OGX Concludes Drill-Stem Test in Santos Basin

- OGX Concludes Drill-Stem Test in Santos Basin

Monday, August 29, 2011
OGX S.A.

OGX has concluded the drill-stem test performed in the Santonian section of well 1-OGX-47-RJS, in the BM-S-59 block, in the shallow waters of the Santos Basin. OGX has a 100% interest in this block.

"With a successful exploration campaign underway in the Santos Basin, we initiated the drill-stem test phase. This is the first of a series of tests which has obtained significant productivity data from our sandstone reservoirs and represents an important step in broadening our understanding of this basin and in beginning the development of this area," commented Paulo Mendonça, OGX's General Executive Officer and Exploration Officer.

Following the discovery announced on July 1, 2011, a drill-stem test was performed in a vertical well in the Maceió accumulation. Besides the presence of gas, the test confirmed the existence of condensate of about 50° API that should account for around 20% of the hydrocarbon volume of this structure. The results of this test, with three production intervals, indicate a production potential of 1 million cubic meters per day in a vertical well, which could reach 2.5 million cubic meters per day in a horizontal well, both at Absolute Open Flow.

The test information is extremely important to the Company, because when combined with the accumulations of Natal (OGX-11), which will be the next well to be tested, and Aracaju (OGX-19), which will be tested in a Discovery Appraisal Plan, indicate the existence of one more important gas and condensate region in Brazil.

The well OGX-47, named 'Maceió', is located in the BM-S-59 block and is situated approximately 110 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 185 meters. The Ocean Quest rig initiated drilling activities on May 24, 2011.

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San Leon Subsidiary Concludes Seismic Acquisition in Poland

- San Leon Subsidiary Concludes Seismic Acquisition in Poland

Tuesday, August 02, 2011
San Leon Energy plc

San Leon Energy's Polish subsidiary Liesa has completed its 168 sq. km 3D seismic acquisition program over the Nowa Sol license in the Southern Permian Basin of Poland. The survey was acquired by Acoustic Geophysical Services ("Acoustic") from Hungary. Permitting and land access agreements were managed by TDE Service Polska ("TDE"). Completion of the survey marks the first time that foreign contractors have carried out a seismic acquisition program in Poland.

The survey was designed to image the conventional oil and gas potential of the proven Permian sediments in the Nowa Sol area as well as to look at the deeper potential of the Carboniferous source rocks.

The survey will be processed by two independent processing companies, one in the US and one in Poland. Final processed results are expected in September followed by detailed interpretation by the Company, with plans to commence a two to three well drilling campaign by the end of 2011.

Oisin Fanning Chairman of San Leon Energy commented, "The completion of the Nowa Sol 3D is another step forward in our drilling plans for Poland. The lower risk oil potential of the area is an important part of our short term strategy to organically grow San Leon in the short term while we continue to explore for the significant longer term gas resources in our portfolio. The safe and successful completion of the Nowa Sol 3D is further evidence of San Leon's operational capabilities.

We believe that the Carboniferous section below the proven Permian sediments, an approximate 880,000-acre license position, also offers the potential to be a large unconventional gas play in Europe and we look forward to drilling this later in the year."

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Providence Concludes Seismic Acquisition Offshore Ireland

- Providence Concludes Seismic Acquisition Offshore Ireland

Thursday, July 28, 2011
Providence Resources plc

Providence has, on behalf of itself and its partners, successfully completed the 3D seismic acquisition project in Frontier Exploration License (FEL) 4/08 in the Porcupine Basin, off the west coast of Ireland. This survey was carried out in an area adjacent to the Spanish Point and Burren discoveries. Providence operates FEL 4/08 (32%) on behalf of its partners, Chrysaor E&P Ireland Limited (60%) and Sosina Exploration Limited (8%).

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Africa Oil Concludes Acquisition of Lion Energy

- Africa Oil Concludes Acquisition of Lion Energy

Tuesday, June 21, 2011
Africa Oil Corp.

Africa Oil has completed the acquisition of all of the issued and outstanding common shares of Lion Energy. Pursuant to an acquisition agreement previously announced April 3, 2011, Africa Oil acquired all of the issued and outstanding shares of Lion in consideration of 0.2 Africa Oil shares for each common share of Lion. Under these terms, Africa Oil issued 17,462,447 common shares to complete the acquisition. In addition, outstanding options to acquire common shares of Lion will be exchanged for options to acquire 287,250 Africa Oil shares, issued pursuant to the terms of the Africa Oil stock option plan, and outstanding warrants to acquire Lion shares have been amended to provide for the issuance of 2,289,000 shares of Africa Oil upon exercise. In each case the exercise price and number of shares to be acquired has been adjusted to account for the exchange ratio of 0.2 Africa Oil shares for 1 Lion shares.

The acquisition was approved by the Lion shareholders at a special shareholders meeting held on June 8, 2011, with 99.96% of the votes cast being voted in favor of the acquisition, and by the Supreme Court of British Columbia on June 9, 2011. Trading in the common shares of Lion will be halted by the TSX Venture Exchange before markets open on Tuesday, June 21, 2011.

Lion was a farm in partner with Africa Oil in Blocks 9 and 10BB in Kenya, and in the production sharing contracts for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area in Puntland (Somalia). As a result of the completion of the acquisition of Lion, Africa Oil's direct and indirect interest in Blocks 9 and 10BB has increased to 100% and 50% respectively, and its interest in each of the Puntland (Somalia) production sharing contracts has increased to 60%.

Keith Hill, Africa Oil's President and Chief Executive Officer commented, "The acquisition of Lion consolidates our interests in the East African rift basins in Kenya and Puntland (Somalia). The cash portion of the deal will further strengthen our balance sheet to allow us to fully fund the upcoming aggressive exploration drilling campaign."

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OGX Concludes Drilling at Waikiki HZ Well

- OGX Concludes Drilling at Waikiki HZ Well

Monday, June 20, 2011
OGX S.A.

OGX announced the conclusion of drilling at the horizontal well OGX-9-44HP-RJS (Waikiki Horizontal) and through a drill-stem test (DST), the identification of excellent production conditions. This result confirms the Company's initial expectations regarding the Waikiki accumulation and offers further concrete evidence of the development potential for this area. The well is located in block BM-C-39 in the Campos Basin, and should be part of OGX's second production project in the basin.

"The information obtained through this well strengthens our understanding of this part of the Campos Basin and will allow us to accelerate the process for the declaration of commerciality for this area, ensuring the full implementation of our business plan," commented Paulo Mendonça, General Executive Officer and Exploration Officer for OGX.

The drilling of horizontal well OGX-9-44HP-RJS followed the same concept previously utilized by the Company and involved the drilling of a directional well (OGX-41D) to a depth of 2,340 meters in order to enable a horizontal entrance into the targeted reservoir. This approach resulted in a well with a 1,063 meter long horizontal extension into the carbonate reservoirs of the Albo-Cenomanian section of the Waikiki accumulation, which was originally discovered through the drilling of the 1-OGX-25-RJS well on December 8, 2010.

Following the conclusion of the drilling process, a drill-stem test was performed, which confirmed a production potential of 40,000 barrels of oil per day with an oil gravity of approximately 23° API. The tests performed in the Peró and Ingá accumulations, in block BM-C-40, adjacent to block BM-C-39, have shown oil of approximately 26° to 28° API, revealing a province of oil lighter than the one seen in the southern blocks. A complex process of selective acidification – a technology similar to the one used with great success in the Waimea accumulation at OGX-26HP – was used in eight well intervals, permitting better stimulation of the 1,063 meter horizontal well extension, thereby maximizing the oil flow.

The quality and homogeneity of the limestone reservoir seen in this region will enable very efficient drainage of producer wells limited to a flow rate of 15,000 to 20,000 barrels per day of oil, as announced in our business plan, optimizing oil recovery.

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Ascent Concludes Drilling Ops at Slovenia Well

- Ascent Concludes Drilling Ops at Slovenia Well

Monday, June 13, 2011
Ascent Resources plc

Ascent has successfully completed the drilling of the Pg-11A well in the Petišovci Project in Slovenia. Initial results are encouraging and have confirmed the presence of good quality gas and well logs indicated the discovery of approximately 114m of new net additional reservoir in the deeper Miocene. The drilling rig is now moving to drill the second redevelopment well, Pg-10. Meanwhile, a workover rig will now be mobilized for a completion testing program on Pg-11A, designed to optimize the production completions for Pg-11A, Pg-10 and other future redevelopment wells.

• Petišovci Project appraisal drilling proceeding according to plan;
• Good initial results from the Pg-11 and Pg-11A drilling with a substantial increase in gas-in-place for the project following the discovery of 114m new net pay in deeper Miocene reservoirs;
• Short term work program objectives are to drill Pg-10 as a second development well and for the delineation of the lateral extent of the new gas bearing reservoirs; to determine the optimum completion methodology and to commence production;
• Medium term objectives are to define recoverable reserves of the project and to commence the implementation of the field re-development.

The Petišovci Project in eastern Slovenia targets the redevelopment of the major Middle Miocene Badenian tight gas reserves, which were partially produced in the 1980's. The project has a core area in which RPS Energy Limited, an independent reserves auditor, has ascribed a P50 gas-in-place estimated of more than 400 Bcf (c. 12 Bm3; 69 MMboe). Their estimate excludes additional gas volumes which were encountered in Pg-11A within deeper reservoirs, and exclude any upside volumes associated with a number of undrilled exploration prospects within the concession. Once data from the Pg-10 well is available an updated gas-in-place assessment will be commissioned.

The Pg-11 and Pg-11A wells successfully confirmed the main technical parameters for the Middle Miocene Badenian tight gas reservoirs and also discovered the deeper gas reservoirs, which will substantially increase gas-in-place estimates for the project. The Pg-11A well logs indicated approximately 114m of net reservoir in the new section drilled between 3,000m and 3,500m, on which analysis continues to confirm the exact geological age. The top part of these reservoirs was tested openhole and flowed good quality gas. Further tests in this section are planned using a more representative cased hole procedure following the installation of the completion by the workover rig. These results will help determine the configuration of the initial production completions for both the Pg-11A and Pg-10 wells and whether conventional completions or simple, low cost fracture stimulations of the vertical wellbores are best suited to optimize any commercial production. The Company currently has sufficient financial resources available to put these wells into production under either scenario. The use of horizontal side-tracks are not considered to be cost effective at this time.

Ascent's Managing Director Jeremy Eng commented, "This project continues to provide very good results for the Company, starting from the 3-D seismic acquired back in 2009 through to the drilling results of Pg-11 and 11A. We have confirmed the presence of gas in all the previously known Badenian reservoirs and proven the newly discovered deeper reservoirs to be productive for gas. The Badenian reservoirs, the original focus of the field redevelopment plan, already provided the Company with a substantial project. However, if the Pg-10 well, which is close to the area of the original field development in the Badenian, also confirms the presence of gas in the deeper reservoirs in the western part of the field, the additional upside in gas volumes should be very significant indeed."

Ascent, through its wholly owned subsidiary Ascent Slovenia Limited, has a 75% interest in the Petišovci Project. Ascent's partner is Geoenergo with a 25% interest in the Project. Geoenergo d.o.o. is the holder of the Petišovci Exploitation Concession and is a company jointly owned by Nafta Lendeva, the Slovenia State Oil Company and Petrol, the leading energy conglomerate in Slovenia.

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BGP Concludes Challenging Seismic Survey for Saudi Aramco

- BGP Concludes Challenging Seismic Survey for Saudi Aramco

Friday, June 10, 2011
BGP Inc.

BGP Crew 8615 announced the completion of the S54 2D seismic acquisition contract for Saudi Aramco.

In the 48 months since the commencement of the S54 seismic survey in February 2007, more than fifty thousand kilometers of 2D data were acquired. The work area was located in the desert and far away from the city, which made the logistical support to be extremely difficult. The most challenging issues are the complex terrain and dramatic changes of elevation, which greatly increased operational difficulty.

The effort of all members of Crew 8615, along with the support of BGP headquarters, enabled them to overcome many difficulties during the operation. The crew reached more than six million man-hours without an LTI. Outstanding performance in difficult terrain as well as a commitment to client satisfaction guaranteed BGP's success in this operation.

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Tag Concludes Initial Flow Testing at Sidewinder-4 Well

- Tag Concludes Initial Flow Testing at Sidewinder-4 Well

Thursday, June 09, 2011
TAG Oil Ltd.

TAG Oil reported the initial flow testing of the Sidewinder-4 discovery well, the third of four Sidewinder wells to be tested, is now complete. The Sidewinder oil and gas discovery is located in TAG Oil's Petroleum Exploration Permit 38748 in the Taranaki Basin, New Zealand.

The Sidewinder-4 exploration well was drilled to a depth of 1,410 meters (4,626 feet), targeting a fault bounded 3-D anomaly identified in the Mt. Messenger Formation. The well was drilled down-dip of Sidewinder-3 and encountered 19 meters of net oil-and-gas-charged sandstones, with no water column evident. A 4-Point Isochronal test achieved stabilized flow rates of 6.98 million cubic feet per day (~1163 BOE per day) with a 25% drawdown. These results are consistent with the other Sidewinder oil and gas discovery wells tested to date, as summarized below:

Sidewinder Discovery Flow Test Results

Sidewinder Well	Gas Flow Rate (MMcfpd)	BOE Flow Rate (boepd)	Final Drawdown Rate	Net O&G Encountered
Sidewinder-1	7.40	1,233	28%	14 meters
Sidewinder-2	Testing Underway	Testing Underway	Testing Underway	47 meters
Sidewinder-3	7.21	1,202	40%	15.4 meters
Sidewinder-4	6.98	1,163	25%	19 meters
Totals	21.59 MMcfpd	3,598 Boepd

Flow testing of the Sidewinder-2 discovery is currently underway. This well encountered the largest net pay of all Sidewinder wells to date, with 47 meters of oil-and-gas bearing sandstones. Five separate zones will be tested, including new zones both above and below the primary Sidewinder discovery zone.

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Breitling Concludes Ops at Duval County Well

- Breitling Concludes Ops at Duval County Well

Friday, June 03, 2011
Breitling O&G Corp.

Breitling announced that the Breitling-Diego Garcia #1 in Duval County, Texas is being completed as a possible oil and gas producer after reaching a total vertical depth of 6,250 feet.

The well was subsequently logged by Baker Hughes and based on analysis by Breitling's engineers and geologists as well as Baker Hughes' analysis of the Diego Garcia #1 logs. Chris Faulkner, CEO of Breitling Oil and Gas, said, "We had some good shows through the Pettus and Yegua and the well logs confirmed that."

Baker Hughes Logging Company indicated that the most favorable zones for hydrocarbon production were a Pettus Oil Sand at 5446', gas and oil in an upper Yegua Sand at 5636', and Yegua gas sands at 5703' and 5960'. Laboratory analysis of side wall cores and Formation Testing data confirmed the presence of oil and gas in these formations.

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Aceton Concludes Acquisition of NCS Survey

- Aceton Concludes Acquisition of NCS Survey

Wednesday, May 25, 2011
Aceton Group Ltd.

Acteon has acquired Aberdeen-based NCS Survey Limited. The acquisition adds to Acteon's capability in the rig-positioning market and provides an additional suite of survey services to clients that operate rigs and vessels.

NCS Survey provides high-precision rig-positioning, construction-support and subsea-visualization services to the global offshore market, including upstream oil and gas and offshore wind. As the market leader in providing surveys through lightweight autonomous underwater vehicle technology, NCS Survey has performed over 600 projects in 35 countries since it was founded in 2005.

The company will retain its existing personnel and management team, headed up by current managing director, Andy Gray.

Gray said, "NCS Survey has enjoyed continued growth thanks to the early adoption and delivery of technologies that deliver tangible benefits for clients. Joining Acteon will enable NCS to accelerate this expansion through the group's international footprint."

Paul Alcock, Acteon executive vice president, said, "The acquisition of NCS Survey continues our strategy of defining and shaping the subsea services industry – allowing us to support our customers with an increased service offering that complements the skills we already have within the group."

NCS Survey joins Acteon's other branded companies, linking subsea services across a broad range of interconnected disciplines.

The transaction, the terms of which are not being disclosed, was completed on May 25, 2011. Acteon enjoys the financial backing of First Reserve Corporation, a leading private equity company in the energy sector. Corporate finance advice to Acteon was provided by KPMG Corporate Finance, Aberdeen, UK. Legal advice was provided by Birketts LLP, Norwich, UK. NCS Survey's vendors were advised by Simmons & Company International and Paull & Williamsons LLP, Aberdeen, UK.

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Tri-Valley Concludes Phase I of Claflin Drilling Program

Tri-Valley Concludes Phase I of Claflin Drilling Program

Thursday, April 28, 2011
Tri-Valley Corp.

Tri-Valley has completed an expanded Phase 1 development drilling program at its Claflin oil project, located in the Edison Oil Field near Bakersfield, California. The Company has drilled eight new wells, up from the six wells initially planned. These new wells are part of Tri-Valley's overall plan to drill a total of 22 new wells at Claflin during 2011 to convert 2.1 million barrels of net proved undeveloped oil reserves (PUDs) on the property to proved developed and producing (PDP) status and to increase oil production. The net proved undeveloped reserves were included in the reserves disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and filed with the U.S. Securities and Exchange Commission on March 22, 2011.

Tri-Valley is currently completing the installation of well-site production equipment and tie-in of the new wells to existing production facilities at Claflin. The Company expects to commence an initial steam injection cycle on the first well in early May and that the new wells will have received an initial steam injection cycle by the end of July; however, new steam generating capacity being installed at Claflin could accelerate completion of this initial steam injection work on the new wells. First oil production is anticipated from some of the new wells by June. Following first production from these new wells, there will be a 90-day evaluation period during which Tri-Valley will analyze the performance of the new wells prior to commencement of the second phase of the Claflin development to complete the remaining 14 new wells by the end of the year.

"We are ahead of schedule on our plans to develop the Claflin property to drive increased oil production in 2011," said Maston N. Cunningham, President and CEO of Tri-Valley Corporation. "Our plan calls for a total of 13 new vertical wells and nine new horizontal wells to be drilled on the property this year. If we are successful, we expect to exit 2011 with gross daily production of about 800 barrels of oil from the property."

"With the closing of our recent private placement financing, we raised nearly five million dollars in new capital that will allow us to pursue our development plans at Claflin," continued Mr. Cunningham. "We would like to welcome Ironman Energy Master Fund, an experienced oil and gas investment fund and major participant in our recent financing, as a significant new shareholder of Tri-Valley Corporation."

"Negotiations with adjacent land and mineral owners to secure permits for the 3-D seismic acquisition area for the Claflin and adjoining Brea properties have taken more time than originally planned, but we believe that seismic acquisition work should start by the end of May," added Mr. Cunningham. "This new 3-D data will useful for our exploitation plans for Claflin and Brea, including better geologic control during horizontal drilling operations later this year in the second phase of Claflin development."

GE Concludes Acquisition of John Wood Group's Well Support Division

GE Concludes Acquisition of John Wood Group's Well Support Division

Tuesday, April 26, 2011

GE O&G

GE has completed the strategic acquisition of John Wood Group PLC's Well Support Division, expanding GE Oil & Gas' extensive drilling and surface manufacturing and services portfolio.

The John Wood Group PLC Well Support division, which has over 3,800 employees globally and operates approximately 20 manufacturing and multiple sales and service centers worldwide, is comprised of three business platforms – ESP (electric submersible pumps), Pressure Control (surface wellheads and trees) and Logging Services - which, combined, recorded 2010 revenues of $947 million.

The $2.8 billion transaction enables GE to capitalize on the fast-growing demand for enhanced oil recovery from mature oil fields using downhole pump 'artificial lift' in brownfield developments; as well as, expanding GE's high-technology product and service offering in unconventional oil and gas production, with significant applications for shale gas production.

Claudi Santiago, President and CEO, GE Oil & Gas said, "Given the reliability and quality of its technology and the expertise of its employees, the Well Support division is an excellent addition to GE Oil & Gas, strengthening our engineering capabilities and our extensive suite of advanced capital drilling and production solutions. Combined with our integrated portfolio, global supply-chain and footprint, the Well Support division adds further value for our customers and enhances GE's position in rapid growth oil and gas industry segments and regions."

Jim Renfroe, the CEO of Wood Group PLC's Well Support Division, said, "We are delighted to become part of the GE Oil & Gas family. The transaction positions GE Oil & Gas firmly to lead a new chapter in oil and gas unconventional production, expanding our combined customer base and providing significant new channels for advanced high-tech equipment and services around the world."

BPZ Concludes Seismic Work at Peru Blocks

BPZ Concludes Seismic Work at Peru Blocks

Tuesday, April 12, 2011
BPZ Resources Inc.

BPZ Resources provided an update to its operations in northwest Peru.

Production

For the first quarter ended March 31, 2011, total production was approximately 381,000 barrels of oil (4,233 barrels of oil per day, "bopd") from the offshore Corvina and Albacora fields in Block Z-1. This compares to total production of 414,000 barrels of oil (4,500 bopd) in the fourth quarter of 2010. The lower production in first quarter was due to shutting in well A-14XD in the Albacora field on January 24, 2011.

Albacora and Corvina Permits

Authorization for interference testing along with associated gas flaring covering a four month period beginning June 1, 2011, has been received from the Ministry of Energy and Mining of Peru for Albacora. The permits are for the Company's A-14XD, A-9G, and A-13E oil wells, with the latter two having been drilled by a previous operator, which are all currently shut-in at the Albacora platform. As a result, workovers will first be conducted on the A-9G and A-13E wells, with an estimated start in May 2011. Each well is expected to be opened at various intervals, both on an individual basis and simultaneously, during the four-month period to test reservoir connectivity of the sands that were producing at the A-14XD well. Upon completion of the interference testing, the Company plans to open previously untested zones in each of the three wells. However, in order to produce from those new zones, we must request authorization to flare associated gas until the injection equipment is installed at the Albacora platform which is currently scheduled for year-end 2011.

At Corvina, the permanent production facilities including the compressor are operating at expected efficiency levels. The Company has received approval to maintain the wells open while the compressor undergoes scheduled maintenance during the current calendar year. As a result of obtaining the authorization for interference testing at Albacora, the snubbing unit will not be moved to the Corvina platform as originally planned as it will first be used to complete the Albacora workovers.

The additional production from the interference testing at Albacora is expected to offset the anticipated lower than forecasted production from Corvina due to the delay in performing workovers on certain Corvina wells. As such, the Company maintains the previously provided total production guidance of approximately 4,000 bopd for the year 2011.

Seismic Surveys

Block XXIII

The 3-D seismic survey covering approximately 370 square kilometers in the northern section of onshore Block XXIII was completed in January 2011. The 3-D seismic survey was conducted to better delineate the Mancora gas play and the potential oil prospectivity in the Heath formation. To further delineate the oil potential of Block XXIII, in October 2010 we completed a 2-D seismic covering 312 kilometers in the southern section where we are following the trend of the adjacent Talara basin oil fields. Processing is expected to be completed by mid-year 2011.

Block XXII

In March 2011, a 258 kilometer, 2-D seismic survey was completed that covered several oil leads following the trend of nearby oil fields in adjacent blocks. Processing is also expected to be completed by mid-year 2011.

Block Z-1

The Company is continuing the process aimed at securing the permit to acquire the offshore 3-D seismic survey in Block Z-1. The public audiences were completed in January, 2011 and the governmental agencies are finalizing their review. We remain optimistic about obtaining the required seismic permit by the end of the second quarter.

Block XIX - Pampa la Gallina

We have been granted a 45-day deferral on drilling the Pampa la Gallina (PLG) onshore well due to contractor delays in completing the rig refurbishment. This defers the commitment deadline to drill and log the PLG well to mid July 2011. The Company may also request an extension of up to six months beyond the July deadline.

Standby Costs and Other Income

As previously disclosed, the Petrex-09 rig formerly utilized at the Corvina field is being refurbished and upgraded at no cost to the Company in order to enhance its capability in preparation for drilling an exploration well in the onshore PLG prospect in Block XIX. Reduced standby rates for the rig are being charged to the Company during the refurbishment and will continue until the rig is utilized.

Also as previously disclosed, the Petrex-18 rig, formerly utilized at the Albacora field, is under lease to another operator through November 15, 2011. The Company plans to resume drilling at Albacora after the 3-D seismic survey on offshore Block Z-1 is completed and the data is processed and interpreted.

Accordingly, standby costs for calendar year 2011 are expected to range between $10 million and $12 million. However, the Company intends to continue to pursue opportunities to further reduce these standby costs such as subleasing the Petrex-09 rig to another operator while not being utilized by the Company.

In addition, we have reached an agreement to charter to that same operator our BPZ-02 barge that supports the Petrex 18 drilling rig, as well as the Don Fernando construction barge, and are working on the possibility of chartering the Company's floating production, storage and offloading (FPSO) barge, the Namoku, as well. Rental income from these vessels is expected to offset related costs.

President and CEO, Manolo Zuniga commented, "We are very pleased that the seismic work on Blocks XXII and XXIII was completed as planned. This work will allow us to better map the oil and gas leads in these blocks." Mr. Zuniga continued, "The progress we are making on all our growth initiatives has been made possible by our close working relationship with the Peruvian authorities. We are appreciative of the spirit of cooperation that has been established and we look forward to continuing to partner together. Indeed, strong partnerships contribute greatly to the goals we have set for our Company."

Breitling Concludes Ops at Pottawatomie County

Breitling Concludes Ops at Pottawatomie County

Tuesday, April 05, 2011

Breitling O&G Corp.

Breitling announced that the Breitling-Magnolia #2 in Pottawatomie County, Oklahoma, is being completed as a possible oil and gas producer after reaching a total vertical depth of 4,500 feet.

From log analysis, the well encountered several potentially productive zones over a gross interval in the Earlsboro Sand formation from 3538 feet to 3846 feet, the Hunton Limestone from 4160 feet to 4178 feet, and the Upper Hunton from 4130 feet to 4146 feet. Testing and completion plans were finalized April 2 and a completion rig and crew are scheduled to move on location April 12, 2011.

Chris Faulkner, CEO of Breitling, said, "As predicted after our findings in the Magnolia #1, the Magnolia #2 encountered multiple potential pay zones and looks to be a good well." Faulkner added, "The Magnolia play has proven very successful and we are thrilled with the outcome."

Breitling ran a triple combo log and decided to run pipe based on analysis by Breitling's engineers and geologists as well as Halliburton's analysis of the Magnolia #2 logs. Joe Simo, Chief Geologist for Breitling, said, "The limestone showed good visual porosity, fracturing, oil staining and bright blue fluorescence with very strong odor."

ProSep Concludes Revolving Loan

ProSep Concludes Revolving Loan

Monday, April 04, 2011

ProSep Inc.

 

ProSep has concluded a $2.5 million unsecured revolving loan agreement with Fondaction. This facility will provide the Company with additional liquidity to fund working capital requirements due to an increased level of activity and growing backlog and to support investments in strategic initiatives.

The facility bears interest at a monthly fixed rate of 1%, has an initial twelve month term and, subject to annual review, can be renewed for up to a total of three years. It will rank after any existing secured indebtedness of the Company.