NPD Head: Norway's New Oil Finds May Help Stem Mid-Term Output Fall

- NPD Head: Norway's New Oil Finds May Help Stem Mid-Term Output Fall

Monday, September 12, 2011
Dow Jones Newswires
by Katarina Gustafsson

Two major oil finds this year by Norwegian oil and gas giant Statoil (STO) could stave off a steep decline in Norway's production in the mid-term, but won't reverse the longer downward trend, Bente Nyland, head of the Norwegian Petroleum Directorate has told Dow Jones Newswires.

This summer's find in the North Sea that is one of the 10th biggest discoveries ever on the Norwegian continental shelf and the earlier slightly smaller success in the Barents Sea complement measures to tackle the fall in the short- and mid-term that are being considered and implemented by the Scandinavian country.

However, ultimately Norway will have to open up new areas and that is more problematic.

"In the short- and mid-term it's important to keep and increase recovery, to have new finds in production and build out what you have found. While in the long run, it's necessary to discuss whether to open up new areas. And that is a political question," Nyland said.

Norway this year reached a treaty with Russia over a long disputed maritime border in the Barents Sea. But it could be a while before this new zone is opened up for exploration, Nyland said the quickest scenario would be around two or three years.

The petroleum directorate has started collecting seismic data from the region and Nyland, a geologist and head of the government body since 2008, said some indication of the region's resources could be given in 2012-13.

The state agency, tasked with overseeing Norway's oil and gas activities, predicts total production will be kept at about the current level until around 2020-25, Nyland said.

Norway's oil production peaked in 2001. Gas production is still rising but Nyland said she expects output to begin decreasing some time at the start of the 2020s given the lack of large gas finds.

"Gas production will to some extent fill in the gap in coming years," she said, adding that increasing the recovery rates in existing oil fields will be critical in the short term.

The petroleum sector is Norway's largest industry. Investments next year in oil and gas activities are seen at a record-high NOK172 billion ($32 billion), according to a recent forecast from Statistics Norway.

Last week, the Norwegian krone climbed to an eight-year high as traders sought a new safe haven after the Swiss National Bank capped the value of the Swiss franc against the euro.

"We have no indications that companies have become more restrictive. But it's too early to say," Nyland said.

In January, the Norwegian Petroleum directorate revised down estimates for undiscovered resources on the Norwegian continental shelf, to 2.6 billion standard cubic meters of oil equivalents from 3.3 billion standard cubic meters of oil equivalents.

"This year's finds give no base for changing our analysis," she said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Abraxas Announces New CFO

- Abraxas Announces New CFO

Friday, September 09, 2011
Abraxas Petroleum Corporation

Abraxas Petroleum Corporation today announced that Barbara M. Stuckey has been elected to serve as Vice President and Chief Financial Officer and George William “Bill” Krog, Jr. has been elected to serve as Chief Accounting Officer and Treasurer of the Company. The Company also announced that Chris E. Williford, Executive Vice President, Chief Financial Officer and Treasurer, has resigned from the Company to accept a job in an executive position with a private company.

Ms. Stuckey has been with the Company since 1997 and most recently served as Vice President – Corporate Finance. Ms. Stuckey received a Bachelor of Arts degree from the University of Texas at San Antonio and a Master of Business Administration degree from the Bordeaux Business School. Mr. Krog has been with the Company since 1995 and most recently served as Information Systems / Financial Reporting Director. Mr. Krog received a Bachelor of Business Administration degree from the University of Texas at Austin and is a Certified Public Accountant.

“I am pleased to announce two promotions from within the Company. Both Barbara and Bill have been instrumental in the growth and success of the Company over the past decade. On behalf of the entire Abraxas family, we thank Chris for 18 years of service and wish him well in his future endeavors,” commented Bob Watson, President and CEO of Abraxas.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States and in the province of Alberta, Canada.

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API: Policy Shift Could Create 1.4 Million New Jobs

- API: Policy Shift Could Create 1.4 Million New Jobs

Wednesday, September 07, 2011
American Petroleum Institute

U.S. oil and natural gas policy changes could generate more than 1.4 million new jobs, $800 billion in additional government revenue, and 10 million barrels worth of added daily oil and natural gas production by 2030, according to a study by Wood Mackenzie released Wednesday by API. New jobs could be added in every state.

"Our industry has kept more than 9 million Americans employed through some of the toughest economic times in America's history, and we created thousands of jobs just last month," said API President and CEO Jack Gerard. "The study shows we could provide another 1.4 million jobs, with as many as one million created in just the next 7 years, and thousands of shovel-ready jobs available next year. It's time our national energy policy let America take advantage of this opportunity."

"The creation of these jobs is within the president's control," Gerard added. "The policy changes involve actions he can take unilaterally. They do not require a super committee of Congress, and they do not require new legislation."

The policy changes include opening non-park federal onshore and offshore areas to development where now prohibited, returning permitting in the Gulf of Mexico to historical levels, approving the Keystone XL and other pipelines, and establishing a regulatory environment that permits full development of the nation's oil and gas resources, including those locked in shale formations.

U.S. oil and natural gas consumption would not necessarily increase as a result, according to API. The changes would allow America to produce at home a much larger percentage of the oil and natural gas it consumes, reducing imports. "If the full potential of domestic oil and gas production could be achieved while also increasing imports of Canadian oil, all of America's liquid fuels could come from secure North American sources within 15 years," Gerard said.

Wood Mackenzie is a Scotland-headquartered consulting firm with extensive experience analyzing oil and natural gas industry issues. API sponsored the study.

API represents more than 480 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86 million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

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RBG Names New CNNS Operations Director

- RBG Names New CNNS Operations Director

Tuesday, September 06, 2011
RBG

RBG has appointed John Kelly to the newly created role of Central and Northern North Sea (CNNS) operations director.

Mr. Kelly is responsible for leading operational activity across the CNNS (UK) region and ensuring RBG delivers a quality service, whilst maintaining the highest HSEQ standards. The role provides an enhanced operational focus for both onshore and offshore activity throughout the CNNS, which is a significant growth area for RBG.

With more than 25 years experience in the oil and gas industry, Mr. Kelly joins RBG from Wood Group PSN where he previously served as international operations manager. He has a wide range of experience in operational and project management positions and has delivered major projects across the UKCS, Cameroon and Algeria.

Dave Workman, CEO, RBG, said, "I am very pleased to welcome John to the management team. The wealth of experience he brings, from working both in the UK and abroad, will be invaluable in ensuring our CNNS operations continue to achieve the highest standards in safety, quality and service delivery.

"The CNNS is a significant growth area for RBG and we have experienced heightened demand for our integrated services in the past few years. I am confident John's operational and project management expertise and knowledge will serve the company well as we increase our activity across the region."

Mr. Kelly, said, "Joining RBG at this time is an exciting opportunity and the acquisition by Stork Technical Services will open up new opportunities for us. We are looking to significantly increase our activity across the CNNS and I look forward to working with the UK operations team to delivering the highest possible operational standards to our current and future clients."

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Cooper, Beach Make New Oil Field Discovery

- Cooper, Beach Make New Oil Field Discovery

Tuesday, September 06, 2011
Cooper Energy Ltd.

Cooper Energy announced that Germein-1 in PEL92 has made a new oil field discovery.

Wireline logs have confirmed that Germein-1 discovered a 2.5 meters net oil column in the Namur Sandstone formation. The recoverable volumes will be estimated after the productive performance of the well has been observed.

Germein-1 has been suspended as a future PEL92 production well that will be tied into the PEL92 production system.

The rig will be moved to Butlers-4 well location. Butlers-4 is an appraisal/development well on the Butlers Oil Field. Further information on Butlers-4 well will be made at the appropriate time.

Joint Venture Participants are Cooper Energy (25%) and Beach Energy (75% and Operator).

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Fox Petroleum Names New President

- Fox Petroleum Names New President

Thursday, September 01, 2011
Fox Petroleum Inc.

Fox Petroleum announced that Mr. James R. Renfro has joined the company as its President effective August 30, 2011.

Mr. James R. Renfro, 51, the owner and managing member of Renfro Energy, LLC has been in the oil business for nearly thirty years. His oil and gas background includes six years with Exxon Company, USA as a petroleum engineer, one year in the Strategic Planning group of Shell Oil, and two years as an energy investment banker with EnCap Investments. Mr. Renfro served for two years as Chief Executive Officer of a small publicly traded company, Omni Oil and Gas, Inc., and has spent more than eighteen years as a private owner and operator of independent oil and gas companies located throughout Texas and Louisiana. Jim has done nearly $20 million dollars in private oil and gas transactions during the past two decades. Jim received his MBA in Finance from The University of Chicago and spent three years in New York City as an investment banker in the corporate finance department at Dean Witter Reynolds Inc./Morgan Stanley.

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AGR Notes New Drilling Technology and Growth Strategy

- AGR Notes New Drilling Technology and Growth Strategy

Thursday, September 01, 2011
AGR Group ASA

AGR Group is embarking on a new growth strategy that will allow it to maximize opportunities presented by today's market conditions. The strategy, announced by Skogen at Pareto, focuses on new technology and closer working relationships across divisions and markets.

AGR Group is launching a new technology which enables safer, cost-effective drilling of wells where reservoir conditions require more precise bottom-hole-pressure management. The EC-Drill® technology, which can be used off both fixed and floating rigs, is expected to enable further growth across the businesses.

Skogen's Pareto address signaled the official launch of this technology, "As a leading provider of technologies for demanding drilling and well operations, we are focused on developing new solutions which can enhance our customers' operations. With some reservoirs located a further 5,000 to 10,000 meters below the seabed, it is imperative that our equipment can handle very high pressures and temperatures."

Skogen also plans to bring the company's drilling technology and petroleum services divisions together to form 'AGR'. He continued, "In addition to EC-Drill® we have developed a range of established and market-leading technologies, including the Riserless Mud Recovery (RMR®) system.

"Previously, our drilling services division operated independently from our petroleum services division. We are now bringing them together to offer customers more choice and flexibility and to allow us to grow the company."

As Skogen turns his attention to growing 'AGR' he is seeking new opportunities for AGR's highly successful Field Operations business.

"Field Operations has grown significantly over the past few years and is today a substantial business. Going forward, we will consider how we can best further develop Field Operations. This is an attractive business and we see a range of interesting opportunities."

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Range Energy Takes New Name

- Range Energy Takes New Name

Thursday, September 01, 2011
Range Energy Resources Inc.

Range Energy Resources has changed its name to Hawkstone Energy Corp. and at open of market on Thursday, September 1, 2011, its common shares will commence trading on the Canadian National Stock Exchange (CNSX) under the name Hawkstone Energy Corp. under the new trading symbol "HEC".

The new ISIN for common shares of Hawkstone Energy Corp. is CA 42034P1062.

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Northern Offshore Secures New Contract for Jackup Energy Enhancer

- Northern Offshore Secures New Contract for Jackup Energy Enhancer

Thursday, September 01, 2011
Northern Offshore Ltd.

Northern Offshore announced that its subsidiary, Northern Offshore U.K. Limited, was awarded a contract from Maersk for the jackup Energy Enhancer. The award is subject to approval by the Danish Energy Authority. The contract, for operations in the Danish Sector of the North Sea, has an initial duration of one year and is scheduled to commence in early 2012. Maersk has options to extend the contract for up to three further years. The contract value for the initial term is US $35.7 million.

Gary W. Casswell, Northern Offshore's president and CEO, said "We are very pleased with this contract award as it provides us with the opportunity to further strengthen our long-term relationship with Maersk. This award, in conjunction with our Energy Endeavour contract announced in February, secures our second rig in Denmark and represents an improving market in the North Sea for this rig class, as we have expected."

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GSP Extends Drilling Fleet with 2 New Jackups

- GSP Extends Drilling Fleet with 2 New Jackups

Thursday, September 01, 2011
Grup Servicii Petroliere

GSP announced its drilling fleet has been extended up to seven offshore mobile drilling rigs and a modular one. GSP Britannia (ex. Britannia) and GSP Fortuna (ex. G.H. Galloway) entered GSP's fleet in August.

GSP Fortuna is an ABS class three legged independent leg cantilever jackup rig reaching the maximum drilling depth of 25.000 ft and the maximum water depth of 300 ft. GSP Britannia is an ABS class four legged independent leg cantilever jackup rig reaching the maximum drilling dept of 20.000 ft and the maximum water depth of 200 ft.

GSP Britannia will support the company's Decommissioning and Plug and Abandon services in the North Sea. GSP provides cost effective, safe and efficient P&A services for the North Sea. Decommissioning has become a highly demanded service as more and more offshore fields are reaching the end of their lives.

GSP is the single source decommissioning solution providing a full range of engineering and decommissioning services as well as turnkey solutions with focus on safety and environmental preservation. Our company's expertise is sustained in this by the most rigorous HSE standards, which GSP uses in all its projects worldwide.

GSP also operates an extended and modern fleet of construction and heavy lift vessels as well as a large variety of offshore support vessels, SAT diving & ROVs to fully answer the offshore integrated services market demands worldwide.

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BOEMRE Unveils New Development, Permit Tools

- BOEMRE Unveils New Development, Permit Tools

Tuesday, August 30, 2011
BOEMRE

Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) Director Michael R. Bromwich today announced that the bureau has developed and implemented several new tools to help offshore oil and gas operators improve their exploration and development plan and permit applications. These tools will allow offshore operators to better track their submissions and improve the quality and completeness of their applications, which will decrease processing delays.

“We continue to meet with operators individually and in large groups on a frequent basis. We take very seriously requests for additional information and additional clarity regarding our plan and permit review process. Recently, we have been asked to identify the most common errors and the most frequently-encountered reasons for plan and permit applications to be returned to operators,” said Director Bromwich. “Our goal is to reduce the amount of back and forth with plan and permit applications and to help the industry learn from the best practices that many operators have developed to submit successful applications. That will result in higher quality applications in the first instance and reduce the need for them to be returned to operators. We will continue to search for additional ways to improve our own processes and make them more efficient, without in any way modifying or relaxing the more stringent safety and environmental rules we have implemented over the past year.”

For a complete list of BOEMRE’s reforms to date, go to:
http://boemre.gov/ReorganizationRegulatoryReform.htm

With respect to permits, BOEMRE has added a new feature to its online application system (eWells), which allows authorized users to track the status of permit applications. This allows operators to follow where their application is in the processing system. This increases transparency and provides greater predictability for operators.

With respect to plans, BOEMRE has announced a new online resource to help operators improve the accuracy of their exploration plan (EP) and development operation coordination document (DOCD) submissions. The website offers fact sheets and documents to assist offshore operators in submitting complete applications, which will decrease processing delays. Guidance includes a fact sheet that offers information on how operators can submit stronger applications, frequently asked questions on the specific elements of a successful submission, and a new EP/DOCD checklist that can be used to ensure the inclusion of needed information in an operator’s application. The page is online at: http://www.gomr.boemre.gov/homepg/plans/index.html.

Today’s announcements were shared with more than 200 offshore industry personnel at a workshop held by BOEMRE in its Gulf of Mexico Regional office. The full-day workshop includes a discussion of common errors and omissions found in the submission of permit applications, and overviews and updates on sub-sea containment and the bureau’s well screening tool. One highlight will be an industry panel that will discuss proven methods and strategies for the completion of fully compliant permit applications focusing on the well screening tool, a critical aspect of the sub-sea containment requirements which is most often a cause of returned permit applications.

These improvements in the permit and plan review process are consistent with other reforms in the process that have recently been implemented. In early June, BOEMRE announced specific improvements to the permit application and review process, including the publication of a permit application checklist to assist offshore oil and gas operators in submitting complete applications to drill. The bureau also implemented a requirement that BOEMRE personnel conduct completeness checks before beginning an in-depth, substantive review of the application. This allows staff to capture the major gaps in the submission early in the review process. In addition, we developed clear permit review priorities that will expedite our review. For more information, go to:
http://www.boemre.gov/ooc/press/2011/press0603.htm.

BOEMRE has approved 113 deepwater permits for 34 unique wells that require subsea containment since an applicant first successfully demonstrated containment capabilities in mid-February. There are currently 17 permits pending and 22 permits have been returned to the operator with requests for additional information, particularly information regarding containment. Additionally, BOEMRE has approved 45 permits for activities including water injection wells and procedures using surface blowout preventers. Only 1 of these permits is pending and 1 permit has been returned to the operator for additional information.

BOEMRE has also approved 69 new shallow water well permits have been issued since the implementation of new safety and environmental standards on June 8, 2010. Permits have averaged more than 7 per month since fall 2010, compared to an average of 8 permits per month in 2009. Just 13 of these permits are currently pending; with 10 having been returned to the operator for more information.

For more information on permit approvals, go to:
http://www.gomr.boemre.gov/homepg/offshore/safety/well_permits.html

For more information on plan approvals, go to:
http://www.gomr.boemre.gov/homepg/offshore/safety/well_plans.html

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Aker Solutions Names New Head of Geo Business

- Aker Solutions Names New Head of Geo Business

Monday, August 29, 2011
Aker Solutions

Aker Solutions has appointed Bengt Larssen as head of its geo business.

Mr. Larssen has since February 2010 been with Aker Solutions' geo business as vice president exploration. Prior to Aker Solutions he has spent 16 years in various management positions at Schlumberger/Western Geco, operating as geophysicist on both the exploration and production side of the business. He has also spent two years at Tromsø-based oil company Front Exploration AS.

Mr. Larssen, who will be based in Stavanger, Norway, holds a masters degree in geology from the University of Oslo. He starts in his new role on September 1, 2011.

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ConocoPhillips Finds New Leaks Off China's Northern Coast

- ConocoPhillips Finds New Leaks Off China's Northern Coast



Aug 26, 2011

ConocoPhillips (NYSE:COP) has found seven new leaks off China's northern coast.

According to the State Oceanic Administration's North China Sea branch, ConocoPhillips found the new leaks near the Platform C of 19-3 Oilfeld in Bohai Bay.

Last week, the company reported nine leaks near the same platform, and is facing legal action for the spills.

ConocoPhillips (NYSE:COP) has a potential upside of 28.9% based on a current price of $64.24 and an average consensus analyst price target of $82.8.

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ITF Extends International Footprint with New Offices

- ITF Extends International Footprint with New Offices

Thursday, August 25, 2011
ITF

ITF is increasing its international footprint by opening two new offices in the Asia-Pacific region to drive new technology solutions to tackle global oil and gas challenges.

The Aberdeen headquartered organization is opening bases in Perth and Kuala Lumpur to unite technology developers with its membership of major oil and gas operators and has revealed plans to invest AUD $9 million (£5.7 million) in groundbreaking solutions there by 2015.

Peter Brazier has been appointed as regional manager for Australia, and will head up the office in Perth. With 30 years' industry experience, Mr. Brazier will promote the organization in the region and encourage more operators and service companies to join ITF.

He said, "ITF currently has a good position with major companies such as Woodside and Chevron already signed up as members, who see the benefits of collaborating on funding new technologies. However, there is a growing demand for next generation technologies that will recover hydrocarbons from increasingly challenging environments and I want to make sure that local companies benefit from the funding being offered. I'm looking forward to building strong relationships with oil and gas operators, innovative technology companies and academic institutions."

Mr. Brazier joins ITF following eight years at the Commonwealth Science and Industry Research Organization (CSIRO), where he held several prominent research managerial positions. This included secondment as chief executive of the Western Australian Energy Research Alliance and secondment as CEO of the research joint venture between WA:ERA and Woodside Energy.

Prior to this he also worked for companies including Woodside Energy and Halliburton Energy. Mr. Brazier is a member of the Society of Exploration Geophysicists, the Australian Society of Exploration Geophysicists, and Australian Petroleum Production & Exploration Association. Mr. Brazier will also facilitate a workshop at Offshore Convention: Australasia on Advances of Subsea Technologies in Australia this month.

ITF's regional director for the Middle East and Asia-Pacific, Ryan McPherson will oversee the Kuala Lumpur base with plans to appoint a full time technology analyst there next year.

Mr. McPherson said, "There is definitely an appetite for concerted technology development in Australia and Malaysia and our aim is to invest $9 million in new technologies over the next four years. We are extremely pleased to welcome Peter to the team and are certain his extensive network of contacts and industry knowledge will enable us to successfully bring more technology to market."

The new offices come as ITF also issues a Call for Proposals for subsea technologies. This was the result of a Technology Challenge Workshop which took place in Perth in June.

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Beach to Construct New Flowline from Cooper Basin Western Flank

- Beach to Construct New Flowline from Cooper Basin Western Flank

Thursday, August 25, 2011
Beach Energy Ltd.

Beach has signed an agreement with Senex to tie-in the Growler Field (Beach 40%) to the Lycium oil field. It has also agreed with Senex to construct a trunkline from Lycium to the Moomba facility, however, the tie-in of this section remains subject to approval from the South Australian Cooper Basin (SACB) Joint Venture (~Santos Ltd 67%, Beach 20%, Origin Ltd 13%).

It is anticipated that the flowline from the Growler Field will be constructed in two main sections. The first section, directly from the Growler Field to the Lycium oil field, will consist of a six inch flowline with an initial capacity of approximately 8,000 barrels of oil per day. The equity interests for this section of flowline will be Beach 40% and Senex 60%.

Pending approval from the SACB Joint Venture, the main trunkline will service the whole of Beach's operated and non-operated Western Flank acreage and is planned to run between Lycium and the Moomba facility. The capacity of this eight inch trunkline is expected to be in the order of 15,000 barrels of oil per day. The equity interests for this section will be Beach 60% and Senex 40%.

Beach will undertake both the construction and operatorship of the flowlines, with the total cost of approximately $40 million to be effectively shared between Beach and Senex.

These flowlines will provide Beach with access to the Growler Field during times of flooding in much the same way it has for Beach's PEL 92 acreage during the recent flooding events. The second trunkline will also provide for increased production flows from Beach's operated PEL 91 and PEL 92 acreage as a result of recent development, appraisal and exploration success in the area.

The six well approved exploration program set down for PEL 104 and PEL 111 is expected to commence in October 2011, when flood waters are forecast to recede to levels where access can be restored. A number of Birkhead targets have been identified by the Operator which has had an exploration drilling success rate of 80% in the acreage to date.

The tenure of the Beach Operated Western Flank PEL's 91 and 92 have been granted a twelve month extension by PIRSA in acknowledgment that flooding has delayed exploration in the area. It is expected that the flowlines will be commissioned around June 2012.

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EDS Welcomes New Area Manager for Marcellus Ops

- EDS Welcomes New Area Manager for Marcellus Ops

Wednesday, August 24, 2011
Environmental Drilling Solutions LLC

Environmental Drilling Solutions, (EDS), a leader in solids control, cuttings processing and zero discharge services, has named Richard Guillory Area Manager for Marcellus Shale operations.

Guillory will manage day-to-day field operations locally and be based out of the company's local office in Bradford County, Pa.

Guillory most recently served as Environmental Solutions Projects Manager with M-I SWACO where he developed new systems to manage growing numbers of projects in multiple locations.

"Richard has proven himself as an effective project manager with the ability to create more efficient operations," said Jake Garber, EDS Regional Manager. "His assignment to the Marcellus Shale region is an essential step toward meeting our growing demand in the area."

Guillory received a master of business administration in management and a bachelor's degree in mechanical engineering, both from the University of Louisiana at Lafayette.

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Force Fuels Appoints New CFO

- Force Fuels Appoints New CFO

Tuesday, August 23, 2011
Force Fuels Inc.

Force Fuels has appointed Charles B. Mathews as its Chief Financial Officer as of September 5, 2011.

Mr. Mathews brings more than 18 years of accounting and management experience to the company. He currently serves as the managing principal of Mathews & Mann, LLC, an accounting and business consulting firm in Phoenix, Arizona. Mr. Mathews has extensive experience with both public and private companies. From December 2007 to March 2009, Mr. Mathews was Interim CFO of Education 2020, a virtual education company focused on students in grades 6-12. From March 2004 to November 2007, Mr. Mathews was Executive Vice President and Chief Financial Officer of Quepasa Corporation, a publicly traded leading Hispanic internet portal. Mr. Mathews has extensive experience in helping companies with turn-around situations and corporate restructuring. Mr. Mathews, a Certified Public Accountant, has a B.A. in Business Administration from Alaska Pacific University and an M.B.A. from Arizona State University.

Tom Hemingway, CEO of Force Fuels stated, "We are pleased to have Mr. Mathews join our team. We believe Mr. Mathews will be of great assistance to us as we continue our efforts as we build for the future growth of the company."

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PetroMagdalena Discovers New Oilfield in Cubiro Block

- PetroMagdalena Discovers New Oilfield in Cubiro Block

Tuesday, August 23, 2011
PetroMagdalena Energy Corp.

PetroMagdalena has discovered a new light oilfield with the Petirojo-1 discovery well, with the well currently producing 1,545 bopd of 40 degrees API light oil after 13 hours of initial production test. This represents 1,080 bopd gross working interest share for the Company, which is just under half of the Company's current production.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "We are extremely pleased to commence our exploration program with such positive drilling results in our core block in Colombia, coming as it does in conjunction with the spudding of the Copa-B exploration well, which provides more momentum to our business plan."

Located in Cubiro Block B, the Petirojo-1 well, in which the Company holds a 70% working interest, was spudded on July 14, 2011 and directionally drilled to a total depth of 6,399 feet measured depth ("MD"). The C7 Carbonera reservoir was found at a depth of 5,636 feet (MD) and well logs indicate a net oil pay of 32 feet with porosities averaging 29%. After perforating 17 feet in three intervals in the C7 Carbonera sand and after installing an electric submersible pump ("ESP"), the well produced 370 barrels of 40.8 degrees API oil over the latest 4.0 hour period at an average rate of 1,545 bopd and a downhole flowing pressure of 1,850 psi, a 21% drawdown, with an average BS&W of 21.7%. The well testing program is ongoing and final results will be provided.

Based on seismic interpretations, the accumulation discovered by Petirojo-1 is a 2.0 kilometer long structure with a closure of 190 acres, corresponding to the typical exploration play in the Llanos Basin, and on trend with the Palmarito Field to the north, which shows a cumulative production in excess of 12 million barrels.

PetroMagdalena and its partner have agreed to drill two additional wells as part of this year's drilling program: (i) an exploration well north of Petirojo to test a separate structure located between Petirojo-1 and the Palmarito Field within the same trend, and (ii) one appraisal/development well offsetting the Petirojo-1 discovery well.

In Cubiro Block C, the Company is currently drilling the Copa-B exploration well and today is at 2,870 feet (MD) with a target total depth of 6,992 feet (MD). Copa-B will test a seismically defined structure 4.4 kilometers south and on trend with the Copa Field, discovered last year where two wells in the C7 Carbonera sand averaged an initial production rate of 1,400 bopd.

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Toyota To Reveal New Camry

- Toyota To Reveal New Camry



Aug 23, 2011

Car maker Toyota (NYSE:TM) plans to unveil its first redesign of the Camry in five years on Tuesday. The company promises new upgrades and other technologies.

Toyota has released some details about the new car, which will be displayed at events in California, Michigan, and at Georgetown, Kentucky where the Camry is made. The features of the car will have an entertainment system called Entune, which allows drivers to connect to mobile apps such as Pandora (NYSE:P).

Toyota Motor (NYSE:TM) has a potential upside of 31% based on a current price of $70.54 and an average consensus analyst price target of $92.4.

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Pulse's New Flexible Riser Monitoring System Scores 100% in Testing

- Pulse's New Flexible Riser Monitoring System Scores 100% in Testing

Monday, August 22, 2011
Pulse Structural Monitoring

A new flexible riser integrity monitoring system from Pulse Structural Monitoring has achieved a 100% success rate in a rigorous and ground breaking dynamic test process.

FlexASSURE uses non-invasive sensors to detect breaks in the tensile armour wires of a flexible riser, building a detailed picture of structural integrity and alerting the user to early signs of deterioration.

It was conceived in response to calls from operators for a reliable means of validating riser integrity in deepwater installations, following a number of riser failures in recent years.

The system, comprising monitoring hardware, a real-time data acquisition system and data processing interface, has been developed, tested and qualified in Brazil, where flexible risers are responsible for transporting approximately 80% of offshore production, amid increasingly challenging conditions.

FlexASSURE can be installed on a new riser to provide integrity assurance throughout its lifetime, or retrofitted to an existing riser where there may be concerns over its remaining life.

The FlexASSURE concept

When a tensile armour wire breaks, load is transferred from this wire to the remaining armour wires. During this event, the flexible riser experiences a sudden movement with axial, rotational and acoustic characteristics, which FlexASSURE detects using a combination of 5 sensors and a sophisticated algorithm.

Extensive testing

The system was extensively qualified over three years, undergoing laboratory and offshore testing before progressing to a full-scale dynamic test, in which it was attached to a riser and subjected to loads representing 100% service life, accounting for 10x safety factor. This activity was monitored in a blind test, in which FlexASSURE detected 100% of the wire breaks, with no false alarms.

Richard Kluth, Managing Director, said, "Measuring the integrity of riser armour cannot be achieved using inspection methods, as the wires are internal to the flexible construction.

"Historically this has made monitoring flexible risers very difficult and, as we have seen from industry reports such as Sureflex, there are increasing concerns over leakage into the annulus and potential corrosion of armour wires.

"With FlexASSURE Pulse has a unique product that can provide early warning detection if the integrity of these critical components is compromised."

Priscilla Elman, Business Development Manager for Pulse in Brazil, said, "Their unique ability to withstand motion and ease of installation make flexible risers a favourable solution compared to conventional rigid risers.

"However, integrity issues have driven demand for effective monitoring systems and riser qualification processes to guarantee operational safety.

"Pulse's test-proven FlexASSURE solution offers operators and fabricators a highly accurate means of managing riser integrity, reducing risk of human, environmental and material losses."

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