News Archive for Oil and Gas News

Fitch Solutions: Oil & Gas CDS Show Temporary Reprieve

Fears over the Gulf oil spill appear to have subsided for now as tighter oil and gas credit default swap (CDS) spreads show, according to Fitch Solutions in its latest weekly Risk and Performance Monitor (RPM). Read more…

Fugro Signs Loan Agreement with EMGS

Fugro N.V. today announced that it has entered into an agreement to purchase USD 20 million worth of senior secured bonds issued by Electromagnetic Geoservices ASA (EMGS).  Read more…

Energas Announces Drilling Rig Moving In

Energas Resources, Inc. (OTCBB: EGSR) is pleased to announce that the drilling rig is now moving on to the Lake Devore Prospect location in Kiowa County, CO. Spudding of the well is expected to occur later this week. Read more…

EVTN Receives Purchase Order from Sublimax to Clean Reclaimed Oil

Enviro Voraxial Technology, Inc. (OTCBB: EVTN) today announced that it has received a purchase order from Sublimax Canada Inc., a clean-tech company based in Toronto, Canada, to process and clean reclaimed oil from commercial and industrial use. Read more…

Petrodorado Energy Ltd. and Loon Energy Corporation Announce Letter of Intent for Acquisition of Loon Energy Corporation

Petrodorado Energy Ltd. (“Petrodorado”) (TSX VENTURE:PDQ) and Loon Energy Corporation (“Loon”) (TSX VENTURE:LNE) are pleased to announce that they have entered into a non-binding letter of intent dated July 15, 2010 (the “Letter Agreement”), pursuant to which, subject to the entering into of a definitive agreement (the “Definitive Agreement”) and certain other conditions, the parties propose for the acquisition of all of the outstanding shares of Loon (the “Proposed Transaction”) by Petrodorado.
Read more…

OGX Announces the Presence of Hydrocarbons in Well OGX-15

OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3, OTC: OGXPY), the Brazilian oil and gas company conducting the largest private sector exploratory campaign in Brazil, announced today that it has identified an oil-bearing interval in the Albian section of well 1-OGX-15-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block. Read more…

BHP Billiton releases production report for the year ended 30 june 2010

Petroleum delivered its third consecutive annual production record following the successful delivery of a series of growth projects in the Gulf of Mexico (USA) and Australia. These contributed to continued growth in the high margin crude operations.

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Concho Resources Inc. to Acquire Oil & Gas Assets in the Permian Basin for $1.65 Billion

Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today announced that it has entered into a definitive agreement to acquire all the oil and gas assets of Marbob Energy Corporation and certain affiliated entities (collectively “Marbob”) for $1.65 billion in cash and Concho securities. Marbob is a privately-held exploration and production company with substantially all of its operations located in the Permian Basin of Southeast New Mexico, including a large acreage position contiguous to the Company’s core Yeso play on the Southeast New Mexico Shelf and a significant acreage position in the emerging Bone Spring play in Southeast New Mexico. Read more…

Western Energy Services Corp. Announces Private Company Acquisition

Western Energy Services Corp. (“Western”) (TSX.V) announces that it has entered into (through its wholly owned subsidiary
Horizon Drilling Inc.) a definitive arrangement agreement with Impact Drilling Ltd. (“Impact”), whereby Western will acquire all of the outstanding securities of Impact. The total transaction value of the Arrangement is approximately $19.4 million (including the acquisition of outstanding securities, assumption of debt, working capital and transaction costs). The transaction will be funded entirely using Western’s available lines of credit and within its stated objective of maintaining a conservative debt to annualized EBITDA ratio. Read more…

IPD Announces the Launch of New Product Line for the Cummins® ISX/QSX Engine

-IPD, a leading aftermarket provider of rebuild components for heavy-duty diesel and natural gas powered engines, announced today the launch of their new product line of replacement parts the Cummins® ISX and QSX on highway and industrial diesel engines. The initial offering will include components for in-frame rebuild, pistons, cylinder liners, bearings and gaskets kits as well as valve train rebuild parts. Within the past year, IPD has substantially expanded their product line coverage and has plans for continued development. Read more…

Piedmont Natural Gas Promotes Merlie to Vice President of Information Services

Piedmont Natural Gas (NYSE:PNY) today announced the promotion of Brad Merlie to the position of Vice President of Information Services (IS). Mr. Merlie previously held the position of Managing Director – Engineering and Operations Services at the Company. In his new role, Mr. Merlie will be responsible for the Company’s IS infrastructure, information technology sourcing, business systems delivery, and IS quality assurance, customer service and support. Read more…

Beach to acquire additional acreage in the Bakken Shale of North Dakota, USA

Beach Energy Limited, through its wholly owned subsidiary Beach (USA) Inc. (Beach), has increased its exposure to the South Antelope oil prospect located in the Bakken Shale, North Dakota, USA. Read more…

Cyclone Power Technologies Performs Combustion Tests of Gulf Crude Oil

Cyclone Power Technologies, Inc. (Pink Sheets: CYPW) has successfully performed combustion acceptability tests of crude oil recovered from the Gulf of Mexico with its award-winning, heat-regenerative external combustion engine. Read more…

BP signs North America and Egypt asset deals with Apache

BP announced today that that it has entered into several agreements to sell upstream assets in the United States, Canada and Egypt to Apache Corporation. The deals, together worth a total of $7 billion, comprise BP’s Permian Basin assets in Texas and south-east New Mexico, US; its Western Canadian upstream gas assets; and the Western Desert business concessions and East Badr El-din exploration concession in Egypt. Read more…

Research and Markets: Global FLNG (Floating LNG) Development and Outlook to 2015 – The New Investment Destination

Research and Markets (http://www.researchandmarkets.com/research/7b5bb7/global_flng_float) has announced the addition of the “Global FLNG (Floating LNG) Development and Outlook to 2015- The New investment Destination” report to their offering.

“Global FLNG (Floating LNG) Development and Outlook to 2015- The New investment Destination” Read more…

Base Oil & Gas Ltd. announces non-brokered financing

Base Oil & Gas Ltd.(“Base” or the “Company”) (TSX VENTURE: BOG) is pleased to announce that it intends to issue, on a non-brokered private placement basis (the “Private Placement”), up to 1,244,833 common shares of the Company on a “flow-through” basis under the Income Tax Act (Canada), at a price of $0.30 per share for gross proceeds of up to approximately $373,450. The Private Placement is expected to close on or before July 26, 2010. Read more…

ACOR’s PEL 444, PEL 112 & PEL 111 are Located in an Oil Boom in the Western Oil Rim of the Cooper/Eromanga Basin in South Australia

Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF) is pleased to announce that ACOR’s 13.83% working interest under PEL 112, PEL 444 & ACOR’s ORRI under PEL 111 appear to be possibly located in the highly productive western rim of the Cooper/Eromanga Basin. This western rim of the basin has become a hotspot of successful exploration activity. Read more…

Zola well to commence in august 2010

Tap Oil Limited (“Tap”) is pleased to advise that the Operator of WA-290-P, Apache Northwest Pty Ltd (“Apache”) has indicated that operations on Zola-1 may commence as early as August, depending on the progress of the Stena Clyde’s (semi-submersible drilling rig) current activities.  Once on location, drilling of Zola-1 is planned to take approximately 40-50 days to reach to a final total depth of around 5000 metres. Read more…

SSE Enters Low Carbon Energy Agreement with Mitsubishi

Mitsubishi (Mitsubishi Heavy Industries Ltd and Mitsubishi Power Systems Europe Ltd) and SSE (Scottish and Southern Energy plc) have entered into a strategic agreement to co-operate on low carbon energy developments. Read more…

Boralex Power Trust Board Recommends Acceptance of Boralex Inc.’s Improved Offer

Boralex Power Income Fund (the “Fund”) announced today that, following receipt of the favourable recommendation of a Special Committee of independent trustees, the Board of Trustees of Boralex Power Trust (the “Board”), on behalf of the Fund trustee, has unanimously determined (with non-independent trustees abstaining) that the improved offer announced by Boralex Inc.  (“Boralex”) on July 12, 2010 to acquire all the issued and outstanding trust units of the Fund is fair to unitholders of the Fund (other than
Boralex) and is in the best interests of the Fund and such unitholders. Consequently, the Board unanimously recommends that unitholders of the Fund (other than Boralex) accept Boralex’s improved offer and tender their trust units of the Fund. Read more…

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