Quetzal to Spud Llanos Well in October

- Quetzal to Spud Llanos Well in October

Tuesday, September 13, 2011
Quetzal Energy Ltd.

Quetzal provided the following update on operations:

Block 27, Llanos Basin

As previously announced, Quetzal completed a 220 square km 3D seismic survey of Block 27 in 1Q 2011 and then followed that up with an additional 54 square km survey in 2Q 2011. Merge, analysis and interpretation of this seismic has been completed and management has identified 4 drillable prospects on the block.

On August 10, 2011, Quetzal received its blanket environmental permit paving the way to proceed with the drilling of its first well on Block 27. Construction of the location began on August 29, 2011, and the Company expects to spud this first well with a rig contracted from Saxon Energy Services in the second half of October. Once drilling begins, management expects to reach target depth of 10,000 feet in 45 days.

Prospective targets include the oil bearing intervals in the Mirador and Une Formations, with the Carbonera formation representing a secondary target.

Quetzal pays 50% of cost and has a 45.275% revenue interest in this block before payout, and a 34.25% interest following payout.

Block 21, Llanos Basin

A 95 square kilometer 3D seismic program has been completed on Block 21, and management is near completion of its analysis and interpretation. Preliminary evaluation has identified 4 potential prospects of interest on Block 21 with further detailed analysis required.

On August 3, 2011, Quetzal filed for its environmental permit on Block 21 and is awaiting approval. Under contractual commitments to the ANH, and by the terms of its farm-in agreement, Quetzal and their partner, Brownstone Ventures, must drill two wells by September 12, 2012. Assuming environmental approval is received in a timely fashion, the Company expects to commence wellsite construction in 1Q 2012, and drill two wells in 2Q 2012.

Projected well depths at Block 21 are 8,000 feet.

Quetzal pays 50% of cost and has a 45.50% revenue interest in this block before payout, and a 35% interest following payout.

Canaguaro Block

A long term production test began on May 4, 2011 with an ESP set at approximately 6,000 feet depth, approximately 8,000 feet above the producing Mirador formation. Since that time, Quetzal has averaged approximately 400 barrels of oil per day and has witnessed the water cut go from and average of 18% in May to 33% in August. Initial reservoir pressure was registered at approximately 5,850 psia in May, and management has witnessed some decline in bottom hole flowing pressure since commencement of the long term test. In late August, Quetzal shut in the Canaguay 1 well for 6 days to conduct a pressure build up test. Over that short period, well pressure returned to within 100 psia of the May pressure indicating that reservoir pressure depletion is not significant. Given that the perforations are only 30 feet above the plug back depth, management believes that sand production is likely causing a restriction in flow, and reduced bottom hole flowing pressure. The Company and its partners now plan to service the well by conducting a cleanout of the well, replacing the ESP, and placing the new ESP at a deeper depth in the well closer to the producing zone. It is management's expectation that this will lead to increased fluid production and a resultant increase in oil production as well. This work is expected to be completed by November 1 and is budgeted at a net cost to Quetzal of $250,000.

Quetzal has a 25% working interest in the Canaguaro Block and is acting as operator of the well.

Block 36

The acquisition of 109 square kilometers of 3D seismic on Block 36 has been completed and analysis and interpretation continues. Drilling of one well is required by February 2012 and the Operator, Montecz continues to evaluate options to meet activity requirements of the ANH. Quetzal pays 20% of cost and has a 18.2% revenue interest in this block before payout, with a 14% interest following payout.

Guatemala Update

As part of Quetzal's ongoing strategy to maximize shareholder value, the Company continues to evaluate strategic alternatives. The Company is actively evaluating options including selling the Guatemalan assets or soliciting third party joint venture partners to assist in developing the Guatemala blocks.

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Anglo-Turkish Genel Energy Increasing Presence in Northern Iraq

- Anglo-Turkish Genel Energy Increasing Presence in Northern Iraq

Tuesday, September 13, 2011
OilPrice.com
by Charles Kennedy

Anglo-Turkish Genel Energy, soon to be led by former BP CEO Tony Hayward, is seeking to expand its presence in northern Iraq.

Genel Energy, owned by Turkish businessman Mehmet Emin Karamehmet, is seeking a major role in the development of the vast reserves of oil in the Kurdish autonomous region of northern Iraq.

Speaking to Turkey's Hurriyet newspaper Hayward said, "The only approval we need is from the Kurdistan Regional Government, and we expect that approval to come before the end of September. All of the indications in Kurdistan show that things are only going to get better. I think this is a good time to invest in the region."

Hayward also expressed his belief that a "pragmatic realism" now dominated relations between the Kurdish regional government and Baghdad, adding that eventually, the Kurdish region will have "a significant say" in what is going to be finally approved in Iraq's expected hydrocarbons law noting, "This means (a company) can invest. "(The two governments) have agreed to revenue-sharing mechanisms. Payments are being received and I think all indicators show that things are only going to get better. There will be some bumps in the road, but the train and its direction are clear."

(Charles Kennedy is Deputy Editor of OilPrice.com. The original article appears here.)

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TGS Launches Multi-Client Survey in Labrador Sea

- TGS Launches Multi-Client Survey in Labrador Sea

Tuesday, September 13, 2011
TGS-NOPEC Geophysical Co. ASA

TGS has commenced a new 22,000 km multi-client 2D survey offshore Newfoundland in the Labrador Sea in partnership with PGS.

The new seismic data is being acquired by the M/V Sanco Spirit and utilizes the PGS GeoStreamer® technology. Data acquisition will continue through 3Q 2011 and the vessel will return in 2012 to complete the survey. The survey area is north of oil discoveries including Hibernia, Hebron, Terra Nova and White Rose. The seismic survey covers some areas currently nominated in the Newfoundland and Labrador Offshore Petroleum Board’s call for bids (NL-11-03).

"It is important for TGS to return to Eastern Canada after a decade and add data coverage in an area where there is little modern seismic data available to the market. Eastern Canada remains one of the most promising deepwater exploration arenas in the world and we are excited to be a part of it," commented Stein Ove Isaksen, Senior VP North & South America for TGS.

Initial data will be available to clients during 4Q 2011. The survey is supported by industry funding.

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Ivanhoe Mobilizes Rig for 2nd Mongolia Well

- Ivanhoe Mobilizes Rig for 2nd Mongolia Well

Tuesday, September 13, 2011
Ivanhoe Energy Inc.

Ivanhoe and Ivanhoe's wholly-owned subsidiary Sunwing Energy Ltd., announced that Ivanhoe's drilling team has begun moving the drilling rig to the site of the second exploration well in east-central Mongolia.

"Our drilling program was designed to advance our knowledge of Mongolia's Nyalga Basin, a highly prospective area with numerous potential structures that could be tested by drilling," David Dyck, President and Chief Operating Officer, said. "These initial wells are testing two different structures with diverse seismic characteristics."

Mr. Dyck said testing has been completed at the first exploration well, N16-1E-1A, which was drilled to a depth of 2,003 meters. The first well has been plugged and abandoned and the rig disassembled for mobilization.

"While the testing of our first well did not encounter oil shows in the reservoir, it has provided vital information that we are combining with our seismic data to help guide our continuing drilling program."

The second well is on an eight-square-kilometer structure approximately 12 kilometers from the first well. Drilling of the second well is expected to begin by the end of this month toward a target depth of approximately 2,500 meters.

"Mongolia in general, and the Nyalga Basin in particular, is in the early days of oil exploration, requiring a great deal of study to understand its full potential. We remain optimistic that our exploration efforts will enable the discovery of oil resources at our Mongolian project," Mr. Dyck added.

Sunwing Energy Ltd. is party to a Production-Sharing Contract with the Mongolian Government for Block XVI, a 12,679-square-kilometer area that encompasses the Nyalga Basin and is adjacent to the north-south Trans-Mongolian Railway.

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Vanoil Wraps Up Seismic Program in Kenya Block

- Vanoil Wraps Up Seismic Program in Kenya Block

Tuesday, September 13, 2011
Vanoil Energy Ltd.

Vanoil has completed its 2011 2D seismic program on Block 3B in Kenya. Vanoil's 100% owned Blocks 3A and 3B in Kenya cover approximately 24,000 square kilometers and are part of the vastly under-explored prolific Cretaceous Central African Rift Basin System in Kenya.

Vanoil's 2011 seismic program in Block 3B covered approximately 398 line-km and was completed on budget and schedule. The program was designed to cover several leads previously identified on the re-processed 1975 Chevron and the 2010 Vanoil seismic data in Block 3B. The 2011 seismic data is high quality with location, time and amplitude content having been jointly assessed and controlled by the contractors; Bureau Geophysical Prospecting (BGP) and RPS. This premium data has been gathered to further image some specific structural leads and as a reconnaissance program to identify more new leads in Block 3B. In addition, the 2011 seismic program was also designed to enable Vanoil to improve on the geologic model in the Lamu Basin, one of the three basins identified on the Vanoil Blocks.

The 2011 2D seismic program in Block 3B consisted of 398 kilometers of additional seismic bringing the cumulative total to 845 kilometers of 2D seismic coverage completed by Vanoil to date on Blocks 3A and 3B in 2010/2011.

The 2011 Vanoil 2D seismic program data will now be sent to Statcom in Calgary Alberta for processing, following which, the data will be interpreted and integrated with the reprocessed and interpreted 1975 Chevron and 2010 Vanoil data. With the newly acquired data, the Company expects to add significantly to the resource assessment incorporated in the previously announced Sproule 51 101 report.

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Cairn Updates Operations Offshore Greenland

- Cairn Updates Operations Offshore Greenland

Tuesday, September 13, 2011
Cairn Energy plc

The following operational update relates to Cairn's exploration drilling campaign offshore Greenland.

Gamma-1 Well: Eqqua Block, West Disko Area

The Gamma-1 exploration well, drilled by the Ocean Rig Corcovado drillship, located in 1,520 meters (m) of water and 294 kilometers (km) from Aasiaat, in the Eqqua Block in the West Disko area has reached total depth (TD) and preparations are under way to plug and abandon the well. The well had been targeted to test a deep water Tertiary basin floor fan located 100km down dip from the T8-1 well where biogenic and thermogenic gas had been encountered in 2010.

The Gamma-1 well intersected the prognosed basin floor fan at the anticipated depth, although no reservoir or hydrocarbon shows were encountered in the interval.

Delta-1 Well: Napariaq Block, West Disko Area

The Delta-1 exploration well, drilled by the Leiv Eiriksson semisubmersible drilling rig, located in a water depth of 293m and approximately 365km offshore Aasiaat, in the Napariaq Block is currently drilling ahead. The Delta-1 well is aiming to intersect Cretaceous sediments in a large structural closure beneath the Tertiary volcanic interval in which oil shows were encountered in the Alpha-1 well drilled in 2010. The well has so far encountered several hundred meters of Tertiary volcanic section, which is thicker than anticipated and with only minor hydrocarbon indications. A further update will be made later this month, once the well reaches TD.

AT7-1 Well: Atammik Block, South Ungava Area

Following completion of the operations on the Delta-1 Well, the Leiv Eiriksson is scheduled to move south to re-enter the AT7-1 well in the Atammik block, located in 909m of water and 198km offshore Nuuk, and drill to the planned TD.

Fifth Well: AT2 Prospect: Atammik Block, South Ungava Area

Once operations on the Gamma-1 well are complete, the Ocean Rig Corcovado is scheduled to move 597km south, to the Atammik Block, to drill the AT2 prospect as a fifth well in the 2011 exploration drilling campaign.

Further updates will be provided whenever a well is at TD and operations are complete.

Simon Thomson, Chief Executive, said, "The full results of the Gamma-1 well and the update from the Delta-1 well will be reviewed in the context of all the data gathered during the Greenland exploration campaign.

The rigs are scheduled to move south to drill the final two wells of the program on the Atammik block. We remain focused on the potential of our multi-basin position in Greenland."

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Det norske Hits Pay in Norwegian Sea

- Det norske Hits Pay in Norwegian Sea

Tuesday, September 13, 2011
Det norske oljeselskap ASA

Det norske oljeselskap ASA, operator of PL 482, is in the process of completing exploration well 6508/1-2 on Skaugumsåsen. The well is located about 10 kilometers south of the Norne field in the Norwegian Sea.

The well encountered an 18 meter gas column and a 23 meter oil column.

Preliminary estimates of the discovery indicate recoverable volumes of 1 million Sm3 oil equivalents. Further studies are necessary in order to determine if the discovery is economically viable.

This is the first exploration well in license 48, which was part of the Awards in Predefined Areas (APA) 2007.

Well 6508/1-2 was drilled by the semisubmersible Aker Barents rig.

Partners in PL 482 include: Det norske (65 percent and operator), Petoro 20 percent and Skagen44 AS 15 percent.

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Ascent Gets OK for License Extension Offshore Netherlands

- Ascent Gets OK for License Extension Offshore Netherlands

Tuesday, September 13, 2011
Ascent Resources plc

Ascent Resources has received confirmation of the extension of its M10/M11 block licenses ('the Project') located offshore Netherlands in the southern North Sea until June 30, 2013.

The M10/M11 appraisal project is in the shallow waters off the north coast of the Netherlands. In the license area there are three structures, all of which contain gas discovery wells with the gas present in the Slochteren unit of the Rotligendes sandstones. A conceptual development plan has been prepared and a final appraisal well is being planned for H2 2012 to confirm reservoir parameters for the detail project design. This well will be an appraisal well for the Terschelling Noord discovery, which is in a structure that lies partly within the M10/M11 license area and partly to the area to the south. The well would be expected to then become a production well for the development.

ARN holds a 54% interest in the Project. Other partners in the Project are Energie Beheer Nederland B.V with 40% and GTO Limited with 6%.

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Aminex to Withdraw from Tanzania PSA

- Aminex to Withdraw from Tanzania PSA

Tuesday, September 13, 2011
Aminex plc

Aminex and Key Petroleum Ltd. ('Key') currently participate 50-50 in the West Songo-Songo Production Sharing Agreement ('PSA') in Tanzania, with Key as the operating partner. Progress has been slow to date and the work program is behind schedule, creating uncertainty about the future of the PSA. As a consequence, Aminex has agreed with Key that it will withdraw from the PSA, transferring its 50% interest to Key which will then hold 100%. In exchange, Key will relinquish its 5% interest in the new 'Nyuni Area PSA' in favor of Aminex. The West Songo-Songo transfer is being submitted to the Tanzanian authorities for formal approval but the practical aspects of the transfer will be implemented immediately.

The 'Nyuni Area PSA' will replace the existing 'Nyuni-East Songo-Songo PSA', operated by Aminex's wholly-owned subsidiary, Ndovu Resources Ltd., which is now time-expired and where work obligations have been fulfilled, with two gas discoveries recorded. The new Nyuni Area PSA has already been initialed by both Aminex and the Tanzanian authorities, as previously announced, and will be formally executed by the Minister of Energy and Minerals at an appropriate time. The Nyuni Area PSA will be materially larger than the earlier one and will comprise 4 additional blocks directly to the north, as well as the area covered by the existing Nyuni-East Songo-Songo PSA. Key will retain a 5% working interest in the Kiliwani North gas development license, which was carved out from the Nyuni PSA earlier this year. Interest holdings will now be as follows:

• Nyuni Area PSA (1,690 km², including 338km² making up the 4 additional blocks)
  • Ndovu Resources (Aminex) 70%
  • RAK Gas 25%
  • Bounty Oil 5%
• Kiliwani North Development License (85 km²)
  • Ndovu Resources (Aminex) 65%
  • RAK Gas 25%
  • Bounty Oil 5%
  • Key Petroleum 5%

Aminex considers that the new acreage included in the Nyuni Area PSA will provide greater scope for establishing a new play fairway on the continental shelf which could share similarities to some of the recent deep water drilling successes.

Aminex Chairman Brian Hall commented, "Although West Songo-Songo is potentially promising acreage, we believe that our strategy of increasing our interest and acreage in the Nyuni PSA area together with our recently announced increase in our percentage interest in the Ruvuma Basin will be more effective and valuable than our existing portfolio mix."

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Surge Issues Update on Valhalla South Ops

- Surge Issues Update on Valhalla South Ops

Monday, September 12, 2011
Surge Energy Inc.

Surge Energy Inc. on Monday provided the results of its fifth horizontal multi-frac well at Valhalla South, and to announce that it has confirmed its bank line at $150 million.

Operations Update:

Surge provided the following operations update with respect to its Valhalla property due to drilling results which are believed to be material.

Surge's fifth horizontal well (16-7-74-8W6M; 100 percent working interest "WI") in the Valhalla South Doig light oil pool (40 degree API) has been successfully drilled and completed. The well encountered approximately 820 meters of Doig Formation and was completed with nine frac stages averaging approximately 30 Tonnes of proppant per frac. A five day flow test on the well has been recently completed, resulting in flow rates averaging 1,992 boe per day (78 percent light oil and NGLs) with the last day of the test flowing at a rate of 1,866 boe per day (72 percent light oil and NGLs). The well produced through the 114.3mm (4.5") tie back liner.

This five day rate for 16-7, is comparable to that of Surge's previously announced horizontal multi-frac well at 11-18-074-08W6 (71 percent WI), which had a five day flow test rate of 1,979 boe per day (82 percent light oil and NGLs) with the last day of testing flowing at a rate of 1,903 boe per day (77 percent light oil and NGLs). The 11-18 well averaged approximately 1,180 boe per day (72 percent light oil and NGLs) for the first 30 producing days which is well above the Company's type curve for the area (675 boe per day), and it was producing approximately 870 boe per day (73 percent light oil and NGLs) on September 1, 2011 when it was last tested. The first month average production rate for Surge's 16-7 well is expected to be in line with results from 11-18.

Surge began drilling its sixth horizontal multi-frac well into the pool (8-31-073-08W6; 100 percent WI) during August 2011 with plans of having production on stream in the fourth quarter of 2011. The Company has one more horizontal multi-frac well (11-5-074-08W6; 100 percent WI) budgeted for the remainder of 2011 for a total of seven gross horizontal multi-frac wells budgeted for 2011.

In addition to operations at Valhalla South, Surge is actively drilling in each of its other core areas at Windfall, Waskada and South East Alberta. At Windfall, the Company has recently drilled and completed its sixth horizontal multi-frac well and is currently drilling its seventh well into the Bluesky light oil pool (36 degree API). At Waskada, Surge has commenced its nine horizontal multi-frac well drilling program targeting the Spearfish light oil Formation (36 degree API) and now has three wells drilled and cased. In South East Alberta, the Company continues to exploit its low cost, low decline, high rate of return crude oil assets via infill drilling and waterflood. Surge will drill a combination of vertical and horizontal wells in the area during the third and fourth quarters of 2011.

Increase in Bank Line:

Surge has recently confirmed the Company's bank line at $150 million, up from $120 million. The increase is subject to standard legal documentation which is in the process of being finalized.

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Mogul Energy Spuds Stafford Well #2

- Mogul Energy Spuds Stafford Well #2

Monday, September 12, 2011
Mogul Energy International, Inc.

Mogul Energy International, Inc. on Monday announced the spudding of the Stafford Well #2 on the La Ward NE Field area in Jackson County, Texas. The drilling rig moved on location over the past weekend and initiated drilling operations late Sunday afternoon.

This offset well is located 600 feet west of the Stafford Well #1, which was initially completed in March of this year. The Stafford Well #2 will be drilled to a total depth of 7,000 feet so as to further delineate the producing intervals seen in Frio formation. It is expected that the new well will be higher on structure and will have several producing intervals with greater producing rates than the Stafford Well #1.

Stafford Well #2 has 100% participation of all working interest owners that participated in Mogul's initial well in the field. Mogul has a 15% working interest in both wells #1 and #2 and is the operator for both.

President and CEO Tim Turner said, "We are very excited about the prospects for our second well in our drilling program as we strive to carry out our mandate to grow value for our shareholders and partners."

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Cooper Begins Butlers-4 Drilling

- Cooper Begins Butlers-4 Drilling

Monday, September 12, 2011
Cooper Energy Limited

Cooper Energy Limited announced that the Butlers-4 appraisal/development well in PEL92 spudded at 11:30 pm Sunday. The current operation is drilling ahead in the surface hole at 135 meters.

Butlers-4 is the third appraisal/development well on the Butlers Oil Field in the current PEL92 drilling program. Butlers-4 is targeting the Namur oil reservoir in the crestal part of the field 0.26km to the southeast of the Butlers-1 discovery well. The well will be drilled to a total depth of about 1,390 meters and is expected to take 9 days to drill and complete.

The Butlers oil field is currently producing approximately 1,400 barrels of oil per day from the Namur reservoir from the Butlers-1 well with Butlers-2 and Butlers-3 yet to be completed. It is expected that Butlers-4 will accelerate production as well as draining previously unaccessed reserves. The Butlers surface facilities will be upgraded to handle the increased production. Oil production from Butlers is exported via the pipeline to Tantanna and then exported to Moomba.

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CNOOC Contracts Drillship Energy Searcher

- CNOOC Contracts Drillship Energy Searcher

Monday, September 12, 2011
Northern Offshore, Ltd.

Northern Offshore, Ltd. on Sunday announced that CNOOC Palung Aru Ltd. ("CNOOC") has awarded a contract for the drillship Energy Searcher. The contract is for one well offshore Indonesia and has an expected duration of from 60-90 days, including travel time from and back to Singapore. Commencement is expected during October 2011. The estimated contract value for the program is from US$18-25 million, including mobilization fees.

Gary W. Casswell, Northern Offshore's president and CEO, said, "We are pleased with CNOOC's award of this contract for the Energy Searcher, and look forward to a successful drilling program. We remain optimistic of increasing activity in the region and are ready to get the rig back to work following its major shipyard and equipment refurbishment project."

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Bering Spuds Concordia Parish Well

- Bering Spuds Concordia Parish Well

Monday, September 12, 2011
Bering Exploration, Inc.

Bering Exploration, Inc. announced Monday that drilling has begun on the Sharp Heirs A No. 1 well located in Concordia Parish, Louisiana. This well will be drilled to a depth of approximately 7,500 feet to test the prospective zones in the Wilcox formation. This prospect has the potential for multiple wells and potential gross reserves of 500,000 barrels of oil. Bering will have a 10% working interest in this prospect.

"We are excited to begin drilling our initial well on this prospect and expect to reach total depth in a couple of weeks," stated Steven Plumb, VP of Finance of Bering. "If successful, this prospect has the potential to significantly add to our existing production."

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Ecopetrol Builds on Cano Sur Success

- Ecopetrol Builds on Cano Sur Success

Monday, September 12, 2011
Ecopetrol S.A.

Ecopetrol on Monday announced the initial test results of the CSE-8 ST1 exploratory well in the Puerto Gaitan jurisdiction, a municipality in the Meta Province, in areas belonging to the eastern block of the Exploration and Exploitation Cano Sur contract.

Production test to date show a stable average production of 532 barrels per day of API 13.8 grade oil, with water cut around 18.5%.

The exploratory well was designed with a deviated wellbore that allowed contact with a thicker net oil pay and a better location within the deposit. Drilling operations began on August 11, 2011 and reached an average depth of 4,594 feet in 7 days.

This new exploratory success brings to four the number of oil findings in Cano Sur Block during 2011, including Mito-1, Fauno-1 and Pinocho-1. This constitutes an important milestone in the exploration of this block, taking into account its importance for Ecopetrol's heavy crude oil growth strategy.

Results of initial tests show that this well has the highest productivity among the recently drilled wells in this region. Test were undertaken using an artificial lift system with an electric submersible pump.

This contract was signed in June 2005 with the National Hydrocarbon Agency (ANH, Agencia Nacional de Hidrocarburos). Ecopetrol is the sole operator and holder of 100% interests.

"Ecopetrol has identified a huge potential for heavy crude oil commercial production in the Llanos Basin. We are very pleased with this new discovery" said Ecopetrol's CEO Javier Gutierrez Pemberthy.

In the coming months, Ecopetrol will continue to evaluate production conditions and the performance of the deposit found, maintaining simultaneous exploratory efforts in the area of the Cano Sur Block in order to make a prompt commercial viability statement.

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Americas Petrogas, Gran Tierra Hit Oil Pay in Argentina

- Americas Petrogas, Gran Tierra Hit Oil Pay in Argentina

Monday, September 12, 2011
Americas Petrogas

Americas Petrogas announced Monday that it, along with its co-venturer, Gran Tierra Energy, have made a new significant discovery of oil (1,023 barrels of oil equivalent per day) in the 1st of the three exploration wells on the Rinconada Norte block located in the Neuquen Basin of Argentina (Americas Petrogas Argentina S.A. is operator).

The RN x-1004 well flowed a total combined test rate of approximately 944 barrels (150 m3) per day of oil and 13,360 m3 per day of gas (79 barrels of oil equivalent per day) for a total of approximately 1,023 barrels of oil equivalent per day from two intervals tested separately in the Precuyo formation. This well also flowed 43 barrels (5 m3) per day of water or a 4% water cut.

From the depths of the zones tested (982-992 meters and 1022-1032 meters) and electric logs information, the Company estimates an oil column thickness of approximately 60 meters or 197 feet. The oil is 29.6 degrees API, sweet light crude similar to crude oil produced from the equivalent formation in Americas Petrogas' Medanito Sur block. This well has been completed and the service rig will now move on to the next two wells, which have already been drilled, logged and production casing has been installed. Americas Petrogas' wholly-owned Argentina subsidiary, Americas Petrogas Argentina S.A., is the operator of the Rinconada Norte block, holding a 65% working interest, while Gran Tierra Energy, through its Argentina subsidiary, holds a 35% working interest.

Commenting on this most recent discovery, Guimar Vaca Coca, Managing Director of Americas Petrogas Argentina S.A., stated, "We are very excited about this new find on the first well of this three-well exploratory drilling program because of the strong production rates and possibility of significant commercial reserves. We are also optimistic about the prospects for the remaining two wells."

The Rinconada Norte block is currently under an Exploitation concession, which will allow Americas Petrogas and Gran Tierra Energy, with previous approvals from the authorities, to move ahead with development activities in the near term. The Company anticipates building test production facilities in the fourth quarter of 2011. This drilling program on Rinconada Norte represents the initial phase of Americas Petrogas' previously-announced drilling plans for 2011-2012 (see press release of June 3, 2011).

The Rinconada Norte block (approximately 96 sq.km or 37 sections) is located immediately south of and adjoins Americas Petrogas' Medanito Sur block in La Pampa Province in the eastern region of the Neuquen Basin of Argentina.

Barclay Hambrook, President & CEO of Americas Petrogas, stated, "We are very pleased with this discovery and Americas Petrogas is well-funded to accelerate and expand its planned capex program in order to increase production and reserves."

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PetroMagdalene Announces Copa B-1 Discovery

- PetroMagdalene Announces Copa B-1 Discovery

Monday, September 12, 2011
PetroMagdalena Energy Corp.

PetroMagdalena Energy Corp. on Monday announced that it has discovered a new light oilfield with the Copa B-1 exploration well, with the well testing 1,045 bopd of 39.3 degrees API light oil over the initial 3-day production test. This represents 597 bopd gross working interest share for the Company.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am excited as this has a direct impact on our bottom line and follows directly after our Petirrojo-1 discovery, which has produced at an average of 1,831 bopd over the past 20 days. This is a very positive drilling result as it significantly improves the potential of the remaining exploration acreage on the Copa trend in the Cubiro block, our core producing asset in Colombia, and the rig is now moving to spud the Copa AS-1 exploration well."

Located in the Cubiro Block of the Llanos Basin, the Copa B-1 well, in which the Company holds a 57% working interest, was spudded on August 18, 2011 and directionally drilled to a total depth of 6,862 feet measured depth ("MD"). The top of the C5 and C3 Carbonera sections were encountered at depths of 5,251 feet (MD) and 5,045 feet (MD), respectively. Well logs indicate a total of 41 feet of net oil sand, 24 feet in three C5 sands, and 17 feet in two C3 sands. Porosities range from 24% to 28% in the C5 and 27% to 29% in the C3 sands. After perforating 17 feet in the two lower C5 sands and installing an electric submersible pump ("ESP"), the well produced at an average rate of 1,067 bopd of 39.3 degrees API oil over the latest 24-hour period at a BS&W of 0.9% and a downhole pump intake pressure of 1623 psi, a 23.2% drawdown. The well testing program is ongoing and final results will be provided.

Based on seismic interpretations, the accumulation discovered by Copa B-1 is a 1.3 kilometer-long structure with an estimated closure of 140 acres, corresponding to the typical exploration play in the Llanos Basin. The Copa B structure is on trend with the Company's Copa Field, 4 kilometers to the north, which was brought on production last year with the Copa-1 well, which was completed in two C5 sands from the same stratigraphic level as the ones tested in Copa B-1 well, and has produced 200,000 barrels of 40 degrees API oil over the past 16 months.

In Cubiro Block C, the Company is currently moving the drilling rig to drill the Copa AS-1 exploration well from the same operating pad with a target total depth of 7,716 feet (MD). Copa AS-1 will test a similar structure as Copa B, on trend with the Copa Field and immediately north of the Copa B discovery. Once the drilling of the Copa AS-1 well is terminated, a work over rig will be mobilized to test this well and the rest of the C5 and C3 sands penetrated by the Copa B-1 well.

PETIRROJO

The Petirrojo-1 discovery has produced at an average rate of 1,831 bopd (Company share, 1,282 bopd before royalties) over the past 20 days with a sustained pump intake pressure.

TOPOYACO

On August 31, 2011, Trayectoria Oil & Gas, the operator for the Topoyaco Block, spudded the Yaraqui-1X well in the central part of the block. The well is planned to reach a total depth of 10,509 feet MD, or 9,402 feet true vertical depth (TVD), or 8,484 feet TVDSS, and is targeting the Cretaceous Villeta and Caballos formations in a sub-thrust structure called Prospect "D". This prospect is a sub-thrust structure independent from previously drilled structures "B" and "C" in the block. Pacific Rubiales Energy Corp. recently announced that preliminary prospective resources (best estimate) for Prospect "D" are 51 MMbbls.

As previously announced, Pacific Rubiales has requested the approval of the ANH to become the operator of the Topoyaco Block, which approval remains pending.

SENIOR SECURED SERIES A NOTES AND ACCOMPANYING WARRANTS

On September 8, 2011, 31,050 senior secured series A notes and 1,330,714 share purchase warrants, issued pursuant to the Company's debt financing of C$31,050,000 that closed on May 5, 2011, began trading on the TSX Venture Exchange under the symbols "PMD.DB" and "PMD.WT", respectively.

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NPD Head: Norway's New Oil Finds May Help Stem Mid-Term Output Fall

- NPD Head: Norway's New Oil Finds May Help Stem Mid-Term Output Fall

Monday, September 12, 2011
Dow Jones Newswires
by Katarina Gustafsson

Two major oil finds this year by Norwegian oil and gas giant Statoil (STO) could stave off a steep decline in Norway's production in the mid-term, but won't reverse the longer downward trend, Bente Nyland, head of the Norwegian Petroleum Directorate has told Dow Jones Newswires.

This summer's find in the North Sea that is one of the 10th biggest discoveries ever on the Norwegian continental shelf and the earlier slightly smaller success in the Barents Sea complement measures to tackle the fall in the short- and mid-term that are being considered and implemented by the Scandinavian country.

However, ultimately Norway will have to open up new areas and that is more problematic.

"In the short- and mid-term it's important to keep and increase recovery, to have new finds in production and build out what you have found. While in the long run, it's necessary to discuss whether to open up new areas. And that is a political question," Nyland said.

Norway this year reached a treaty with Russia over a long disputed maritime border in the Barents Sea. But it could be a while before this new zone is opened up for exploration, Nyland said the quickest scenario would be around two or three years.

The petroleum directorate has started collecting seismic data from the region and Nyland, a geologist and head of the government body since 2008, said some indication of the region's resources could be given in 2012-13.

The state agency, tasked with overseeing Norway's oil and gas activities, predicts total production will be kept at about the current level until around 2020-25, Nyland said.

Norway's oil production peaked in 2001. Gas production is still rising but Nyland said she expects output to begin decreasing some time at the start of the 2020s given the lack of large gas finds.

"Gas production will to some extent fill in the gap in coming years," she said, adding that increasing the recovery rates in existing oil fields will be critical in the short term.

The petroleum sector is Norway's largest industry. Investments next year in oil and gas activities are seen at a record-high NOK172 billion ($32 billion), according to a recent forecast from Statistics Norway.

Last week, the Norwegian krone climbed to an eight-year high as traders sought a new safe haven after the Swiss National Bank capped the value of the Swiss franc against the euro.

"We have no indications that companies have become more restrictive. But it's too early to say," Nyland said.

In January, the Norwegian Petroleum directorate revised down estimates for undiscovered resources on the Norwegian continental shelf, to 2.6 billion standard cubic meters of oil equivalents from 3.3 billion standard cubic meters of oil equivalents.

"This year's finds give no base for changing our analysis," she said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Shell Seeks Okay for 2D Survey Offshore NW Australia

- Shell Seeks Okay for 2D Survey Offshore NW Australia

Monday, September 12, 2011
Shell Australia

Shell is seeking Federal Government environmental approval for a small 2D marine seismic survey off the North West Cape.

Subject to approvals the survey is planned to have a duration of around 12 days and to take place during the period from mid-November 2011 to the end of March 2012 avoiding the humpback whale migration.

At closest point the survey will be around 25km from Ningaloo Reef. As detailed in our environmental documentation Shell has elected that the 2D seismic survey will not come within a 10km buffer zone of the Ningaloo World Heritage Area.

The seismic survey is the final work commitment for permit WA-385-P in the current term.

In July 2011 Shell received environmental approval for the Palta-1 gas exploration well in adjacent permit WA-384-P.

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Cabot: Minimal Impact on Pa. Operations from Flooding

- Cabot: Minimal Impact on Pa. Operations from Flooding

Friday, September 09, 2011
Cabot Oil & Gas

Cabot Oil & Gas Corporation, in response to a significant volume of inquiries, today announced that its drilling operations in Susquehanna County, Pennsylvania have experienced only minimal disruptions as a result of the flooding. The Company elected, out of an abundance of caution, to temporarily shut-down its drilling operations last evening to insure the safety of its workers and to allow for individuals to take care of their personal needs. At the same time it reached out to the local emergency providers to offer assistance.

"Clearly the most important thing at this time is to help the community begin the recovery process and immediately help all of the residents who have been impacted," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "To that end, we have committed both monetary and equipment resources to the area and are working with our service providers to engage their assistance as well."

Dinges added, "Least important at the moment, but in response to the questions being asked, the Company has restarted its operations and has continued to produce its wells at pre-flooding levels throughout this crisis, with no anticipated disruptions expected. Because of our closed loop drilling systems and frac staging that is contained in closed containers, the environmental impact to the drilling operation is significantly mitigated."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with its entire resource base located in the continental United States.

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