both these key metrics are obviously sky high. The proved reserves ratio will most likely go lower once the new independent report for 2012 reserves is out but I estimate it will not go lower than 25.
Unfortunately, the company does not provide its probable reserves. I am not talking for the possible or prospective reserves which are rather theoretical and there is no certainty that any portion of these reserves will be discovered. However, the probable reserves is a key metric for the evaluation of any E&P company, and I do not get why the company does not disclose this number.
The company also trades well above its book value (PBV=2.4) and the PE is higher than 30. The operating cash flow for 2012 is approximately $120 million. Thus, the D/CF ratio (annualized) is 1 currently and obviously this is not low enough to offset the current premium valuation. Actually, even if Bonanza was debt free, its current valuation would be very generous. I guess this staggering valuation is the reason why a major stockholder decided to exit recently.
Projections For 2013
The company guides for an average production ~15,000 boepd in 2013. It also plans to spend $394 million, allocated 80% to the Wattenberg Field and 20% to southern Arkansas.
In the Wattenberg Field, it expects to invest $282 million to drill 72 gross (64.5 net) operated horizontal wells. It will begin the year with two operated rigs and increase to four by Q2 2013.
In Arkansas, it plans to spend approximately $60 million to drill 36 gross (30.6 net) wells and recomplete 114 gross (98.2 net) wells. It will also spend $10 million for the company's gas processing plant which is expected to be online in Q1 2013, bringing total processing capacity to approximately 40 million cubic feet per day.
The remaining CapEx will be allocated to two net non-operated wells, seismic and other maintenance capital.
To me, it should allocate 95% of its CapEx in the Wattenberg field where the average IRR is higher than 50%, with 5% of its CapEx allocated in Cotton Valley where the average IRR is as low as 23%. In Arkansas, the company should spend money only to complete its gas processing plant in my opinion.
The potential buyers also need to know that if the company does not announce a dilutive offering soon, the CapEx for 2013 will be funded by the operating cash flow and new debt (bank or notes). The operating cash flow itself is not enough to fully cover the CapEx.
The Alternatives
Although the market is often irrational, it becomes rational sooner or later, adjusting the valuations accordingly. This is something that the investors should always bear in mind. The following oil-weighted companies have compelling valuations and significant upside potential, proving how grossly overvalued Bonanza is:
1) Bonanza's EV is $1,5 billion and Surge Energy's EV is as low as $440 million currently. The valuation gap is just huge although Surge has bigger production than Bonanza. Additionally, the two companies are equally oil and liquids weighted.
Surge produces 11,000 boepd (73% oil and liquids) currently, the debt is very controllable (D/CF=2) and it owns much more prospective oily land to sell than Bonanza, if necessary. It is also worth noting that one of Surge's core formations is Spearfish which is a highly economical formation with IRR exceeding 100%, low cost per well ($1.5 million/well) and a payout period less than one year. In short, Surge trades at $39,000 per flowing barrel and $15.7/boe of proved reserves.
2) For those who want to play the Niobrara formation without overpaying, Bill Barrett (BBG) offers an attractive valuation currently. In early 2013, I recommended Barrett in one of my articles.
Barrett trades well below its book value (PBV=0.7) and it is one of PDC's neighbors in the Rocky Mountain region targeting the Niobrara shale. The company has continued DJ Basin success with 82% growth in proved reserves and nearly four-fold increase in resource drilling locations. With a production at 36,700 boepd (30% oil and liquids) and EV=$1.9 billion, the company trades for $51,800/boepd (30% oil and liquids). Barrett has 173.3 MMboe (December 2012) proved reserves (29% oil) that results in $10.96/boe of proved reserves.
Barrett has also zero drawn on the $825 million borrowing base available from the company's credit facility and it has a D/CF (annualized) ratio at 3x which is concerning. However, the company is committed to maintaining total debt at the current levels. The debt consists of convertible and senior notes due in 2016 the earliest. Barrett has projected total capital expenditures of $475-$525 million for 2013 and it will ~95% focused on oil development properties. It will be financed through cash flow and further non-core asset sales.
3) The income investors can buy Penn West Petroleum (PWE) which is also oil-weighted and produces 161,000 boepd (65% oil and liquids) having exposure to 7 different plays in USA and Canada. Penn West has also 334 MMboe proved reserves (71% oil and liquids) as of December 2012 and the EV is $7.4 billion currently. This gives $46,000/boepd and $22.15/boe of oil-weighted proved reserves. Until the share price rises, Penn West's shareholders can collect a 10% dividend.
4) Northern Oil and Gas (NOG) is a pure Bakken company with a heavily oil-weighted production. Northern produces 10,800 boepd (95% oil and liquids), it has 57 MMboe (June 2012) proved reserves and the EV is $1,2 billion currently. This means that the company trades at $111,100 per flowing barrel and $21/boe of proved reserves.
Conclusion
It is said that: "The enemy of a cheap thing is the same thing cheaper". In other words, there are many oil-weighted companies out there, that offer a significant upside potential. A prudent investor reduces his winning odds substantially when he buys an overvalued one.
Disclosure: I am long ZPTAF.PK. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.(More...)
WASHINGTON (AP) ? The Obama administration is asking the Supreme Court to declare unconstitutional a section of federal law that only recognizes male-female marriages.
In a filing with the court, the administration says Section 3 of the Defense of Marriage Act denies legally married same-sex couples many federal benefits that are available only to legally married heterosexual couples. Federal tax and Social Security survivor's benefits are among them.
In its brief, the administration said the provision "violates the fundamental constitutional guarantee of equal protection."
The brief was filed as the justices prepare to hear arguments next month in a challenge to the 1996 law.
President Barack Obama last year said he personally supports gay marriage. He said in last month's inaugural address that the law should treat gay people like anyone else.
Hi, I?m Emily Bazelon, a senior editor at Slate and the author of a new book, Sticks and Stones: Defeating the Culture of Bullying and Rediscovering the Power of Character and Empathy. I also teach at Yale Law School, where one of my classes is designed around comparing the ethics of lawyers and journalists. Some might call that a race to the bottom, but I try to persuade my students otherwise. I write about the Supreme Court and, when I?m lucky, TV shows like Friday Night Lights and Breaking Bad. I?m also partial to dark topics with hope at the end of the tunnel, like restitution for child pornography victims, which I wrote about for the New York Times Magazine. I love Thursdays because I get to tape the Slate Political Gabfest with John Dickerson and David Plotz. (We?re doing a live show in New York on March 21.) Oh, and when I went on The Colbert Report to talk about my book, I made Stephen Colbert cry.
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Join me Thursday, Feb. 28, at 1 p.m. ET on?Reddit, where I?ll be happy to answer whatever questions you have about Slate, the Gabfest, my book, law school, and the thrill of being a guest on Colbert.
Van Jr. High School student Byron Jones found out in January that he had leukemia and had to leave school. Now he has to get regular costly chemotherapy, bone marrow and blood transfusions.
"I drive to Dallas every Thursday to get chemotherapy, and if I need blood or anything, I do that," he said.
Van Jr. High School has rallied behind Byron. The students started collecting donations, selling t-shirts and bracelets, and now they're having a silent auction, and they invite everyone to be a part!
?
If you are interested in bidding on an autographed Jonny Manziel football,? the? silent auction is occurring this week, Feb. 18-22.
The bidding will start at $2500.00 and the auction will end at 3:00pm, Friday, February 22, 2013.? You will need to email Paige Redmond your bid at redmondp@van.sprnet.org to place your bid.
An email to each bidder will go out daily at 3:00pm to give them an update on the highest bid and bidder. On the final day Paige will send an email out at 12:00pm stating who is currently in the lead and at what amount.?
In the event of a tie bid at the deadline on Friday, February 22, 2013, she will notify the parties involved with the tie to give them an opportunity to place one final bid.? If the winning bidder cannot follow through on the promise to pay, then the second place bidder will be notified.?
Cashier checks and money orders are the only forms of payment that can be accepted.?
The monies received will go directly to the family to help pay cover costs incurred from weekly medical treatments.
You can also donate in any amount to Byron at Texas Bank and Trust. Just go to any Texas Bank and Trust and donate to the Byron Jones fund.
There will be a blood drive for Byron at the Van Jr. High gymnasium on February 26 from 12 p.m. to 6 p.m.
CAIRO (Reuters) - One of Egyptian President Mohamed Mursi's sons withdrew from taking up a job with a firm affiliated to the civil aviation ministry on Sunday amid media accusations of nepotism.
The decision by Omar Mursi to forgo a human resources post at the Holding Company for Airports and Air Navigation showed the role of independent media in holding leaders to account in the new Egypt, following the uprising that toppled President Hosni Mubarak in 2011.
Mubarak was widely believed to have been grooming his own son, Gamal, a businessman, to succeed him. Gamal and his brother Alaa are in jail awaiting trial on charges of corruption and illegal land dealings.
Sources at the ministry said the monthly salary for Omar Mursi's position would not have exceeded 900 Egyptian pounds but activists said it was unfair for the president's son, who graduated last year, to be given a government post when millions of citizens have been jobless for years.
Activists threatened on Sunday to protest outside the civil aviation ministry if the president's son took up his post.
On his Facebook page, Omar Mursi wrote: "I took a test for the position knowing I would be attacked and rumours and lies would be spread about me ... Yet I chose not to complete the paperwork to take up this position.
"The question remains 'How can I find a job in my dear country Egypt?' he said.
The Minister of State for Agriculture & Food Processing Industries, Shri Tariq Anwar releasing a book at the 84th Annual General Meeting of ICAR, in New Delhi on February 18, 2013.
The Union Minister for Agriculture and Food Processing Industries, Shri Sharad Pawar is also seen.
Maya Rudolph, a “Saturday Night Live” alum who stars on the television series “Up All Night” is having another baby. The actress and her longtime partner, writer Paul Thomas Anderson, informed the NBC executives that she is pregnant last week. Rudolph’s pregnancy makes fans wonder if the television series will continue after Christina Applegate’s exit ...
NEW YORK (AP) ? Nice job, Roger Goodell. Here's your pay: $29.49 million.
NFL owners nearly tripled the commissioner's compensation in the 2011 tax year and likely made Goodell the best paid commissioner in U.S. sports.
According to the league's most recent tax return, much of Goodell's pay comes in the form of a $22.3 million bonus. His base pay was $3.1 million. The NFL was scheduled to file the return Friday.
While the league declined comment on specifics, it must, by law, make the return available upon request.
In 2011, the NFL went through a long lockout prior to the season. Goodell helped work out the new 10-year labor deal that ended the labor strife. That was followed by lucrative new TV contracts with CBS, ESPN, FOX and NBC.
For the year beginning April 1, 2011, and ending March 31, 2012, Goodell was paid $29,490,000, which included $3,117,000 in base pay, $22,309,000 in bonus and incentive compensation, and most of the rest in "other reported compensation," the tax return said.
Goodell earned a total of $11.6 million in 2010.
"The NFL is the most successful and best-managed sports league in the world," said Atlanta Falcons owner Arthur Blank, who is chairman of the league's compensation committee, in a statement. "This is in no small part due to Roger's leadership and the value he brings to the table in every facet of the sport and business of the league. His compensation reflects that."
By comparison, Saints quarterback Drew Brees is the league's highest paid player with a five-year deal averaging $20 million.
Goodell's compensation was first reported by SportsBusiness Daily.
The next-highest paid NFL official in 2011 was general counsel Jeff Pash. He earned $8.829 million, including $5.93 million in bonus compensation. Pash was the chief labor negotiator during the collective bargaining agreement talks.
Former Commissioner Paul Tagliabue received $8.58 million, all but $1 million in retirement and deferred compensation.
It is believed Major-League Baseball Commissioner Bud Selig and NBA Commissioner David Stern earn somewhere in the mid-$20 million range, but neither league's tax returns are public. Both leagues are set up as for-profits.
"Unlike most CEO's of major companies, who are compensated with stock options, the NFL does not provide that," said Marc Ganis, the president of SportsCorp, which does consulting work with the NFL. "So a performance-based bonus is another way of compensation."
WASHINGTON (AP) ? President Barack Obama is trying to change the face of a federal judiciary that has a long tradition of white men passing judgment on parties from all walks of life ? if he can get his nominees past the Senate.
Republicans have used the powers accorded the Senate minority party to slow Obama's influence on the federal bench. But recent changes to Senate rules suggest the process may begin to move faster, at least at the lower, U.S. District Court level.
Under a recent bipartisan agreement, the Senate will limit debate on district court judge nominees to two hours, far below the 30 hours that used to be allowed. The hope is that will curtail a tradition that dates back to the Clinton administration of the president's opposing party stalling judicial nominees.
Democrats also used the tactic for some of President George W. Bush's nominees, but the delays have been particularly long under Obama.
Nearly half of Obama's nominees have waited for more than 100 days for confirmation votes, while less than 10 percent of Bush's waited that long, according to White House figures. Most of the Bush nominees were approved in less than a month after clearing committee, the White House said.
Michael L. Shenkman, a fellow at the Center for Law and Politics at Columbia Law School who worked on Obama's judicial nominations team in the first two years of his presidency, calculated that district judge vacancies across the country represented more than 275 lost years of judicial work and $160 million in wasted public resources during Obama's first term.
"Having an empty bench means people don't get their cases heard," Shenkman said, adding that federal law requires that judges give priority to criminal cases, so civil cases can face repeated delay. "It makes litigation more frustrating and more expensive."
Nationwide, 90 out of 874 federal judgeships are vacant, with 31 of those vacancies labeled emergencies by the judiciary because of heavy caseloads. The Senate Judiciary Committee approved 13 of Obama's nominees Thursday.
White House press secretary Jay Carney argues that the judges approved by the committee are "extremely well-qualified" and "reflect the president's unprecedented commitment to a judiciary that reflects the nation it serves." The group of 13 includes eight women, six minorities and one openly gay candidate.
"This needless delay is unacceptable, and these nominees deserve immediate consideration by the full Senate," Carney said.
White House officials express little hope that the Senate will change its ways.
They point to Wednesday's confirmation of William Kayatta of Maine to the 1st U.S. Circuit Court of Appeals in Boston. Kayatta's nomination a year ago was supported by both of Maine's Republican senators. But other Republicans in the Senate refused to agree to a vote so Obama had to renominate Kayatta again this year, even though he ultimately passed without much controversy and 88 votes in support.
Caroline Fredrickson, president of the American Constitution Society for Law and Policy, says the change in Senate rules still won't impact nominees to the federal circuit, where appeals are heard and judges have more influence. "Where I'm worried is that on the circuit court nominees there will be a lot of delay and obstruction that's completely unrelated to anyone's merits," she said.
Despite the delays, Obama was able to make some progress on diversity in his first term, with more black, Hispanic and openly gay federal judges confirmed than in two terms Bush, according to the White House. Nearly half of Obama's confirmed judges have been women, compared with about a quarter for Bush and Clinton, the White House said.
Obama hopes to build on that diversity in his second term. Only seven of the 36 nominees the president currently has pending are straight white men. Compare that to the makeup of the roughly 780 judges currently active on the federal bench, where 425 are white men, according to the Federal Judicial Center. There are small percentages of minorities ? 96 black judges, 70 Hispanic and 17 Asian.
In the 8th U.S. Circuit Court of Appeals based in St. Louis, a group called the Infinity Project was formed to promote more gender equality, with just one woman ever having been appointed to serve on the circuit. Executive Director Debra Fitzpatrick argues that a diverse bench enhances a court's legitimacy by reflecting the population on which it passes judgment.
"You can't always predict when and how and in what ways a person's personal experience will illuminate a case," Fitzpatrick said. She pointed to the case of an Arkansas prisoner named Shawanna Nelson convicted of check and credit card fraud who filed a lawsuit over being shackled to a hospital bed while in labor.
Nelson's attorney, Cathleen Compton, grew frustrated as she argued before the panel why her client, a nonviolent offender, didn't pose a flight risk that required shackling. "I'm a little disadvantaged here, or maybe it's you that are disadvantaged, because I've given birth and you haven't. I can tell you that a woman about to deliver a nearly 10-pound baby is not going anywhere," she said.
The appeals court sided with Nelson, in an opinion written by the circuit's sole woman, Clinton-appointed Judge Diana Murphy.
Two weeks ago, Obama nominated another woman, Iowa public defender Jane Kelly, to the 8th Circuit.
___
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Public release date: 27-Feb-2013
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Maya Rudolph, a “Saturday Night Live” alum who stars on the television series “Up All Night” is having another baby. The actress and her longtime partner, writer Paul Thomas Anderson, informed the NBC executives that she is pregnant last week. Rudolph’s pregnancy makes fans wonder if the television series will continue after Christina Applegate’s exit ...