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Oil and Gas Energy News Update

Showing posts with label California. Show all posts
Showing posts with label California. Show all posts

Thursday, September 8, 2011

Sefton Makes Headway in California, Kansas

- Sefton Makes Headway in California, Kansas

Thursday, September 08, 2011
Sefton Resources Inc.

Sefton Resources announced an operational update on its most recent activities.

Highlights 
  • Oil in California
    • Oil production rises to approximately 135 barrels per day during August.
    • Steam flooding pilot project sees oil production from Hartje #18 well boosted by 60% with increased reservoir pressure recorded at neighboring Yule #5 well.
    • Four wells planned for drilling during November at Tapia Canyon oil field.
    • A subsidiary of Occidental, the fourth largest US oil exploration company, has begun drilling the adjacent Wayside Canyon Oilfield, less than a mile away from Tapia Canyon. (Their field represents a virtual mirror image of Sefton's Tapia Canyon oil field only separated by a series of small faults).
  • Gas in Kansas
    • Letter of intent signed to acquire a fourth gas pipeline plus adjacent wells and leases.
    • Agreement with Southern Star expected to be signed in late September to connect Sefton's pipelines from Leavenworth County to their interstate pipeline.
    • Significant progress with repairing the LAGGS pipeline system.
    • On going discussions with an exploration and production company which has significant acreage along the Vanguard pipeline for transportation of their gas through the Sefton pipeline system.
    • On going acreage acquisition program being developed based on the company's residual trend surface mapping techniques.

Commenting Thursday, Jim Ellerton, Executive Chairman said, "We are making good progress both in California and Kansas and now have in place a strong operational base, strong balance sheet and good cash flows from which to grow the business.

In California, oil production is rising on the back of steaming and we are looking forward to the publication of Dr Ali Farouq's report in October which will give us a clear indication of the potential and value of our interests in California as well as how to fully develop them.

In Kansas, 40-50% of Sefton's target areas for development in Leavenworth County and those in the surrounding areas remain underexplored due to a lack of activity over the past ten years. We believe this presents a significant opportunity for us."

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Thursday, June 30, 2011

First Solar Wins $4.5 Billion in Conditional Loan Guarantees from the DoE

- First Solar Wins $4.5 Billion in Conditional Loan Guarantees from the DoE



Jun 30, 2011

First Solar Inc (NASDAQ:FSLR) is trading up big today after it was reported that the world's largest manufacturer of thin-film solar modules had won $4.5 billion in conditional loan guarantees from the Department of Energy for three California projects.

The company's Topaz and Desert Sunlight projects, which will have 550 megawatts of capacity each, and its 230-megawatt Solar Ranch project, were each offered low-cost financing needed for construction to commence, the agency said today in an e-mailed statement.

The agency must distribute all of the funds authorized for the loan guarantee program before it expires at the end of September. The agency has offered conditional loans or loan guarantees for 40 clean energy products totaling $38 billion, including $16 billion for solar energy.

First Solar said the construction projects approved today will add 1,400 jobs and that all of the 20 million plus cadmium telluride glass panels used in the projects will be manufactured at its plants in Ohio and in Arizona.

Shares of First Solar are trading up 6.3% at $137.57.

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Wednesday, April 6, 2011

California Oil Industry Looks to Replenish Ranks

California Oil Industry Looks to Replenish Ranks

Wednesday, April 06, 2011
The Bakersfield Californian