Oilex Notes Progress in Cambay Clean-Up Ops

- Oilex Notes Progress in Cambay Clean-Up Ops

Wednesday, September 07, 2011
Oilex Ltd.

Oilex advised that operations to prepare for well clean-up flow and production testing are continuing. Operations to retrieve down hole equipment, open up the remaining fracture stimulation stages and install production tubing will be conducted with a workover rig. Given the likely duration of this phase of the operations will be a few weeks, Oilex will provide the next update on operations when progress has been made.

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

• Report date: September 6, 2011
• Status Preparations for well clean-up flow and production testing
• Past Week's Operations
  • Sourcing rig and equipment for the planned operation to retrieve tools in well
  • Successfully completed chemical cutting of coil tubing in hole
  • Demobilized surplus equipment, personnel and services.
• Objective: Cambay Eocene "tight" reservoir Y Zone
• Total Depth: 2,740 meters including 610 meters horizontal section

The participating interests in the Cambay PSC are:

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

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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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NOV Notes Quarterly Dividend

- NOV Notes Quarterly Dividend

Thursday, August 18, 2011
National Oilwell Varco Inc.

National Oilwell Varco has declared the regular quarterly cash dividend of $0.11 per share of common stock, payable on September 23, 2011 to each stockholder of record on September 9, 2011.

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Nabors Notes $700MM in Senior Unsecured Notes

- Nabors Notes $700MM in Senior Unsecured Notes

Wednesday, August 17, 2011
Nabors Industries Ltd.

Nabors Industries announced that its wholly owned subsidiary, Nabors Industries, Inc., has priced $700 million in Senior Unsecured Notes due 2021, following the private placement offering it announced earlier Tuesday. The notes will bear interest at a rate of 4.625 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The notes were offered at 99.654 percent of the face value, bringing the yield to 4.668 percent. The proceeds are intended to be used for general corporate purposes, including repayment of debt. The transaction is expected to close on or about August 23, 2011.

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Baker Hughes Prices Senior Notes

- Baker Hughes Prices Senior Notes

Thursday, August 11, 2011
Baker Hughes Inc.

Baker Hughes announced the pricing of $750 million aggregate principal amount of its 3.20% senior notes due August 15, 2021. Interest is payable on February 15 and August 15 of each year. The first interest payment will be made on February 15, 2012, and will consist of interest from closing to that date. The offering is expected to close on August 17, 2011, subject to customary closing conditions.

The company intends to use the net proceeds of the offering to redeem all of its outstanding 6.50% senior notes due 2013, of which an aggregate principal amount of $500 million is currently outstanding. The company will use any remaining net proceeds for general corporate purposes, which could include funding ongoing operations, business acquisitions and repurchases of the company's common stock. The net proceeds of the offering may be invested temporarily in short-term marketable securities pending such usages.

The notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered and issued only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S.

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Northern Notes Reserves at Southern Adriatic Permits

- Northern Notes Reserves at Southern Adriatic Permits

Thursday, July 28, 2011
Northern Petroleum plc

Northern announced an update on its Southern Adriatic permits containing the Rovesti and Giove oil discoveries, which hold a combined 53.2 million barrels of 2P reserves.

Highlights:

• Approval of increase in work program on each of Southern Adriatic permits F.R39 .NPand F.R40.NP to include 3D seismic of up to a maximum of 600 sqkm by Ministry of Economic Development;
• Contract signed for a 2D seismic survey over permits F.R39.NP and F.R40.NP, with survey scheduled to commence in late Q3 / early 4Q 2011 to assist with de-risking of significant exploration prospects; and
• Planning for two 3D seismic surveys scheduled for 4Q 2011 will now intensify, targeting the Rovesti and Giove oil discoveries and a significant exploration prospect within theF.R39.NP and F.R40.NP permits.

Northern has been advised by the Ministry of Economic Development (the "Ministry") that it has approved an increase in the work programs for permits F.R39.NP and F.R40.NP from 300km of 2D seismic to include in addition up to a maximum of 600 sqkm of 3D seismic acquisition on each permit.

The first operation to be conducted under this enhanced work program will be the acquisition of 2D seismic, which Northern has just contracted CGG Veritas Service SA ("CGG Veritas") to undertake. This survey is planned to enable the de-risking of several exploration prospects within the two permits, and compliment the planned 3D seismic acquisition focused on the Rovesti and Giove oil discoveries. Subject to receipt of necessary approvals, the CGG Veritas 2D survey is scheduled to commence in late 3Q/early 4Q 2011.

The Ministry approval allows us to now intensify our planning of the next phase of work on these permits. A 3D seismic survey is scheduled, subject to receipt of necessary approvals, for 4Q 2011 to cover the Rovesti and Giove oil discoveries and is also aimed at the de-risking of one significant prospect within the F.R39.NP and F.R40.NP permits. This 3D seismic acquisition, and the processing of the resultant data, will be the first activity funded entirely by Azimuth Limited ("Azimuth"), a specialist global E&P business, under the terms of the agreement first announced on March 25, 2011.

The Giove and Rovesti oil fields have previously been independently assessed by Blackwatch Petroleum Services to have 53.2 million barrels of 2P oil reserves. In addition, as a result of work undertaken to date, Northern recognizes the potential both for oil prospects with a mean of over 3 billion barrels of oil in place and gas prospects with a mean of over 2 Tcf of gas in place, which is over 1 billion barrels oil equivalent of prospective resource in the two permits, split approximately equally between oil and gas prospects.

Derek Musgrove, Managing Director of Northern, commented, "Exploration of the Southern Adriatic area is a major priority for Northern, so I am delighted to be able to report greater visibility on our forward plans as a consequence of the approval of our enhanced work programs for the F.R39.NP and F.R40.NP permits. CGG Veritas should be commencing a 2D surveying late 3Q/ early 4Q, and we look forward to also firming up the 3D surveys, the first activities with our new partner, Azimuth, within our 2011 program.

"I further note the recent offshore permit award announced by ADX Energy, which after a twelve month hiatus I am hopeful is a positive sign of the start of the award of new offshore permits to both Northern and other applicants."

Aaron D'Este, CEO of Azimuth, commented, "Receiving Ministry approval for the enhanced work program is excellent news. We already know that there is an active petroleum system in the Adriatic basin and 3D seismic is the natural next step to highlight commercial accumulations. Working closely with our partner, we will complete the planned surveys as quickly and safely as possible, and then move on to defining drillable targets early in the New Year."

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Precision Drilling Prices Senior Notes

- Precision Drilling Prices Senior Notes

Tuesday, July 26, 2011
Precision Drilling Corp.

Precision Drilling announced that it priced US $400 million aggregate principal amount of 6.5% senior unsecured notes due 2021 (the "notes") in a private placement.

Precision intends to use the net proceeds from the notes offering to fund its capital expenditure program, including its 2011 new build program, and for general corporate purposes.

The notes are being offered to qualified institutional buyers under Rule 144A and may be offered outside the United States pursuant to Regulation S. The notes have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, including the notes, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

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Far East Energy Notes 66% Increase in Shouyang Block

- Far East Energy Notes 66% Increase in Shouyang Block

Friday, July 22, 2011
Far East Energy Corp.

Far East Energy announced the results of an independent report prepared by Netherland, Sewell & Associates, Inc. ("NSAI") evaluating, as of June 30, 2011, the net contingent gas resources and Net Present Value at 10% Discount ("NPV10") of the net contingent cash flow for the three target coal seams in Far East Energy's 485,000 acre (1960 square kilometers) Shouyang Block, situated in Shanxi Province, China.

The report, which is subject to certain limitations and assumptions described therein, gives a Best Estimate of NPV10 of $1.23 billion, which reflects a 66% increase over the previously prepared NSAI report as of December 2010; a High Estimate of $2.11 billion, which reflects a 44% increase; and a Low Estimate of $319.30 million, which reflects a 143% increase.

"Obviously, this is an exhilarating report. It reflects the great potential of the Shouyang Block project," said Michael R. McElwrath, CEO and President of Far East. "These estimates not only reinforce the belief we have had in this project since the beginning, but it also better defines the economic potential of the Shouyang Block. As you may recall when we released the December 2010 NSAI report we stated that it was our hope and belief that the numbers then reported by NSAI, were just the beginning indicators of the Shouyang Block's vast resource potential. Now, with the receipt of the latest NSAI report, a mere six months later, this is being borne out. As the Company continues its development of the Shouyang Block project, with operations now under the oversight of David Minor, Executive Director of Operations, we believe we are well positioned to enter the next development phase and expect to see increased well-by-well gas rates coupled with sustainability."

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Endeavour to Offer Up to $110 Million in Notes

- Endeavour to Offer Up to $110 Million in Notes

Monday, July 18, 2011
Endeavour International Corporation

Endeavour International Corporation today announced that it intends to offer, subject to market and other conditions, up to $110 million aggregate principal amount of its convertible senior notes due 2016 in a private placement to eligible purchasers. Endeavour also intends to grant to the initial purchasers of the notes an option to purchase up to an additional $15 million of notes to cover over-allotments, if any.

Endeavour intends to use substantially all of the net proceeds of this offering to fund its pending acquisition of acreage and related midstream assets in the Marcellus shale play. The remainder, if any, will be used for general corporate purposes, including funding a portion of Endeavour's 2011 capital program.

This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes will be offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 (the "Securities Act"). The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This announcement is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

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Faroe Notes Progress on Petoro Asset Swap

- Faroe Notes Progress on Petoro Asset Swap

Tuesday, July 12, 2011
Faroe Petroleum plc

Faroe provided an update on the Petoro asset swap deal as follows:

Highlights

• The transaction was passed by the Norwegian Parliament on June 17, 2011 and completion is expected in the Autumn
• Average net production from the Petoro Assets in the six month period January 1 to June 30, 2011 was approximately 8,400 boed
• 3.2 million boe of additional reserves net to Faroe's acquired interest in Njord since signing the Petoro Asset swap, expected to result from sanctioning of two new projects

On April 11, 2011, Faroe announced that it had signed an agreement with Petoro AS to swap its 30% interest in the significant Maria oil discovery for non‐operated interests in a number of good quality oil and gas production assets in Norway, namely in Brage, Njord, Ringhorne East and Jotun (the Petoro Assets).

Average net production from the Petoro Assets in the six month period January 1 to June 30, 2011 was approximately 8,400 boed. This high level of production has been achieved despite a technical problem with the riser system in Njord, which caused several production wells to be shut in for a period. Following the completed repairs, Njord is expected to be back on full production in 3Q 2011.

On May 12, 2011, a Field Development Plan (FDP) was submitted for the Hyme oil field, and this has already been approved by the Norwegian Ministry of Petroleum and Energy. Faroe will have a 7.5% net interest in the Hyme development (previously named Gygrid), located to the east of Njord. First oil from Hyme is expected in early 2013. The field will be developed with one dual‐lateral producer and a water injector sub‐sea tied back to the Njord field. In addition, the Njord partnership has sanctioned a project to allow continued production at lower pressure and extended field life. These two projects will add 3.2 million boe of 2P reserves and come as an addition to the 14 million boe of 2P reserves reported by the Company on April 11. Net Faroe capital expenditure on these projects is expected to be approximately £42 million, to be funded principally through a combination of cash flow from the Petoro Assets and bank debt.

The transaction was an asset for asset swap with no cash consideration from either party, and an effective date of January 1, 2011. Through this transaction, Faroe avoids the net capital investment of approximately £250 million required to appraise and develop Maria. Petoro retains the majority of decommissioning and abandonment liabilities in the Petoro Assets and have transferred a tax balance of NOK 400 million (approximately £46 million). The deal is conditional upon approval by the Norwegian authorities; the transaction was passed by the Norwegian Parliament on 17th June 2011 and completion is expected in the Autumn.

Graham Stewart, Chief Executive of Faroe Petroleum, commented, "We are very pleased with progress of the Petoro transaction. We are also encouraged by the higher than expected production rates of the fields we are acquiring during the first half of the year.

"We now look forward to a very exciting period of drilling ahead with four wells in the second half alone, starting with Fulla results, due in August 2011."

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Kulczyk Oil Notes Initial Test Results at O-9 Well

- Kulczyk Oil Notes Initial Test Results at O-9 Well

Tuesday, June 28, 2011
Kulczyk Oil Ventures Inc.

Kulczyk Oil updated its activities at the Olgovskoye-9 well.

Highlights 

• a secondary target in the Lower Bashkirian reservoir section (the R37 unit) tested at a maximum rate of 1,200 thousand cubic feet per day ("Mcf/d") of gas through a 6mm choke and a stabilized rate of 762Mcf/d through a 5mm choke
• the successful testing of the R37 unit amounts to a new discovery as no reserves or resources have been previously attributed to the units within the Lower Bashkirian reservoir
• primary targets in the Middle Bashkirian section of the well are now ready for testing

R37 Reservoir Unit Discovery

The testing of the O-9 well started with a 5.5 meter thick reservoir unit in the Lower Bashkirian reservoir at a depth of approximately 2,560 meters(the R37 unit). While the R37 unit was a secondary target, it is interpreted to be present across the Olgovskoye license area. Consequently a successful test has material implications for Kulczyk Oil Ventures Inc. (the "Company" or "KOV")as no reserves or resources are currently attributed to this reservoir unit or other similar Lower Bashkirian units within the Olgovskoye license.

A 2 meter section of the R37 unit was perforated and tested over two periods of time. The first test (Test #1) flowed at a rate of 1,200 Mcf/d of gas through a 6mm choke and during Test #2 the R37 unit flowed at a stabilized rate of 762Mcf/d of gas through a 5mm choke. This is the first time that commercial rates of gas have been produced from the Lower Bashkirian reservoir section lying below the main producing horizons of the Olgovskoye field. The Company currently believes that the Lower Bashkirian reservoir section is composed of more than 7 reservoir units running across the Olgovskoye license area. While the Company believes that generally speaking the units in the Lower Bashkirian reservoir will require some form of stimulation to produce commercial rates of gas, it is notable that the R37 unit flowed commercial rates of gas without any form of stimulation and this successful test opens up a potential new resource base for the Company.

The Company's preliminary internal estimate of new Reserves for the R37 unit zone is more than 4 billion cubic feet ("Bcf"). RPS Energy plc, the Company's independent engineering consulting firm, has not assigned any Reserves or Resources to the Lower Bashkirian reservoir section of the Olgovskoye field area in past reports.

Progress of Testing Operations

The Company will now carry on testing of the primary Middle Bashkirian targets which produce elsewhere in the Olgovskoye Field. Testing will proceed shortly and is expected to be completed by the end of July.

The O-9 Well

The O-9 well is located approximately 1.2 kilometers to the northwest of the O-8 well. The O-9 well commenced drilling on March 5th and reached a total depth ("TD") of 2,638meters on April 4, 2011. The well was designed to test gas-bearing reservoirs in the Middle Bashkirian and further develop the gas production capability of the Olgovskoye Field.

The O-9 well was the second new well drilled in the Olgovskoye field since the Company acquired its interest in KUB-Gas in June 2010. It is part of a larger development program on the KUB-Gas assets through 2011. Olgovskoye-8, the first new well drilled, reached a TD of 2,780 meters in early January and encountered numerous gas zones. Testing of the O-8 will commence later in the third quarter after the testing of the O-9 well has been completed.

Dr. Trent Rehill, Vice President Geosciences of KOV stated that "the Company is very pleased with the initial test results of the O-9 well and is excited about the potential for growth in our gas reserves and production from units in the Lower Bashkirian reservoir".

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Brigham Notes Bakken Well's Early Peak Rate

- Brigham Notes Bakken Well's Early Peak Rate

Monday, June 27, 2011
Brigham Exploration Co.

Brigham announced the successful completion of the Gobbs 17-8 #1H Montana Bakken well at an early 24-hour peak rate of approximately 1,818 barrels of oil equivalent (1,544 barrels of oil and 1.64 MMcf of natural gas) after being fracture stimulated with 36 stages. The Gobbs 17-8 #1H, which is located approximately 16 miles west of the border between North Dakota and Montana in Roosevelt County, represents Brigham's second best early peak rate in Montana, relative to Brigham's Johnson 10-19 #1H which is located just under five miles from the border. Brigham anticipates that it will complete and bring on line to production four additional Montana Bakken wells over the next several months.

Bud Brigham, the Chairman, President and CEO, commented, "Our operations department has delivered another outstanding Montana Bakken well. We believe the Gobbs' result clearly begins to de-risk our Roosevelt County acreage, given that the well is located approximately 17 miles northwest of Brigham's Johnson 10-19 #1H, which came on line at a Montana Bakken well record of 2,962 barrels of oil equivalent per day. Finally, our operational activity in the Williston Basin continues to accelerate, we currently anticipate bringing on line to production a record operated 10 gross, or 5.8 net wells in the month of June, which will positively impact third quarter production and beats our previous record of 6 gross, or 3.9 net wells."

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AWE Notes Drilling Progress at Arrowsmith

- AWE Notes Drilling Progress at Arrowsmith

Thursday, June 16, 2011
AWE Ltd.

AWE reported that at 0600 hours (WST) the Arrowsmith-2 exploration well was drilling ahead in 8-1/2" hole at a measured depth of 3,102 meters. During the week, two conventional cores were cut in the well; 55 meters in the Carynginia Formation and 45 meters in the Irwin River Coal Measures. Progress for the week was 811 meters.

The Arrowsmith-2 well is designed to test the unconventional gas potential of the Carynginia Formation, Irwin River Coal Measures and Kockatea Shale and will be drilled to a proposed total depth of approximately 3,420 meters.

The well is located approximately 25 kilometers from the Woodada Deep-1 well (deepened by AWE in April 2010 to acquire cores over the Carynginia Shale interval), and approximately 500 meters south east of the Arrowsmith-1 well, which tested gas from the Carynginia Formation.

On completion of drilling, the well will be suspended for future fracture stimulation and testing which is planned for later in the year.

The participants in EP 413 are:

• AWE Limited (via subsidiaries) 44.252%
• Norwest Energy NL (Operator) 27.945%
• Bharat PetroResources Ltd 27.803%

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Candax Notes Production Results at Ezzaouia Field

- Candax Notes Production Results at Ezzaouia Field

Tuesday, June 14, 2011
Candax Energy Inc.

Candax announced that the Ezzaouia field (31.4% WI), operated by Maretap, a joint operating company between Candax and ETAP, the Tunisian national oil company, is currently producing at over 1,000 bopd subsequent to the previously announced 2010/2011 side-track and work-over campaign. The campaign side-tracked wells Ezzaouia-5 and Ezzaouia-2 and performed work-overs on Ezzaouia-1, Ezzaouia-9 and Ezzaouia-11. Although the results have not been fully in line with expectations, they remain encouraging especially in regards to well Ezzaouia-2 which is performing well with sustained production of 400 bopd and an 8% water-cut. The campaign also provided critical data on reservoir performance and indications of additional upside have been identified.

Richard Norris, President and CEO of Candax commented, "Although we are very pleased with the current level of production, we believe this is just the beginning. We see near term additional production coming from on-going interventions on two shut-in wells. More significantly we believe that this campaign has proven that there is additional production possible from this venerable old field. After production of some 22 mmbbls to date, we note that the recovery factor has been approximately 15%, thus we believe there is significant upside in the implementation of targeted secondary recovery techniques, and we look forward to working with our partners in accessing these reserves."

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Petro Matad Notes 'Positive Drilling Results' at Davsan Tolgoi

- Petro Matad Notes 'Positive Drilling Results' at Davsan Tolgoi

Wednesday, June 08, 2011
Petro Matad Ltd.

Petro Matad provided an update on its drilling activities on the Davsan Tolgoi Prospect on Block XX in Eastern Mongolia.

Drilling operations on the DT-5 well were completed on June 2, 2011 at a depth of 1,954m below surface. Wireline logging has been completed and the logs have been petrophysically assessed. Numerous thin zones of calculated moveable hydrocarbons were identified, with a cumulative net pay of 3m at the upper contact of the Lower Tsagaantsav, at 1,707m. This zone will be tested in due course.

As noted in the news release dated May 19, DT-5 was drilled to test a portion of the paleovalley-filling Uvgan Gol horizon as well as the underlying Lower Tsagaantsav. The well confirmed the presence and configuration of the paleovalley; however, the Uvgan Gol horizon consisted of non-reservoir shales and tight sandstones. The net pay zone at 1,707m is within Lower Tsagaantsav sandstones beneath the basal contact of the Uvgan Gol horizon.

No oil shows were observed during drilling, and petrophysical results indicate low porosity and permeability throughout the entire Tsagaantsav at this locality. The well will be tested during 2011 and, as it is felt likely that stimulation will be required to induce flow at this location, a stimulation contract is being prepared with contractor DQE International.

The drill rig is now being moved to the DT-6 site approximately 2.3km SSE of DT-1. DT-6 will test a thick section of the Uppermost Tsagaantsav (Uvgan Gol horizon) within a well-defined northeast-trending paleovalley, as well as the underlying Lower Tsagaantsav formation.

Petro Matad CEO Douglas McGay said, "It is pleasing that our Davsan Tolgoi drilling program continues to yield positive drilling results, with testable zones in each of the five wells drilled to date. The preliminary results from DT-5 illustrate that while hydrocarbons are present in the Lower Tsagaantsav formation, the Uvgan Gol paleovalley fill varies from the high porosities and permeabilities seen in DT-1 and DT-2 to the low porosity and permeability seen in DT-5.

"As witnessed in Block XIX, the Block immediately north operated by Daqing Oilfields, reservoirs within the Tamsag Basin are not uniform and we have always expected to see variations in well results during the exploration phase. It is gratifying to see the presence of hydrocarbons in the Lower Tsagaantsav formation continuing to be relatively predictable."

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Cougar O&G Notes Progress at Trout Proj.

- Cougar O&G Notes Progress at Trout Proj.

Cougar O&G Canada Inc.
Tuesday, June 07, 2011

Cougar O&G provided an update for the Corporation's Trout light oil project including the preparation of an updated drilling prospect reserve report.

The Corporation has finished the initial interpretation and evaluation of the Trout 3D seismic that was acquired and processed earlier this year. Over 20 vertical Keg River and Granite Wash light oil targets have been identified and 15 of these targets have been selected to be included in a drilling prospect reserve evaluation report. On June 3, 2011, Cougar signed an engagement letter with an independent reserves company to review and prepare the drilling prospect report. During the initial project meeting it was confirmed the 15 selected locations will be evaluated and assigned a range of proven, probable and possible reserve estimates and risked NPV values. Cougar anticipates that this report will be finished and released by the end of June.

Mr. William Tighe, CEO and Chairman of the Board for Cougar stated, "We are happy to be able to announce the development of this independent reserve report for our Trout drilling prospects. The 3D seismic has been extremely helpful in finalizing the development plans for the Trout field and commissioning an independent report will assist us in sharing that information with the shareholders as well as a key portion of the support documentation for fund raising for the drilling program.

"In addition to the reserve report we continue to prepare for the next drilling field operations in the main Trout production area. A series of ortho-photos were prepared and are being reviewed in order to select surface locations that are accessible using the all season infrastructure in the area. Once the locations are finalized the permitting will continue with surveying and Landowner/First Nation consultation."

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W&T Offshore Prices Senior Notes

- W&T Offshore Prices Senior Notes

Monday, June 06, 2011
W&T Offshore Inc.

W&T Offshore has priced at par its private offering of $600 million aggregate principal amount of 8.5% senior notes due 2019 (the "Senior Notes"). The offering is expected to close on June 10, 2011, subject to customary closing conditions.

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 that was used 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.

This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

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Eureka Notes Drilling Progress at Eagle Ford Well

- Eureka Notes Drilling Progress at Eagle Ford Well

Tuesday, May 31, 2011
Eureka Energy Ltd.

Eureka provided an update on drilling at the Black Jack Springs Unit 1H, the first well at its Pan de Azucar Eagle Ford Shale project in Fayette County, onshore Texas USA, which, as per the latest Operator reports was drilling ahead at a measured depth of 14,897 ft.

Mr. Ian McCubbing, Chairman of Eureka stated, "Indications from the Black Jack Springs Unit 1H well are in line with expectations, and therefore very encouraging. Assuming the results from the well remain in line with expectations, the potential impact on Eureka's Pan de Azucar acreage will be significant, and will help shape the Company's appraisal and development strategy for what is now proving to be prime acreage in the Eagle Ford Shale play."

The well which is being drilled by the Operator, Southern Bay Operating, LLC, a wholly-owned subsidiary of GeoResources Inc., has entered the main target zone of the Eagle Ford Shale and is progressing in accordance with the drilling plan. The well is expected to reach total depth within the next five days, after which it will be fracture stimulated.

The fracture stimulation operations are expected to be undertaken within the next few weeks, immediately after the Operator has completed fracture stimulation operations on its two Flatonia wells located less than 10km south west of Eureka's Pan de Azucar area.
The Black Jack Springs Drilling Unit is a 916 acre pooled unit to which Eureka has contributed 86 acres for its 9.4% working interest. The unit is immediately adjacent to the remaining 675 acres (EKA WI 100%) that make up the balance of the Pan de Azucar project.

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OGX Briefs on Issuance of $2.563B Senior Unsecured Notes

- OGX Briefs on Issuance of $2.563B Senior Unsecured Notes

Friday, May 27, 2011
OGX S.A.

OGX in compliance with the Instruction of Comissão de Valores Mobiliários (CVM) announced the issuance of Senior Unsecured Notes totaling US $2.563 billion. The Notes issued on May 26, 2011 are due and payable by the Company on June 1, 2018 and will accrue interest at rate of 8.5% per annum, payable semi-annually, in June and December.

The Notes will be offered to qualified institutional buyers (QIBs), resident and domiciled in the United States, in accordance with the provisions of "Rule 144A" of the Securities Act of 1933, as amended, and in other countries except the United States and Brazil, based on "Regulation S".

When added to OGX’s current cash position of approximately US $2.5 billion (as of March 31, 2011), the net proceeds from the issuance Notes provide a liquidity of approximately US $5.063 billion, at a level which is sufficient for OGX to support the exploratory campaign and the production development of the discoveries made until the Company becomes self-funded by its own cash flow generation.

"This funding provides the necessary capital for the development of OGX's sizable discoveries that were made in an unprecedented time frame for the oil and gas sector. OGX now has the natural, financial, human and physical resources to implement its business plan," declared Paulo Mendonça, General Executive Officer and Exploration Officer for OGX.

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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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