TGS Launches Multi-Client Survey in Labrador Sea

- TGS Launches Multi-Client Survey in Labrador Sea

Tuesday, September 13, 2011
TGS-NOPEC Geophysical Co. ASA

TGS has commenced a new 22,000 km multi-client 2D survey offshore Newfoundland in the Labrador Sea in partnership with PGS.

The new seismic data is being acquired by the M/V Sanco Spirit and utilizes the PGS GeoStreamer® technology. Data acquisition will continue through 3Q 2011 and the vessel will return in 2012 to complete the survey. The survey area is north of oil discoveries including Hibernia, Hebron, Terra Nova and White Rose. The seismic survey covers some areas currently nominated in the Newfoundland and Labrador Offshore Petroleum Board’s call for bids (NL-11-03).

"It is important for TGS to return to Eastern Canada after a decade and add data coverage in an area where there is little modern seismic data available to the market. Eastern Canada remains one of the most promising deepwater exploration arenas in the world and we are excited to be a part of it," commented Stein Ove Isaksen, Senior VP North & South America for TGS.

Initial data will be available to clients during 4Q 2011. The survey is supported by industry funding.

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Transocean Launches All Cash Voluntary Offer For Aker Drilling

- Transocean Launches All Cash Voluntary Offer For Aker Drilling



Aug 26, 2011

Transocean (NYSE:RIG) announced after receiving clearance by the Oslo Stock Exchange, that it launched its all cash voluntary offer for 100% of the shares of Aker Drilling for 26.50 Kroner per share. The offer has been made on an unconditional basis and with settlement guaranteed by a financial institution.

Transocean has a potential upside of 51.7% based on a current price of $51.47 and an average consensus analyst price target of $78.07.

Transocean is currently below its 50-day moving average (MA) of $59.22 and below its 200-day MA of $70.28.

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Entek Launches Green River Basin Work Program

- Entek Launches Green River Basin Work Program

Tuesday, July 19, 2011
Entek Energy Ltd.

Entek announced the commencement of its Green River Basin work program for 2011.

DHS Rig-18 has spudded the Battle Mountain 14-10L well, which is the first of a minimum 3 well Niobrara Shale Oil appraisal drilling program in 2011. Battle Mountain 14-10L was selected from 7 currently permitted well locations based on close proximity to the Battle Mountain 14-15 well which flowed oil last year against all odds from a severely damage well bore (drilled by the previous operator). Subsequent wells in the program will be located based on drilling results, local operating season constraints and field operational considerations.

Entek holds a 55% interest in the Green River Basin Joint Venture (GRBJV) with Emerald Oil & Gas NL holding 45%. Entek is the Operator of the GRBJV. As a result of continued leasing activity and ongoing lease maintenance the GRBJV now controls close to 80,000 gross acres, approximately 60,000 net acres, covering the Niobrara Shale Oil Play.

The wells planned in the 2011 appraisal program will be drilled vertically to intersect the oilprone Niobrara Shale which can be up to 1,100 ft thick in the area. The wells are expected to penetrate the brittle naturally fractured bench intervals within the Niobrara section that have been proven as porous and permeable reservoirs in offset wells. As an example the Sierra Madre 12-20 well owned by Anadarko which is approximately 8 miles from the 14-10 well, had initial production of around 550 BOPD, has recovered in excess of 355,000 BO and is still on production. In addition, the fractured igneous intrusive reservoirs that are present in this area will be further
evaluated. The Company's Focus Ranch 12-1 well (which was tested in 2009 at a cumulative rate of 240 BOPD and 2.75 MMCFD) has already indicated the potential of the igneous intrusive reservoirs in the area.

The primary objectives of the 2011 vertical well appraisal program are to:

• establish deliverability and commercial production of the oil prone Niobrara Shale;
• identify the most prospective Niobrara intervals;
• gather technical information necessary to design and execute effective fracture stimulation treatments; and
• select which intervals to target with both vertical and horizontal wells in 2012 as part of the continued appraisal and development program.

The Company is working closely with Halliburton to design fracture stimulation treatments for at least one interval in each well this year with scheduled slots available from August. Initial flow test results from these wells are not expected to be available immediately after reaching total depth and logging. Rather, weekly announcements will be made each Thursday morning where drilling progress, fracture stimulation, testing and completion operations for each well will be updated as these operations will be occurring concurrently across all wells in the work program.

Interested parties are directed to review the Investor Presentation (to be presented to institutional investors from July) that was released to the ASX on July 14, 2011 for further information on the Niobrara Shale Oil Project in the Green River Basin as well as the Company's
update on its recent successful oil discovery in the Gulf of Mexico.

CEO and Managing Director Trent Spry commented, "It is exciting to have commenced our 2011 Green River Basin appraisal program. I am certain that our appraisal efforts in 2011 will provide the Company with the information and confidence it needs to accelerate appraisal and development in 2012. We are seeing increased industry activity across leasing, well permitting (both vertical and horizontal), and acreage acquisitions and transactions in the area as the attention shifts from the DJ Basin to the Green River Basin this
year. Industry activity and success will provide valuable information on the Niobrara in the GRB and is expected to have a significant impact on acreage value. I look forward to providing further updates from now until the end of the year on what is an exciting time for the Company."

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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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Schlumberger Launches Latest Additions to ACTive Family of CT Services

- Schlumberger Launches Latest Additions to ACTive Family of CT Services

Wednesday, June 15, 2011
Schlumberger Ltd.

Schlumberger announced the release of the latest additions to the ACTive family of coiled tubing (CT) services. The ACTive gamma ray (GR) and ACTive tension and compression (TC) make up a new downhole platform that allows operators to obtain a variety of downhole measurements to enable real-time decisions and operational control.

The new platform delivers downhole measurements specifically for internal and external pressure, temperature, casing-collar locator (CCL) depth correlation and optional gamma ray or tension and compression, all in real time. Premium pressure measurements and modularity enable increased confidence and overall job efficiency during CT interventions.

"The ACTive service allows operators to optimize stimulation design, reduce time on location and improve operational success. Additionally, raw reservoir properties are measured and downhole tool status can also be provided with the latest ACTive family additions," said Dominique Malard, president, Schlumberger Well Services. "This knowledge translates to the optimization of resources and increased production."

On-depth perforating and effective placement of packers is achieved through real-time depth correlation against the formation with a pump-through GR module. Wellbore and reservoir depth correlation can also be achieved with these latest ACTive family additions, as well as the industry's first pump-through, pressure compensated downhole tension and compression measurements. Depth accuracy for precision applications such as perforating and zonal isolation is given with the combination of the real-time collar location and GR measurements.

Saudi Aramco was looking for a solution to decrease water cut and revive oil production in a slanted openhole producer well that was drilled and completed in 2002. The ACTive in-well live performance service was selected, including the ACTive TC and ACTive GR, in combination with the CoilFLATE coiled tubing through-tubing packer, to isolate the production zone from the water source and create a precise cement placement. The well was successfully revived, with postjob production rising to 13,500 bbl/d of oil with just 10% water cut on a fully open choke.

The ACTive family of services provides live downhole measurements that are conveyed on a fiber-optic enabled CT. The system is made up of a bottomhole assembly, surface electronics and dynamic interpretation software. The ACTive family offers solutions for various applications such as matrix acidizing, wellbore cleanout, perforating, zonal isolation, lift operations and Distributed Temperature Survey profiling.

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W&T Offshore Launches Private Offering of Senior Notes

- W&T Offshore Launches Private Offering of Senior Notes

Thursday, May 26, 2011
W&T Offshore Inc.

W&T Offshore launched a private offering of $600 million aggregate principal amount of senior notes due 2019 (the "Senior Notes"). The offering of the Senior Notes, which is subject to market availability as well as other conditions, will be made only to qualified institutional buyers in the United States and non-U.S. persons outside the United States.

W&T Offshore intends to use the net proceeds from the Senior Notes offering to fund the purchase price of its cash tender offer (the "Tender Offer") for any and all 8.25% senior notes due 2014 (the "2014 Notes"). To the extent less than all of the outstanding 2014 Notes are tendered or the Tender Offer is not consummated, W&T Offshore will use the net proceeds from the Senior Notes offering to redeem or repurchase any or all of the 2014 Notes remaining outstanding. The remaining net proceeds will be used to repay outstanding indebtedness incurred under its revolving bank credit facility to fund a portion of its recent acquisition in the West Texas Permian Basin.

The Senior Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. The Senior Notes may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act.

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Petrohawk Launches $600MM Offering of Senior Notes

- Petrohawk Launches $600MM Offering of Senior Notes

Tuesday, May 17, 2011
Petrohawk Energy Corp.

Petrohawk has launched a private offering of $600 million aggregate principal amount of senior notes due 2019 (the "Senior Notes"). The offering of the Senior Notes, which is subject to market availability as well as other conditions, will be made only to qualified institutional buyers in the United States and non-U.S. persons outside the United States.

Petrohawk intends to use the net proceeds from the Senior Notes offering to repay borrowings outstanding under its senior revolving credit facility and for working capital for general corporate purposes.

The Senior Notes have not been registered under the Securities Act of 1933 (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. The notes may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act.

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ExxonMobil Launches EOR Project in West Texas

ExxonMobil Launches EOR Project in West Texas

Tuesday, May 10, 2011
Exxon Mobil Corp.

ExxonMobil Production Co. announced Tuesday that drilling and construction have started on an enhanced oil recovery project at the Means Field in Andrews County, Texas. The first phase of the project has the potential to recover as much as five million barrels of additional oil, an amount equal to the annual energy needs of about 170,000 Texas households.

ExxonMobil has more than two decades of experience with carbon dioxide injection for enhanced oil recovery at the Means Field. The new project will apply technology to produce oil that until recently was technically and economically challenging to develop. Carbon dioxide injection is expected to begin before year end 2011. This first phase could lead to future development phases, which could significantly increase oil recovery from the field.

"ExxonMobil's investment in the field is part of an ongoing effort to find, develop and produce more domestic supplies of oil and gas to meet the country's growing energy needs," said Lyndal Trout, the company's senior field superintendent for western Texas.

ExxonMobil discovered the Means Field in the early 1930s. Since then, the company has produced more than 300 million barrels of oil from the field.

Over the past three years ExxonMobil's capital expenditures in Texas has exceeded $790 million. These investments help create jobs and contribute to economic growth across the region. They also help maintain Texas' position as the leading U.S. oil and natural gas producing state.

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S&P Launches Oil Hedged Index

S&P Launches Oil Hedged Index

Standard & Poor's

S&P Indices announced Wednesday the launch of the S&P 500 Oil Hedged Index, calculated as a combination of a long S&P 500 position overlaid with long positions in NYMEX Oil futures and ICE Brent Crude Oil futures.

The S&P 500 Oil Hedged Index seeks to reduce the effects of a rise in inflation, as reflected in higher oil prices, or against declines in the value of the U.S. Dollar by simulating the returns of an investment strategy that is long the S&P 500 and hedged against changes in the U.S. Dollar, as measured by oil prices. By holding long oil futures contracts, investors may benefit from an increase in oil prices or potentially sustain losses when the opposite occurs.

The Index uses NYMEX Crude Oil and ICE Brent Crude Oil futures as a hedge. The hedge position has 50% in NYMEX Crude Oil and 50% in ICE Brent Crude Oil at the close of each rebalancing day. The hedge only protects against adverse movements in the relative value of the U.S. Dollar, as expressed in the dollar price of oil. Stock market risk is not hedged in any way.

"Investors are increasingly looking for alternative methods to hedge against inflationary risk during this period of global economic uncertainty," says Alka Banerjee, Vice President at S&P Indices. "We would expect funds that replicate returns on the S&P 500 Oil Hedged Index to provide investors with a means to mitigate the potential negative impact on an investor's portfolio resulting from a rise in inflation or decline in the U.S. Dollar."

The S&P 500 Oil Hedged Index belongs to the S&P U.S. Index family. Other closely related S&P indices include British Pound, Canadian Dollar, Euro, Yen, and Gold hedged S&P 500 indices.

S&P Indices, a world leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.25 trillion is directly indexed to Standard & Poor's family of indices, which includes the S&P 500, the world's most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry's most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds.

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Red Spider Launches New Products at Key Industry Events

Red Spider Launches New Products at Key Industry Events

Monday, April 04, 2011
Red Spider

Red Spider is launching two game-changing products to new international markets for the company at key industry events.

The UK-headquartered company recently expanded into the North American market, opening a base in Houston. The company has invested nearly £1.6million in the last quarter in increasing its fleet of products to ensure it can respond to growing customer demand.

eRED, Red Spider's first tool to use its patented remote open close technology for pressure testing applications, has been used in 12 fields. The technology is on its way to becoming the industry standard solution for various downhole applications.

The valve has allowed North Sea operators to save up to £600,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In subsea workover operations savings of up to 41 hours and £500,000 have also been recorded in a single job.
It quickly became apparent from the eRED's continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests led to around £1.9million of investment and over two years of extensive research and development work which has resulted in the two new products - PowerBall® and the eRED-FB (a completion placement valve).

Red Spider CEO Steve Nicol, who is attending the South African event, said, "There is enormous potential for our products in the US, South America and Africa - a high level of interest has been expressed in all of these regions. Both conferences are excellent forums for us to show our new completions technology to highly-relevant audiences."