ConocoPhillips Completes Shutdown of Bohai Bay Oilfield

- ConocoPhillips Completes Shutdown of Bohai Bay Oilfield



Sep 6, 2011

ConocoPhillips China (NYSE:COP) has completed the shutdown of its Bohai oilfield operations, as ordered by China marine authority.

The company says it will continue to work with CNNOC (NYSE:CEO), which holds a 51% stake of in the oil field, to develop a plan to reduce reservoir pressure to ensure the safety of the field

ConocoPhillips (NYSE:COP) has a potential upside of 24.6% based on a current price of $66.44 and an average consensus analyst price target of $82.8.

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BHP Billiton Completes Petrohawk Acquisition

- BHP Billiton Completes Petrohawk Acquisition

Friday, August 26, 2011
BHP Billiton plc

BHP Billiton has completed its acquisition of Petrohawk through a short-form merger under Delaware law of its wholly owned subsidiary with and into Petrohawk, with Petrohawk being the surviving corporation as a wholly owned subsidiary of BHP Billiton. The merger was the final step of the acquisition process and follows the previously announced completion of the tender offer by BHP Billiton to acquire all outstanding shares of common stock of Petrohawk.

BHP Billiton Petroleum Chief Executive, J. Michael Yeager, said the Petrohawk acquisition adds high-quality growth to the company.

"With the completion of this transaction, BHP Billiton Petroleum is on track to deliver compound annual growth in production volumes of ten percent for the remainder of the decade. We are excited that Petrohawk's sizable U.S. workforce is joining our talented group of professionals and we are ready to grow this business over the long-term."

Petrohawk has requested the New York Stock Exchange to take the necessary steps with the U.S. Securities and Exchange Commission to delist Petrohawk's common stock from the NYSE.

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Delmar Completes Mooring Installation at WhoDat Field

- Delmar Completes Mooring Installation at WhoDat Field

Friday, August 19, 2011
Delmar Systems Inc.

Delmar Systems has completed preset mooring systems installation and facility connection operations of the Mississippi Canyon 547 "A" floating production facility as part of the WhoDat Field development for LLOG Deepwater Development Company, L.L.C.

Delmar provided project engineering for anchor/mooring system design, fabrication oversight, installation engineering, operation procedures, and installation services for the facility's installation. Delmar also assisted LLOG and the facility designer/builder EXMAR in certification verification authority (CVA) review and regulatory approval for the mooring system.

In addition, Delmar procured, marshaled, and stored the twelve leg suction anchor, chain, polyester, chain mooring system at Delmar's state-of-the-art 11-acre Fourchon dockside facility. The mooring legs were connected to the pre-installed suction anchors using Delmar's patented subsea mooring connector. The Delmar subsea connector allows the mooring line to be easily connected to each preset suction anchor using a conventional anchor handling vessel (AHV) as opposed to larger, more expensive construction vessels that are normally used for permanent installations.

Delmar preset all twelve suction anchor mooring systems using a single conventional AHV. Once the facility arrived on location, Delmar connected the facility to the preset mooring systems using two conventional AHVs and supported by a field ROV support vessel. Facility connection operations were efficiently completed in seven days.

"Delmar was able to use existing contracted AHVs to drive maximum efficiency and cost savings for LLOG. We completed the project under budget and under the allocated time estimates. By making the best use of vessel tonnage and Delmar's proven experience with AHVs, Delmar completed the project safely, without any accidents, injuries, or associated lost time," said Brady Como, Delmar's Executive Vice President.

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Key Completes Acquisition of Edge, Summit Oilfield Services

- Key Completes Acquisition of Edge, Summit Oilfield Services

Monday, August 08, 2011
Key Energy Services Inc.

Key Energy completed the previously announced acquisition of Edge Oilfield Services and Summit Oilfield Services. Total consideration for the transaction was $307.6 million, consisting of approximately 7.5 million shares of Key common stock and $189.7 million in cash, which includes $26.3 million to reimburse Edge capital expenditures, net of working capital adjustments.

Edge primarily rents frack stack equipment used to support hydraulic fracturing operations and the associated flow back of frack fluids, proppants, drilling and completion fluids, and oil and natural gas. It also provides well testing services, rental equipment such as pumps and power swivels, and oilfield fishing services.

Key's Chairman, President, and CEO, Dick Alario, stated, "We are excited to complete this transaction and welcome the Edge employees to Key. We expect Edge to increase our exposure to the horizontal well completion markets, and we hope to leverage our broad U.S. infrastructure to facilitate expansion of this high quality business in the coming years. We anticipate Edge's business will be accretive to Key's margins and earnings beginning this year, and we will provide additional guidance for Key's full-year 2011 results including Edge at a later date."

Edge's CEO, Darrell Brewer, stated, "We are happy to have reached this milestone in our company's history and become a part of Key. Our employees and I look forward to continued strong growth as part of the Key family."

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Oilex Completes Frac Stimulation Ops at Cambay Well

- Oilex Completes Frac Stimulation Ops at Cambay Well

Wednesday, July 27, 2011
Oilex Ltd.

Oilex advised that the mobilization for the large volume multi-stage fracture stimulation of the horizontal Cambay-76H well has been completed with all equipment now on site and rigged up. The Black Pearl drilling rig has been fully demobilized from site.

In preparing for the start of the fracture stimulation program; a test of all surface equipment has been conducted, mixing of chemicals and loading of proppant and water to tanks is underway and coiled tubing operations are being completed.

The fracture stimulation program will comprise eight stages with two fracture initiation points per stage. The well will then be flowed to surface to remove stimulation fluids and clean up the well bore prior to conducting the flow test.

The Cambay-76H "proof of concept" horizontal well is evaluating the production potential of the Y Zone interval of the extensive Eocene "tight" reservoirs in the onshore Cambay Production Sharing Contract ("PSC"), Gujarat, India.

• Report date: July 26, 2011
• Status: Preparing for fracture stimulation operations
• Past Week's Operations:
  • Demobilizing drilling rig
  • Mobilizing and rigging up fracture stimulation equipment
• Objective: Cambay Eocene "tight" reservoir Y Zone
• Total Depth (TD): 2,740 meters including 610 meters horizontal section

The participating interests in the Cambay PSC are:

• Oilex Ltd (Operator) 30%
• Oilex NL Holdings (India) Limited 15%
• Gujarat State Petroleum Corporation Ltd 55%

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NZEC Completes Drilling Ops at Talon-1 Well

- NZEC Completes Drilling Ops at Talon-1 Well

Tuesday, July 26, 2011
New Zealand Energy Corp.

New Zealand Energy Corp. (NZEC) announced the completion of drilling of the Talon-1 exploration well on the Alton Permit located in New Zealand's Taranaki basin. Completion of the Talon-1 well work program requirements is a condition of NZEC's acquisition of a 50% working interest in the Alton Permit and allows NZEC to become the operator of the Permit. Upon receipt of the consent of New Zealand's Minister of Energy, NZEC will own the 50% working interest in the Alton Permit and NZEC's portfolio in the Taranaki Basin will consist of:

• Operatorship and 50% working interest in the Alton Permit covering 119,200 (59,600 net) acres with prospective recoverable resources of 34.6 million barrels of oil equivalent (as estimated by AJM Petroleum Consultants effective February 1, 2011)
• 100% working interest in the Eltham Permit covering 92,467 net acres with prospective recoverable resources of 32.1 million barrels of oil equivalent (as estimated by AJM Petroleum Consultants effective February 1, 2011)

The Talon-1 well location, chosen by the previous operator of the Alton Permit using 2D seismic information, intersected over 75 meters of the targeted Manutahi reservoir with minor amounts of natural gas observed. NZEC has decided to not complete the well at this time, but will use the information obtained from Talon-1 drilling to identify other viable targets and may use 3D seismic to further define the prospect.

NZEC has cash on hand of approximately $2.6 million dollars following the drilling of the Talon-1 well. NZEC will now focus its Alton Permit exploration program on the multi-zone Horoi lead, offsetting the Copper Moki-1 well. The Horoi lead is the largest single lead that NZEC has identified and was one of the main reasons for acquiring the Alton Permit. Both the Copper Moki-1 and the Horoi leads were identified using 3D seismic. NZEC will concentrate its efforts on locations that can be identified on 3D seismic coverage in order to increase the certainty of an economic outcome.

"We continue to expand our knowledge of New Zealand Energy's portfolio of properties," said Bruce McIntyre, President of NZEC. "Now that we have earned our right to become operator of the Alton Permit, we will focus our efforts on completion of the Copper Moki-1 well and look forward to reporting progress to our shareholders as the projects advance."

Copper Moki-1 Update

NZEC has secured the Ensign Rig 6 service rig to carry out completion of its 100% working interest Copper Moki-1 well. Completion of the well will commence within the next 10 days. NZEC plans to perforate and production test approximately 10 meters of net oil pay in the Mount Messenger Formation. Once the Mount Messenger Formation has been tested, the reservoir will be shut in for a pressure build up. NZEC will then production test approximately 15 meters of net natural gas pay in the shallower Urenui Formation, and then shut the well in for pressure build up. NZEC expects to report the results of the well tests by mid-August.

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Circle Oil Completes Al Amir Water Injector Well

- Circle Oil Completes Al Amir Water Injector Well

Friday, July 22, 2011
Circle Oil plc

Circle Oil announced the following update regarding the Al Amir SE-8X water injection well together with details on the imminent drilling of Geyad-5X, a water injector, to support production in the Geyad Field.

Al Amir SE-8X

Al Amir SE-8X, located to the south-west of the Al Amir SE-1X ST discovery well in the Al Amir Development Lease, was drilled to 10,750 ft MD in the Upper Rudeis. The main objective for this well was to appraise the Shagar and Rahmi sandstones of the Kareem Formation in a downdip location and to provide water injection to support oil production from the updip Al Amir SE field wells.The Shagar sands were encountered from 10,329 to 10,353 ft MD with 24 ft MD of net reservoir and up to 15% porosity. The Rahmi sands were encountered from 10,404 to 10,432 ft MD with 8 ft MD of net reservoir and up to 10% porosity. Both sands were found to be water bearing, below the field oil-water contact. Interpretation of formation pressure test results from both sands indicates communication with the updip producers and good potential for successful water injection. The well has been completed as an injector in the Rahmi sands, with the option to add the Shagar injection under a rigless operation at a later date.

Geyad-5X

The rig has now been mobilized to drill the water injector well Geyad-5X, located on the western flank of the Geyad field, downdip of the Geyad - 3X and Geyad-1XST producers. The well is planned to appraise both the Shagar and Rahmi sands for injection.

The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 260 square kilometers, lies about 300 kilometers southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin. The concession agreement includes the right of conversion to a production license of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).

Prof Chris Green, CEO, said, "I am pleased to report another successful result as the partnership's plans in NW Gemsa remain on schedule. The rig now has now moved to start drilling the first injector well on the Geyad field as part of the development plan to increase production rates for the medium and long term."

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MENA Completes Stake Acquisition Offshore Egypt

- MENA Completes Stake Acquisition Offshore Egypt

Thursday, July 21, 2011
MENA Hydrocarbons Inc.

MENA has received co-venturer approval for the acquisition of a 55 percent participating interest in the West Mediterranean, Block 1, Segment A block located 60 km off the Mediterranean coast of Egypt. It is proposed that the acquisition be completed by an indirect wholly-owned subsidiary of MENA. An agreement with the current operator, Hess Egypt West Mediterranean Limited, has been signed as of May 31, 2011. The acquisition was subject to rights of preemption in favor of the existing co-venturers. The co-venturers decided not to pre-empt and have also given their consent to the transaction. MENA intends to seek appointment as operator following the outstanding approval of the Egyptian General Petroleum Corporation and the Egyptian Government and the completion of other customary closing conditions.

Five gas or gas-condensate discoveries have been made on the block. The block is under standard commercial terms for Egyptian concessions. The offshore development lease governing the block is valid for 20 years from the date of first gas deliveries, with an optional five-year extension. The purchase price is US $7.5 million (subject to adjustments) payable in cash.

Graham Lyon, President & Chief Executive Officer of MENA said, "We are another step further in implementing MENA's strategy of building a portfolio of development, production and high impact exploration assets and are pleased to have passed this important step in project capture for MENA in such a short time. We will work with our co-venturers and the authorities to proceed in this development license to a profitable venture and address the significant exploration potential."

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Matra Completes Workover Well in Sokolovskoe Field

- Matra Completes Workover Well in Sokolovskoe Field

Wednesday, July 20, 2011
Matra Petroleum plc

Matra announced an update on operations in the Sokolovskoe Field, Russia.

The planned workover on well-12 was completed at the end of June by installing a production packer, with the intention of isolating the productive zones in the well. The well was returned to production by swabbing on July 2 and has been on production since that time. During this period the well has averaged 352 bpd with a water cut of around 42% (net 203 bopd).

Fluid loss from the annulus confirmed a leak in the casing/liner system, although installation of the production packer has not stopped water production as intended. Well-12 was drilled through the oil-water-contact ('OWC') and encountered various operational problems during drilling and side-tracking, making definitive analysis difficult. Well performance has been reduced by the presence of water in the tubing and the high viscosity of the resulting oil/water emulsion. At the current time, the source of the water has not been identified and the well will continue on production and to be monitored.

It is planned that future wells will be terminated above the OWC thereby facilitating good cement bonding and zone isolation. The independent study carried out last year by ERC/Equipoise concluded that the Company should encounter better reservoir to the north of the two existing wells where full development of subsurface reefs are expected.

Planning and approvals for the full field 3D seismic survey and the drilling of well-14 are continuing with both operations intended to commence later this year.

Matra's Managing Director, Peter Hind commented, "Well-12 continues to produce commercial quantities of oil and is generating cash flow. The well has also provided us with invaluable data on the structure of the Sokolovskoe Field. Given our improved knowledge from the data, the independently verified study of the field's potential and the forthcoming 3D seismic survey, we look forward to progressing with Well-14 later this year."

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InterOil Completes Well at San Luis Field

- InterOil Completes Well at San Luis Field

Thursday, July 14, 2011
InterOil

InterOil has completed the second well, 13164D, on the San Luis Field in Peru. The well is producing 795 BOPD through a 5/16" choke. This is significant higher than the estimated 350 BOPD.

Well 13164D encountered a separate segment on the San Luis Field, with several oil bearing sands in the Salina Mogollon Formation. Pressure data support the interpretation of a new segment and show no sign of depletion from neighboring wells. This pay-zone is thicker than any of the zones drilled so far on the San Luis Field. San Luis will be further evaluated in order to map out the additional potential this segment can have for future drilling. The full potential of this new segment will be better understood after 2-3 months of production.

Drilling of the third well, 13157D, is ongoing. The well will be drilled as an appraisal well to the San Luis Field in a North Eastern position and is expected to be completed in the beginning of August.

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OMV Completes Acquisition of Petronas Carigali

- OMV Completes Acquisition of Petronas Carigali

Wednesday, July 13, 2011
OMV

OMV successfully completed the acquisition of the entire share capital of Petronas' E&P operating entity in Pakistan from PETRONAS International Corporation Limited (Petronas) as of July 11, 2011. The government of Pakistan has provided its non-objection to the share transfer and change of control transaction pursuant to applicable laws in Pakistan.

Jaap Huijskes, member of the OMV Executive Board responsible for Exploration and Production, stated, "The acquired production, development and exploration licenses will strengthen OMV's position in the top league of foreign gas producers in Pakistan. OMV is well on the way to achieve the goal of increasing equity production in Pakistan to around 25,000 boe/d by 2014."

The acquired portfolio considerably strengthens OMV's position in Pakistan. With the completion of the share and change of control transaction, OMV increases its production by about 1,000 boe/d to 15,000 boe/d. The acquisition includes the Mubarak and Mehar exploration licenses as well as the Mehar and Mubarak development and production leases in the Indus Basin in central Pakistan. Through this acquisition, Pakistan gains a strong strategic position within the E&P portfolio and will help OMV reach its long-term growth objectives.

OMV started operating in Pakistan in 1991. The current gross production operated and processed by OMV (PAKISTAN) amounts to 530 mn scf/d (90,000 boe/d), which represents around 13% of Pakistan's gas supplies. The country offers growth potential supported with prospective as well as underexplored acreage. The good business environment and strong local energy demand support the growth aspirations.

Balanced international E&P portfolio

In 1Q/2011, OMV's oil and gas production was 304,000 boe/d. Its proven reserves were about 1.15 bn boe at year-end 2010. In its core countries Romania and Austria, OMV is focusing on reducing the natural decline and on enhancing the recovery rates from mature fields. Future growth is expected to come via new field developments, exploration and acquisitions internationally. OMV intends to grow the existing portfolio to and beyond critical mass, on a production per country basis, and is looking to find new growth areas within the Caspian, Middle East and North Africa regions where OMV can leverage on its existing E&P exposure.

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Marathon Completes Spin-Off, Launches New Co.

- Marathon Completes Spin-Off, Launches New Co.

Friday, July 01, 2011
Marathon Oil Corp.

Marathon Oil has completed the spin-off of Marathon Petroleum Corporation, making Marathon Oil an independent upstream company.

Marathon Oil has a strong and geographically diverse portfolio of assets leveraged to crude oil production. The Company will continue to be based in Houston.

"This is an exciting day and a major milestone in the nearly 125-year history of Marathon Oil Corporation," said Clarence P. Cazalot Jr., Marathon Oil's chairman, president and CEO. "As an independent upstream company, we have the capacity to perform at a higher level by focusing on strategic priorities while providing greater transparency for investors. Operationally, we're poised to capitalize on a broad base of opportunities by exhibiting the speed, agility and flexibility of an independent and retaining our proven ability to accomplish large and technologically challenging projects. What isn't going to change is our focus on long-held core values of health and safety, environmental stewardship, honesty and integrity, corporate citizenship and a high performance team culture. Together, these attributes create the foundation for a strong, competitive Company with a goal of continuing to deliver long-term value growth for our shareholders."

With this change and effective July 1, Cazalot becomes chairman of the board of Marathon Oil Corporation in addition to his responsibilities as president and CEO. Additionally, David E. Roberts Jr. takes on the newly established role of executive vice president and chief operating officer. Janet F. Clark will continue in her role as executive vice president and chief financial officer.

* Shares of Marathon Oil Corp. (NYSE:MRO) are down 38% on news that Marathon Petroleum was spun off from the company.

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Kodiak Completes Williston Basin Acquisition

- Kodiak Completes Williston Basin Acquisition

Thursday, June 30, 2011
Kodiak Oil and Gas Corp.

Kodiak Oil & Gas Corp. today announces the June 30, 2011 closing of the previously announced acquisition of Williston Basin oil and gas producing properties and undeveloped leasehold.

Included in the transaction are approximately 25,000 net mineral acres and production of approximately 200 net barrels of oil equivalent per day (BOE/d). The total purchase price for the leasehold interests and associated assets is $85.5 million and is comprised of $71.5 million in cash and the issuance to the Seller of 2.5 million shares of Kodiak common stock. Kodiak funded the transaction through cash balances and borrowings under credit facilities including its reserve-based revolving line of credit.

As part of the transaction, Kodiak entered into a contract for a new build drilling rig that was previously contracted to the Seller. The new build drilling rig is scheduled for completion in September 2011.

Including today's acquisition, Kodiak's acreage position in the Williston Basin now approximates 100,000 net acres.

The shares of common stock of Kodiak issuable under the acquisition agreement with the Seller have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

Operations Update

Kodiak has begun completion operations on its two-well pad in the Koala project area in McKenzie County, N.D. The Company anticipates completing both wells during early July 2011 and plans to simultaneously flow back the wells and turn them to production facilities and gas pipeline infrastructure which services the area. Kodiak operates the two-well pad with a 52.5% working interest and a 42.5% net revenue interest.

Following this two well pad, completions operations will move to Dunn County, N.D. where a four-well pad is being prepared for fracture stimulation operations in late July and early August. Oil, gas and water disposal pipelines have been constructed to these wells. In addition, four gross (2 net) wells have been drilled on Kodiak's non-operated lands in Dunn County and completion operations are underway of the first of those wells. Operated and non-operated completion procedures are expected to be continuous through the third quarter.

Kodiak is currently drilling ahead on four wells with two rigs running in McKenzie County, N.D. and two rigs running in Dunn County, N.D. Each of these rigs is drilling on multi-well pads.


"We are pleased to have closed on another high-quality Williston Basin acquisition," said Kodiak's Chairman and CEO Lynn A. Peterson. "The new assets provide Kodiak and its shareholders a meaningful inventory of largely de-risked additional drillable locations for future growth. By expanding our presence in the Basin, we can further improve our field-level efficiencies as we continue to work to improve per-well economics and reduced lease operating expense.

"Vastly improved weather and much better surface conditions are returning to the Williston Basin. Our fracture stimulation operations are underway at Koala without weather or road condition impediments. Our 2011 program is largely on schedule and we expect to see significant changes in our production volumes as we complete several wells in the coming weeks. "

About Kodiak Oil & Gas Corp.

Denver-based Kodiak Oil & Gas Corp. is an independent energy exploration and development company focused on exploring for, developing and producing oil and natural gas in the Williston and Green River Basins in the U.S. Rocky Mountains. For further information, please visit www.kodiakog.com. The Company's common shares are listed for trading on the NYSE Amex exchange under the symbol: "KOG."

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Mustang Completes Engineering Gig at Eni Nikaitchuq Facility

- Mustang Completes Engineering Gig at Eni Nikaitchuq Facility

Mustang, a Wood Group company, provided the detail engineering, design and procurement services for two processing modules for the new Eni Nikaitchuq processing facility on the North Slope of Alaska, 60 miles west of Prudhoe Bay. The facility, which began oil production in late January 2011, has a treatment capacity of 40,000 BPD oil, 41,000 BPD produced water, 56,000 BPD source water and 6.1 MMscfd gas. In addition, the facility has a water injection capacity of up to 90,000 BPD water. Nikaitchuq is Eni's first operated development in Alaska.

Weighing approximately 4,000 tons each, the process and utilities modules were built in Louisiana and transported on barges through the Panama Canal to Alaska. The facility was designed to process 16-19 API oil with up to 2% sand content, to operate in –50°F arctic temperatures, to comply with the International Building Code, and to have minimal impact on the environment. These facilities allow Eni to ship sales-quality crude oil through the Trans-Alaska oil pipeline.

Mustang also provided detailed engineering for the integrated control and safety systems for the facility.

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Ptarmigan Completes Additional Option for Exploration License 1120

- Ptarmigan Completes Additional Option for Exploration License 1120

Tuesday, June 21, 2011
Ptarmigan Energy Inc.

Ptarmigan has completed an option agreement for its Western Newfoundland exploration license with Canadian Independent Oil and Gas Company (CIOGC), a privately held, Calgary based oil and gas exploration company.

President and CEO Craig Boland says that a discovery under this agreement will yield Ptarmigan a gross overriding royalty based upon a percentage of the gross production proceeds without deductions. "We are excited and very pleased that this agreement, coupled with the recent gas-in-shale farm out agreement with Shoal Point Energy (April 2011), has established strong partners to explore both traditional and non-traditional targets within Exploration License 1120, with very favorable terms for our shareholders."

Under the terms of the agreement CIOGC has 90 days to review existing seismic data and decide whether or not to exercise its option to acquire, a minimum of 1000 square kilometers of high definition 3D seismic data within the area of Exploration License 1120; 100% owned by Ptarmigan Energy. Exploration License 1120 is currently undergoing an environmental assessment and permitting process required by the Canada Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).

Should CIOGC exercise its option to collect additional seismic data, it would be in a position to execute a definitive agreement with a seismic acquisition contractor by October, 2011 with a view to starting that work in September 2012 following completion of the environmental assessment process. CIOGC has until December 2013 to exercise its option to drill a test well to the depth of 3,250 meters or 50 meters into the top of the Labrador Formation; the established marker below all anticipated targets. That well must then be spudded by no later than December 2014.

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Egdon Equalizes Interest, Completes Seismic Survey in UK

- Egdon Equalizes Interest, Completes Seismic Survey in UK

Tuesday, June 14, 2011
Egdon Resources plc

Egdon updated on changes to certain of its UK license interests as well as details of a recent seismic survey.

Egdon have reached agreement with Europa O&G and Celtique to equalize working interests across contiguous Petroleum Exploration and Production Licenses ("PEDL") 180 and 182 in the East Midlands. Egdon is the current operator of PEDL182 and will assume operatorship of PEDL180. On conclusion of the transaction, which is subject to approval from the Department of Energy and Climate Change ("DECC"), Egdon will hold a 33.33% interest in both licenses reducing from its current 50%. The transaction provides alignment for the planned exploration program for this area, which contains a trend of oil prone structures including the Broughton oil discovery and Wressle Prospect, which spans the two licenses. A joint 3D seismic survey is planned for later in 2011 to firm up drilling locations for the licenses. It is hoped to drill during 2012 as part of a planned multi-well drilling program in the East Midlands.

Egdon have also reached agreement with Celtique whereby Celtique will acquire a 25% interest in PEDL181 from Egdon, again subject to approval by DECC. Following completion, Egdon will hold a 25% interest. Europa is the operator of PEDL181 with a 50% interest.

Egdon's interests in PEDL180 and 181 were acquired from Valhalla Oil and Gas Limited ("Valhalla") earlier in 2011. The licenses are covered by an Area of Mutual Interest agreement between Egdon and Celtique. Celtique will assume 50% of the consideration to Valhalla. This will comprise the payment of a 10% Net Profit Interest ("NPI") on each 25% interest in PEDL180 and PEDL181 assigned to it by Egdon (2.5% net). The NPI is payable from revenues after recovery of pro-rata exploration, development and production costs.

Elsewhere in the East Midlands, Egdon reported the successful completion of a 13 kilometer 2D seismic program over the Burton on the Wolds Prospect in PEDL201 where Egdon holds a 50% operated interest. The Burton on the Wolds prospect is located on the southern margin of the Widmerpool Basin to the South-East of the Rempstone Oil Field and is a four-way dip-closed prospect associated with an underlying seismic anomaly. Indicative prospective resources are estimated by Egdon at around 1.5 million barrels.

Commenting on the recent developments, Egdon's Managing Director Mark Abbott said, "We are pleased to have reached agreement with Europa and Celtique in relation to PEDLs 180, 181 and 182 and to have assumed operatorship of PEDL180. We are now in a position to operate the forthcoming 3D seismic program and develop plans for drilling on this highly prospective trend with a uniform Joint Venture partnership. The early results of the seismic program over the Burton on the Wolds Prospect look encouraging and we hope will lead to a firm drilling location."

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Bridge Completes NCS Farm-Down

- Bridge Completes NCS Farm-Down

Thursday, June 09, 2011
Bridge Energy Norge AS

Bridge has completed the agreement with Total E&P Norge AS for the farm-down of 40% working interest in production licenses PL554 and PL554B on the Norwegian Continental Shelf. The agreement also includes transfer of operatorship from Bridge Energy to Total. After the transaction Bridge Energy hold 20% working interest in the two licenses. The main prospect in the licenses, Garantiana, is scheduled for drilling 1Q 2012 with the semisub Borgland Dolphin.

Einar Bandlien, Bridge Energy CEO, commented, "We are delighted that Total EP Norge has joined us in the PL554 license which demonstrates robust support for the technical potential of the acreage. In addition, we welcome the wealth of capability Total brings to the partnership in its role as Operator."

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Dragon Oil Completes Testing at Dzheitune Well

- Dragon Oil Completes Testing at Dzheitune Well

Friday, June 03, 2011
Dragon Oil plc

Dragon Oil announced the completion and initial testing of the Dzheitune (Lam) B/155 development well, the sixth well drilled from the Dzheitune (Lam) B platform. The well was designed as a delineation-development well to reach the furthermost western area of the Dzheitune (Lam) West structure in order to explore the edge of the structure. It was drilled to a depth of 2,800 meters and completed on a dual production basis by the Iran Khazar rig. The well crossed several oil bearing sands with good results in some pay sections. The initial combined test result from the well was 783 barrels of oil per day ("bopd"), with an initial rate of 611 bopd from the short string and 172 bopd from the long string. A full review of the data is being undertaken with further testing and optimization scheduled to take place. The results from this well are being used to update our geological modeling scenarios and, hence, future drilling plans in that area of the field.

The Iran Khazar rig has skidded to the next slot and spudded the Dzheitune (Lam) B/157 well; while the NIS rig is currently drilling the Dzheitune (Lam) 28/156 well.

Dr. Abdul Jaleel Al Khalifa, Chief Executive Officer, commented, "The Dzheitune (Lam) B/155 well crossed several oil bearing sands with good results in some pay sections and provided us with data on the most western area of the Dzheitune (Lam) structure. The results from this well do not affect our stated production growth guidance for 2011 of up to 20%. The next well to come into production will be the Dzheitune (Lam) 28/156 development well."

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Tag Completes Initial Flow Test at Sidewinder Well

- Tag Completes Initial Flow Test at Sidewinder Well

Thursday, June 02, 2011
TAG Oil Ltd.

TAG Oil reported that the initial flow test of the Sidewinder-3 discovery well is now complete. The Sidewinder-3 well is located in TAG Oil's 100% controlled Petroleum Exploration Permit 38748 in the Taranaki Basin, New Zealand, where TAG has now drilled four successful discovery wells to date.

Located 1.1 km to the south of the Sidewinder-1 discovery, the Sidewinder-3 well was drilled to a total depth of 2,160 meters (7,085 feet), encountering 15.4 meters (50 feet) of net gas-bearing sandstones. With the four wells drilled to date, the interpreted total hydrocarbon column at Sidewinder exceeds 60 meters (196 feet) in thickness, with no water column evident in any of the Sidewinder wells.

A 4-Point Isochronal test on the Sidewinder-3 discovery well achieved a stabilized flow rate of 7.2 million cubic feet per day (1200 BOE per day) with less than a 50% drawdown. These results are consistent with the Sidewinder-1 well flow test, which achieved stabilized flow rates of 8.5 million cubic feet of gas plus 44 barrels of oil per day (1461 BOE per day) from 14m (46 feet) of net pay encountered.

Further reservoir engineering analysis of the 4-point Isochronal test for the Sidewinder-1 well, calculated the absolute open flow rate to be 30 million cubic feet of gas per day or 5000 barrels of oil equivalent per day. A similar analysis will be completed on Sidewinder-3 once the down hole gauges are retrieved in approximately two weeks.

"The strong flow rates we are achieving in the Sidewinder wells support our decisions to expand the through put capabilities as well as fast-tracking the construction of the new production facilities. As a result, we are on-track to produce the first oil and gas from the Sidewinder discoveries by August 2011." Garth Johnson, TAG Oil CEO commented. "Our Sidewinder acreage is proving to be a very exciting and prolific discovery area that we believe can provide TAG with substantial near-term production increases, as well as significant reserve growth. We also look forward to flow testing the recent Sidewinder-2 and Sidewinder-4 discoveries, and continuing our pursuit of the many high-impact exploration opportunities TAG has identified on 3D seismic permit-wide."

TAG also reports that the service rig has now been moved onto the Sidewinder-4 discovery well for flow testing. The Sidewinder-4 penetration is approximately 1 km to the east of the Sidewinder-1 well and encountered 19 meters (62 feet) of net oil-and-gas bearing sandstones. Once the Sidewinder-4 flow test is complete, the service-rig will move to the Sidewinder-2 well, which encountered 47 meters (154 feet) of net oil-and-gas bearing sandstones to the west of Sidewinder-1 well.

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Range Completes Acquisition of Trinidad Assets

- Range Completes Acquisition of Trinidad Assets

Wednesday, June 01, 2011
Range Resources Ltd.

Range Resources announced the completion of the acquisition of 100% of SOCA Petroleum which in turn holds 100% of three exploration and production onshore oil and gas licenses, along with 100% of a fully operational drilling subsidiary with five exploration drill rigs, four production drill rigs and associated equipment and operational personnel.

As previously mentioned in an earlier announcement, the completion of the acquisition now immediately triggers the commencement of an aggressive work program that is expected to see a rapid increase in production from the existing reserve base as it moves towards its targeted production rate of 4,000 bopd from existing P1 and P2 reserves (currently production is 650-700 bopd). The program will also target the deeper (and potentially bigger) Herrera formation and untested areas not currently forming part of the current reserve base.

The Company is currently updating the current reserve and valuation report across the Trinidad assets which will also include the Herrera potential which has not been included in previous reports.

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