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Oil and Gas Energy News Update

Thursday, May 5, 2011

BOEMRE Calls for Comment on Newfield Revised EP

BOEMRE Calls for Comment on Newfield Revised EP

U.S. Bureau of Ocean Energy Management

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) on Wednesday announced that public comment is invited with respect to an Environmental Assessment (EA) for a Revised Exploration Plan (EP) submitted by Newfield Exploration Company. This Revised EP involves deepwater activity in the Gulf of Mexico and will be completed in accordance with new safety and environmental standards implemented since the Deepwater Horizon explosion and oil spill.

The Revised EP includes four proposed exploratory wells in approximately 6, 990 feet water depth, approximately 66 miles offshore Louisiana. Consistent with federal regulations, an EP is deemed "submitted" once all supporting materials and documentation has been provided. Once a plan is deemed submitted, BOEMRE has 30 calendar days to analyze and evaluate it. For more information on pending plans, go to: http://www.gomr.boemre.gov/homepg/offshore/safety/well_permits.html.

As part of its review, the bureau will prepare an EA specific to the proposed exploration activities. Upon completion of the technical and environmental review, BOEMRE must decide whether to approve the plan, require modifications, or disapprove the plan. An exploration plan describes all exploration activities planned by the operator for a specific lease or leases, including the timing of these activities, information concerning drilling vessels, the location of each planned well, and other relevant information that needs to meet important safety standards.

The 30-day time frame for review includes a 10-day public comment period to allow an opportunity to review and comment on the issues that should be considered by BOEMRE in preparing the EA for the plan. In an effort to make the comment opportunity more accessible, the public can both view and provide comments on agency documents at: http://www.boemre.gov/PublicComment.htm.

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Beach Issues Drilling Report

Beach Issues Drilling Report

Beach Energy Limited

Beach Energy Limited on Wednesday issued its drilling report for the month ended 4 May 2011.

Australia

Beach Operated Cooper-Eromanga Oil - Western Flank

During the reporting period two successful wells have been drilled on the Butlers Field.

Butlers-2 was drilled approximately 950m NE of Butlers-1 and intersected 5 meters of oil pay in high quality Namur Sandstone. The well has been cased and suspended.

This success was followed by Butlers-3 which has also been cased and suspended as a Namur Sandstone oil producer. It was drilled to a total depth of 1,365m and intersected 3 meters of oil pay.

Ensign Rig-30 has now been moved to the Parham-1 location and marks the start of the exploration phase of the campaign. There are currently seven approved wells yet to be drilled in the program.

Each of the above wells lie in PEL-92 (Beach 75%).

Beach Operated Cooper-Eromanga Basin Gas - PEL 106FI Block

The Canunda-1 extended production test is continuing. The well is now shut in for an extended pressure build-up, analysis of which will provide insight into reservoir size and shape. A total of 100 MMscf raw gas (including 15 kstb condensate sales) has been produced during the test.

Beach Operated Cooper Basin Shale Gas Exploration - PEL 218

Analyses and evaluation continued on the core and logs recovered from Encounter-1 and Holdfast-1 (Beach 90%). In preparation for the fracture stimulation program in the second half of May the completion work at Holdfast-1 commenced at the end of the month. Holdfast-1 and Encounter-1 are to be completed with 4 1/2" tubing to enable high pressure fracture stimulation of up to eight zones in each of the wells.

Santos Operated Cooper Basin Oil and Gas Development

The Moomba-184 gas development well (Beach 20.21%) has been cased and suspended as a future Toolachee Formation gas producer. The Saxon-183 drilling rig has moved to the Moomba-185 (Beach 20.21%) location and is currently drilling the surface hole.

Beach Operated Geothermal - Paralana Project, Arrowie Basin

The fracture stimulation at Paralana-2 has been delayed due to equipment availability constraints.

INTERNATIONAL

Kuwait Energy Operated Western Desert Oil Exploration - Abu Sennan Concession, Egypt

The ZZ-4 well (Beach 22%) is drilling ahead in the Jurassic Khatatba Formation on May 2. The well is an appraisal well of the Cretaceous GPZZ Oil Field and has been deepened to target hydrocarbon exploration potential in the older Jurassic sequence. Current depth is 4,661m with a prognosed total depth of 4,884m. ZZ-4 is the first in a multi-well drilling program designed to test several play concepts within the Abu Sennan concession.

Beach Energy Limited is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has oil and gas reserves of 66 million barrels of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million barrels of oil equivalent and an active exploration program within a balanced global portfolio of tenements.

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GM Crushes Estimates, Beats EPS By $0.86, Revenue Up 15% YoY

GM Crushes Estimates, Beats EPS By $0.86, Revenue Up 15% YoY



May 5, 2011

General Motors Company (NYSE:GM) reported Q1 EPS of $1.77 today, easily beating the consensus estimate for $0.91 per share. Revenue for the quarter grew 15% year-over-year to $36.19 billion, beating the consensus estimate for $35.59 billion.

Dan Akerson, chairman and CEO of the company said, "We are on plan. GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth."

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Petrohawk Energy Topped Q1 Estimates, Top Line Up 12% YoY

Petrohawk Energy Topped Q1 Estimates, Top Line Up 12% YoY



May 5, 2011

Petrohawk Energy (NYSE:HK) reported Q1 EPS of $0.15, ahead of consensus estimates of $0.14 per share. Revenues for the quarter rose 12.3% year-over-year to $491.7 million, ahead of consensus estimates of $475.7 million.

The company said that production during the quarter was 17,815 BOE/d, up 3% from Q4 2010 and down 2% from Q1 2010 production.

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