Mining sector

ReoStar Energy Corp. Announces Results for Fiscal Year 2009

2009-07-21T17:43:00.000-07:00

Mark Zouvas, CEO of ReoStar, stated, "We are pleased to have achieved improvements in our oil and gas production over the previous year, despite the challenging energy environment we faced. The industry continues to undergo extraordinary changes as pricing volatility has created a large number of insolvencies during the last six months. Due to weak pricing, we have shifted our focus from development drilling to improving operational efficiencies and cost control by utilizing advanced technologies at down-market costs to improve current production. Additionally, we are reviewing distressed E&P opportunities for acquisition. Our Union Bank of California credit facility has allowed us to withstand the continued volatility in pricing and we expect to be in position to seize growth opportunities that have historically followed industry wide slowdowns."

Fiscal Year 2009 Results Summary

Oil and gas production for the year increased 35% to a total of 124,968 BOE compared with 92,193 BOE for the fiscal year ended March 31, 2008. Oil and gas revenue for the year increased 33% to a total of $6.5 million compared to $4.9 million for the fiscal year ended March 31, 2008.

The Company had a net loss of $2.0 million for the fiscal year compared to net income of $796,000 for the prior fiscal year. The fiscal year 2009 net loss included non-cash net expenses totaling $4.4 million.

During fiscal year ended March 31, 2009, the Company's cash provided from operations was $825,000 and REOS invested $10 million in capital expenditures. Financing activities provided net cash of $9.0 million. The Company entered into a $25 million senior secured credit facility with an initial borrowing base of $14 million. The Company borrowed $9.8 million against the borrowing base during the fiscal year ended March 31, 2009.

On March 31, 2009, REOS had $426,000 in cash and total assets of $23.0 million. Debt consisted of payables to non-related parties of $9.1 million, of which $9.0 million were long-term note payables. REOS also had accounts and notes payables to related parties of $3.6 million.

Complete report here

source: Marketwire

Constellation Energy Partners Provides Update on Management Services Agreement and Hedging

2009-07-21T17:41:00.000-07:00

Constellation Energy Partners LLC today reported that it has received the requisite approval under the company’s credit agreements of a plan for managing its business after termination of the company’s Management Services Agreement (“MSA”) with Constellation Energy Partners Management, LLC, a wholly-owned affiliate of Constellation Energy Group, Inc. (“Constellation”).

Constellation notified CEP in June 2009 that it would terminate the MSA effective Dec. 15, 2009. Approval of the plan was required under the terms of the company’s credit agreements.

“As we noted in June, termination of the MSA by Constellation is an event that we have anticipated and are prepared to handle,” said Stephen R. Brunner, the company’s President and Chief Executive Officer. “We are happy to report today that the lenders’ agent has reviewed our plan to manage the company after termination of the MSA and is satisfied with the steps taken to stand up the company.”

The company also announced that it recently executed commodity hedges related to approximately 12.8 Bcfe of 2013 and 2014 natural gas production as follows:

* NYMEX natural gas fixed price swaps on 6,387,500 mmbtu of production in 2013 at an average price of $6.81 per mmbtu; and
* NYMEX natural gas fixed price swaps on 6,387,500 mmbtu of production in 2014 at an average price of $7.03 per mmbtu.

Brunner noted that securing approval of its management plan and hedging future production are part of the company’s continuing efforts to manage risks and uncertainties inherent in CEP’s business.

About the Company

Constellation Energy Partners LLC (www.constellationenergypartners.com) is a limited liability company focused on the acquisition, development and production of oil and natural gas properties, as well as related midstream assets.

source: business wire

Strategic American Oil Corporation Identifies 2 Pinnacle Reef Targets in Illinois

2009-07-21T17:36:00.000-07:00

Strategic American Oil Corporation;( the "Company") is pleased to announce that it has identified 2 Devonian-Silurian aged Pinnacle Reef (oil) prospects in the Illinois Basin through the research of records from the Illinois State Geological Survey. The prospects are located in Fayette and Macon Counties at depths of between 2000' and 3500' The Company plans to lease approximately 600 acres over the identified prospects and proposes to drill and/or generate 3D seismic to evaluate the prospective subsurface geology. The Company's exploration team believes the targets identified could contain significant oil reserves (detailed geologic information will be released upon completion of leasing).

Company President and CEO, Randall Reneau, stated, "The identification of these prospects furthers our exploration plans for Illinois. Our team in Illinois, lead by Chief Geologist Jim Thomas who has over 35 years experience working in the Illinois Basin, is continuing to make progress in finding and leasing new attractive targets, furthering our business model of developing prospects in-house to build the Company's oil reserves and increase production. The Company will continue to review and evaluate data from the Illinois State Geological Survey to identify new drilling prospects with the goal of making new oil field discoveries."

Pinnacle Reefs are isolated biohermal structures. These reefs are relatively shallow in Illinois, averaging between 2,000 to 3,500 feet in depth, allowing for low cost drilling programs. The Company's geologists have made extensive use of Illinois State historical coal drilling records; these records show coal seams overlaying pinnacle reefs that are marked as thinning and/or are structurally higher than expected making historic coal drilling logs extremely valuable in the search for pinnacle reefs. Due to the shallow depths of these structures, the Company will rely heavily on subsurface structural mapping to delineate possible reef targets. Targets below 3000' may be cost effective to utilize 3D seismic surveys prior to drilling. Each reef prospect will be evaluated as to the most cost effective exploration program as targets below 3000' may be cost effective to utilize 3D seismic surveys prior to drilling. According to the Illinois Geological Survey, successfully drilled and producing pinnacle reefs in the Basin produced an average of 3,200,000 barrels of oil. With today's advances in subsurface mapping and advanced 3D techniques, Pinnacle Reefs have become a prospective target for new oil field discoveries in the Illinois Basin.

About Strategic American Oil Corporation

Strategic American Oil Corporation is an exploration and production company with operations in Texas, Louisiana, and Illinois. The Company is lead by an internationally recognized team of geologists, engineers, and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.

source PR newswire

Vanguard Natural Resources to Acquire Additional Natural Gas and Oil Properties in South Texas

2009-07-21T17:34:00.000-07:00

Vanguard Natural Resources, today announced it has entered into an agreement to acquire producing oil and natural gas properties in South Texas for $52.25 million from an affiliate of Lewis Energy Group, L.P. ("Lewis"). The properties to be acquired have total estimated proved reserves of 27 Bcfe as of July 1, 2009, of which 94% is natural gas and 74% is proved developed. Lewis will operate all of the wells acquired in this transaction. Based on the current net daily production of approximately 5,000 Mcfe, the properties have a reserve to production ratio of approximately 15 years.

Mr. Scott W. Smith, President and CEO of Vanguard commented: "We are very pleased to be able to announce this transaction with Lewis, our South Texas operating partner. When we closed our initial South Texas acquisition last summer, we indicated one of our goals was to add additional assets through subsequent acquisitions as Lewis looked to monetize mature assets to fund their exploration efforts. With an enviable leasehold position in the emerging Eagle Ford Shale play, this transaction provides Lewis the opportunity to monetize a small percentage of its assets to provide capital for an exciting exploration opportunity. For Vanguard, this acquisition will increase our production and reserves and will increase the value of the collateral backing our reserve-based credit facility."

The acquisition has a July 1, 2009 effective date, is subject to customary closing conditions and purchase price adjustments and is expected to close in the third quarter of 2009. Vanguard is evaluating options for financing this acquisition and is currently in the process of amending its existing credit facility. At closing, Vanguard will assume natural gas puts and swaps based on Nymex pricing for approximately 67% of the estimated gas production from existing producing wells for the period beginning August of 2009 through 2010. In addition, concurrent with the execution of the purchase and sale agreement, Vanguard entered into a costless collar for certain volumes in 2010 and a series of costless collars for a substantial portion of the expected gas production for 2011 at a total cost to the Company of $3.1 million which was financed through deferred premiums. Inclusive of the hedges added, we expect that approximately 90% of the estimated gas production from existing producing wells is hedged through 2011.

CONTACT: Vanguard Natural Resources, LLC
Investor Relations
Richard Robert, EVP and CFO, 832-327-2258
investorrelations@vnrllc.com

DRG&E
Jack Lascar/Carol Coale, 713-529-6600

source: AP newswire

Yasheng ECO-Trade Corporation Engages Investment Banking Firm to Obtain Banking Facility for Yasheng Russia Project

2009-07-21T17:32:00.000-07:00

Yasheng ECO-Trade Corporation, has signed a Financial Advisor Engagement Letter with a foreign investment banking firm to obtain bank financing for the Yasheng Russia Breeding Complex. The Investment Banking firm has retained Dr. Sam Frankel to assist in obtaining funds from semi-governmental funding sources.

As announced on June 24, 2009, the Yasheng Russia Breeding Complex will be a Joint Venture between Yasheng ECO-Trade Corporation and Create Agrogroup Zao. The expected cost of the project is $186 million that is projected to be completed in three stages over five years.

About Dr. Sam Frankel, PhD

Sam Frankel has over 25 years experience in Banking and Finance including extensive experience working with Export Credit Agencies around the world, including but not limited to the World Bank, European Bank for Redevelopment and Development, European Investment Bank, International Finance Corporation, and similar institutions. In addition, Mr. Frankel has spent seven years as senior lecturer of Finance, International Finance and International Business at the MBA program at the Tel Aviv Academic College & the College of Management Rishon Letzion.

About Yasheng ECO-Trade Corporation

The Company's business has been the identification and acquisition of undervalued assets within emerging industries for the purpose of consolidation and development of these businesses and sale if favorable market conditions exist. The Company's objective is to find, acquire and develop resources at the lowest cost possible and recycle its cash flows into new projects yielding the highest returns with controlled risk. The Company's competencies include financial services, mergers and acquisitions, accounting, real estate development and natural resources exploration. The Company is currently in the process of developing a logistics center. As part of its strategy to develop a logistics center, the Company has entered a term sheet with Yasheng Group in which Yasheng Group, among other things, has agreed to contribute real property for the development of a logistics center. Further, the Company and Yasheng Group have jointly entered into a cooperation agreement with Legend Transportation based in Texas.

Source: Business wire

Nabors Industries falls to 2nd-qtr loss as energy prices slip; adjusted results beat Street

2009-07-21T17:29:00.000-07:00

Oil and gas driller Nabors Industries Ltd. posted a second-quarter loss Tuesday due in part to a recession-linked drop in energy prices and demand, but adjusted results beat Wall Street's expectations.

For the period ended June 30, the company posted a loss of $193 million, or 68 cents per share, compared with profit of $176.4 million, or 60 cents per share, in the year-ago period. Excluding certain one-time items, Nabors posted second-quarter profit of $90.9 million, or 32 cents per share.

Total revenue fell 33 percent to $878 million from $1.3 billion.

The results topped expectations of analysts polled by Thomson Reuters, who expected, on average, earnings of 26 cents per share on revenue of $923.2 million. Analysts typically exclude one-time charges.

Nabors owns more than 1,000 rigs for drilling natural gas and crude oil. As prices for those fuels dropped in the past year, so did demand for rigs and related equipment. That sharply ate into Nabors' profit.

Total costs and deductions rose 2 percent during the period to $1.09 billion, mostly due to higher interest, general and administrative, and depreciation charges.

"I believe that the third quarter will likely represent a bottom in all of our operations, although it remains difficult to predict the timing and pace of the eventual upturn in natural gas driven activity," Gene Isenberg, chairman and CEO, said in statement.

Shares rose 23 cents to $17.39 in aftermarket trading, having closed earlier down 13 cents at $17.16. The stock has traded between $8.25 and $43.97 in the past 52 weeks.

Source: AP

Investors ditch BPZ shares after news of $88M offering, analyst expects mixed market reaction

2009-06-29T00:16:00.000-07:00

Shares of BPZ Resources Inc. tumbled on Friday, a day after the company announced an $88 million common stock offering.

The Houston-based oil and gas exploration and production company's shares dropped 23 cents, or 4.3 percent, to $5.10 in afternoon trading.

On Thursday BPZ said it had agreed to sell 18.8 million common shares for $4.66 each in a registered direct offering worth about $88 million. The price per share is a 12.6 percent discount from its Thursday closing price of $5.33.

The company plans to use net proceeds to fund its ongoing oil development in the Corvina and Albacora oil fields in a coastal offshore region in northwest Peru, a second platform in the Corvina field, certain capital expenditures and general corporate purposes.

Morgan Keegan analyst Chris Pikul said BPZ is still a "show-me story" and he expects mixed reactions from investors. The good news is that proceeds from the offering mean funds are in place to develop the Corvina and Albacora oil fields. The bad news is the dilutive effect of the offering, he said.

"Another equity offering is likely to trouble investors who have already absorbed $50 million this year, only to see Corvina underperform," Pikul said.

Pikul rates the stock "Outperform," citing expected production upside at Albacora as a "reason to stay involved in the shares." If the stock tumbles in reaction to the offering Pikul said he would snap up the stock given the improved financial situation and asset upside.

Still, the dilutive impact of the stock offering prompted Pikul to lower his 2009 estimate for the company to a loss of 8 cents per share, down from his earlier estimate of a loss of 7 cents per share. Analysts polled by Thomson Reuters forecast a loss of 8 cents per share.

source: Yahoo

Tri-Valley Unit More Than Doubles Gold Claim Position at Livengood, Alaska

2009-06-08T20:54:00.000-07:00

Based on a synthesis of data from internal studies, public data, and information released by other companies, Select Resources Corporation, the minerals subsidiary of Tri-Valley Corporation (NYSE AMEX:TIV), has more than doubled its gold claim block at Shorty Creek near Livengood, Alaska, the scene of a major U.S. gold play.

Select has increased its land position from approximately 17 square miles (44 square kilometers) by about another 22 square miles (57 square kilometers) to a total of about 39 square miles (101 square kilometers). At this time these amounts are approximate due to small parcels and fragments that are along irregular boundaries or are owned by other parties and occur inside Select’s major block.

“This action very substantially increases Select’s amount of prospective land adjacent to International Tower Hill’s Livengood project that now, after more than 115 diamond drill holes, is so far reporting 3.4 million indicated ounces and 3.4 million inferred ounces of gold on their website,” said James G. Bush, president of Select.

“Our geochemical and geological data indicate an anomalous gold trend extends farther southward from the ITH property than previously thought, through the properties Select acquired earlier and farther south on into Select’s newly staked property. Furthermore, our surface geochemical anomalies exceed the levels of anomalous geochemistry found on the ITH main trend, and our drill data indicates equivalent favorable grades in the subsurface. More drilling is the next step,” Bush said.

The Shorty Creek property is accessed by the year around Elliott Highway through the Livengood Mining District some 70 miles (112 km) north of Fairbanks. It is not in a wild or scenic area and does not drain into sensitive streams. All claims are on mining friendly State of Alaska lands. The Livengood Mining District has historically been a placer operation area. However, AngloGold Ashanti and Select Resources each began lode exploration some years back. AngloGold withdrew but its former exploration staff formed International Tower Hill and continued the work. ITH has now extensively drilled its property confirming serious amounts of minable grade gold resources and, according to recent press releases, has raised some $32 million to further advance its property. Select believes it can have similar success on its claim area and is preparing a capital raise while it looks for a joint venture partner.

“When the relevant anomalies consisting of 1) soil and rock chip geochemistry, stream sediment geochemistry and hydrology; 2) geophysics including airborne magnetic and electromagnetic data and geophysical 3-D magnetic susceptibility modeling using processed RTP (reduced to pole) magnetic data (filtering out long-wave length, deeper signals) and computed 2-D resistivity modeling; 3) basic geology and geologic alteration, resulting from work conducted by Select and other companies are all combined there is strong indication of multiple drillable targets at Shorty Creek over a much larger area than previous believed. Furthermore, there is a sub-linear trend of exposures of attractive igneous rocks, intrusive contact alteration signatures, and related gold geochemical anomalies that align with the southern extensions of ITH’s property. Elsewhere there are anecdotal indications of old mining efforts that were unsuccessful due to low grade. With today’s highly innovative heap leach techniques, spearheaded for arctic climates by Kinross Gold at their Fort Knox mine (approximately 60 line-miles (97 km) from Shorty Creek), that which was unsuccessful in the past, may well be attractive today-especially with gold price nearing $1,000 per ounce and fears of sharp inflation mounting,” Bush said.

Select Resources also has the 45 square mile (116 square kilometers) gold claim block at Richardson, Alaska some 65 miles (105 km) south of Fairbanks on the all weather Richardson Alaska Highway with multiple drill targets. Select also owns the Admiral Calder high grade calcium carbonate deposit at Calder Bay on Prince of Wales Island, Alaska which is currently in a care and maintenance mode as the Company lines up customers for re-opening the quarry.

Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the New York Stock Exchange AMEX under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

Contact:

Tri-Valley Corporation
Egan Gost, Director of Public and Investor Relations
1-800-579-9314

source: yahoo

Analyst boosts rating on Hercules Offshore to 'Outperform' on strong outlook for crude

2009-06-08T20:18:00.000-07:00

Oil and gas services provider Hercules Offshore Inc. has a prime recovery opportunity in the Gulf Coast jackup rig market, an analyst said Friday while boosting his rating.

Raymond James analyst J. Marshall Adkins upgraded Hercules to "Outperform" from "Underperform" with a $6 price target, implying he expects the stock to jump 31 percent from Thursday's $4.58 close.

"We are essentially upgrading Hercules on the premise that the outlook cannot get much worse," Adkins said in a note to clients. "If anything, we believe that there may be upside to 2010 estimates given management's cost-cutting efforts."

The oil and gas services sector was hurt by low crude and natural gas prices last fall and winter. Hercules lost $1.07 billion, or $12.12 per share, in 2008, due in part to lower energy prices later in the year and several one-time charges.

Even though crude prices have slowly risen this year, natural gas prices have remained low.

While there are few jackup rigs currently in operation and hurricane season is under way, Hercules is well-positioned should natural gas prices rebound, Adkins said.

Jackup rigs typically stand on the ocean floor in relatively shallow waters, as opposed to other types of rigs, some of which float and drill several miles below the ocean's surface.

Shares fell 1 cent to $4.57 in afternoon trading. The stock has traded between $1.07 and $39.47 in the past 52 weeks.

source: yahoo

EnerJex Resources Enters into Joint Venture with Pharyn Resources

2009-06-08T20:17:00.000-07:00

EnerJex Resources, Inc. has entered into an agreement with Pharyn Resources (Pharyn) to begin a 20 well development program on EnerJex’s Brownrigg lease in Linn County, Kan. EnerJex will contribute the 320 acre property in exchange for a 10% carried working interest and a cost-plus management fee. Pharyn will contribute up to $700,000 in initial development capital. EnerJex will develop the project and remain the operator of the property.

“We are extremely pleased to be working with Pharyn in our first joint venture project,” said Steve Cochennet, Chairman and Chief Executive Officer of EnerJex. “We feel we have an agreement that pairs our drilling and operating background with Pharyn’s investment objectives, which is intended to build long-term sustainable earnings growth for both companies. We hope this is the first of many joint venture/farm out structures we can close to further our growth strategies.”

Phil Hudnall, President of Pharyn Resources stated, “We believe that there is tremendous opportunity in eastern Kansas. We look forward to working closely with the EnerJex team to add value through capital appreciation and to build an income stream for both our clients and EnerJex stockholders.”

About EnerJex Resources, Inc.

EnerJex is an oil and natural gas acquisition, exploration and development company formed in December 2005. Operations, conducted solely through EnerJex Kansas, its wholly owned operating subsidiary, are focused on the mid-continent region of the United States. EnerJex acquires oil and natural gas assets that have existing production and cash flows.

Once acquired, EnerJex implements an exploration and development program to accelerate the recovery of the existing oil and natural gas as well as explore for additional reserves.

More information on EnerJex and its operations can be found on its website: www.EnerJexResources.com.

About Pharyn Resources

Pharyn is an independent E&P company based in Kansas. Incorporated in Colorado in 2005, Pharyn is actively involved in enhancement of existing field reserves and developmental drilling in Southeast Texas and Eastern Kansas. Pharyn is focused on opportunities to fully exploit oil and gas reserves that have been left behind, but with minimal operating costs.

Contact:

EnerJex Resources, Inc.
Steve Cochennet, 913-754-7754

source: yahoo

MarkWest Energy offering of 2.9 million units priced at $18.15 each

2009-06-08T20:15:00.000-07:00

MarkWest Energy Partners LP said Friday that its public offering of 2.9 million units was priced at $18.15 each, a slight discount from its current trading price, in hopes of paying down debt and funding its growth budget.

The natural gas pipeline operator plans to earn about $50.3 million in net proceeds. The firm will use the funds to support its growth capital budget and to pay down borrowings made under a revolving credit facility.

Morgan Stanley, the sole book-running manager, retains a 30-day option to purchase up to 435,000 additional common shares to cover over-allotments, if any.

MarkWest shares slid $1.39, or 7 percent, to $18.56 in late afternoon trading.

source: yahoo

SmallCapSentinel.com: Where Once There Were Riches

2009-06-08T20:14:00.000-07:00

With oil prices rising again, greater interest in oil exploration was certain to follow. Additionally, the marriage of a previously producing oil field, heightened barrel prices, and enhanced technology presents one exploration company with an ample opportunity. Factor in the presence of a geologist with thirty years expertise in the exact area of interest and the story gets even more compelling.

Last week, Strategic American Oil Corporation, an exploration and production company with operations in Texas, Oklahoma, Louisiana, and Illinois, announced it has leased an Illinois land position in a previously producing oil field that could host significant in-place reserves through Enhanced Oil Recovery. By researching the Illinois State Geological Survey, the company has discovered the oil field previously produced an aggregate of 1.5 million barrels of oil during the 1940s and 50s. Nearby waterflood operations in the same zones have yielded a 1:1 recovery. Strategic American has leased approximately 372 acres of the oil field and plans to use existing injection wells while drilling new recovery wells to 4,000 feet.

It will be interesting to follow Strategic American as Chief Geologist, Jim Thomas, who has approximately 30 years of experience in the Illinois basin and degrees from South Illinois University, leads his team into this previously producing area. If oil prices continue their ascent, every drop Thomas and Strategic American may locate could be worth even more.

A profile featuring Strategic American Oil Corporation and of interest to investors of oil and gas related companies BP plc, Chevron Corporation , Exxon Mobil Corp. , and ConocoPhillips is available at http://www.smallcapsentinel.com/SGCA.

source:yahoo

GeoMet, Inc. Announces Favorable Ruling in Its Antitrust Suit Against CNX Gas Corporation and Consol Energy, Inc.

2009-06-08T20:01:00.000-07:00

GeoMet, Inc. announces that a state court in Virginia has upheld its principal antitrust claims against CNX Gas Company LLC, Consol Energy, Inc., and certain of their affiliates (collectively, "CNX"), which are defendants in GeoMet's lawsuit seeking $385.6 million in damages for alleged violations of the Virginia Antitrust Act and other state law claims.

The lawsuit, filed in 2007 by GeoMet and its subsidiaries, seeks damages from CNX for alleged efforts to monopolize the markets for production and transportation of coalbed methane in the Oakwood Field in southwestern Virginia. In 2008, GeoMet amended its complaint in response to a demurrer ruling from the court, and CNX filed new demurrers to the amended complaint. On June 3, 2009, the Tazewell County Circuit Court issued a ruling that denied CNX's demurrers with respect to four of GeoMet's five state-law antitrust claims for monopolization and attempted monopolization. The trial court's ruling did grant the demurrers on one antitrust theory pleaded by GeoMet and on claims of state-law tortious interference. As a result of this ruling, GeoMet may proceed to full discovery and move towards a trial on its antitrust monopolization and attempted monopolization claims, for which it seeks $385.6 million in actual damages, with the possibility for trebling of those damages under the statute, as well as injunctive relief. GeoMet intends to aggressively pursue discovery and trial in this matter.

GeoMet CEO Darby Seré, commenting on the ruling, said: "We are very pleased with the Court's careful and considered ruling. This is a substantial step forward for the Company in its efforts to secure just compensation for the damaging campaign by CNX Gas and Consol Energy to force GeoMet out of the market for coalbed methane production and transportation in southwestern Virginia. This ruling is especially noteworthy in light of CNX's recent disclosure in its public filings that the Virginia Attorney General is investigating CNX for possible violations of the Virginia Antitrust Act in connection with CNX's activities in southwestern Virginia."

Contact:

Contact:
Stephen M. Smith
(713) 287-2251
Email Contact

John Baldissera
BPC Financial
(800) 368-1217
http://www.geometinc.com

source: yahoo

Petrosearch Sets Record Date for Special Shareholder Meeting

2009-06-08T20:00:00.000-07:00

Petrosearch Energy Corporation announced that the record date for the special shareholder meeting to vote on the proposed merger with Double Eagle Petroleum Co. has been set as of the close of business on June 5, 2009. The record date determines the stockholders that are entitled to notice of and to vote at the special shareholder meeting or any adjournment or postponement.

At this time the Company estimates the special shareholder meeting will take place in July 2009, depending on the timing of the SEC review process of the recently filed preliminary proxy.

About Petrosearch

Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, is a resource-based energy company with operations focused in the Anadarko basin of the North Texas Panhandle. For more information please visit www.petrosearch.com.

Contact:

Petrosearch Energy Corporation
David Collins, 713-961-9337 ext. 45 (Investor Relations)

source: yahoo

Ensco International Terminates Contract for ENSCO 69 in Venezuela

2009-06-08T19:58:00.000-07:00

Ensco International Incorporated reported today that a subsidiary has terminated its contract for the ENSCO 69 jackup drilling rig with Petrosucre, a subsidiary of Petróleos de Venezuela S.A., the national oil company of Venezuela ("PDVSA"). Petrosucre, which has been operating ENSCO 69 since January 2009, has not returned the rig to Ensco and has notified the Company that it will continue to operate ENSCO 69.

As noted in Ensco’s news release on May 11, 2009, Petrosucre has failed to pay past due invoices and Ensco submitted a notice of termination to Petrosucre, as permitted under the terms of the ENSCO 69 contract. The notice period has ended and the contract between Ensco and Petrosucre is now terminated. Ensco has removed all of its remaining employees from ENSCO 69.

As previously disclosed, Ensco has deferred revenue under the contract with Petrosucre since late January 2009, when Petrosucre took over drilling operations. Ensco’s net receivable from Petrosucre is $16.9 million related to work performed prior to late January 2009, as previously disclosed in Ensco’s first quarter 2009 SEC Form 10-Q. Ensco will likely fully reserve the $16.9 million net receivable and write off a $4.8 million deferred tax asset related to the prior write down of receivables. In total, this would reduce earnings by approximately $0.15 per diluted share in second quarter 2009.

As of March 31, 2009, ENSCO 69 had a net book value of $17.7 million and an insured value of $65 million under a package policy, including coverage for certain political risks, subject to a $10 million deductible. Ensco is pursuing an insurance claim under its package policy and is pursuing legal remedies for damages relating to ENSCO 69.

Ensco International Incorporated (NYSE:ESV - News) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability.

Contact:

Ensco International Incorporated
Sean O’Neill, 214-397-3011
Vice President, Investor Relations

source: yahoo

Ensco International Takes Delivery of New ENSCO 8501 Ultra-Deepwater Semisubmersible

2009-06-08T19:57:00.000-07:00

Ensco International Incorporated announced that a subsidiary of the Company has taken delivery of ENSCO 8501, the second of the Company’s seven ultra-deepwater semisubmersible rigs being constructed by Keppel FELS Limited in Singapore. The rig will soon commence an expected 50-day mobilization to the U.S. Gulf of Mexico, where it will undergo deepwater sea trials and final outfitting prior to its three and a half year term drilling contract with a subsidiary of Nexen and Noble Energy. Drilling operations are expected to commence in mid-October 2009.

Dan Rabun, Chairman, President and Chief Executive Officer, commented, "Delivery of our second ultra-deepwater semisubmersible rig in the ENSCO 8500 Series® is an important milestone in our deepwater expansion program. We anticipate a smooth startup of operations following final outfitting, sea trials and deep water acceptance testing once ENSCO 8501 arrives in the Gulf of Mexico. Our other five ultra-deepwater semisubmersibles under construction are progressing on schedule."

Combined with the ENSCO 7500 ultra-deepwater semisubmersible drilling rig currently contracted to Chevron in Australia, the fleet of seven ENSCO 8500 Series® rigs will make Ensco a leader in ultra-deepwater semisubmersible drilling rigs capable of operating in water depths of 7500’ or more.

The proprietary design of the ENSCO 8500 Series® was developed with extensive input from customers to address drilling requirements of virtually every deep water field around the world. Rated for work in 8,500’ waters, Ensco’s new ultra-deepwater semisubmersible rigs may be modified to drill and complete wells in water depths up to 10,000’. The universal design of the ENSCO 8500 Series® rigs streamlines operational functionality, training, spare part requirements, repairs and maintenance to control costs and enhance the overall reliability of rig operations.

Ensco International (NYSE:ESV - News) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability.

Contact:

Ensco International Incorporated
Sean O’Neill, 214-397-3011
Vice President, Investor Relations

source: yahoo

Diamond Offshore Drilling, Inc. to Acquire New-Build Semi-Submersible Rig

2009-06-08T19:55:00.000-07:00

Diamond Offshore Drilling, Inc. today announced that the Company’s bid to purchase the new-build, 10,000-foot, dynamically positioned semi-submersible offshore drilling unit PetroRig I has been accepted by Jurong Shipyard Pte Ltd. The Company is working diligently to conclude the purchase which is expected to close on or about June 25, 2009. Additional details will be provided at that time.

Diamond Offshore President and Chief Executive Officer Larry Dickerson noted that “the transaction is in keeping with the Company’s long history of opportunistic rig acquisitions. We believe there are multiple opportunities to employ this highly capable rig in our pursuit of future deepwater projects.”

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling. Additional information on Diamond Offshore and access to the Company’s SEC filings is available on the Internet at www.diamondoffshore.com.

Statements contained in this press release which are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company, including, among others, the risk that a purchase and sales agreement will not be converted to a contract. A discussion of additional important risk factors and other considerations that could materially impact these matters as well as the Company’s overall business and financial performance can be found in the Company’s reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website www.diamondoffshore.com. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Contact:

Diamond Offshore Drilling, Inc.
Director, Investor Relations
Les Van Dyke, 281-492-5370

source: yahoo

Ensco International terminates rig contract with Petrosucre, expects 2nd-qtr profit cut

2009-06-08T19:52:00.000-07:00

Ensco International Inc. said Monday its subsidiary terminated a rig contract with Petrosucre, a subsidiary of Petroleos de Venezuela SA, or PDVSA, Venezuela's national oil company.

As a result, the Dallas-based contract driller said it expects second-quarter earnings to be reduced by 15 cents per share. The company did not provide estimates, but analysts polled by Thomson Reuters forecast an average profit of $1.49 per share.

In January, Ensco suspended operations on an oil rig off Venezuela's Caribbean coast because the South American country owed it $35 million, prompting Petrosucre, PDVSA's joint venture with Italy's Eni SpA, to take over operations of its ENSCO 69 jackup drilling rig.

PDVSA's unpaid invoices jumped 145 percent over 2007, to reach $13.9 billion in December, according to Venezuela's Energy Ministry.

Ensco said Monday Petrosucre has not returned the rig to Ensco and has notified the company it will continue to operate it. Petrosucre owes Ensco $16.9 million in net receivables related to work performed before late-January and has not paid past due invoices, according to Ensco. Earlier Ensco submitted a notice of termination to Petrosucre, and, as the notice period has ended, the contract between the two companies has been terminated.

The company said it will likely fully reserve the $16.9 million net receivable and write off a $4.8 million deferred tax asset, prompting reduced second-quarter earnings expectations. Ensco added that it is pursuing an insurance claim under its package policy and is pursuing legal remedies for damages related to ENSCO 69.

Meanwhile Ensco on Monday released other news that a subsidiary has taken delivery of ENSCO 8501, the second of its seven ultra-deepwater semisubmersible rigs being constructed by Keppel FELS Ltd. in Singapore. Soon the rig will begin a 50-day mobilization to the U.S. Gulf of Mexico for deep sea testing and final outfitting before it starts its three and a half year term drilling contract with a subsidiary of Nexen and Noble Energy. The company said drilling operations will likely begin in mid-October.

Shares of the company fell 96 cents to $37.69.

source: yahoo

Tri-Valley Corp. Featured in Flaherty Special Situations Newsletter

2009-06-08T19:51:00.000-07:00

Tri-Valley Corp. announced today that the Company is featured in a company sponsored report that appears in the June 8, 2009 tenth issue of Flaherty Special Situations Newsletter published by Flaherty Financial News Inc. The piece examines the potential of the Tri-Valley’s oil, gas and mineral projects.

“We are excited to be featured by Bob Flaherty, a well respected financial editor in the micro and small cap markets. Our goals remain clear and focused educating the investment community as well consumers to our build up of production, revenue, reportable reserves, share value and reward for our drilling partners,” said F. Lynn Blystone, chairman and chief executive officer of Tri-Valley Corporation.

To read the entire report, please click on the following link:

http://archive.constantcontact.com/fs070/1101855435216/archive/1102603023752.html

About Flaherty Financial News Inc.

Flaherty Financial News Inc. (“FFN”) is the publisher of totally-electronic coverage of the neglected micro-and small-cap markets. It was launched in February 2007 by the “legendary financial editor” Bob Flaherty, Editor and Chairman of Flaherty Financial News Inc., together with his son Brian, who serves as President and Publisher. While previously serving as Chairman and Editor of Equities Magazine for twenty-five years until it was sold in September 2006, Bob was also Editor-in-Chief of Equities Special Situations, which had one of the most consistent and highest ranked long-run performance records measured by Hulbert Financial Digest. Previously, he was an award-winning Senior Editor of Forbes Magazine, where he wrote 33 cover stories, two shy of the all time record. He was also Chairman of The Over-The-Counter Securities Fund. Bob Flaherty is a Magna Cum Laude graduate of Harvard College in economics and also has an MBA with a Distinction in Finance from Harvard Business School.

About Tri-Valley Corp.

Tri-Valley explores for and produces oil and gas in California’s Great Central Valley and Ventura Basin. It also has very large gold exploration projects in Alaska and a production ready high grade calcium carbonate quarry in southeast Alaska. More information may be obtained at the Company’s extensive website www.tri-valleycorp.com

Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the New York Stock Exchange AMEX under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

Contact:

Tri-Valley Corporation
Egan Gost, Director of Public and Investor Relations
1-800-579-9314

source: yahoo

Diamond Offshore Drilling's bid for new drilling unit accepted

2009-06-08T19:49:00.000-07:00

Diamond Offshore Drilling Inc. said Monday that its bid to buy a new offshore drilling unit was accepted by a Singaporean shipyard.

Diamond Offshore will acquire the 10,000-foot semi-submersible drilling unit PetroRig I in the deal with Jurong Shipyard Pte Ltd. Diamond Offshore did not provide details of the purchase, which is expected to close on June 25.

Shares of Diamond Offshore rose 79 cents to $88.03 in afternoon trading.

source: yahoo

Epic Awarded Construction Management Contract

2009-06-08T19:47:00.000-07:00

Epic Energy Resources, Inc, a provider of engineering, management consulting, training and data management services to the energy industry, announced today that Pearl, a wholly owned subsidiary of Epic, will be managing the construction of an expansion project for a gas processing plant in North Louisiana.

Pearl is currently executing the engineering for the addition of inlet separation, dehydration, and utility storage for an existing processing plant in Louisiana. Due to the fast track nature of this work, Pearl has also been awarded the management of the construction phase of the project. The estimated completion will be within a three month timeframe. The inclusion of these services is expected to bring in additional revenue for 2009 of approximately $1,200,000.

In making the announcement, Epic Energy Resources' President and CEO John Ippolito stated, "Congratulations goes to the Pearl team for their responsiveness to their client's immediate requirements and the management team's commitment to differentiating themselves in the marketplace. Our speed-to-market approach, while delivering industry leading products and services, will continue to solidify our relationships with our clients and add new revenue opportunities."

About Epic

Epic Energy Resources is a Houston-based integrated energy services company. Epic provides consulting, engineering, construction management, operations, maintenance, specialized training and data management services focused primarily on the upstream and midstream energy infrastructure. Services are provided through Pearl, a diversified engineering and energy services company; Carnrite, a management consulting company focused on providing strategic and operational consulting services to the broad energy industry; and EIS, a global training and data management services company. Epic is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands, Texas 77380. Office - 281-419-3742, www.1epic.com.

source: yahoo

Continental Resources Names Richard E. Muncrief to Position of Senior Vice President of OperationsContinental Resources Names Richard E. Muncrief to Position of Senior Vice President of Operations

2009-06-08T19:46:00.000-07:00

Continental Resources, Inc. today announced the appointment of Richard E. Muncrief to serve as Senior Vice President of Operations for the Oklahoma-based oil and gas exploration and production company.

Mr. Muncrief comes to the Company with 29 years of upstream and midstream energy experience, most recently as a senior executive with Quest Midstream Partners, LP in Oklahoma City.

From 1980 to 2007, he served in various executive capacities with ConocoPhillips, Inc. and its predecessor companies, Burlington Resources, Meridian Oil and El Paso Exploration. In 2006 and 2007 he was operations manager for the San Juan Basin Unit in Farmington, New Mexico, managing a 260-employee organization that was one of ConocoPhillips' largest business units. Mr. Muncrief was responsible for gross operated production of 1.7 BCFD from 9,300 natural gas wells, as well as the operation of a 550 MMCFD inlet cryogenic plant that recovered 45 MBPD of natural gas liquids and the operation of a 25 MBPD fractionator.

Prior to these responsibilities, Mr. Muncrief served as general manager of Operations for that division. From 1998 to 2000, he served as Fruitland Coal Asset Manager in the San Juan Division. Prior to this role, he served in various management capacities that were responsible for production, drilling engineering, joint interest engineering and reservoir engineering.

Mr. Muncrief earned his BS in Petroleum Engineering Technology from Oklahoma State University in 1980.

During his tenure with ConocoPhillips, he served as a board member or in other leadership capacities with the San Juan Childhaven Children's Home/Shelter, the Foundation for Educational Excellence, and with a number of community athletic organizations.

"We're very pleased to welcome someone with Rick's experience to the Continental Resources team of employees," said Harold Hamm, Chairman and Chief Executive Officer. "We expect him to contribute significant leadership as we continue to grow as a leader in U.S. crude oil and natural gas exploration and production."

Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations.

CONTACT: Continental Resources, Inc.
J. Warren Henry Brian Engel
Investors Media
(580) 548-5127 (580) 249-4731

source: yahoo

Mariner Energy prices offerings of stock and notes

2009-06-07T16:14:00.000-07:00

Oil and gas producer Mariner Energy Inc. said Friday it priced an offering of stock and senior notes, which will be used to pay down its debt.

Mariner said it will sell 10 million shares of stock at $14.50 per share, a discount of about 1 percent to the stock's Thursday closing price of $14.65. The underwriters of the offer will have the option to buy an additional 1.5 million shares.

The company also agreed to sell $300 million in senior notes due 2016. Mariner said Tuesday that it would sell $250 million in notes. The sales are expected to close on Wednesday.

In premarket trading, Mariner shares rose 25 cents to $14.90.

source: yahoo

MarkWest Energy sells 2.9M units in public offering, plans to fund capital budget, pay debt

2009-06-07T16:13:00.000-07:00

Natural gas pipeline operator MarkWest Energy Partners LP said Thursday it is selling 2.9 million common units in a public offering.

MarkWest plans to use net proceeds from the sale to fund its growth capital budget and pay down debt under a revolving credit facility.

The partnership has given Morgan Stanley, the sole book-running manager for the offering, a 30-day option to buy a maximum of 435,000 additional units to cover possible over-allotments.

MarkWest shares sank $1.44, or 7.2 percent, to $18.51 in after-hours trading when the offering was announced. During the regular session, the stock climbed 87 cents, or 4.6 percent, to settle at $19.95.

source: yahoo

S&P boosts Mariner Energy credit outlook to "Stable" from "Negative"

2009-06-07T16:12:00.000-07:00

Standard & Poor's Ratings Services on Thursday boosted its credit outlook for Mariner Energy Inc. to "Stable" from "Negative," and affirmed its ratings on the oil and gas exploration and production company.

S&P cited the company's improved liquidity and lower debt levels, due to plans Mariner Energy announced Tuesday to sell 10 million shares of common stock and $250 million worth of its senior notes due 2016.

S&P said the Houston-based company plans to use the resulting proceeds of up to $400 million to repay borrowing from its $1 billion credit facility.

S&P also said Mariner's near-term financial measures "should remain healthy" because of a solid hedging position this year, and production growth.

Mariner Energy has a "B+" corporate debt rating from S&P, which is four notches into junk status.

S&P's prior "Negative" outlook had signaled the possibility of a credit rating downgrade should business conditions worsen.

Shares of Mariner Energy rose 85 cents, or nearly 6.2 percent, to close at $14.65.

source: yahoo

Union Drilling Prices Common Stock Offering

2009-06-07T16:10:00.000-07:00

d that it has priced a public offering of 3.0 million newly issued shares of its common stock at a public offering price of $8.25 per share. Jefferies & Company, Inc. is the sole underwriter for this offering. The Company has granted the underwriter a 30-day option to purchase up to 450,000 additional shares to cover over-allotments, if any. The offering is expected to close on June 10, 2009, subject to customary closing conditions. The Company intends to use the proceeds it receives from the offering (net of underwriting discounts and expenses) to repay indebtedness outstanding under the Company's revolving credit facility.

The shares will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the "SEC"). The offering is being made by means of a prospectus and related prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from Jefferies & Company, Inc., 520 Madison Avenue, New York, NY 10022, 1-888-449-2342. These shares may not be sold nor may offers to buy be accepted prior to delivery of a prospectus meeting the requirements of the U.S. Securities Act of 1933, as amended. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Union Drilling

Union Drilling, Inc., headquartered in Fort Worth, Texas, provides contract land drilling services and equipment, primarily to natural gas producers, in the United States. Union Drilling currently owns and markets 71 rigs and specializes in unconventional drilling techniques.

Contacts: Union Drilling, Inc.
Christopher D. Strong, CEO
A.J. Verdecchia, CFO
817-735-8793

DRG&E
Ken Dennard / Ben Burnham
713-529-6600

source: yahoo

Mariner Energy Prices Public Offerings of Common Stock and Senior Notes

2009-06-07T16:08:00.000-07:00

Mariner Energy, Inc. today announced that it has priced its underwritten public offerings of common stock and senior notes.

Mariner has agreed to sell 10 million shares of common stock at a public offering price of $14.50 per share. The company granted the underwriters a 30-day option to purchase an additional 1.5 million shares of its common stock to cover over-allotments. Mariner estimates that its net proceeds from the sale of common stock, after deducting estimated underwriting discounts and commissions and offering expenses, will be $138.3 million, assuming the underwriters' over-allotment option is not exercised.

Mariner also has agreed to sell $300 million in aggregate principal amount of its 11.75% senior notes due 2016 concurrently with the sale of common stock, an increase of $50 million from the amount previously announced. The notes are expected to be sold at 97.093% of principal amount, for a yield to maturity of 12.375%. The notes will pay interest semi-annually in arrears and will mature on June 30, 2016, unless earlier repurchased. Mariner estimates that its net proceeds from the sale of notes, after deducting estimated underwriting discounts and commissions and offering expenses, will be $284.8 million.

Mariner expects to use net proceeds from the sales of common stock and senior notes to repay debt under its secured bank credit facility. Closing of the sales is expected on June 10, 2009, subject to customary closing conditions.

The offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities & Exchange Commission (SEC). For each offering, a prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and available on its website at http://www.sec.gov. Neither of the offerings is contingent upon consummation of the other offering.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the common stock offering. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010 or by calling 800-221-1037; J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attn: Chase Distribution and Support Service, Northeast Statement Processing, or by calling 718-242-8002, or by faxing to 718-242-8003; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attn: Prospectus Department, 4 World Financial Center, New York, NY 10080, or by calling 212-449-1000.

Credit Suisse Securities (USA) LLC, Bank of America Securities LLC, J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. are acting as joint book-running managers for the senior notes offering. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010 or by calling 800-221-1037; Bank of America Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, NY 10001; J.P. Morgan Securities Inc., ADP IDS, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Post-Sale Fulfillment, or by calling 212-834-4533; Wachovia Capital Markets, LLC at 301 South College Street, 6th Floor, Charlotte, NC 28202, Attn: High Yield Syndicate; or Citigroup Global Markets Inc., Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, or by calling 800-831-9146 or by emailing to batprospectusdept@citi.com.

This news release is neither an offer to sell nor a solicitation of an offer to buy any securities of Mariner and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About Mariner Energy, Inc.

Mariner Energy is an independent oil and gas exploration, development, and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico.

source: yahoo

Canadian Superior Energy Inc. Announces CCAA Protection Extension

2009-06-07T16:05:00.000-07:00

Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") announced today that its application of June 4, 2009 to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement Act (Canada) ("CCAA") to extend its CCAA protection has been granted, allowing the Company to continue to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The extension under the Order granted will be in effect until July 24, 2009, at which time the matter will be reviewed by the Court.

The order permits Canadian Superior to remain in possession and control of its property, carry on its business, and retain employees and other service providers. While the Order is in effect the Company will continue to work with its Court appointed Monitor. The previously announced Independent Committee, working with its financial advisor, Jennings Capital Inc., continues to assess all strategic alternatives available to the Company with a view of meeting the best interests of all stakeholders and maximizing shareholder value. The alternatives being considered include the previously announced sale of an undivided 45% interest in its Block 5(c) asset in Trinidad and Tobago to Centrica plc. and recapitalization proposals. All of these initiatives are well underway and the Company expects to re-structure in an organized manner and emerge from CCAA protection in due course.

Canadian Superior Energy Inc. is a Calgary, Alberta, Canada based diversified global energy company engaged in the exploration and production of oil and natural gas, and liquefied natural gas ("LNG") projects, with operations offshore Trinidad and Tobago, offshore Nova Scotia, Canada, in Western Canada, in the United States and in North Africa. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, offshore Trinidad and Tobago, offshore Nova Scotia interests, in the USA and its North Africa interests.

Contact:

Contacts:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)

Canadian Superior Energy Inc.
Suite 3200, 500 - 4th Avenue S.W.
Calgary, Alberta, Canada T2P 2V6
Website: http://www.cansup.com

source: yahoo

MarkWest Energy Partners Announces Pricing of Public Offering of Common Units

2009-06-07T16:04:00.000-07:00

MarkWest Energy Partners, L.P. announced today that it priced its public offering of 2,900,000 common units at $18.15 per common unit. The Partnership intends to use the net proceeds from the offering of approximately $50.3 million, excluding offering expenses, to partially fund its growth capital budget. Pending that use, the Partnership intends to apply a portion of the net proceeds to pay down borrowings under its revolving credit facility. The Partnership has granted Morgan Stanley a 30-day option to purchase a maximum of 435,000 additional common units to cover over-allotments, if any.

Morgan Stanley & Co. Incorporated is the sole book-running manager for the offering. The offering is being made only by means of a prospectus supplement and accompanying base prospectus. A copy of the prospectus supplement and accompanying base prospectus associated with this offering may be obtained from Morgan Stanley by contacting Morgan Stanley & Co. Incorporated, Attn: Prospectus Dept., 180 Varick Street, 2nd Floor, New York, New York 10014, prospectus@morganstanley.com, phone (866) 718-1649.

An electronic copy of the preliminary prospectus supplement and the accompanying base prospectus are available from the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. The common units are being offered pursuant to an effective shelf registration statement that the Partnership previously filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Contact:

MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
Chairman, President & CEO
Nancy Buese, 866-858-0482
Senior VP & CFO

source:yahoo

Analyst boosts rating on Hercules Offshore to 'Outperform' on strong outlook for crude

2009-06-07T16:03:00.000-07:00

EnerJex Resources Enters into Joint Venture with Pharyn Resources

2009-06-07T16:01:00.000-07:00

MarkWest Energy offering of 2.9 million units priced at $18.15 each

2009-06-07T15:59:00.000-07:00

Venezuelan Government Seizes Williams' Operations

2009-05-12T20:22:00.000-07:00

Williams today confirmed reports that the Venezuelan government has seized two assets - El Furrial and PIGAP II - that the company operates in Venezuela.

After a long period of non-payment by Petroleos de Venezuela S.A. (PdVSA), Williams recently issued notices of default under its services agreements. The seizure of assets and termination of the associated contracts trigger rights to receive payment for the seized assets. The contracts and international law call for international arbitration of any disputes concerning those payments.

In Venezuela, Williams has investments in and operates entities that provide services to PdVSA under long-term agreements. Services include medium-pressure compression, high-pressure gas injection, gas liquids extraction, and gas liquids fractionation.

Williams reported non-cash charges to net income attributable to The Williams Companies, Inc., of approximately $241 million in first-quarter 2009 related to its operations and investments in Venezuela.

source yahoo

Energy company Williams says Venezuelan government has seized 2 of its assets

2009-05-12T20:19:00.000-07:00

Williams Cos. said Friday the Venezuelan state oil company has seized two assets that the energy company operates in the South American country.

The announcement came after Venezuela approved a law that permitted the state company, Petroleos de Venezuela SA, to take over some oil contractors without following the usual procedures to expropriate business.

The Venezuelan company has clashed with domestic and foreign oil service providers. It has said some provider contracts are overvalued due to falling crude prices that have diminished government revenue.

Tulsa-based Williams earlier issued notices of default under its agreements with the Venezuelan company. In the first quarter, Williams reported charges to net income of about $241 million related to Venezuelan operations.

Shares of Williams rose 89 cents, or 5.8 percent, to $16.15 in late afternoon trading.

source yahoo

Spectra Energy Shareholders Vote in Favor of Management's Recommendation to Declassify Board of Directors

2009-05-12T20:18:00.000-07:00

Spectra Energy Corp reported its shareholders voted on and approved an amendment to the company's Certificate of Incorporation to eliminate the classified board of directors structure at the company's annual meeting held yesterday.

The proposed amendment, which was recently recommended by management and approved by the company's board of directors, enhances strong corporate governance policies and practices. The declassified board will become effective upon the filing of an amendment to the company's Certificate of Incorporation with the Delaware Secretary of State. In future elections, directors will be elected to terms that expire each year at the annual meeting of shareholders.

"The outcome of today's voting results is representative of our commitment to implement and maintain an effective corporate governance structure," said Bill Esrey, chairman of the board, Spectra Energy Corp. "Our governance and control systems are designed to ensure we conduct our business ethically and profitably for the benefit of our shareholders and other stakeholders."

Shareholders also elected Gregory L. Ebel, Peter B. Hamilton and Michael E.J. Phelps as directors whose terms will expire in 2010, and ratified the selection of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ended December 31, 2009.

source yahoo

Chavez oversees Venezuela's seizures of assets belonging to oil contractors

2009-05-12T20:16:00.000-07:00

President Hugo Chavez said Friday that his government is nationalizing 60 oil contractors as he moves to assert greater control over Venezuela's oil industry.

He said companies to be nationalized under a new law will include SIMCO consortium, which has worked injecting water into oil fields in western Lake Maracaibo for the past 10 years. State-run Petroleos de Venezuela SA, or PDVSA, is taking over all oil service work in the lake, where private companies have long helped extract crude, he said.

"SIMCO consortium disappears today," Chavez said in a televised speech from a harbor in Lake Maracaibo, where he oversaw the seizure of 300 boats, docks and other assets belonging to oil contractors. "Now, it belongs to PDVSA."

Wood Group, which is a 49.5 percent partner in the consortium, said in an e-mailed statement from its Houston offices on Thursday that PDVSA took over its operations earlier this year "following the consortium submitting a notice of default due to nonpayment and other contractual disputes."

Wood Group's parent company is John Wood Group PLC, based in Aberdeen, Scotland.

Oil Minister Rafael Ramirez said the law could also affect U.S. natural gas processor and distributor Williams Companies Inc., based in Tulsa, Oklahoma.

Williams Cos. said in a statement Friday that the Venezuelan government has seized two of its gas compression facilities in eastern Venezuela. In April, the company said it would write off $241 million related to unpaid fees from PDVSA.

But company spokeswoman Julie Gentz told The Associated Press on Friday that the issue could still be resolved without going to arbitration.

"We pursue all of our available options, including negotiating with PDVSA," she said.

Venezuela's state oil company has recently clashed with domestic and foreign service providers that help extract the OPEC nation's heavy crude, accumulating billions of dollars in debts as it aims to renegotiate contracts to reduce costs by 40 percent.

Numerous foreign contractors have halted work in Venezuela over delayed payments, including Boots & Coots International Well Control, Inc. The Houston-based oil and gas services company said in a statement Thursday that it has suspended its Venezuela operations over delayed payments.

Chavez said the takeovers will allow state oil company PDVSA to reduce its production costs by 20 percent, or $500 million.

PDVSA says some of those contracts are now overvalued due to falling crude prices that have shrunk government revenue. Venezuela relies on oil for 93 percent of its export income, but world oil prices have fallen 60 percent since their July peak. A barrel of light, sweet crude was trading at $58.09 a barrel on the New York Mercantile Exchange on Friday.

The law approved by Venezuela's largely pro-Chavez National Assembly on Thursday covers companies that provide services including natural gas processing, the injection of natural gas or water into oil fields to improve recovery and management of docks and boats on Lake Maracaibo.

Oil Minister Rafael Ramirez said Venezuela has now taken control of "more than 85 percent of the installations and activities" covered by the law.

The law says companies could be paid with cash or bonds for their assets, while PDVSA has said it will absorb the 8,000 workers affected by Friday's seizures of boats and docks.

But PDVSA employees said they're concerned the extra additions to a payroll that stood at 75,000 prior to the seizure -- triple its 2002 levels -- will mean fewer benefits for workers as cash flow tightens.

"It's a very heavy load," union leader Rafael Barrios said.

Associated Press writer Fabiola Sanchez contributed to this report.

source yahoo

Regency Energy 1st-qtr profit soars, driven by $134M gain from Haynesville JV

2009-05-12T20:15:00.000-07:00

Natural gas distributor Regency Energy Partners LP on Monday said its first-quarter profit surged, driven mainly by a $134 million gain related to the contribution of the Regency Interstate Gas Subsidiary (RIGS) to the company's Haynesville joint venture.

In March, Regency said it completed a joint venture with an affiliate of GE Energy Financial Services and Alinda Capital Partners LLC to fund the Haynesville expansion project in North Louisiana. Regency contributed its RIGS system, and GE Energy Financial Services and Alinda contributed $126.5 million and $526.5 million in cash, respectively, to the joint venture in return for a 38 percent, 12 percent and 50 percent general partnership interest, respectively.

Quarterly earnings rose to $148.4 million compared with $10.4 million last year. The company did not provide earnings per share numbers.

Analysts polled by Thomson Reuters estimated a profit of 19 cents per share, on average. Analysts typically exclude one-time items.

Revenue slid 28 percent to $290.1 million from $405.2 million a year ago. Analysts forecast an average revenue of $464.87 million.

The company said its 2009 capital budget has been reduced by about $13 million to $107 million, excluding all spending related to the Haynesville expansion project as those costs are funded by the joint venture.

Shares of the company slid 11 cents to $12.18 in afternoon trading.

source yahoo

TEPPCO Ranked 267th on Barron's 500 List for 2009

2009-05-12T20:13:00.000-07:00

TEPPCO Partners, L.P. today announced that the partnership ranks 267th on Barron’s annual list of the 500 top-performing companies, improving 61 spots over the prior survey. In determining the rankings, Barron’s reviewed the largest publicly traded companies in the United States and Canada, based on 2008 sales, and selected those with the best track record of increasing cash flow and return on investment.

“We are very pleased with our improvement in this year’s rankings, which speaks to the effectiveness of our ongoing strategy and the efforts of our talented personnel to increase cash flow and build value for investors,” said Jerry E. Thompson, president and chief executive officer of TEPPCO’s general partner. “Our 2008 financial performance, which supported two distribution rate increases last year, was even more impressive given the global economic conditions we faced during the year.”

TEPPCO Partners, L.P., is a publicly traded energy logistics partnership with operations that span much of the continental United States. TEPPCO owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products. The partnership’s midstream network is comprised of approximately 12,500 miles of pipelines that gather and transport refined petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, including one of the largest common carrier pipelines for refined petroleum products and LPGs in the United States. TEPPCO’s storage assets include approximately 27 million barrels of capacity for refined petroleum products and LPGs and about 14 million barrels of capacity for crude oil. TEPPCO also owns a marine business that operates primarily on the United States inland and Intracoastal Waterway systems, and in the Gulf of Mexico. For more information, visit TEPPCO’s website (www.teppco.com). Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings

Contact:

TEPPCO Partners, L.P.
Investor Relations
Mark G. Stockard, 713-381-4707 or 800-659-0059
or
Media Relations
Rick Rainey, 713-381-3635

source yahoo

Gasoline tank explodes at fuel storage facility in rural Arkansas, killing 3 workers

2009-05-12T20:11:00.000-07:00

An empty gasoline tank undergoing repairs exploded Tuesday at a fuel storage facility in rural north-central Arkansas, killing three workers, authorities said.

The tank had been previously cleaned and workers had entered it to prepare to install new equipment when the blast occurred just before 2:30 p.m., said Rick Rainey, spokesman for the facility's owner, Houston-based energy company TEPPCO Partners LP.

Three workers died in the explosion south of Searcy in White County, said Tommy Jackson, a spokesman for the Arkansas Department of Emergency Management.

Rainey said the company was in contact with local first responders and federal work safety officials about the explosion.

"We are going to do a full investigation," he said.

Elizabeth Todd, a spokeswoman for the U.S. Occupational Safety and Health Administration in Dallas, did not immediately return a call for comment Tuesday.

The TEPPCO facility stores diesel and unleaded gasoline for clients and has five tanks with a total capacity of holding 250,000 barrels of fuel, Rainey said.

The explosion occurred as a series of thunderstorms rolled through Arkansas. The National Weather Service recorded no instances of lightning in the area at the time of the blast, according to forecaster Chuck Rickard in North Little Rock.

source yahoo

American Petro-Hunter Views Recent Gains in Oil Prices as Trend Indicator - Kansas Oil Venture Very Timely

2009-05-12T20:08:00.000-07:00

American Petro-Hunter, Inc. ("American Petro-Hunter" or the "Company") views the recent price increases of crude oil as extremely positive news for both the economy and the Company. Last week, oil prices jumped to almost $58 a barrel thereby extending gains to near six-month highs on investor expectations that the global economic environment is beginning to grow and may begin to rebound before the end of the year.

Oil has broken above the relative trading range of approximately $45 to $55 a barrel that it's been at since dropping from a record high of $147 last July. These gains are boosted by investor perceptions that the worst of a severe U.S. recession may be over. Governments across the world, led by the U.S. and China, have announced massive fiscal stimulus packages that should eventually spark economic growth and demand for commodities, said Francisco Blanch, head of global commodity research at Bank of America Merrill Lynch. In addition, Production cuts by the Organization of Petroleum Exporting Countries (OPEC) have helped bolster prices, and the cartel meets again on May 28 to discuss further possible output reductions. OPEC leaders have stated they want oil at $70 a barrel.

American Petro-Hunter's management believes that a steady rise in the price of oil will occur throughout the year and that prices forecast to be above the $70 per barrel range are both realistic and even possibly conservative given the dramatic drop from last year's record highs. With this in mind, the Company has moved quickly to secure its first oil acquisition, a low-risk conventional target in Kansas. As a further means of rapidly capitalizing upon the sectors encouraging growth indicators the Company is currently reviewing several promising production purchase scenarios in both the U.S. and Canada.

As announced previously, the Poston Prospect in Kansas targets productive oil formations within Mississippi Dolomite and/or Cherokee sands as indicated by significant 3D Seismic anomalies. The 750 acre block contains a potential multi well program with the first drilling location registered as the #1 Lutters Well. The operator of the project has reported that site preparations are fully underway with drill rig mobilization to the site planned within a week.

In the event of commercial production at the #1 Lutters Well an additional 2 to 3 offset locations are proposed in order to fully exploit the acreage. Engineering estimates of the potential production from the indicated pay zone is between 35 and 100 barrels per day from a successful well. Full development of the field could produce up to 400 BOPD of light oil. There is excellent support infrastructure and transportation access in the area which will easily and cost effectively facilitate regular storage tank transfers to nearby sales depots.

source yahoo

Analyst cuts Oil States EPS estimate, shares fall

2009-05-12T20:05:00.000-07:00

Shares of Oil States International Inc. fell Monday after an analyst lowered his full-year profit estimate for the oil services company on expectations of reduced drilling and lower pricing.

Oil States shares fell $1.27, or 6 percent, to $19.99 in morning trading.

Last week the company posted earnings that exceeded consensus estimates, but declined from the prior-year quarter due mainly to significant declines in North American drilling and completion activity.

The company said its earnings fell to $56.1 million, or $1.13 per share, compared with $65.5 million, or $1.29 per share, in the prior year period. Revenue rose to $667.1 million from $601.2 million.

Analysts surveyed by Thomson Reuters expected a profit of $1.03 on revenue of $671.2 million.

Jefferies & Co. analyst Stephen Gengaro said he expects the company to face "stiff headwinds" for the rest of the year. Gengaro said Oil States' well services segment will likely see weakened results as rental tools and drilling services face lower utilization and reduced pricing. Also, the second quarter will be pressured by the normal seasonal slowdown in Canadian activity. Reduced volumes and lower pricing will weaken the tubular services business for the rest of 2009, he added. The most resilient business segment is Oil States' offshore products business, Gengaro said, citing its longer-term projects.

Gengaro lowered his 2009 profit prediction for Oil States to $2.30 per share from an earlier outlook of $2.45 per share. For 2010, he expects $2 earnings per share, down from $2.65 per share forecast previously.

He maintained a "Buy" rating and raised his price target to $30, up from an earlier forecast of $21.

source yahoo

IPOdesktop Releases Analyst Report on American Petro-Hunter

2009-05-12T19:46:00.000-07:00

American Petro-Hunter today announced that IPOdesktop has released an Analyst Report that also discusses current opportunities for junior exploration and development companies.

American Petro-Hunter is a goal-oriented exploration and production (E&P) Company aiming to become an intermediate level oil and gas producer within 12 months. The company believes that continued industry growth through the development and exploration of conventional domestic oil and gas reserves will provide the essential near-term stabilizing backbone and primary driver towards an American made economic recovery and restoration of our vital financial system to prosperity. With the achievable target of becoming a 1000 BOE producer as our goal, American Petro-Hunter is actively on the "hunt" for domestic petroleum.

About http://IPOdesktop.com

IPOdesktop.com, the leading provider of independent IPO research for professional money managers and individual investors, also produces the IPO Hardball radio program. In the 'Analysts Corner' at IPOdesktop.com, research reports are available for both recent IPOs and emerging companies.

IPOdesktop editors are quoted by The Wall Street Journal, Dow Jones Newswires, MarketWatch, Reuters, USATODAY, and others. IPOdesktop editors also co-host financial programs at StreetIQ.com.

Contact:
Investor Relations:
Bakerview Investor Relations, Inc.
1-888-521-7762

source yahoo

Energy & Technology Corp. VisonArray(TM) Technology Now Patent-Protected

2009-05-12T19:44:00.000-07:00

Energy & Technology Corp. ("Energy & Technology" or the "Company"), previously known as Technical Industries & Energy Corp. and a provider of equipment and services for the oil and gas industry, today announced that its revolutionary VisonArray™ technology, which gives an accurate measure of oilfield pipe strength and includes expandable liners, both allowing for deeper drilling, is now patent-protected. The patent abstract for U.S. Patent 7,401,518 is as follows:

"A method for inspection of tubular goods includes using ultrasonic detection means to obtain wall thickness measurement of discrete sections of a tubular good and recording each measurement in association with both the longitudinal and circumferential position at which each measurement was obtained. Accordingly each measurement of wall thickness represents a small portion of the wall thickness of said tubular in three dimensional space. A plurality of said measurements may thereby be displayed by computer means in virtual three dimensional format. Differing wall thickness readings made be represented by different shading or color display, so that anomalies of interest may be readily detected. Alternatively the recorded information may be readily processed by computer means to calculate the effect of stressors on the wall of said tubular good."

"With oil reserves becoming harder to access, the industry has clamored for an advance in technology that can make deeper drilling both possible and cost-effective," stated Energy & Technology President and CEO George M. Sfeir. "Offered through our affiliate Technical Industries, Inc., our proprietary VisonArray™ technology does just that, and it has given Energy & Technology a distinct competitive advantage. VisonArray™ has already been met with significant interest, and it has dramatically expanded our growth potential. Moreover, as this unique breakthrough technology is patent-protected, none of our competitors can offer the same solution."

To be added to the Energy & Technology investor email list, please email justin.davis@cirrusfc.com with ENGT in the subject line.

About Energy & Technology Corp.

As the holding company for Technical Industries, Inc. Energy Pipe, LLC and Highland Energy Threading, Energy & Technology Corp. (OTC BB:ENGT.OB - News) is a single source for rig, integrated systems, down hole tools, OCTG tubing and casing, line pipe, drill pipe, drilling tools and supply chain solutions. Energy & Technology provides a comprehensive drilling system for parts, down hole tools, non-destructive testing, storage and other products and services.

CONTACT:
Cirrus Financial Communications, LLC
Justin K. Davis
(877) 420-ENGT (3648)
Email Contact
http://www.cirrusfc.com

source yahoo

Kistefos Responds to Trico Debt Exchange Announcement

2009-05-12T19:43:00.000-07:00

Kistefos AS, the largest shareholder of Trico Marine Services, Inc. (NASDAQ: TRMA - News), an integrated provider of subsea, trenching and marine support vessels and services, today issued the following statement in response to Trico’s exchange of 6.5% convertible debentures for 8.125% convertible debentures, cash and common stock or warrants, announced on May 11:

"Once again, Trico's Board has called into question its commitment to improving stockholder value for all stockholders through this transaction, which appears to benefit a small group of bondholders with improved terms at the direct expense of Trico's stockholders, who will suffer significant dilution. We are also gravely concerned that by issuing such a large amount of stock on favorable terms in the face of a proxy contest, Trico's management may be taking steps to entrench itself by placing shares with select institutions in order to defeat our proposals to elect two Board members and strengthen the company's corporate governance policies. We can only hope Trico does not take further actions that may obstruct stockholder interests by interfering with the upcoming annual meeting, by manipulating the meeting date or the record date.

"While we are still studying the details of this transaction, it appears that in an effort to remedy the adverse consequences of its over-priced and over-levered acquisitions in 2007 and 2008, the company not only has accepted an increased coupon and a significantly reduced conversion price on the new debentures while securing the debt holders, but has also chosen to substantially dilute its existing stockholders in the process when other, more affordable and less dilutive options could have been pursued. Unfortunately, stockholders seem to have sensed the damage done and appear to have again voted with their feet, resulting in a nearly 30 percent decline in the company's already depressed stock price this week -- the latest blow to Trico's stockholders, who have already suffered from extremely poor performance and ill-considered management decisions.

"This transaction is yet another example of why we believe stockholders' interests will be better protected by adding new voices and fresh perspective to the company's Board. Trico's stock has declined more than 85 percent in the last year, and actions like this make it clear to us that stockholders deserve Board members that will look out for their best interests. We urge all stockholders to vote for our proposals and independent director nominees at the upcoming annual meeting.”

About Kistefos AS

Kistefos AS is a private investment firm focused on making investments in medium-sized companies. Kistefos typically invests in turnaround opportunities and businesses that experience industry consolidation. Kistefos has holdings in dry cargo-shipping, offshore services and financial services, as well as technology-founded investments and real estate development. Kistefos AS was founded in 1979 and is based in Oslo, Norway.

Contact:

Investors:
Okapi Partners LLC
Bruce Goldfarb/Pat McHugh/Steve Balet, 212-297-0720
or
Media:
The Abernathy MacGregor Group
Tom Johnson/Chuck Burgess/Mike Pascale, 212-371-5999

source yahoo

SandRidge Energy, Inc. Announces Pricing of $365.5 Million Offering of Senior Notes

2009-05-12T19:38:00.000-07:00

SandRidge Energy, Inc. today announced the pricing of its private placement of $365.5 million of 9 7/8% Senior Notes due May 15, 2016. The offering was increased from a previously announced offering size of $300 million. The notes were sold at 95.773% of par to yield 10.75% to maturity. The offering is expected to settle on May 14, 2009, subject to customary closing conditions. Net proceeds from the offering are expected to be used for general corporate purposes, including to repay a portion of the amount outstanding under the company's revolving credit facility and/or to fund a portion of the company's 2009 exploration, development and other capital expenditures.

The notes have not been registered under the Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The company plans to offer and issue the notes only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S.

This press release is being issued pursuant to Rule 135c under the Securities Act of 1933, and is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

source yahoo

Gastar Exploration Announces Additional East Texas Drilling Results

2009-05-12T19:37:00.000-07:00

Gastar Exploration Ltd. today announced that it has successfully drilled the Wildman Trust #5 well, a lower Bossier test, to a total depth of 19,000 feet and has logged approximately 60 net feet of pay in five lower Bossier and one middle Bossier zones. Gastar owns a 66.7% working interest before payout (54.5% net revenue interest before payout) in the Wildman Trust #5.

"The Wildman Trust #5 log results confirm our geologic model for the lower Bossier and our analysis of the 3-D seismic data as we encountered over 31 feet in our primary B-5 and B-6 zones," commented J. Russell Porter, Gastar's President and Chief Executive Officer. "As a result of continued improvements to our well design, we were able to drill the 19,000' lower Bossier test in 84 days, reducing our gross dry hole cost in the well to $7.2 million. With the repeatable well design savings and decreases in well completion costs, the gross all-in cost for the Wildman Trust #5 through the first two zone completions will be approximately $10 million. We plan an initial completion in the two lowest Bossier zones and expect to place the well on production within the next 30 days."

About Gastar Exploration

Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America and Australia. The Company pursues a strategy combining deep natural gas exploration and development with lower risk CBM and shale resource development. The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and concentrated on more than 6 million gross acres controlled by Gastar and its joint development partners in Australia's Gunnedah Basin (PEL 238, PEL 433 and PEL 434) located in New South Wales.

Company Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com

Investor Relations Counsel:
Lisa Elliott / Anne Pearson
DRG&E : 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com

source yahoo

Mariner Energy reports 1st-qtr loss on $704.7 million write-down on gas properties

2009-05-12T19:35:00.000-07:00

Oil and gas producer Mariner Energy Inc. posted a first-quarter loss driven by a $704.7 million write-down on gas properties amid weakened natural gas prices.

The company on Monday reported a loss of $424.1 million, or $4.77 per share, compared with earnings of $72.2 million, or 82 cents per share, during the prior-year period.

Results include a $704.7 million charge related to the value of gas properties. Excluding nonrecurring items, adjusted earnings came to $19.8 million, or 22 cents per share. Mariner said that lower commodity prices and decreased production volumes hurt comparable year-over-year results.

Analysts surveyed by Thomson Reuters estimated a profit of 1 cent per share, on average. Analysts typically exclude one-time items.

Revenue slid 23 percent to $243.3 million, down from $315.9 million in the prior-year period. Analysts forecast an average revenue of $224.6 million.

Shares of the company rose 5 cents to $12.52 in afternoon trading.

source yahoo

Tri-Valley Initiates $30 Million Raise to Complete Key Projects and Strengthen Balance Sheet

2009-05-12T19:34:00.000-07:00

In a move to strengthen its balance sheet and complete key projects, Tri-Valley Corporation is initiating a $30 million dollar capital infusion program. The raise will be managed by the Company with some components managed by an investment bank yet to be selected. The Company is considering several options including placement of preferred stock, project financings in the form of working interest sales or sale and lease back of equipment and facilities.

"Along with hundreds of other big and small concerns, Tri-Valley was adversely impacted by the 'global meltdown' to the point where our auditors gave the company a going concern exception in an otherwise unqualified opinion on our 2008 financials. We are moving to eliminate that concern as well as accelerating the advance of our current main oil and gold projects," said F. Lynn Blystone, president and chief executive officer.

Tri-Valley is presently focused on developing its Vaca Tar Sands project in the Oxnard, California oilfield where it has developed and successfully tested new technology to produce the heavy oil reservoir at exceptionally high rates and lower costs. Extended test rates indicate the eight horizontal wells could potentially deliver in the range of 500 barrels per day each for weeks after each steaming cycle. Such combined volume requires additional facilities. Funds will be used to retire vendor obligations and to pay for expanded facilities to accommodate the higher production rates.

While the Company continues to raise capital from its project partners for ongoing needs, the velocity of subscriptions fell dramatically after the "meltdown" and is just now beginning to recover in concert with the strengthening oil prices which has encouraged Tri-Valley to initiate a formal raise sufficient to develop its project to profitable status.

Tri-Valley believes that its mineral subsidiary, Select Resources Corporation, has assembled a compelling data package on its Shorty Creek gold project near Livengood, Alaska that will attract a capable joint venture partner to prove up a minable deposit. The data continues an anomalous trend from an adjacent property held by International Tower Hill whose drill program has indicated a resource of up to 6.7 million probable and possible ounces so far. Select will endeavor to drill the strong geo-chem anomalies at Shorty Creek either with some of the capital raised or through a joint venture partner, whichever comes first.

"Tri-Valley has been capital constrained the last two quarters due to investors being impacted by the dramatic global economic shift beginning last fall, but it has a 45-year track record of being able to support its exploration and development even in severely difficult times. The Company has a very strong, cohesive shareholder and project partner base focused, like management, on persevering to add value to Tri-Valley shares and project partner interests. We are all confident that supply, demand and ineffective government policies will assure higher oil prices and government policies will produce strong inflation that will result in higher gold prices. Our oil and gold projects are timely and beneficial in that regard," Blystone said.

He noted the Company had incurred substantial liabilities on behalf of its working interest investors from investing forward in its projects. He also said the Company had not foreseen the length and severity of the global economic crisis and its adverse impact on the rate of new investor subscriptions that would have been be used to extinguish those liabilities. But the nearness of a ramp-up in heavy oil production at Oxnard will allow the Company to improve its balance sheet and restore profitability once sufficient capital is raised. Tri-Valley is interviewing investment banks for assisting in its raise.

Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the New York Stock Exchange Alternext US under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

CONTACT:
Egan Gost
Director of Public and Investor Relations
1-800-579-9314

source yahoo

American Natural Energy Corporation Announces Agreement With Dune Energy, Inc.

2009-05-12T19:32:00.000-07:00

American Natural Energy Corporation announced it and Dune Energy, Inc. ("Dune") have arrived at agreed terms whereby ANEC will re-purchase and retire $7.8 million, plus accrued and unpaid interest, of its 8% Secured Debentures held by Dune (including release of collateral rights), acquire Dune's interest in producing wells and certain leasehold rights in the Bayou Couba field, resume operations of the Bayou Couba field and settle outstanding issues between the companies. In exchange, ANEC will assign a portion of certain deep rights held by ANEC and pay Dune a total of $1.3 million with $1 million due at closing and an additional $300,000 due in quarterly payments commencing 90 days after resuming operations of the field. Closing of the transactions contemplated, which will require the execution of definitive agreements, is to occur as soon as practicable but not later than July 31, 2009.

Mike Paulk, CEO of ANEC said, "The agreement clears a significant amount of liabilities from our balance sheet and provides us with a platform to continue development of our assets identified above the Bayou Couba salt dome while preserving our opportunities in the potential deeper sub-salt play. We have a number of shallow oil prospects identified which we intend to drill as soon as practicable following the closing. We anticipate financing the transaction through either industry participation or private placement financing."

ANEC is a Tulsa, Oklahoma based independent exploration and production company with operations in St. Charles Parish, Louisiana. For further information please contact Michael Paulk, CEO at 918-481-1440 or Steven P. Ensz, CFO at 281-367-5588.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

source yahoo

Mariner Energy's $850 Million Borrowing Base Affirmed

2009-03-29T23:58:00.000-07:00

Mariner Energy, Inc. today announced that the borrowing base for its $1.0 billion secured revolving credit facility has been reaffirmed by its bank group at $850 million, its existing level since June 2008. The credit facility is provided by a syndicate of 17 banks led by Union Bank of California, N.A., and BNP Paribas. As of March 26, 2009, Mariner had approximately $220 million available under the credit facility. The facility's borrowing base is redetermined semi-annually. In connection with the affirmation, Mariner agreed to a 1.0% increase to interest on outstanding borrowings and an increase to 0.5% for the commitment fee on unused capacity under the credit facility. Also, 100% lender approval will be required for a borrowing base in excess of $800 million at the next redetermination expected in August 2009.

"We appreciate the support from our banks in these uncertain times. In our view this reflects our strong performance in 2008 and our conservative business model," said Scott Josey, Chairman, Chief Executive Officer and President of Mariner Energy.

About Mariner Energy, Inc.

Mariner Energy is an independent oil and gas exploration, development, and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico.

source: yahoo

Noble Corporation Changes Place of Incorporation

2009-03-29T23:57:00.000-07:00

Noble Corporation announced the completion today of the previously announced merger, reorganization and consolidation transaction by way of schemes of arrangement under Cayman Islands law. The transaction effectively changed the place of incorporation of the parent holding company of the Noble group of companies from the Cayman Islands to Switzerland.

In the transaction, each ordinary share of Noble Corporation, the former Cayman Islands holding company ("Noble-Cayman"), outstanding immediately prior to the effective time of the transaction was exchanged, through an exchange agent, for one share of the new Swiss holding company, which is also named Noble Corporation ("Noble-Switzerland"). The shares of Noble-Switzerland are listed on the New York Stock Exchange under the trading symbol "NE," the same symbol under which the ordinary shares of Noble-Cayman were listed.

About Noble

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 63 offshore drilling units (including five rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the North Sea, Brazil, and West Africa. Noble's shares are traded on the New York Stock Exchange under the symbol "NE".

source: yahoo

Dominion Puts Cove Point Expansion Project Into Full Commercial Service

2009-03-29T23:56:00.000-07:00

Dominion today announced that its Dominion Cove Point Expansion project went into full commercial service yesterday. Output capacity for the liquefied natural gas plant on the Chesapeake Bay in Maryland has increased by 80 percent to 1.8 million dekatherms (Dth) of natural gas per day. LNG storage capacity has nearly doubled to 14.6 billion cubic feet equivalent (Bcfe).

"Dominion Cove Point is a world-class natural gas import facility with ready access to both the customers and storage areas that make up the world's largest natural gas market," said Thomas F. Farrell II, Dominion's chairman, CEO and president. "We are proud to complete this expansion and provide the Northeast and Mid-Atlantic market access to new natural gas supplies from around the world."

New facilities include:

* Two LNG storage tanks, each capable of holding 160,000 cubic meters of LNG, or approximately 3.4 Bcfe of natural gas each;
* Increased vaporization and associated station facilities adding 800,000 Dth per day to output capacity;
* An 81-mile, 24-inch pipeline in central Pennsylvania and associated facilities that allow imported natural gas to be transported to key Northeast natural gas markets;
* A 48-mile, 36-inch diameter natural gas pipeline loop in Maryland that increases pipeline capacity from the plant;
* Two new compressor stations in Pennsylvania near Perulack and State College;
* Various natural gas storage facilities and pipelines that move natural gas to the Dominion South Point market hub, other interstate pipelines and the interconnection with Transcontinental Gas Pipeline known as Leidy in Clinton County, Pennsylvania.

A subsidiary of StatoilHydro ASA (NYSE: STO - News) has contracted for all the new capacity, including firm transportation and storage services in Pennsylvania. The previously existing capacity was already under contract.

Although pipeline construction is now complete, property restoration will continue. Dominion also will continue to monitor restored land along the pipeline route until it has been returned to its original condition or better.

Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of more than 27,000 megawatts of generation, 1.2 trillion cubic feet equivalent of proved natural gas reserves, 14,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage facility with 975 billion cubic feet of storage capacity and serves retail energy customers in 12 states.

source: yahoo

Plains All American Pipeline, L.P. Completes Public Offering of Common Units

2009-03-28T21:29:00.000-07:00

Plains All American Pipeline, L.P. announced today that it has completed its previously announced underwritten public offering of common units. Including the over-allotment option which was exercised in full by the underwriters, the Partnership sold a total of 5,750,000 common units at $36.90 per common unit.

Total net proceeds from the offering, including the general partners’ proportionate capital contribution after deducting underwriting discounts and commissions and offering expenses, were approximately $210 million. The Partnership net proceeds from the offering were used to reduce outstanding borrowings under its credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes. As a result of the offering, the Partnership now has 128,661,645 common units outstanding.

UBS Investment Bank, Citi, J.P. Morgan, Merrill Lynch & Co. and Wachovia Securities were joint book-running managers of the offering.

A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:

UBS Investment Bank

Attn: Prospectus Dept.

299 Park Ave

New York, NY 10171

Telephone: 888-827-7275
Merrill Lynch & Co.

Attn: Prospectus Department

4 World Financial Center

New York, NY 10080

Citi

Brooklyn Army Terminal

Attention: Prospectus Delivery Dept.

140 58th Street, Brooklyn, NY 11220

Telephone: (800) 831-9146

Wachovia Securities

Attn: Equity Syndicate Dept.

375 Park Avenue, New York, NY 10152

Email: equity.syndicate@wachovia.com

Telephone: 800-326-5897

J.P. Morgan

Attn: Prospectus Library

4 Chase Metrotech Center, CS Level

Brooklyn, New York 11245

Telephone: 718-242-8002

The common units were offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.

Contact:

Plains All American Pipeline, L.P.
Manager, Investor Relations
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
or
Vice President
A. Patrick Diamond, 713-646-4487 – 800-564-3036

source: yahoo

Plains All American Pipeline completes public offering resulting in proceeds of $210 million

2009-03-28T21:27:00.000-07:00

Plains All American Pipeline LP, which transports and stores crude oil and other petroleum products, said Friday it completed public offering of common stock resulting in proceeds of $210 million, excluding expenses.

The company said it sold 5.75 million shares of common stock priced at $36.90 per share. Proceeds from the offering were used to reduce outstanding borrowings under its credit facilities and pay for general business use, the company said.

UBS Investment Bank, Citi, J.P. Morgan, Merrill Lynch & Co. and Wachovia Securities acted as joint book-running managers for the offering.

The company now has 128.7 million shares of common stock outstanding.

Shares fell 35 cents to $37.02 in morning trading.

source: yahoo

Newpark Resources expects to post loss in 1st-qtr as competition grows, oil production slows

2009-03-28T21:26:00.000-07:00

Newpark Resources Inc., which treats and disposes of oilfield waste, said Tuesday it expects to post a loss in the first quarter, citing a sharp slowdown in U.S. oil production and intense competition.

It predicts a net loss of between 8 and 12 cents per share for the period, with revenue of $120 million to $130 million. Analysts polled by Thomson Reuters expect a profit of 9 cents per share on revenue of $198 million, though analysts generally exclude one-time items in their forecasts.

"The first three months of 2009 are proving to be an extremely difficult market for oil service companies in North America," President and Chief Executive Paul Howes said. He noted the U.S. rig count was down 47 percent last week compared to its peak last September.

"This significant decline in rig activity combined with aggressive bidding from our competitors on new and existing work is causing a correlating drop in revenue and compression of margins," he added.

The company has slashed staff numbers, implemented salary and wage freezes and cut overall spending in hopes of balancing out lower demand. Newpark estimates it saved $40 million last year from the changes.

This year, the company said it will work to cut transportation and materials costs.

Newpark said its international business -- including the Mediterranean, Middle East and Brazil -- is robust.

Shares of Newpark ended Tuesday down 44 cents, or 15 percent, at $2.55.

source: yahoo

American PetroHunter Appoints New Board Member

2009-03-28T21:24:00.000-07:00

American PetroHunter, Inc.("American PetroHunter" or the "Company") is pleased to announce the appointment of Mr. Robert B. McIntosh to the Company's Board of Directors effective March 23, 2009.

Mr. McIntosh is a businessman and consulting geologist with a proven track record spanning the past 25 years. He brings diverse experience both as a resource exploration geoscientist alongside noteworthy strengths in all facets of corporate development. Since 1983 his career has taken him across the Americas and abroad where he has been instrumental in the design, implementation, execution and management of programs in the oil, gas, precious and base metals segments of the resource sector. His skills encompass virtually every aspect of oil & gas exploration, well completion and production techniques along with extensive experience in project acquisition, contract negotiation, and project divestitures within the petroleum industry. He has developed singular expertise and broad industry contacts in his various roles across the publicly traded market sector as well as with private junior E&P companies. Mr. McIntosh has successfully assisted his clients and stakeholders in the U.S.A. and Canada on projects that ultimately became producing properties where he has significantly contributed towards full-field exploitation programs utilizing both traditional and secondary forms of drilling and completion along with ongoing wellsite supervisory management aimed at fully optimizing the potential of each asset.

Details of this appointment will shortly be filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") IDEA database.

Contact:

Investor Relations Contact
Bakerview Investor Relations, Inc.
1-888-521-7762

source: yahoo

Oil services sector falls as oil prices slide, analyst predicts demand declin

2009-03-28T21:14:00.000-07:00

Shares of oil services companies fell on Wednesday on expectations that waning energy demand, constrained credit markets and oil price weakness would cause mounting cancellations of drilling projects and sharper-than-expected declines in rig counts.

Light, sweet crude fell 74 cents to $53.26 in afternoon trading after government data showed that crude inventory levels climbed beyond analyst forecasts, further evidence of demand weakness.

Ben Dell, an analyst with Bernstein Research, on Wednesday lowered his rig demand forecast and profit expectations for oil services companies. Dell said he expects 2009 US rig demand to decline 45 percent from the prior year, even worse than his earlier estimate of a 30 percent decline. Dell predicted the bottom will occur during the second quarter of the year.

Dell slashed his 2009 earnings-per-share estimates Nabors Industries Ltd., Schlumberger Ltd., Halliburton Co., Baker Hughes Inc., Weatherford International Ltd. and Patterson-UTI Energy Inc.

He added that he remains cautiously optimistic about the group and maintained an "Outperform" rating for Halliburton, Nabors and Patterson-UTI.

Shares of Nabors fell 27 cents, or 2.5 percent, to $10.73 in afternoon trading, while Halliburton shares lost $1.20, or 6.6 percent, to $17.09. Shares of Baker Hughes fell $1.50, or 4.5 percent, to $31.97. Weatherford shares dropped 25 cents to $12.53. Patterson-UTI Energy shares slid 36 cents, or 3.5 percent, to $9.99.

Shares of Schlumberger Ltd., the world's largest oil field services company, dropped $1.43, or 3 percent, to $44.73.

source: yahoo

Halliburton gets $100M contract extension with Salym Petroleum for Russian work

2009-03-28T21:12:00.000-07:00

Oil services provider Halliburton Co. said it has been awarded a $100 million, 4-year contract extension by Salym Petroleum Development NV for exploration and production services in Western Siberia, Russia.

Under the contract, Halliburton will drill new wells which include 400 s-shaped wells, plus directional and extended-reach wells. The company said the wells will have an average depth of 2,600 meters.

Shares of Halliburton rose 7 cents to $17.50 in premarket trading on Thursday.

source: yahoo

Key Energy Announces Appointment of Trey Whichard as New Senior Vice President and Chief Financial Officer

2009-03-28T21:11:00.000-07:00

Key Energy Services, Inc. announced today that T.M. "Trey" Whichard, III has been hired as Senior Vice President and Chief Financial Officer. Previously, Mr. Whichard was an officer with BJ Services Company (NYSE: BJS - News) serving in various financial capacities since 1989, including Treasurer and Tax Director and most recently as Vice President and Chief Financial Officer from 2002 until the beginning of 2006.

Commenting on the appointment of Mr. Whichard, Dick Alario, Chairman and Chief Executive Officer, said, "I am pleased that we are in a position to have a seasoned, strategic Chief Financial Officer join Key. I think Trey's experience and leadership will be instrumental in taking Key to the next level."

Mr. Whichard received a BBA in Accounting from Sam Houston State University in 1981.

Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina and Mexico.

Contact: Blake Hutchinson
(713) 651-4300

source: yahoo

New Cameron CEO earns $4.1 million in total 2008 pay; company sees falling demand in 2009

2009-03-28T21:09:00.000-07:00

Cameron International Corp.'s top executive earned total compensation valued at $4.15 million in his first nine months as the oil services company was hurt by slowing demand, according to an Associated Press analysis of a securities filing.

of $147.27 a barrel in July.

Since then, falling crude prices, limited access to credit and other recessionary effects have hurt Houston-based Cameron, which supplies oil and gas producers with drilling and other services.

In 2008, Moore earned a base salary of $745,385 and a performance-based bonus of $902,981, according to a Securities and Exchange Commission filing submitted Wednesday.

Moore received $219,343 in compensation for such perks as club memberships, financial planning, and insurance and retirement benefits.

He also received stock and options valued by the company at $2.28 million when granted in November 2008. Since then, the company's stock price has risen about 10 percent.

Moore took over from Sheldon R. Erikson who stepped down as CEO but remains chairman. His compensation package for 2007 was valued at $7.1 million, including a base salary of $1.03 million, performance-based bonus of $1.5 million and stock options valued by the company at $4.3 million when granted.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

For 2008, Cameron reported a profit of $593.7 million, or $2.60 per share, up from $500.9 million, or $2.16 per share, in 2007. Revenue rose 25 percent to $5.85 billion from $4.67 billion.

Cameron has warned investors its 2009 earnings likely will fall due to lower customer project spending amid a weakening environment for energy demand. It expects a full-year profit between $1.75 per share and $2 per share. Analyst surveyed by Thomson Reuters anticipate a profit of $1.83 per share.

Cameron completed a two-for-one stock split in December 2007. Its share price fell about 57 percent in 2008. The company's shares rose 62 cents to $25.18 in afternoon trading Thursday.

source: yahoo

Baker Hughes says number of active oil rigs drops by 46

2009-03-28T21:07:00.000-07:00

The number of rigs actively exploring for oil and natural gas in the United States dropped by 46 this week to 1,039, as weak energy demand continues to hamper oilfield activity.

Of the rigs running nationwide, 810 were exploring for natural gas and 217 for oil, Houston-based Baker Hughes Inc. reported Friday. A total of 12 were listed as miscellaneous.

A year ago, the rig count stood at 1,808. The U.S. count is down nearly 50 percent since the end of August. Oil prices peaked at almost $150 a barrel in July before plunging. Light, sweet crude for April delivery fell $2.31 to $52.05 in afternoon trading Friday on the New York Mercantile Exchange.

Of the major oil- and gas-producing states, Texas lost 17 rigs, Oklahoma lost six, Louisiana lost four and North Dakota and Wyoming each lost two. New Mexico, Colorado and Alaska each lost one. California added three rigs, and Arkansas was unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.

source: yahoo

Oil prices fall sharply after hitting new highs for the year; natural gas plunges

2009-03-28T21:06:00.000-07:00

Crude prices fell sharply to end the week and natural gas tumbled to seven-year lows as a worsening economy led to more painful cuts in the industrial sector.

Benchmark crude for May delivery dropped $1.96 to settle at $52.38 a barrel on the New York Mercantile Exchange.

The price decline put an abrupt end to a weeklong rally, but oil prices were still 3 percent higher than a week ago. Crude prices hopped above $50 a barrel last week for the first time in almost three months after the Federal Reserve announced it would pump more than $1 trillion into the economy by buying Treasury bonds.

But the economy continues to struggle. Government reports this week showed that energy demand continued to fall and U.S. storage facilities were crammed with a huge surplus of crude and natural gas.

By Friday, a stronger dollar helped push investors away from commodities. Crude, which is traded in U.S. currency, tends to move in opposite directions to the dollar.

"The dollar's strong as hell today," Andrew Lebow, senior vice president and broker at MF Global. "It's gotten people's attention."

Natural gas prices fell more than 16 percent in three days to end the week, settling Friday at $3.631 per 1,000 cubic feet. The last time natural gas was that cheap was Sept. 26, 2002, when it settled at $3.58 per 1,000 cubic feet, analyst and trader Stephen Schork said.

Analysts see natural gas prices as a better reflection of market fundamentals since it attracts fewer speculators than crude, and Schork said he expects other energy stocks to follow natural gas down next week.

"There's a bullish current to this market, but I don't think it's as strong as many hoped," Schork said. "There was a correction in natural gas this week, and I'd expect we'll see a bigger correction in crude next week."

Energy prices dropped as major industrial companies slowed production and cut back on energy spending.

Johnson Controls Inc. said Friday it will reduce its work force and close 10 manufacturing plants. The company, whose products include automotive parts, batteries and building systems, did not say how many employees will be affected or which plants it will close.

For most of the week, oil traders shrugged off such news as a surge in prices brought more traders into the market.

Oil prices set a high for 2009 on Tuesday and then again on Thursday. Investors snapped up stocks as analysts fretted about a plunge in oil exploration and there was a growing consensus that the world will struggle through another supply shortage.

Houston-based Baker Hughes Inc. reported Friday that drilling projects are in serious decline. The number of rigs actively exploring for oil and natural gas in the United States fell for the 10th straight week. The 1,039 rigs are the fewest in operation since at least January 2004.

In addition, a new study by Cambridge Energy Research Associates suggests plummeting crude prices could potentially cut expected new oil supplies in half within five years. The CERA report said that of the potential 14.5 million barrels per day in new production expected from 2009 to 2014, about 7.6 million barrels were "at risk."

But most analysts agree any supply shortage is still a ways off because global demand has fallen so drastically.

"People are getting way ahead of the game," said Michael Lynch, president of Strategic Energy & Economic Research. "There's still a lot of inventory out there."

The federal government said Wednesday that crude storage facilities in the U.S. are brimming with more oil than they've had in 16 years. Combined with the nation's strategic petroleum reserve, the nation now has 1.05 billion barrels of oil in storage -- enough to fuel roughly 44 million cars for a year.

The Energy Department said Thursday that U.S. stores of natural gas rose by 3 billion cubic feet to about 1.65 trillion cubic feet for the week ended March 20. Schork noted that electricity demand is way down, with the amount of electrons transmitted last week at the lowest level since April 14, 2006.

"Bottom line, nothing has changed," Schork said in his daily oil report. "Underground caverns, mines and aquifers are brimming with molecules for this point in the season. The heating season is winding down and industrial and commercial demand is virtually nonexistent."

OPEC has been trying for months to slash crude production and counter a withering global appetite for oil.

The Organization of the Petroleum Exporting Countries has promised to cut 4.2 million barrels per day. Companies that track supertankers show that exports from OPEC countries have dropped to the lowest level since June 2003, according to analyst Addison Armstrong.

Meanwhile, retail gas prices rose every day this week, climbing another 1.7 cents overnight to a new national average of $2.026 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of gas is 13.5 cents more expensive than a month ago but $1.241 cheaper than a year ago.

Gas prices rise every year at about this time as refiners shut down for maintenance and change over to summer gasoline blends.

In other Nymex trading, gasoline for April delivery fell 4.32 cents to settle at $1.4879 a gallon, while heating oil dipped 4.85 cents to settle at $1.4330 a gallon.

In London, Brent prices fell $1.48 to settle at $51.98 a barrel on the ICE Futures exchange.

Associated Press writers Louise Watt in London, Pablo Gorondi in Budapest, Hungary and Kelly Olson in Seoul, South Korea, contributed to this report.

source:yahoo

Crusader Energy Announces Update on Continued Discussions of Strategic Alternatives

2009-03-28T21:04:00.000-07:00

Crusader Energy Group Inc. today announced that in connection with the Company's continued evaluation and assessment of financial and strategic alternatives to address its previously announced $5 million borrowing base deficiency under its senior credit facility, the Company elected not to pay the approximately $833,000 first installment on the repayment of the borrowing base deficiency that was due on March 25, 2009. As previously reported the Company had notified the lenders under the senior credit facility that it had elected to repay the borrowing base deficiency through six equal monthly installments, with the first installment due March 25, 2009. The Company's election not to pay the installment due on March 25, 2009 results in an event of default under the Company's senior credit facility, and the administrative agent under the Company's senior credit facility could elect to declare all amounts outstanding under the senior credit facility to be immediately due and payable. In addition, an event of default under the senior credit facility results in an event of default under the Company's second lien credit facility, and the administrative agent under the second lien credit facility (subject to certain intercreditor agreement provisions) could elect to declare all amounts outstanding under the second lien credit facility to be immediately due and payable. If the lenders under either credit facility accelerate such indebtedness, the Company does not have sufficient funds currently available to repay such indebtedness. The Company remains in discussions with the lenders under both its senior credit facility and its second lien credit facility regarding potential solutions to address the borrowing base deficiency and default, as well as with other third parties regarding potential strategic alternatives (which may include restructuring the Company's debt, the sale of some or all of the Company's assets or a merger or other business combination involving the Company). The Company may be required to seek protection under Chapter 11 of the United States Bankruptcy Code if such efforts are not successful or to effect any strategic alternative that it elects to pursue.

ABOUT CRUSADER ENERGY

Oklahoma City-based Crusader Energy Group Inc. is an oil and gas company with assets focused in various producing domestic basins. The Company has a primary focus on the development of unconventional resource plays which includes the application of horizontal drilling and cutting edge completion technology aimed at developing shale and tight sand reservoirs. The Crusader assets are located in various domestic basins, the majority of which are in the Anadarko Basin and Central Uplift, Ft. Worth Basin Barnett Shale, Delaware Basin, Val Verde Basin, and the Bakken Shale of the Williston Basin.

source: yahoo

LeTourneau Technologies Signs $185 Million Construction Contracts With Brazilian Consortium

2009-03-28T21:03:00.000-07:00

Rowan Companies, Inc. ("Rowan" or the "Company") announced today that its manufacturing subsidiary, LeTourneau Technologies, Inc. ("LTI") has signed contracts valued at approximately US$185 million with a Brazilian construction consortium to provide the rig kit, rig design and drilling equipment for two LeTourneau Super 116E jack-up rigs.

Dan Eckermann, LTI's President and Chief Executive Officer, stated, "In this difficult market environment we are pleased to have been selected by the Brazilian consortium to provide the primary components for these new jack-up rigs. We plan to deliver to the consortium state-of-the-art rig kits, rig design and drilling equipment. This success also confirms the strength of our product slate and our ability to provide quality drilling products for offshore and land drilling applications."

The two Super 116E jack-up rigs are to be built at Petrobras' Maragojipe, Bahia, Brazil facility by the Consorcio Rio Paraguacu. The rig kits will be substantially delivered in 2009 while most of the drilling equipment will be provided in 2010.

The Super 116E Class is one of five current LTI jack-up rig designs, and is an evolution of LTI's industry workhorse 116-C Class design. The Super 116E provides for up to 2,000 kip greater payload than its predecessor. The rig is designed to drill in up to 350 feet of water in moderate environmental locations and can be outfitted to handle high temperature/high pressure wells.

LTI built the world's first jack-up drilling rig in 1955. Today, LTI is an acknowledged leader in the supply of offshore jack-up drilling rigs with a well-known track record of dependability, a reputation for the finest technology, and a company-wide commitment to innovation and customer responsiveness. For more information on LTI, please visit www.lti-offshore.com.

Rowan Companies, Inc. is a worldwide provider of contract drilling services utilizing a fleet of 22 high-spec offshore jack-up rigs and 32 deep-well land drilling rigs. The Company's manufacturing division, LTI, produces equipment for the drilling, mining and timber industries.

source: yahoo

Noble Corporation Intends to Change Its Place of Incorporation

2009-03-28T21:01:00.000-07:00

Noble Corporation announced that it received approval today from the Grand Court of the Cayman Islands of the previously announced merger, reorganization and consolidation transaction by way of schemes of arrangement under Cayman Islands law. The transaction, if completed, will effectively change the place of incorporation of the parent holding company of the Noble group of companies from the Cayman Islands to Switzerland. Noble estimates that all of the conditions to the closing of the transaction will be met and that it will complete the transaction prior to the open of business on March 27, 2009.

Upon completion of the transaction, the Noble group holding company will continue to be subject to SEC reporting requirements, and its shares will be listed on the New York Stock Exchange under the symbol "NE," Noble's current trading symbol.

About Noble

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 63 offshore drilling units (including five rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the North Sea, Brazil, and West Africa. Noble's ordinary shares are traded on the New York Stock Exchange under the symbol "NE".

source: yahoo

Mariner Energy's $850 Million Borrowing Base Affirmed

2009-03-28T21:00:00.000-07:00

Mariner Energy, Inc. today announced that the borrowing base for its $1.0 billion secured revolving credit facility has been reaffirmed by its bank group at $850 million, its existing level since June 2008. The credit facility is provided by a syndicate of 17 banks led by Union Bank of California, N.A., and BNP Paribas. As of March 26, 2009, Mariner had approximately $220 million available under the credit facility. The facility's borrowing base is redetermined semi-annually. In connection with the affirmation, Mariner agreed to a 1.0% increase to interest on outstanding borrowings and an increase to 0.5% for the commitment fee on unused capacity under the credit facility. Also, 100% lender approval will be required for a borrowing base in excess of $800 million at the next redetermination expected in August 2009.
"We appreciate the support from our banks in these uncertain times. In our view this reflects our strong performance in 2008 and our conservative business model," said Scott Josey, Chairman, Chief Executive Officer and President of Mariner Energy.

About Mariner Energy, Inc.

Mariner Energy is an independent oil and gas exploration, development, and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico.

source: yahoo

Noble Corporation Changes Place of Incorporation

2009-03-28T20:58:00.000-07:00

Constructing a 5000 barrel per Day Heavy Crude Oil Upgrader Processing Plant in Alberta

2009-03-27T10:55:00.000-07:00

Energy Quest, Inc. ("EQI"), an emerging leader in alternative energy, announced today that its wholly owned subsidiary, WaveChem, Inc. (WCI) has signed an agreement with Northern Alberta Oil Ltd, (NAOL), a wholly owned subsidiary of Deep Well Oil and Gas, Inc. (Other OTC:DWOG.PK - News), to construct a 5,000 barrels per day heavy crude oil upgrader. The upgrader will convert Heavy Crude OilThe Upgrader technology uses an electromagnetic field to align long chain hydrocarbon molecule chains, which are then subjected to ultrasonic energy waves. This process creates cavitation bubbles within crude oil, heavy oil, tank bottoms, or bitumen. With WaveChem upgrader technology, the bubbles collapse at great temperature and pressure. The collapse of these bubbles causes the breaking of the long chain hydrocarbon molecules WITHOUT the need for external sources of heat and pressure used in current conventional processes. However, the overall process operates at lower temperatures and pressures meaning that energy consumption is nominal and operating costs and maintenance costs are significantly reduced in comparison to other methods.

The EQI UPGRADER technology offers the following advantages:

-- The technology can be installed at field batteries to upgrade heavy
oil to eliminate the use of condensate and/or fully upgrade heavy crude oil
and employs no catalysts.
-- The systems are modular, so they can be sized to meet the local demand
rather than having centralized installations. Processing systems can be
installed from1,000 bbls/day to 100,000 bbls/day or more, if more capacity
is required.
-- Systems can be designed for portability to be moved from one location
to another.
-- Initial construction time is reduced and harmful environmental
emissions virtually eliminated.
-- The process is flexible, can process bottoms, heavy oil, bitumen, and
light oil; eliminates blending with condensate; and no petroleum coking.
-- It considerably improves oil quality before the oil refining takes
place.
-- It substantially reduces or eliminates blending during oil
transportation or prior to input into pipelines.
-- "Unit driven" equipment enables redundant systems and equipment train
rotation -- no downtime for maintenance or to replace catalyst.
-- Lower capital risk, reduced requirements for manpower, and it
virtually eliminates environmental risks. The EQ upgrader also qualifies
for carbon credits since it does not produce any air emissions and will
generate significant incremental revenues from the trading of carbon
credits.

WCI will utilize Energy Quest's innovative hydrogen generation technology referred to as the PyStR(TM) (pronounced "Pie Star") process. This process can directly produce high purity hydrogen from biomass, heavy crude, oil sands, coal, and petroleum coke. Hydrogen will be used in the upgrading process and CO2 for enhanced oil recovery. WCI will also utilize the company's Fluid Bed gasification unit to provide power for the project. Gasification is a chemical and heat (thermo chemical) process used to convert solid materials into a gas for use as a fuel.

The company will provide the proprietary technologies, equipment and project management for the complete gasification plant and upgrader, while NAOL will provide the supply of oil to be upgraded

"This environmentally friendly technology is a major breakthrough and we look forward to working with Wave-Chem," said Mr. Curtis Sparrow, President of Northern Alberta Oil Ltd.

The total cost for the plant is estimated at $23.5 million USD. It is expected that the total project will be completed within 12 to 15 months with the first module of 1,000 bbls/day ready for production within six months from the signing of the agreement. Company officials anticipate immediate cash flows with gross annual revenues of $14.1 million while yielding a net profit of $5.8 million after taxes and debt payment.

"We look forward to getting this project underway and plan on other mutually beneficial opportunities with other areas of the company's related technologies in the future," stated Wilf Ouellette, President and CEO of Energy Quest, Inc.

About Deep Well Oil & Gas, Inc. and Subsidiaries

Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta, Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have a 100% working interest in 6 contiguous sections of a P&NG license, an 80% working interest in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and an 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 47,759 acres. Degolyer and MacNaughton Canada Limited ("D&M"), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there are 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report. www.deepwelloil.com

About Energy Quest

Energy Quest, Inc., a Nevada corporation, with its subsidiaries, WaveChem Inc., Syngas International Corp. and Syngas Energy Corp., is an emerging leader in the development and marketing of low-cost alternate fuels worldwide. Through superior technology, the Company is focused on becoming a GreenPowerhouse(TM). Record energy prices, combined with the global focus moving rapidly towards addressing pollution, has heightened the need for sustainable, zero emission energy. Energy Quest's technology is based on clean, renewable energy, positioning it to benefit from global trends. feed-stock to 32 API light oil.

Contact:

Contact:
Energy Quest, Inc.
Investor Relations
888-619-2221 or 877-661-2112
or 404-478-9845
e-mail: info@nrgqst.com

source: yahoo

Adino Energy Comments on Its 2008 Results of Operations

2009-03-27T10:53:00.000-07:00

Adino Energy Corporation today commented on its fiscal year 2008 audited results of operations filed on Form 10-K March 17, 2009, with the United States Securities and Exchange Commission.

Total revenue reported for the year 2008 was $2,088,662, up 6% compared to $1,967,813 one year ago. Net loss for 2008 improved by 76% to $(546,424), or $(0.01) per share, compared to net loss of $(2,263,795) or $(0.5) per share, in 2007.

Intercontinental Fuels LLC (IFL), a wholly owned subsidiary of Adino Energy Corporation, secured a new contract with a third-party fuel additive provider, beginning in April 2008, and realized a decrease in product sales expense of $24,492, or 5%, for the period ended December 31, 2008, over 2007. Legal and professional expense was $500,183 at December 31, 2007, compared to $231,302 at December 31, 2008, a decrease of $268,881 or 54%.

At December 31, 2007, the Company had several stock payables for a total of 10,757,000 shares. These shares could not be issued, however, due to the Company's lack of authorized capital. At our annual meeting in January 2008, the Company's stockholders approved an increase in our authorized capital from 50 million shares to 500 million shares. In the second quarter of 2008, the Company issued stock to satisfy the outstanding stock payable amounts. The Company also issued stock to settle various accounts payable and accrued expenses in July and October, 2008. With these issuances, the Company experienced a loss of $159,963, due to changes in stock valuation. There was no corresponding activity for 2007.

"We are pleased Adino Energy Corporation has made significant steps during 2008 to advance our growth plans in the face of the world economic recession," commented Timothy G. Byrd, Sr., Adino Energy Corporation's chief executive officer.

"Although several financing avenues were available for our terminal's purchase last summer, some backed by leading investment banks, all withdrew last year as the nation's credit retracted; management pulled together literally a last minute deal, completing a lease with a first option to purchase for the next five years, scoring a big win for shareholders."

G. C. 'Sonny' Wooley, Adino Energy's board chairman, commented, "Securing the North Houston terminal during the recent financial meltdown demonstrated several important things about our company: we can safely 'weather' large fluctuations in the price of fuel, as throughput charges are not connected to the oft arbitrary price of oil; our management has proven resourceful in the face of adversity by completing a new terminal lease, with first option to buy, in only four days; and last year's terminal financing activities and global economic environment has unavoidably slowed corporate development plans temporarily since last year."

Byrd continued, "With the financial markets now beginning to stabilize, I am committed this year to completing our move to merchant resale of fuel. In addition, I expect our new relationship with Saphaera to not only widen our stock's audience, but to also gain access to Brazil's vast biofuel supplies.

"Finally, in parallel with these initiatives, the company remains committed to acquire other terminal properties as we identify appropriate opportunities together with sensible financing," Byrd concluded.

About Adino Energy Corporation, Inc.

Adino Energy Corporation (ADNY) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. Adino Energy not only offers storage, delivery, and blending of diesel fuel, but also offers biodiesel to the growing "green" fuels market. Biodiesel is a clean burning, nontoxic, sulfur-free, and biodegradable alternative fuel for compression-ignition (diesel) engines made from animal fat or vegetable oil.

source: yahoo

American PetroHunter Appoints New Board Member

2009-03-27T10:52:00.000-07:00

Oil services sector falls as oil prices slide, analyst predicts demand decline

2009-03-27T10:51:00.000-07:00

Halliburton Awarded $100 Million Contract Extension to Provide Multiple Services for Salym Petroleum in Russia

2009-03-27T10:50:00.000-07:00

Halliburton has been awarded a major contract extension by Salym Petroleum Development N.V. (SPD) for exploration and production services in Western Siberia, Russia. Valued at approximately (USD) $100 million, the four-year contract calls for the provision of directional-drilling, measurement-while-drilling and logging-while-drilling, along with drilling fluids and cementing services and continues Halliburton’s proven record of service delivery in the SPD fields for the last three years. The new wells to be drilled, with an average true vertical depth of 2,600 meters, include 400 S-shaped wells, plus directional and extended-reach wells.

The SPD oilfields -- located in Khanty-Mansiysk Autonomous Okrug, 120 kilometers southwest of Surgut -- include West Salym, Upper Salym and the Vadelyp fields.

"SPD’s 'drilling-the-limit' approach challenges us to continuously improve our performance,” said Iain Dowell, Halliburton’s country vice president for Russia. “We have established a high benchmark in terms of well quality and deliverability for its Russian drilling operations.”

Halliburton’s proven capabilities delivered under the initial contract include:

* Establishing a record drilling time of 5.6 days, when the average drilling time for S-shaped wells in Western Siberia ranges between 23 and 28 days for wells up to 2,800 meters deep;
* Customizing Halliburton's BOREMAX® II high-performance, water-based drilling fluid system to reduce treatment cost per foot drilled and minimize the environmental impact; and
* Delivering zonal isolations for the life of the well through deployment of dedicated crews and harsh-environment cementing units.

About Halliburton

Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 55,000 employees in approximately 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s Web site at www.halliburton.com.

Contact:

Halliburton
Public Relations
Zelma Branch, +1-713-759-2601
zelma.branch@halliburton.com

source: yahoo

Halliburton gets $100M contract extension with Salym Petroleum for Russian work

2009-03-27T10:49:00.000-07:00

Key Energy Announces Appointment of Trey Whichard as New Senior Vice President and Chief Financial Officer

2009-03-27T10:48:00.000-07:00

Energy XXI Receives Borrowing Base Redetermination

2009-03-27T10:47:00.000-07:00

Energy XXI (Bermuda) Limited today announced completion of its customary semi-annual redetermination of the borrowing base under its revolving credit facility, which has been set at $240 million. On a pro forma basis, after completing all the commitments included as part of this redetermination, the company expects to be fully drawn under the revolver and have $61 million of cash on hand.

``The credit facility redetermination leaves Energy XXI with good liquidity and a strategic plan designed to allow us to further reduce debt,'' Energy XXI Chairman and CEO John Schiller said. ``In addition, the amended facility includes revised covenants that provide greater confidence that we can continue to pass coverage tests in the future.''

Energy XXI also has agreed to discontinue making any dividend distributions until the next borrowing base redetermination is finalized in late 2009. The previous quarter's dividend rate was $0.005 per share.
About the Company

Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom.

Contact:

Energy XXI (Bermuda) Limited
Stewart Lawrence, Vice President, Investor Relations and
Communications
+1 713-351-3006
slawrence@energyxxi.com

Collins Stewart Europe Limited
Nominated Adviser and Joint UK Broker
Piers Coombs
pcoombs@collinsstewart.com
Stewart Wallace
+44 207 523 8350

Pelham PR
James Henderson
+44 207 743 6673
james.henderson@pelhampr.com
Mark Antelme
+44 203 178 6242
mark.antelme@pelhampr.com

source: yahoo

New Cameron CEO earns $4.1 million in total 2008 pay; company sees falling demand in 2009

2009-03-27T10:45:00.000-07:00

Cameron International Corp.'s top executive earned total compensation valued at $4.15 million in his first nine months as the oil services company was hurt by slowing demand, according to an Associated Press analysis of a securities filing.

Jack B. Moore, 55, was promoted from chief operating officer to CEO and president on April 1 as oil prices marched toward a record high of $147.27 a barrel in July.

Since then, falling crude prices, limited access to credit and other recessionary effects have hurt Houston-based Cameron, which supplies oil and gas producers with drilling and other services.

In 2008, Moore earned a base salary of $745,385 and a performance-based bonus of $902,981, according to a Securities and Exchange Commission filing submitted Wednesday.

Moore received $219,343 in compensation for such perks as club memberships, financial planning, and insurance and retirement benefits.

He also received stock and options valued by the company at $2.28 million when granted in November 2008. Since then, the company's stock price has risen about 10 percent.

Moore took over from Sheldon R. Erikson who stepped down as CEO but remains chairman. His compensation package for 2007 was valued at $7.1 million, including a base salary of $1.03 million, performance-based bonus of $1.5 million and stock options valued by the company at $4.3 million when granted.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

For 2008, Cameron reported a profit of $593.7 million, or $2.60 per share, up from $500.9 million, or $2.16 per share, in 2007. Revenue rose 25 percent to $5.85 billion from $4.67 billion.

Cameron has warned investors its 2009 earnings likely will fall due to lower customer project spending amid a weakening environment for energy demand. It expects a full-year profit between $1.75 per share and $2 per share. Analyst surveyed by Thomson Reuters anticipate a profit of $1.83 per share.

Cameron completed a two-for-one stock split in December 2007. Its share price fell about 57 percent in 2008. The company's shares rose 62 cents to $25.18 in afternoon trading Thursday.

source:yahoo

Canadian Superior Energy Inc. Announces CCAA Protection Extension

2009-03-27T10:43:00.000-07:00

Southern Star Energy Announces Third Successful Haynesville Well Discovery

2009-03-27T10:42:00.000-07:00

Southern Star Energy Inc, a fast-growing exploration and production company with reserves and production from leases located in northern Louisiana, today announced that it has successfully drilled and logged the targeted Haynesville interval in its Boyce-Pate 16-1 Well, with positive results. This well is strategically located in the east-central section of the Company's Sentell Field in Bossier Parish, Louisiana. This well successfully encountered its Cotton Valley target, logging 66 feet of net gas pay in the Davis Sand intervals before the Company drilled ahead to further evaluate the well's Haynesville potential. The Boyce-Pate 16-1 Well reached a total depth of 11,200 feet on March 21, 2009. This is the third well in the Company's Haynesville development program, and the last of three Haynesville Shale vertical test wells in the Sentell Field planned this year.Wireline logging and mud log shows indicate the Boyce-Pate 16-1 Well encountered 177 feet of net porous Haynesville Shale over a gross interval of 395 feet. The pay interval calculated average porosity of 10% with water saturation averaging 12%. Mud logs indicated gas shows throughout the interval, ranging from 1100 - 5900 units. The results at the Boyce-Pate location are consistent with earlier Cotton Valley locations within the Sentell Field, as well as the Company's two successful Haynesville tests previously announced.

The Company is a member of the Core Laboratories Integrated Reservoir Solution's ("Core Lab") regional Haynesville Shale Study, and data from the Company's three Haynesville test wells will be incorporated into Core Lab's regional database. The Company will use the results from the three successful Haynesville tests, coupled with industry expertise available through Core Lab's Haynesville Shale Study, to evaluate and design optimal completion techniques.

The Boyce-Pate 16-1 is the Company's tenth consecutive successful Cotton Valley well in the Sentell Field, and the third well to positively evaluate the Haynesville Shale. Each of the Company's ten Cotton Valley wells has similar log characteristics, and six of these wells are currently flowing into sales lines. The seventh well is awaiting a pipeline connection which should be completed during the second quarter of 2009. Each of the Company's Haynesville test wells will be completed in the Haynesville Shale pending thorough analysis and final completion design.

The Company has established a link on its website to an updated map outlining the Company's acreage position in the context of other Haynesville activity. The web link for this map is www.ssenergyinc.com/s/haynesville_sentellfield.asp.

David Gibbs, the Company's President and Chief Executive Officer, said: "The positive results we achieved at the Boyce-Pate 16-1 location is further evidence of the quality of our acreage position across two pay zones in the Sentell Field. The petrophysical results from the Boyce-Pate 16-1 Well correlate to earlier evidence that our acreage is prospective in the Haynesville play. Together, the three Haynesville well discoveries could be additive to our reserve base and could ultimately benefit our shareholders. We are working to complete the extensive analytical work needed to develop our completion designs. If and when these wells are completed, we will provide initial production rate information for each of our Haynesville locations."

Gibbs continued, "Despite the recent drop in commodity prices, the Cotton Valley and Haynesville formations may be two attractive plays in the continental United States. Our ability to successfully identify, drill and deliver positive results in both the Cotton Valley and Haynesville formations suggests long-term value and growth opportunities for Southern Star. Each new discovery we announce potentially benefits Southern Star's financial position, capital budget, drilling program, and strategic growth plans. We remain confident in our ability to navigate through today's challenging economic environment as we continue to drive the company forward."

About Southern Star Energy

The Company's strategy is to acquire under-drilled oil and natural gas leases with significant proven development drilling opportunities and use all available technologies to increase the valuation of the acquired assets. This strategy reduces the Company's risk, allowing the Company to build free cash flow for strategic acquisitions. The Company owns a 40% working interest and operates in approximately 5,400 leasehold acres in the Sentell Field. To date, the Company has drilled ten successful tests of the Cotton Valley Sands, the first six of which are connected to the market and producing revenues. Shareholders and prospective investors and analysts are encouraged to visit the Company's website: www.ssenergyinc.com to learn more about the Company and the Cotton Valley Trend.

source: yahoo

LeTourneau Technologies Signs $185 Million Construction Contracts With Brazilian Consortium

2009-03-27T10:41:00.000-07:00

Noble Corporation Intends to Change Its Place of Incorporation

2009-03-27T10:40:00.000-07:00

Mariner Energy's $850 Million Borrowing Base Affirmed

2009-03-27T10:38:00.000-07:00

Mariner Energy, Inc. (NYSE: ME - News) today announced that the borrowing base for its $1.0 billion secured revolving credit facility has been reaffirmed by its bank group at $850 million, its existing level since June 2008. The credit facility is provided by a syndicate of 17 banks led by Union Bank of California, N.A., and BNP Paribas. As of March 26, 2009, Mariner had approximately $220 million available under the credit facility. The facility's borrowing base is redetermined semi-annually. In connection with the affirmation, Mariner agreed to a 1.0% increase to interest on outstanding borrowings and an increase to 0.5% for the commitment fee on unused capacity under the credit facility. Also, 100% lender approval will be required for a borrowing base in excess of $800 million at the next r"We appreciate the support from our banks in these uncertain times. In our view this reflects our strong performance in 2008 and our conservative business model," said Scott Josey, Chairman, Chief Executive Officer and President of Mariner Energy.

About Mariner Energy, Inc.

Mariner Energy is an independent oil and gas exploration, development, and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico.edetermination expected in August 2009.

source:yahoo

Noble Corporation Changes Place of Incorporation

2009-03-27T10:37:00.000-07:00

Dominion Puts Cove Point Expansion Project Into Full Commercial Service

2009-03-27T10:36:00.000-07:00

Outgoing Rowan CEO gets $4.6M pay pack

2009-03-26T10:11:00.000-07:00

The outgoing chairman and chief executive of oil drilling contractor Rowan Cos. received a pay package valued at $4.6 million in 2008, 1.4 percent more than he made a year earlier, according to an analysis of the former CEO's compensation by The Associated Press. He also received a generous retirement package.

Danny McNease, who retired Dec. 31 after 34 years with the Houston-based company, received a base salary of $775,000, up from $725,000 a year ago, according to Rowan's proxy filing Monday with the Securities and Exchange Commission. His bonus in 2008 was $214,114, down 75 percent from the previous year.

McNease also received $150,136 under the company's profit-sharing plan, an increase from the $138,750 he got in 2007.

The bulk of McNease's pay package came in the form of stock compensation that Rowan valued at about $3.4 million when the grants were made April 11, 2008.

Additionally, McNease received perks valued at $19,754. That figure included $8,050 in contributions to a company savings plan, $6,103 for use of a company vehicle and $5,601 for a club membership.

In 2007, McNease received total compensation valued at $4.5 million, including a stock award of $2.7 million.

The AP formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executives compensation in the previous fiscal year.

Rowan rewarded McNease generously for his three-plus decades with the company, which provides contract drilling services to the oil and gas industry.

Upon retirement in January 2009, McNease has a consulting agreement with the company that will pay him $50,000 a month for two years, according to the proxy. Also in January, as part of a severance package, he was to receive an initial cash payment of $80,000, followed by 23 monthly cash payments of $50,000, the proxy says.

After those 23 severance payments, the company agreed to pay McNease $100,000 a month for another year.

In turn, McNease agreed not to compete with Rowan or any of its subsidiaries for two years.

In December, Rowan announced that its board of directors had appointed W. Matt Ralls as its new president and chief executive. Ralls, 59, had most recently served as chief operating officer of GlobalSantaFe Corp., an international contract drilling company.

Jack Lentz, 64, former managing director of Barclays Capital, took over as chairman of the board Jan. 1. Lentz has served on Rowan's board since 1990.

In its proxy, Rowan also noted that to retain two top executives during its search to replace McNease, its compensation committee approved stock awards valued at $500,000 each for David P. Russell, executive vice president for drilling operations, and Mark A. Keller, executive vice president for business development.

In 2008, Rowan Cos. profit slipped 12 percent to $427.6 million, or $3.77 per share, compared with $483.8 million, or $4.31 per share, in 2007. Excluding one-time items, adjusted earnings for 2008 amounted to $460.7 million, or $4.06 per share. Revenue climbed 6 percent to $2.21 billion from $2.1 billion.

source: yahoo

StatoilHydro: Change in Board of Directors

2009-03-26T10:10:00.000-07:00

StatoilHydro informs that Kurt Anker Nielsen as of Wednesday 25 March has resigned from his position as member of the board of directors.

Kurt Anker Nielsen has informed the company's nomination committee that he resigns from his position as board member with immediate effect as a result of the way the Ministry of Petroleum and Energy has handled the issue relating to the company name. Kurt Anker Nielsen was a board member of Norsk Hydro from 2004 to 2007. He has been a member of the board, and chair of the board's audit committee, of StatoilHydro since 1 October 2007.

StatoilHydro's nomination committee will immediately start its search for a new member of the board. The board of directors in StatoilHydro is elected by the company's corporate assembly.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.
Contact:

4035 Stavanger
Norway
Tel: +47 51 99 00 00
Fax: +47 51 99 00 50
Email Contact
http://www.statoilhydro.com/

source:yahoo

Universal Energy Corp. Launches Aggressive 2009 Acquisition Plan

2009-03-26T10:08:00.000-07:00

Universal Energy Corp, an emerging U.S. oil and gas exploration and production company, announced today the launch of its acquisition plan for 2009.

"The decline in commodity prices over the past few months has brought about opportunities like I've never seen before," commented Billy Raley, Chief Executive Officer of Universal Energy Corp. Raley continued, "We fully intend to acquire both producing properties and high impact assets over the next few months to continue building our portfolio along with providing value opportunity for our stockholders."

Universal Energy Corp. is currently in discussions regarding the acquisition of producing and exploration assets that will enhance its growth potential and add stockholder value. These assets would be consistent with current properties along with providing the company with additional drilling opportunities. Management evaluates opportunities on a case-by-case basis and focuses on assets in, or close proximity, to established fields which provide the opportunity to add to the Company's reserves and exploration portfolio.

Universal Energy Corp. is a publicly traded energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Louisiana and Texas. Visit www.universalenergycorp.info for more details.

CONTACT:
Universal Energy Corp.
Billy Raley, CEO, (800) 975-2076
braley@universalenergycorp.info

source:yahoo

US company halts 2 more oil rigs in Venezuela over delayed payments

2009-03-26T06:40:00.000-07:00

U.S oil driller Helmerich & Payne said Wednesday it is continuing to halt operations in Venezuela due to delayed payments from Venezuela's state oil company. Two of the company's 11 rigs active during the first fiscal quarter have stopped work since January because state oil company Petroleos de Venezuela SA, or PDVSA has paid less than 1 percent of its outstanding debts, Juan Pablo Tardio, Director of Investor Relations for the Tulsa, Oklahoma-based company, confirmed to the Associated Press by telephone.

Two other rigs halted operations in January for the same reason.

There has been "little progress in terms of receivable collections from PDVSA," the company said in a statement.

Helmerich & Payne announced in January that it was halting operations on two of its drilling rigs, because PDVSA owed the company close to $100 million. It said it would halt the rest of its rigs by the end of July as contracts expired unless PDVSA began to make good on its debts.

Helmerich & Payne is not the only oil services company to have complained about a backlog in payments. Ensco International Inc., based in Dallas, Texas, said January that it had suspended oil drilling operations off Venezuela's Caribbean coast because Venezuela owed it $35 million -- prompting PDVSA to take over the company's operations.

Venezuela Oil Minister Rafael Ramirez said earlier this month that the government was slashing by 50 percent the amount it spends on oil industry contractors because of low crude prices.

Venezuela relies on oil for 93 percent of exports and nearly half the government's budget, but prices for Venezuela's heavy oil basket have plummeted more 66 percent from last July's average price of $129.54 a barrel -- to an average $43.51 last week.

Ramirez also warned contractors against trying to halt work to demand payment, saying if they do, "we're going to take over those rigs like we already did with Ensco."

Tardio declined to comment on the threat.

Ramirez said that PDVSA has recently paid off debts to 94 percent of its more than 5,700 service contractors, but is still in negotiations with 56 service companies -- to which it owes a yet-to-be negotiated amount in backlogged payments.

"There's a group of transnational companies with whom we're discussing problems," Ramirez said without mentioning names.

source: yahoo

BPZ Energy Reaches Total Depth on CX11-15D Sidetrack

2009-03-26T06:39:00.000-07:00

BPZ Resources, Inc today announced reaching total depth on the sidetrack of the CX11-15D well in the offshore Corvina field in Block Z-1 in northwest Peru. The well has been logged, cased and cemented, and the Company is preparing to flow test and place the well into the ongoing long-term well testing program. Once the well has been completed the Company will provide further updates.

Manolo Zuñiga, President and Chief Executive Officer commented, “This well is located in a more updip location and should allow us to test for oil in the sands encountered in the original CX11-15D well bore. The electric logs are encouraging and continue to validate our geological model for Covina. We will provide additional information once the well is completed and starts producing under our long term oil testing program, while the prospective gas sands will remain behind pipe until needed for our gas-to-power project.”

About BPZ Energy

Houston based BPZ Energy is an oil and gas exploration and production company which has exclusive license contracts for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. The Company is currently executing the development of the Corvina oil discovery, the redevelopment of the Albacora oil field, and the exploration of Block XIX, in parallel with, the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy. The Company’s website at www.bpzenergy.com provides additional information about the Company’s plans, including photographs and other information with respect to its operations.

Contact:

BPZ Resources, Inc
Greg Smith, 281-752-1240
Director of Investor Relations and Corporate Communications

source: yahoo

Key Energy Announces Appointment of Trey Whichard as New Senior Vice President and Chief Financial Officer

2009-03-26T06:38:00.000-07:00

Key Energy Services, Inc. announced today that T.M. "Trey" Whichard, III has been hired as Senior Vice President and Chief Financial Officer. Previously, Mr. Whichard was an officer with BJ Services Company serving in various financial capacities since 1989, including Treasurer and Tax Director and most recently as Vice President and Chief Financial Officer from 2002 until the beginning of 2006.

Commenting on the appointment of Mr. Whichard, Dick Alario, Chairman and Chief Executive Officer, said, "I am pleased that we are in a position to have a seasoned, strategic Chief Financial Officer join Key. I think Trey's experience and leadership will be instrumental in taking Key to the next level."

Mr. Whichard received a BBA in Accounting from Sam Houston State University in 1981.

Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina and Mexico.

Contact: Blake Hutchinson
(713) 651-4300

source:yahoo

Canadian Superior Energy Inc. Announces CCAA Protection Extension

2009-03-26T06:37:00.000-07:00

Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (Toronto:SNG.TO - News) (AMEX:SNG - News) announced today that its application of March 25, 2009, to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement Act (Canada) ("CCAA"), to extend its CCAA protection, previously announced on March 6, 2009, has been successful; allowing the Company to continue to prepare a plan of arrangement for its creditors, and continuing to stay all claims and actions against the Company and its assets. The March 25th Order extends CCAA protection until May 4, 2009, at which time the matter will be reviewed by the court.The Order permits Canadian Superior to remain in possession and control of its property, carry on its business, retain employees and other service providers. While the Order is in effect, the Company will work with a court-appointed Monitor and it will continue to implement a plan of arrangement for its creditors, which includes the initiative to sell an undivided 25% or larger interest in its "Intrepid" Block 5(c) in Trinidad and Tobago. As previously announced Scotia Waterous has been retained as the Company's advisor for this sale and the marketing process is well underway. A successful sale of the Trinidad asset and/or a possible re-capitalization of the Company should allow the Company to re-structure in an organized manner and reemerge from CCAA protection in due course.

Canadian Superior Energy Inc. is a Calgary, Alberta, Canada based diversified global energy company engaged in the exploration and production of oil and natural gas, and liquefied natural gas ("LNG") projects, with operations offshore Trinidad and Tobago, offshore Nova Scotia, Canada, in Western Canada, in the United States and in North Africa. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, offshore Trinidad and Tobago, Offshore Nova Scotia interests, in the USA and its North Africa interests. Canadian Superior has approximately 20,000 shareholders worldwide, including some of the top institutional shareholders in North America.

Contact:

Contacts:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)

Canadian Superior Energy Inc.
Suite 3200, 500 - 4th Avenue S.W.
Calgary, Alberta, Canada T2P 2V6
Website: http://www.cansup.com

source: yahoo

Southern Star Energy Announces Third Successful Haynesville Well Discovery

2009-03-26T06:35:00.000-07:00

Southern Star Energy Inc. a fast-growing exploration and production company with reserves and production from leases located in northern Louisiana, today announced that it has successfully drilled and logged the targeted Haynesville interval in its Boyce-Pate 16-1 Well, with positive results. This well is strategically located in the east-central section of the Company's Sentell Field in Bossier Parish, Louisiana. This well successfully encountered its Cotton Valley target, logging 66 feet of net gas pay in the Davis Sand intervals before the Company drilled ahead to further evaluate the well's Haynesville potential. The Boyce-Pate 16-1 Well reached a total depth of 11,200 feet on March 21, 2009. This is the third well in the Company's Haynesville development program, and the last of three Haynesville Shale vertical test wells in the Sentell Field planned this year.

Wireline logging and mud log shows indicate the Boyce-Pate 16-1 Well encountered 177 feet of net porous Haynesville Shale over a gross interval of 395 feet. The pay interval calculated average porosity of 10% with water saturation averaging 12%. Mud logs indicated gas shows throughout the interval, ranging from 1100 - 5900 units. The results at the Boyce-Pate location are consistent with earlier Cotton Valley locations within the Sentell Field, as well as the Company's two successful Haynesville tests previously announced.

The Company is a member of the Core Laboratories Integrated Reservoir Solution's ("Core Lab") regional Haynesville Shale Study, and data from the Company's three Haynesville test wells will be incorporated into Core Lab's regional database. The Company will use the results from the three successful Haynesville tests, coupled with industry expertise available through Core Lab's Haynesville Shale Study, to evaluate and design optimal completion techniques.

The Boyce-Pate 16-1 is the Company's tenth consecutive successful Cotton Valley well in the Sentell Field, and the third well to positively evaluate the Haynesville Shale. Each of the Company's ten Cotton Valley wells has similar log characteristics, and six of these wells are currently flowing into sales lines. The seventh well is awaiting a pipeline connection which should be completed during the second quarter of 2009. Each of the Company's Haynesville test wells will be completed in the Haynesville Shale pending thorough analysis and final completion design.

The Company has established a link on its website to an updated map outlining the Company's acreage position in the context of other Haynesville activity. The web link for this map is www.ssenergyinc.com/s/haynesville_sentellfield.asp.

David Gibbs, the Company's President and Chief Executive Officer, said: "The positive results we achieved at the Boyce-Pate 16-1 location is further evidence of the quality of our acreage position across two pay zones in the Sentell Field. The petrophysical results from the Boyce-Pate 16-1 Well correlate to earlier evidence that our acreage is prospective in the Haynesville play. Together, the three Haynesville well discoveries could be additive to our reserve base and could ultimately benefit our shareholders. We are working to complete the extensive analytical work needed to develop our completion designs. If and when these wells are completed, we will provide initial production rate information for each of our Haynesville locations."

Gibbs continued, "Despite the recent drop in commodity prices, the Cotton Valley and Haynesville formations may be two attractive plays in the continental United States. Our ability to successfully identify, drill and deliver positive results in both the Cotton Valley and Haynesville formations suggests long-term value and growth opportunities for Southern Star. Each new discovery we announce potentially benefits Southern Star's financial position, capital budget, drilling program, and strategic growth plans. We remain confident in our ability to navigate through today's challenging economic environment as we continue to drive the company forward."

About Southern Star Energy

The Company's strategy is to acquire under-drilled oil and natural gas leases with significant proven development drilling opportunities and use all available technologies to increase the valuation of the acquired assets. This strategy reduces the Company's risk, allowing the Company to build free cash flow for strategic acquisitions. The Company owns a 40% working interest and operates in approximately 5,400 leasehold acres in the Sentell Field. To date, the Company has drilled ten successful tests of the Cotton Valley Sands, the first six of which are connected to the market and producing revenues. Shareholders and prospective investors and analysts are encouraged to visit the Company's website: www.ssenergyinc.com to learn more about the Company and the Cotton Valley Trend.

source: yahoo

Moody's mulls downgrade for Atlas Pipeline

2009-03-25T17:19:00.000-07:00

Moody's Investors Service said Monday its placed the debt ratings of natural gas company Atlas Pipeline Partners LP on review for possible downgrade, citing rising debt and shrinking cash.

The ratings agency said it could downgrade Atlas' corporate family and probability of default ratings, both currently ranked "B1." The rating is considered non-investment or "junk" grade.

Also under review is the "B3" senior unsecured rating.

Moody's said its review will gauge the company's operating performance and costs, as well as its earnings outlook and spending plans for this year. The agency is concerned about Atlas' tight debt agreements with banks, pressured liquidity and high financial leverage.

About $1.5 billion in debt is affected by the ratings.

Atlas closed up 3 cents at $4.06 Monday.

source: yahoo

Plains All American Pipeline, L.P. Prices Public Offering of Common Units

2009-03-25T17:18:00.000-07:00

Plains All American Pipeline, L.P. (NYSE:PAA) announced today that it has priced an underwritten public offering of 5,000,000 common units representing limited partner interests at $36.90 per common unit. The offering is expected to close on March 20, 2009. The Partnership has also granted the underwriters a 30-day option to purchase up to 750,000 additional common units to cover over-allotments, if any.

The Partnership intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option, to reduce outstanding borrowings under its credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes.

UBS Investment Bank, Citi, J.P.Morgan, Merrill Lynch & Co. and Wachovia Securities are joint book-running managers of the offering.

A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:

UBS Investment Bank

Attn: Prospectus Dept.

299 Park Ave

New York, NY 10171

Telephone: 888-827-7275
Merrill Lynch & Co.

Attn: Prospectus Department

4 World Financial Center

New York, NY 10080

Citi

Brooklyn Army Terminal

Attention: Prospectus Delivery Dept.

140 58th Street, Brooklyn, NY 11220

Telephone: (800) 831-9146

Wachovia Securities

Attn: Equity Syndicate Dept.

375 Park Avenue, New York, NY 10152

Email: equity.syndicate@wachovia.com

Telephone: 800-326-5897

J.P. Morgan

Attn: Prospectus Library

4 Chase Metrotech Center, CS Level

Brooklyn, New York 11245

Telephone: 718-242-8002

The common units were offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, the stability of the capital markets and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil discussed in the Partnership’s filings with the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.

Contact:

Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713-646-4222 or 800-564-3036
Manager, Investor Relations
A. Patrick Diamond, 713-646-4487 or 800-564-3036
Vice President

source: yahoo

Regency Energy Partners, Alinda Capital Partners and GE Energy Financial Services Announce Closing of Joint Venture

2009-03-25T17:17:00.000-07:00

Regency Energy Partners LP , Alinda Capital Partners LLC (“Alinda”) and an affiliate of GE Energy Financial Services announced today the completed formation and funding of a joint venture to finance and construct Regency’s Haynesville Expansion Project, a North Louisiana pipeline that will transport gas from the Haynesville Shale, one of the fastest growing U.S. natural gas fields. Regency has already secured commitments from shippers for 84% of the pipeline’s capacity.“We are pleased to close our joint venture and to continue to build the necessary infrastructure to bring Haynesville gas to markets,” said Byron Kelley, chairman, president and chief executive officer of Regency. “By partnering with GE Energy Financial Services and Alinda, Regency has improved our balance sheet, and we currently intend to maintain our existing quarterly 44.5 cent per unit distribution during the construction of the project.”

The initial 1.1 Bcf/d Haynesville Expansion Project will more than double Regency’s existing pipeline system in North Louisiana and is expected to be in-service by the end of 2009. Regency will continue to develop and operate the system through this new joint venture.

Regency contributed to the joint venture its Regency Intrastate Gas System (“RIGS”) in North Louisiana, valued at $400 million, in exchange for a 38% general partnership interest in the joint venture. An affiliate of GE Energy Financial Services and Alinda Capital Partners LLC, an independent private investment firm specializing in infrastructure investments, contributed $126.5 million and $526.5 million in cash, respectively, to the joint venture in return for a 12% and a 50% general partnership interest, respectively. Regency also received a cash payment that was equal to the total Haynesville Expansion Project capital expenditures paid through the closing date, subject to certain adjustments.

About Regency Energy Partners

Regency Energy Partners LP (Nasdaq: RGNC - News) is a growth-oriented, midstream energy partnership engaged in the gathering, contract compression, processing, marketing and transporting of natural gas and natural gas liquids. Regency's general partner is majority-owned by an affiliate of GE Energy Financial Services, a unit of GE (NYSE: GE - News). For more information, visit the Regency Energy Partners LP Web site at www.regencyenergy.com.

About Alinda Capital Partners LLC

Alinda Capital Partners LLC is one of the world’s largest investors in infrastructure through the Alinda Infrastructure Funds, which are unlisted institutional funds with over $5 billion in capital commitments. The Funds’ investors are predominantly pension funds for public sector and private sector workers and include some of the largest institutional investors in the world. Alinda has ownership interests in airports, roads, rail, gas distribution and transmission, water and wastewater, and other infrastructure assets that provide essential services to communities, governments and businesses. Alinda’s portfolio companies serve over 160 million customers annually. For more information, visit www.alinda.com.

About GE Energy Financial Services

GE Energy Financial Services’ experts invest globally with a long-term view, backed by the best of GE’s technical know-how and financial strength, across the capital spectrum in one of the world’s most capital-intensive industries, energy, to help their customers and GE grow. With $22 billion in assets, GE Energy Financial Services is based in Stamford, Connecticut.

Contact:

Investor Relations:
Regency Energy Partners
Shannon Ming, 214-840-5467
Vice President, Investor Relations & Communications
shannon.ming@regencygas.com
or
Media Relations:
HCK2 Partners
Emily Bruce, 972-716-0500 x21
emily.bruce@hck2.com
or
Alinda Capital Partners LLC
Chris Beale, 212-838-6403
chris.beale@alinda.com
or
GE Energy Financial Services
Andy Katell, 203-961-5773

source: yahoo

Enbridge Closes Sale of Colombian Pipeline

2009-03-25T16:10:00.000-07:00

Enbridge Inc. announced today that the sale of its 24.7% stake in the OCENSA pipeline to Ecopetrol, the Colombian national oil company, has closed. Net proceeds from the sale are approximately US$400 million and Enbridge anticipates it will receive after-tax proceeds of approximately CDN$535 million.

Proceeds from the sale of this interest will be applied toward funding Enbridge's extensive list of expansion projects in its core North American crude oil pipeline business.

About Enbridge

Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 6,000 people, primarily in Canada and the U.S. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.enbridge.com.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Contact:

Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
Email: jennifer.varey@enbridge.com

Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3946
Email: vern.yu@enbridge.com
Website: http://www.enbridge.com

source: yahoo

Enterprise and Duncan Energy Announce Service on Sherman Extension Pipeline

2009-03-25T16:09:00.000-07:00

Enterprise Products Partners L.P. and Duncan Energy Partners L.P. today announced that construction has been completed on the 174-mile Sherman Extension expansion of the Enterprise Texas Intrastate natural gas pipeline system which extends through the heart of the prolific Barnett Shale play of North Texas. Current throughput on the Sherman Extension is approximately 360 million cubic feet per day (MMcf/d) and is expected to reach about 950 MMcf/d during April 2009, as the remainder of the system’s 48,000 horsepower of compression is brought online.

The 36-inch diameter pipeline originates at a delivery point on the partnerships’ Texas Intrastate natural gas pipeline system near Morgan Mill, Texas, southwest of Fort Worth, and extends northward to an interconnect with Boardwalk Pipeline Partners L.P.’s Gulf Crossing pipeline near Sherman, Texas. The completion of the Sherman Extension adds 1.1 billion cubic feet per day (Bcf/d) of incremental takeaway capacity from the region, while providing producers in the Barnett Shale and as far away as the Waha area of West Texas with greater flexibility to reach the most attractive markets, particularly those in the Northeast and Southeast areas of the country. Current natural gas production from the Barnett Shale is approximately 4 Bcf/d and is projected to surpass 6 Bcf/d by 2011.

“Since we first announced this initiative a little more than two years ago, the production performance of the Barnett Shale has continued to exceed expectations,” said Michael A. Creel, Enterprise president and chief executive officer. “Highlighted by the fact that there are currently more than 350 completed wells awaiting pipeline connections, the need for midstream infrastructure like the Sherman Extension has never been greater.”

The Sherman Extension also laid the foundation for a separate but complementary project that the partnerships are currently developing to support emerging new areas of the Barnett Shale that are not adequately served by pipelines today. The partnerships are in the process of constructing a new 40-mile pipeline that will link producers in the Trinity River Basin to the Sherman Extension near Justin, Texas. This 30-inch and 36-inch diameter pipeline, which originates in Tarrant County, Texas, has a capacity of 1 Bcf/d and, like the Sherman Extension project, is supported by long-term transportation agreements with major producers. The Trinity River lateral is on track to begin service in late 2009 or early 2010.

The Texas Intrastate natural gas pipeline system is owned by Enterprise Texas Pipeline LLC. Affiliates of Enterprise Products and Duncan Energy together own Enterprise Texas Pipeline LLC.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemicals through more than 36,000 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation; offshore production platform services; and petrochemical transportation and services. Additional information about the partnership is available online at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE - News). For more information on Enterprise GP Holdings L.P., visit www.enterprisegp.com.

Duncan Energy Partners is a publicly traded partnership that provides midstream energy services, including gathering, transportation, marketing and storage of natural gas, in addition to transportation and storage of NGLs and petrochemicals. Duncan Energy Partners owns interests in assets located primarily in the Gulf Coast region of Texas and Louisiana, including interests in over 9,000 miles of natural gas pipelines with a transportation capacity aggregating approximately 6.8 Bcf/d; more than 1,600 miles of NGL and petrochemical pipelines featuring access to the world's largest fractionation complex at Mont Belvieu, Texas; two NGL fractionation facilities located in south Texas; approximately 18 million barrels (MMBbls) of leased NGL storage capacity; 6.4 Bcf of leased natural gas storage capacity; and 33 underground salt dome caverns with about 100 MMBbls of NGL storage capacity at Mont Belvieu. Duncan Energy Partners L.P. is managed by its general partner, DEP Holdings, LLC, which is wholly-owned by Enterprise Products Partners L.P. Enterprise Products owns approximately 74 percent of the limited partner interests of Duncan Energy Partners.

Contact:

Enterprise Products Partners L.P., Houston
Investor Relations
Randy Burkhalter, 713-381-6812 or 866-230-0745
or
Media Relations
Rick Rainey, 713-381-3635

source: yahoo

Targa Resources Partners predicts slow down in 2009 drilling

2009-03-25T16:07:00.000-07:00

Targa Resources Partners LP, which processes and sells natural gas, on Tuesday told investors that it expects to pull back drilling activity in all areas of operations in 2009 as demand remains weak.

The company said that management will continue to evaluate acquisition and organic growth opportunities in light of current market conditions.

On the bright side, the company noted that due to recent projects, current production activity at its North Texas System and San Angelo Operating Unit System is expected to meet or exceed 2008 volumes. Still, the company warned that weak commodity prices and economic malaise could hurt its 2009 volume outlook.

Shares of Targa Resources Partners closed at $9.45 on Monday.

source: yahoo

Buckeye Partners, L.P. to Offer Limited Partnership Units

2009-03-25T16:06:00.000-07:00

Buckeye Partners, L.P. today announced that it has commenced a public offering of 2,350,000 limited partnership units pursuant to an effective shelf registration statement. The underwriters have been granted an option to purchase up to 352,500 additional limited partnership units. Buckeye intends to use the net proceeds from this offering to reduce the indebtedness outstanding under its revolving credit facility.

Barclays Capital, Citi, J.P. Morgan, and Wachovia Securities are acting as joint book-running managers of the limited partnership unit offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.

Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from: Barclays Capital, c/o Broadridge Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717, by email at Barclaysprospectus@broadridge.com, or by telephone at (888) 603-5847; Citi, Brooklyn Army Terminal, Attention: Prospectus Delivery Dept., 140 58th Street, Brooklyn, New York 11220, or by telephone at (800) 831-9146; J.P. Morgan, Attention: Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245, by fax at (718) 242-8003, or by telephone at (718) 242-8002; or Wachovia Securities, Attention: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152, by email at Equity.syndicate@wachovia.com, or by telephone at (800) 326-5897. You may also obtain these documents for free by visiting IDEA on the SEC website at www.sec.gov.

Buckeye Partners, L.P. is a publicly traded partnership that owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,400 miles of pipeline. Buckeye Partners, L.P. also owns 64 refined petroleum products terminals, operates and maintains approximately 2,400 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations. The general partner of Buckeye Partners, L.P. is owned by Buckeye GP Holdings L.P.

source: yahoo

Energy Quest to Construct Heavy Oil Upgrader

2009-03-25T09:01:00.000-07:00

Energy Quest, Inc. ("EQI"), an emerging leader in alternative energy, announced today that its wholly owned subsidiary, WaveChem, Inc. (WCI) has signed an agreement with Northern Alberta Oil Ltd, (NAOL), a wholly owned subsidiary of Deep Well Oil and Gas, Inc, to construct a 5,000 barrels per day heavy crude oil upgrader. The upgrader will convert Heavy Crude Oil feed-stock to 32 API light oil.

The Upgrader technology uses an electromagnetic field to align long chain hydrocarbon molecule chains, which are then subjected to ultrasonic energy waves. This process creates cavitation bubbles within crude oil, heavy oil, tank bottoms, or bitumen. With WaveChem upgrader technology, the bubbles collapse at great temperature and pressure. The collapse of these bubbles causes the breaking of the long chain hydrocarbon molecules WITHOUT the need for external sources of heat and pressure used in current conventional processes. However, the overall process operates at lower temperatures and pressures meaning that energy consumption is nominal and operating costs and maintenance costs are significantly reduced in comparison to other methods.

The EQI UPGRADER technology offers the following advantages:

-- The technology can be installed at field batteries to upgrade heavy
oil to eliminate the use of condensate and/or fully upgrade heavy crude oil
and employs no catalysts.
-- The systems are modular, so they can be sized to meet the local demand
rather than having centralized installations. Processing systems can be
installed from1,000 bbls/day to 100,000 bbls/day or more, if more capacity
is required.
-- Systems can be designed for portability to be moved from one location
to another.
-- Initial construction time is reduced and harmful environmental
emissions virtually eliminated.
-- The process is flexible, can process bottoms, heavy oil, bitumen, and
light oil; eliminates blending with condensate; and no petroleum coking.
-- It considerably improves oil quality before the oil refining takes
place.
-- It substantially reduces or eliminates blending during oil
transportation or prior to input into pipelines.
-- "Unit driven" equipment enables redundant systems and equipment train
rotation -- no downtime for maintenance or to replace catalyst.
-- Lower capital risk, reduced requirements for manpower, and it
virtually eliminates environmental risks. The EQ upgrader also qualifies
for carbon credits since it does not produce any air emissions and will
generate significant incremental revenues from the trading of carbon
credits.

WCI will utilize Energy Quest's innovative hydrogen generation technology referred to as the PyStR(TM) (pronounced "Pie Star") process. This process can directly produce high purity hydrogen from biomass, heavy crude, oil sands, coal, and petroleum coke. Hydrogen will be used in the upgrading process and CO2 for enhanced oil recovery. WCI will also utilize the company's Fluid Bed gasification unit to provide power for the project. Gasification is a chemical and heat (thermo chemical) process used to convert solid materials into a gas for use as a fuel.

The company will provide the proprietary technologies, equipment and project management for the complete gasification plant and upgrader, while NAOL will provide the supply of oil to be upgraded

"This environmentally friendly technology is a major breakthrough and we look forward to working with Wave-Chem," said Mr. Curtis Sparrow, President of Northern Alberta Oil Ltd.

The total cost for the plant is estimated at $23.5 million USD. It is expected that the total project will be completed within 12 to 15 months with the first module of 1,000 bbls/day ready for production within six months from the signing of the agreement. Company officials anticipate immediate cash flows with gross annual revenues of $14.1 million while yielding a net profit of $5.8 million after taxes and debt payment.

"We look forward to getting this project underway and plan on other mutually beneficial opportunities with other areas of the company's related technologies in the future," stated Wilf Ouellette, President and CEO of Energy Quest, Inc.

About Deep Well Oil & Gas, Inc. and Subsidiaries

Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta, Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have a 100% working interest in 6 contiguous sections of a P&NG license, an 80% working interest in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and an 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 47,759 acres. Degolyer and MacNaughton Canada Limited ("D&M"), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there are 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report. www.deepwelloil.com

About Energy Quest

Energy Quest, Inc., a Nevada corporation, with its subsidiaries, WaveChem Inc., Syngas International Corp. and Syngas Energy Corp., is an emerging leader in the development and marketing of low-cost alternate fuels worldwide. Through superior technology, the Company is focused on becoming a GreenPowerhouse(TM). Record energy prices, combined with the global focus moving rapidly towards addressing pollution, has heightened the need for sustainable, zero emission energy. Energy Quest's technology is based on clean, renewable energy, positioning it to benefit from global trends.

Contact:

Contact:
Energy Quest, Inc.
Investor Relations
888-619-2221 or 877-661-2112
or 404-478-9845
e-mail: info@nrgqst.com

via yahoo

American PetroHunter Appoints New Board Member

2009-03-25T09:00:00.000-07:00

American PetroHunter, Inc.("American PetroHunter" or the "Company") is pleased to announce the appointment of Mr. Robert B. McIntosh to the Company's Board of Directors effective March 23, 2009.

Mr. McIntosh is a businessman and consulting geologist with a proven track record spanning the past 25 years. He brings diverse experience both as a resource exploration geoscientist alongside noteworthy strengths in all facets of corporate development. Since 1983 his career has taken him across the Americas and abroad where he has been instrumental in the design, implementation, execution and management of programs in the oil, gas, precious and base metals segments of the resource sector. His skills encompass virtually every aspect of oil & gas exploration, well completion and production techniques along with extensive experience in project acquisition, contract negotiation, and project divestitures within the petroleum industry. He has developed singular expertise and broad industry contacts in his various roles across the publicly traded market sector as well as with private junior E&P companies. Mr. McIntosh has successfully assisted his clients and stakeholders in the U.S.A. and Canada on projects that ultimately became producing properties where he has significantly contributed towards full-field exploitation programs utilizing both traditional and secondary forms of drilling and completion along with ongoing wellsite supervisory management aimed at fully optimizing the potential of each asset.

Details of this appointment will shortly be filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") IDEA database.

On Behalf of the Board
American PetroHunter, Inc.
John J. Lennon, President

Contact:

Investor Relations Contact
Bakerview Investor Relations, Inc.
1-888-521-7762

source: yahoo