Cooper Subsidiary Enters Farm-In Agreement for Romania Stake

- Cooper Subsidiary Enters Farm-In Agreement for Romania Stake

Friday, August 26, 2011
Cooper Energy Ltd.

Cooper announced that its wholly owned subsidiary, CE Bobocu Pty Ltd (CE Bobocu), has entered into a staged farm-in agreement with Zeta Petroleum (Romania) SRL (Zeta), a wholly owned subsidiary of Zeta Petroleum Limited (UK) (Zeta Petroleum), to earn up to a 50% interest in the Bobocu Gas Field on-shore Romania (Farm-in Agreement).

The Bobocu Gas Field is described in Cooper Energy's announcement of August 2, 2010.

The Farm-in Agreement replaces the Share Subscription Agreement and Joint Study and Bidding Agreement between Cooper Energy and Zeta Petroleum announced by Cooper Energy on August 2, 2010.

Subject to the satisfaction of certain conditions to the proposed acquisition by Key Petroleum Limited (Key) of all of the shares in Zeta Petroleum, the existing shareholding of Cooper Energy in Zeta Petroleum will be exchanged for Key shares.

The Farm-in Agreement is conditional on various matters, including:

• Implementation of the Key Proposal.
• Formal approval of the arrangement by the Cooper Energy and CE Bobocu boards of directors.

The drilling of the first well in the Bobocu Gas Field under the Farm-in Agreement is conditional on various matters, including:

• Key / Zeta Petroleum raising US $4 million to be made exclusively available for the purposes of the Bobocu Gas Field first well program.
• Zeta depositing US $2.24 million (of the US $4 million raised) in an escrow account.

Under the Farm-in Agreement, CE Bobocu will contribute farm-in costs up to a cap of US $2.24 million towards the first well in the Bobocu Gas Field.

All operations in relation to the first well will be operated by Zeta.

Following completion of the first well, CE Bobocu may elect to withdraw from the farm-in or to proceed.

If CE Bobocu elects to withdraw from the farm-in, CE Bobocu will be reimbursed from the escrow account all of CE Bobocu's expenditure on the first well.

If CE Bobocu elects to proceed, it will acquire (subject to governmental approvals and at no further cost) a 20% interest in the Bobocu Gas Field and have the right to earn up to a 50% interest in the Bobocu Gas Field.

CE Bobocu can surrender its right to earn in at any stage and will be entitled to retain the interest earned to that date. CE Bobocu will thereafter only be obliged to contribute its participating interest share of costs in respect of any further work on the Bobocu Gas Field.
Should it elect to proceed to each stage, CE Bobocu's financial obligations in relation to these subsequent programmes (in respect of which CE Bobocu will be the operator) are as follows:

Drilling of additional well	$1.8MM, plus 30% of costs thereafter	To earn an aggregate 30% interest
Design of plant	$2MM, plus 30% of costs thereafter	To earn an aggregate 40% interest
Construction of plant	$7.4MM, plus 30% of costs thereafter	To earn an aggregate 50% interest

Steve Twartz, Cooper Energy Exploration Manager, commented, "This revised arrangement provides CE Bobocu an option in the evaluation of the Bobocu Gas Field. Should the first well be successful, CE Bobocu will have preserved its risk managed options to earn further interests in the Bobocu Gas Field. Alternatively, should the first well not be successful, CE Bobocu can withdraw and it will have incurred no costs in respect of the first well."

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Bridge Inks Farm-In Deal with TAQA Offshore UK

- Bridge Inks Farm-In Deal with TAQA Offshore UK

Thursday, August 25, 2011
Bridge Energy ASA

Bridge announced that, along with its current license partners, it has signed a farm-in agreement with TAQA Bratani Limited ("TAQA") relating to UKCS License P201 Block 211/22a North West Area (Bridge 10%) whereby TAQA has agreed to carry the cost of an exploration well to earn an interest in the license.

Under the terms of the agreement and subject to the approval of the UK Department of Energy and Climate Change ("DECC"), TAQA will assume operatorship and drill an exploration well on a prospect known as Contender in the southern area of the block from the TAQA-operated Cormorant North Platform. The well will target the Jurassic Brent sequence of sandstones at a projected drilling depth of 16,900 feet, less than two kilometers east of the Cormorant North Field. The well is expected to spud during the first half of 2012 and will be completely funded by TAQA.

If successful, TAQA will earn 60% interest in the southern area of the block (the "Contender sub-area") and 35% interest in the northern part (the "Kerloch sub-area"). Bridge's remaining interests will be 4% in the Contender sub-area and 6.5% in the Kerloch sub-area.

Tom Reynolds, Bridge's Deputy Chief Executive, said, "We are delighted to have TAQA as a partner in the Kerloch and Contender license area and encouraged that a further exploration well will be drilled within the Bridge portfolio in 1H 2012; in addition to the existing four wells on our 2012 drilling program. TAQA has been successful in the area with the Cormorant North Field and is well placed to further explore the Contender prospect.

"Subject to exploration success; the testing of the well and delivery of production could be conducted at minimal cost and within a short time-frame."

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Altima Enters Farm-In in Northern Alberta

- Altima Enters Farm-In in Northern Alberta

Tuesday, August 23, 2011
Altima Resources Ltd.

Altima has entered into a Farm-in and Participation Agreement whereby Altima has agreed to participate in the drilling of a 1665 meter (5460 ft.) well on the operators' lands in Northern Alberta. Altima will pay 33.75% of the costs of drilling through completion to earn a 24.80625% interest in the well and farm-in lands covering an area of 576 hectares, subject to its proportionate share of a 4.7% Gross Overriding Royalty. The farm-in well will test for oil generally present in the area. The location in the Rainbow Lake area of Northwestern Alberta has new high resolution 3D seismic support, which management expects will enhance the opportunity to encounter better than average production. Permitting has commenced, and it is anticipated the well will be spud the second week of September.

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Gold Oil Seeks Farm-In Candidates Offshore Peru

- Gold Oil Seeks Farm-In Candidates Offshore Peru

Monday, July 11, 2011
Gold Oil plc

Gold Oil provided the following update on its operations on Block Z34, offshore Peru.

On July 4, 2011 Gold Oil signed a definitive agreement with BGP Geoexplorer PTE Ltd for the acquisition of a marine 3D seismic survey over Block Z34 offshore Peru. The survey has been extended and is now planned to be in excess of 800 sq km over both the southern and northern part of the license area. This survey comprises the first phase of 3D seismic over the license. Depending on the results of the seismic interpretation further seismic may be required, particularly in the northern area, to evaluate completely this large and highly prospective block.

The vessel, the BGP Pioneer, departed the port of Paita, north west Peru on 6th July having met all customs clearances and commenced operations on July 9, 2011. Given the expanded scope of the survey, data acquisition is now expected to take approximately 50 days. Following the acquisition of the survey, processing and initial interpretation is expected to take a further four months. Preliminary results and the marketing of the asset to potential farm in candidates is likely, therefore, to commence towards the end of the year.

Richard Mew, Chief Executive, commented, "It is encouraging that we have been able to secure a high quality contractor at favorable rates which has enabled the Company to expand the scope of the survey to include part of the northern area. The extended survey is designed to enhance the attractiveness of the block to potential farm in candidates and will also accelerate the full evaluation and commercialization of this very promising and prospective acreage."

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Canacol to Farm-In to Putumayo Basin

- Canacol to Farm-In to Putumayo Basin

Monday, May 30, 2011
Canacol Energy Ltd.

Canacol has entered into a binding term sheet, subject to the finalization of definitive Farm-in and Joint Operating Agreements, with C&C Energia Ltd. for the farm-in to a portion of the Operators working interest in the Andaquies and Coati Exploration and Production contracts located in the Putumayo basin in Colombia. The Coati and Andaquies E&P contracts are royalty contracts governed under the terms of the Agencia Nacional de Hidrocarboros. C&C Energia Ltd. will continue to function as the Operator of both blocks.

Charle Gamba, President and CEO of Canacol, commented, "We are pleased to be partnering with C&C Energia on these two contracts, which add three light oil exploration wells to our four well exploration drilling program in Colombia this year."

Upon the Corporation meeting its obligation to pay 72% of the cost associated with acquiring seismic and drilling one exploration well it will earn 36% of the Operators 90% working interest in the Andaquies E&P contract. Upon the Corporation meeting its obligation to pay 80% of the cost associated with acquiring seismic and drilling one exploration well it will earn 40% of the Operators 100% working interest in the Coati contract.

The Operator plans to drill three exploration wells targeting light oil prospects in the second half of 2011, two on the Andaquies contract and one on the Coati contract, pending the receipt of all necessary permits and approvals.

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Hawk Announces Sask. Farm-in Deal

Hawk Announces Sask. Farm-in Deal

Thursday, May 05, 2011
Hawk Exploration Ltd.

Hawk Exploration Ltd. (the "Corporation") along with its 50 percent operating partner have entered into a strategic farm-in agreement (the "Agreement") with a public oil and gas company (the "Farmor") in its core area of Seagram Lake in western Saskatchewan. The Agreement allows Hawk to earn an interest in up to twelve gross (6 - net) sections of land prospective for Duperow (Leduc equivalent) heavy oil immediately adjacent to Hawk's existing crown acreage in the area. With this Agreement, Hawk currently owns or has access to 24 (12 - net) sections of land at Seagram Lake.

Under the terms of the Agreement, Hawk plans to drill one (0.5 net) vertical test well on the farm-in lands prior to June 30, 2011 to evaluate the Duperow formation for potential horizontal development. Based on the results of the vertical test well and at the election of Hawk and its partner, a horizontal or dual-leg horizontal test well could be kicked off from the vertical test well. Hawk and its partner can earn two (1 -net) sections for drilling a vertical test well, four (2 - net) sections for a single leg horizontal test well and eleven (5.5 net) sections of land for a dual-leg horizontal test well in exchange for 7.5% non-convertible gross overriding royalty to the Farmor. All of the farm-in lands were acquired at crown land sales and are eligible for existing Saskatchewan crown royalty incentive programs.

The Corporation has also commenced drilling operations at its first dual-leg horizontal (0.5 - net) well at Seagram Lake adjacent to Hawk's existing producing Duperow well.

Hawk is an emerging exploration company engaged in the exploration, development and production of conventional crude oil and natural gas in western Canada and is based in Calgary, Alberta.

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Atlantic to Farm-In to Orchid Prospect

Atlantic to Farm-In to Orchid Prospect

Wednesday, April 13, 2011
P/F Atlantic Petroleum


Atlantic Petroleum has reached an agreement to acquire a 10% stake in P.1556, Block 29/1c containing the Orchid Prospect from Summit Petroleum in return for carrying a share of the cost of the initial exploration well.

The Orchid Prospect is a four-way dip closure in the Tertiary and Chalk and is located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet fields. The Orchid prospect is located close to acreage awarded to Atlantic Petroleum in the 26th Round.

Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of this year.

Ben Arabo, CEO, commented, "This is an important addition to our 2011 program. We are pleased to join Summit in the Central North Sea which is an area of growth for Atlantic Petroleum. We look forward to working with this new partner group on the Orchid project."