Tethys Posts Initial Logging Results from Kalypso Well

- Tethys Posts Initial Logging Results from Kalypso Well

Wednesday, September 07, 2011
Tethys Petroleum Ltd.

Tethys announced the initial logging results of its KBD01 (Kalypso) exploration well drilled in the Kul-Bas block some 50 km north west of the Doris oil discovery.

The well has now reached total depth in what is initially interpreted to be rocks of Carboniferous age. Electric logs just run over the deeper section indicate more than 100 meters of gross potential hydrocarbon bearing zones in what is interpreted to be shelf limestones of Carboniferous age. Hydrocarbon shows were also noted whilst drilling. This is in addition to the hydrocarbon indications noted on logs and drill data in the overlying Jurassic section (logged prior to drilling this deeper hole section).

7-inch liner is now about to be run after which a comprehensive testing program on both the Carboniferous and Jurassic intervals is planned following agreement and approvals from the appropriate Kazakh authorities. Obtaining these approvals could take some 2 months (with mobilization of testing equipment to follow thereafter), as this is an exploration well and, unlike appraisal wells, no estimated testing program could be submitted prior to finishing the well.

The nearest field which produces from similar Carboniferous shelf limestones is the Alibekmola field, some 250km to the north in the pre-Caspian Basin Subsalt. It is likely that the limestone interval will require acidisation and possible fracture stimulation to achieve optimal production performance (as do other similar fields). This will be evaluated as part of the test program planning.

Meanwhile, elsewhere in Kazakhstan the AKD06 Doris oil appraisal well is drilling ahead at a depth of 1,755 meters towards the Aptian sandstone target.

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Reliable Posts Initial Production Results for Manitoba Well

- Reliable Posts Initial Production Results for Manitoba Well

Tuesday, August 23, 2011
Reliable Energy Ltd.

Reliable provide the following operations update.

Manitoba - Following an extended spring break up, the result of higher than normal rainfall and flooding in southeast Saskatchewan and southwest Manitoba, Reliable commenced drilling operations in early July, 2011 with a rig it has contracted through to March 31, 2012. To date, the Company has successfully drilled three horizontal wells with the fourth currently drilling ahead.

The first well, 04-16-13-28W1 at East Manson, was drilled into the Bakken formation with a horizontal section of 823 meters and included 29 frac intervals. The well has now been on production for 20 days with increasing oil cuts and has averaged 177 bopd gross (133 net) over the last five days, as the well continues to clean up.

The second well, 01-34-12-28W1 at North Elkhorn, was drilled with a horizontal section of 1,280 meters and is currently being completed with 27 frac intervals. The well is expected to be placed on production within seven days.

The third well, 07-09-13-28W1 at East Manson has been drilled with a 580 meter horizontal section and a 19 stage frac program is planned for this well. Completion operations will begin once the 1-34 completion has finished operations.

The fourth well, 15-23-11-29W1 at South Kirkella, is currently drilling and is planned to have a 1,400 meter horizontal section and 44 frac intervals.

The remaining six horizontal wells of our 2011 program in Kirkella include two more horizontals at South Kirkella and four horizontal wells at East Manson. With the success the Company is enjoying at East Manson, the Company's focus will be on developing this field with the aim of increasing production and cashflow.

Montana - In June 2011, Reliable, along with its partners, completed the second vertical well of its Montana program. The White Bear 15-23 well was drilled during the first quarter of 2011 to a total depth of 5,600 feet (1,700 meters) in order to evaluate additional zones below the Bakken. While the original target of reservoir in the Bakken zone was not encountered, this exploration well provided significant data on the Bakken to further the evolution of the geological model of the Bakken in this area of Montana.

Two other potential hydrocarbon-bearing zones were encountered in the wellbore: the Duperow formation and the Bowdoin zone, which produces gas from the Bowdoin Dome field approximately 60 miles to the east. The well was completed and tested in the Duperow formation. High fluid rates were established, but no economic hydrocarbon volumes were produced.

Completion efforts were then directed toward the Bowdoin zone in the original 12B-26 well drilled in 2010. The well was perforated, shut-in for pressure build-up, and once positive pressure information was obtained, the well was placed on flow test. The gas rates for the zone were in line with rates of other unstimulated wells in the Bowdoin Dome field and the well was shut-in and its status with the Montana Board was subsequently changed to "Shut-In Gas Well". Reliable and its partners are currently evaluating the results from the completion and are developing a completion program in the Bowdoin zone of the 15-23 well. The Bowdoin zone appears to be a regional gas resource prospect and we are currently identifying future locations that will evaluate both the Bowdoin and Eagle gas zones.

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OGX Intensifies Appraisal Campaign; Posts 2Q Loss

- OGX Intensifies Appraisal Campaign; Posts 2Q Loss

Thursday, August 11, 2011
OGX S.A.

OGX announced its results for the second quarter of 2011. The financial and operating data is presented on a consolidated basis in accordance with the international financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB), and in Reais, except where otherwise indicated.

"We remain focused on executing our business plan, which has advanced significantly as we have intensified our appraisal campaign and performed additional drill-stem tests, all of which are essential in converting our resources into reserves. With the recent bond issuance as well as the significant progress made in the past three months, we are not only technically but financially prepared to proceed towards production," commented Mr. Paulo Mendonça, General Executive Officer and Exploration Officer for OGX.

From the perspective of our drilling campaign, highlights of the second quarter include the drilling of 11 appraisal wells in the Campos Basin and 2 in the Parnaíba Basin, two successful drill-stem tests performed in horizontal wells in the Campos Basin and the declaration of commerciality for two fields in the Parnaíba basin, confirming our projections and attesting to the excellent execution of our business plan. In addition, we drilled wildcat wells that continue to demonstrate the great potential of our portfolio.

With respect to the commencement of production, important steps have been achieved in the past three months including the arrival of the newly built vessel Aker Wayfarer which will be used throughout the system installation, as well as the final stage of commissioning for the FPSO OSX -1. In addition, the construction of the turret, a disconnectable buoy which is part of the OSX-1 mooring system, has been completed and is already in the mobilization process to Brazil.

Second Quarter Highlights and Subsequent Events:

• Intensification of the appraisal campaign in Waimea (OGX-50D, OGX-53D and OGX-55HP), Waikiki (OGX-41D, OGX-44HP and OGX-45D), Pipeline (OGX-39HP, OGX-40D, OGX-42D and OGX-48D), Illimani (OGX-43D) and Fuji (OGX-54D and OGX-56D) accumulations located in the Campos Basin;
• Declaration of commerciality for the California and Fazenda São José accumulations in the Parnaíba Basin, for which the newly designations are Gavião Azul and Gavião Real Fields;
• Performance of drill-stem test for the first horizontal well (OGX-44HP) in the Waikiki accumulation, with excellent results;
• Important discoveries in the Parnaíba basin through the drilling of wells OGX-38 and OGX-46D;
• Significant discoveries in the Santos basin through the drilling of wells OGX-30 and OGX-47;
• Performance of a drill-stem test for the first horizontal well (OGX-39HP) in the Pipeline accumulation with very good results;
• Initiated drilling of well OGX-55HP, the second horizontal well in the Waimea accumulation;
• Raised US $2.563 billion through a bond issuance; and
• Announcement of the Company's business plan for discoveries in the Campos and Parnaíba Basins.

Campos Basin

Among the activities performed in the second quarter of 2011 in Campos Basin we can highlight the intensification of the successful appraisal campaign, the results of drill-stem tests in Waikiki and Pipeline accumulations, the drilling of wildcat wells, and the arrival and preparation of equipment for the start-up of production. On June 6, we formally announced our business plan relating to discoveries made in the basin.

During the quarter we intensified our appraisal campaign in the Waimea, Waikiki, Pipeline, Illimani and Fuji accumulations. In Waimea, we concluded the drilling of well OGX-50D encountering a hydrocarbon zone with 52 meters of net pay in the Albian section. In addition, we initiated the drilling of wells OGX-53D and OGX-55HP, which are still ongoing. In the Waikiki accumulation, we have concluded the OGX-41D, OGX-44HP and OGX-45D wells. The directional well OGX-41D found a net pay of 92 meters in the Albian section and was the pilot well for OGX-44HP, which was horizontally drilled for more than 1,000 meters in Albian-Cenomanian reservoirs. The well OGX-45D, which was intended to test the limits of the Waikiki accumulation, discovered hydrocarbons only in the Maastrichtian section, indicating an additional potential in sandstone reservoirs which extend towards the Ingá-Peró Complex. In the Pipeline accumulation, wells OGX-39HP, OGX-40D, OGX-42D and OGX-48 were drilled, identifying the presence of hydrocarbons in the Albian section with net pays of more than 1,000 (horizontal column), 107, 82 and 12 meters, respectively. In the Illimani accumulation, we have concluded well OGX-43D which confirmed the extent of the reservoirs in the Albian section and identified a net pay of 50 meters. Finally, we began the drilling of wells OGX-54D and OGX-56D in the Fuji accumulation, both of which are still in progress.

Additionally, we obtained the results of the drill-stem tests in horizontal wells OGX-39HP and OGX-44HP in the Pipeline and Waikiki accumulations, respectively. The test in well OGX-39HP, which is the first horizontal well in the Pipeline accumulation, indicated good reservoir conditions, implying a production capacity of around 10,000 barrels per day and oil of approximately 19° API. The test in well OGX-44HP identified oil of approximately 23° API and a production potential of 40,000 barrels per day, which will be limited to a flow rate of 15,000 to 20,000 barrels per day per well to optimize oil recovery from the reservoir.

Continuing with our wildcat drilling campaign, well OGX-33 was drilled in the Chimborazo accumulation and identified a net pay of 42 meters in the Albian section. We have also drilled well OGX-52 in the Tambora accumulation, which has identified a net pay of 96 meters in the Albian section and we have initiated OGX-58DP well also in this accumulation that is still ongoing.

The commencement of OGX's production is scheduled for October/November this year in the Campos Basin. The first project in the Waimea Complex will take place through an Extended Well Test (EWT) and will have an anticipated production of up to 20,000 barrels per day from well OGX-26HP.

All of the critical equipment for the start-up of production has been secured. The wet christmas tree and the electric submersible pumping system are already installed and other equipment such as flexible lines, moorings and piles (which are part of the FPSO mooring system) and the installation vessel have already been delivered. The FPSO OSX-1 is ready in the shipyard in Singapore and the turret (a buoy, part of the mooring system) is in the mobilization process to Brazil.

Parnaíba Basin

During this quarter, we made important discoveries in this basin and presented to the ANP declarations of commerciality for the Gavião Azul and Gavião Real fields. The development plans for these fields have already been submitted by OGX, who are still in the process of analyzing them.

We concluded the drilling of four wells, including two wildcat wells, OGX-34 and OGX-46D, and two appraisal wells, OGX-38 and OGX-51DP, which identified net pays of 23, 15, 43 and 8 meters, respectively, in the Devonian section. We also started the drilling of wildcat well, OGX-49, and appraisal well, OGX-57, which are still in progress.

Following the seismic campaign in this basin, we engaged a second seismic team during the quarter to focus on the southern blocks, while the first team remains focused on seismic in the northern blocks.

The Gavião Azul and Gavião Real fields will be the first natural gas fields developed by OGX. We expect that gas production in this basin will start in the second half of 2012, as announced in our business plan for the discoveries made in this basin. We estimate that these fields will reach a production level of 5.7 million m3/day in 2013, which corresponds to total production of 1.1 Tcf of gas. Natural gas produced in the region is expected to be the supply source for thermoelectric power plants to be built by MPX Energia SA, an EBX Group company, in association with Petra Energia SA, both of which are partners with OGX in this basin.

MPX has entered into a term sheet with Bertin Energia e Participações to acquire two projects, which are still awaiting ANEEL's approval, that have the authorization for the construction of thermoelectric power plants with a total capacity of 660 MW. MPX intends to transfer these licenses acquired in the A-5 auction in 2008 to the Parnaíba Thermoelectric Complex, where it already has a prior installation license to implement 3,722 MW. This acquisition represents an important step in the integration of natural gas production provided by OGX Maranhão, to power generation in the Parnaíba Basin.

We have recently approved the leasing agreement of two additional onshore drilling rigs for the production development plan in Parnaíba Basin.

Santos Basin

In the second quarter of 2011, we continued our exploratory campaign and achieved important results testing classic targets and new geological models. We have concluded the drilling of well OGX-30, which confirmed a new play in fractured carbonates in the Albian age, showing a significant gas column and a large structured area. This discovery enabled us to confirm this new geological model for the region so that we can begin the appraisal campaign.

The recent discovery in sandstones in the Santonian age in well OGX-47, in the Maceió accumulation, contributed significantly to the development of our assets in this region and, when combined with the discoveries already made in the basin, will generate greater economies of scale and cost-effectiveness. We intend to focus on the appraisal campaign and proceed with the development of the production model for the region.

OGX currently has nine rigs at its disposal, including six semi-submersible rigs, two onshore rigs and one jack-up for drilling in the Campos, Santos, Parnaíba and Pará-Maranhão basins. Eight rigs are in operation and one is currently being mobilized.

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Jubilant Posts Test Results of Appraisal Well DDE-APP-1 in India

- Jubilant Posts Test Results of Appraisal Well DDE-APP-1 in India

Tuesday, August 09, 2011
Jubilant Energy N.V.

Jubilant announced the results of Appraisal Well DDE-APP-1 in the Deen Dayal East Field in the KG Block, which was spudded on the January 1, 2011.

The well was drilled by the operator (GSPC), with the objective of appraising the hydrocarbon bearing sands of the KG-16 discovery well and, in the process, to test the Cretaceous and Jurassic Rift Fill and younger sandstones that were found to be productive in other wells on the Deen Dayal structural complex. The well was drilled to 5,621 meters measured depth and encountered basement at 5,530 meters measured depth.

Two Drill Stem Tests ("DST") were undertaken after electric logging of the lower section of the well. DST-1 was undertaken in the rift fill section with perforation between 4,957 to 4,970 meters measured depth. This test flowed water at an average rate of 1500 bwpd and carbon dioxide ranging 20% to 28% was found in the well stream. DST-2A was undertaken in a shallower section with perforation between 4,774 to 4,786.5 meters measured depth and 4,789-4,799.5 meters measured depth. This flowed gas at 0.73 mmscfd with condensate at 60 bcpd from a 12/64 inch choke; 6% constant carbon dioxide was observed during the test.

The authorized cost to drill and test the well was approximately USD 75 million (USD 7.5 million net to Jubilant), the actual cost to date is approximately USD 69 million (USD 6.9 million net to Jubilant). The rig is currently waiting for a suitable weather window to move to the Well Head Platform.

Jubilant holds a 10% participating interest in this block through its subsidiary Jubilant Offshore Drilling Private Limited in India. Gujarat State Petroleum Corporation Limited, with an 80% participating interest, is the operator for the block. Geo Global Resources holds 10%.

Ajay Khandelwal, CEO of the Company commented, "The results of this well are not as expected and the operator is undertaking a full evaluation of the results. Any impact on 2C resources for DDE will be declared following a detailed evaluation by the operator and independent reserves consultants. Any evaluation will also take into account the possible upside of 2C resources from 20.5 square kilometer development area extension, as previously announced. Furthermore, the ongoing development of DDW (2P reserves area) is currently ahead of schedule with first gas expected in 2013."

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Whiting Posts Production Rates for Williston Basin Wells

- Whiting Posts Production Rates for Williston Basin Wells

Thursday, August 04, 201
Whiting Petroleum Corp.

Whiting released information on six western Williston Basin areas within its Lewis & Clark prospect and three nearby prospects. The initial production rates from wells drilled in these nine areas averaged 1,471 barrels of oil equivalent (BOE) per day. Whiting believes that its drilling results at Lewis & Clark and Hidden Bench as well as non-operated drilling results at Missouri Breaks and Starbuck indicate that a large portion of its 1,102,302 gross acres and 680,137 net acres in the Williston Basin has been shown to be productive and have excellent initial production rates.

Eleven Whiting-operated Sanish Sand wells in our Pronghorn area had initial production rates averaging 1,298 BOE per day. This average excludes four delineation wells drilled to determine the southwest boundary of the Sanish Sand reservoir at Pronghorn.

In our Big Stick area, we have completed three wells with initial production rates averaging 1,043 BOE per day. At Demores, where two wells had initial production rates averaging 479 BOE per day, Whiting is changing the direction of its well bores to a north-south orientation to encounter more natural fractures. In its Beaver Creek area, Whiting has completed six wells that averaged 1,119 BOE per day. A recent well in the Beaver Creek area, the Dry Creek 44-20TFH, flowed 2,337 BOE per day from the Three Forks formation on August 2, 2011. The Company has completed one well in its O'Neil Creek area. The Mosser 11-27TFH well was completed in the Three Forks formation with an initial production rate of 193 BOE per day. Severe weather conditions which caused a shut-down of flow back operations post frac is believed to have resulted in the low initial production rate on this well.

At Missouri Breaks and Starbuck, another operator has drilled within the outline of our acreage position. One non-operated well at Missouri Breaks was completed flowing 2,962 BOE per day. Three non-operated wells at Starbuck had initial production rates averaging 1,264 BOE per day. Whiting currently has two operated wells waiting on completion at the Starbuck prospect with results expected within 30 days.

James J. Volker, Whiting's Chairman and CEO, commented, "We are very encouraged with our results at Lewis & Clark and Hidden Bench. We are also encouraged by the initial production rates of area non-operated wells and the shows encountered during drilling operations on our two operated wells at Starbuck. We plan to complete these wells in early September.

"We own 387,351 gross (254,818 net) acres in Lewis & Clark, which is more than three and a half times larger than our Sanish field. At Lewis & Clark, Whiting has a controlling interest in 164 1,280-acre spacing units with an average working interest of 64%. Based on production to date at Lewis & Clark, it appears that these wells have a relatively shallow decline rate. Therefore, we continue to believe that our wells at Lewis & Clark will have Estimated Ultimate Recoveries (EURs) in the 300,000 to 500,000 BOE range."

Mr. Volker added, "Based on IHS data, with its average of 100,000 BOE, we continue to be on top of the list in terms of cumulative production during the first six months from all Bakken wells drilled in North Dakota since January 2009. For companies with a sample of at least 10 wells, Whiting leads the pack by 15,000 to 70,000 BOE in the first six months. We hold more than 680,000 net acres in the Bakken/Three Forks Hydrocarbon System that we believe will generate increased production and reserve additions."

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Gastar Posts Public Offering

- Gastar Posts Public Offering

Wednesday, June 15, 2011
Gastar Exploration Ltd.

Gastar announced that Gastar Exploration USA, Inc., the wholly-owned subsidiary of the Company ("Gastar USA"), is commencing an underwritten public offering of 600,000 shares of perpetual and non-convertible 8.625% Series A Cumulative Preferred Stock (liquidation preference of $25.00 per share).

The Company will guarantee the payment of dividends that have been declared by the board of directors of Gastar USA, amounts payable upon redemption or liquidation, dissolution or winding up, and any other amounts due with respect to the Series A Cumulative Preferred Stock, to the extent described in the prospectus supplement. The offering is being made on a "best efforts" basis pursuant to an effective shelf registration statement that the Company and Gastar USA previously filed with the Securities and Exchange Commission (the "SEC"). Upon issuance, the Company anticipates that Gastar USA's 8.625% Series A Cumulative Preferred Stock will be listed for trading on the NYSE Amex under the ticker symbol "GST.PR.A."

McNicoll, Lewis & Vlak LLC is acting as book-running manager for the offering.

The Company intends to use net proceeds from the offering to repay borrowings under Gastar USA's revolving credit facility, which were incurred to pay for the Company's capital expenditure program and for general corporate purposes. Any remaining proceeds will be used to fund additional capital expenditures or to provide working capital for general corporate purposes.

The offering is being made pursuant to an effective shelf registration statement that the Company and Gastar USA previously filed with the SEC. A final prospectus supplement relating to the offering will be filed with the SEC.

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Egdon Posts Initial Production Rates at Keddington

- Egdon Posts Initial Production Rates at Keddington

Friday, May 27, 2011
Egdon Resources plc

Egdon provided an update on production testing of the Keddington-4 well in Egdon's operated license PEDL005 (Remainder) located in Lincolnshire.

The Keddington-4 well was drilled as a re-entry and horizontal sidetrack from the Keddington-1Z "donor" well, during April 2011 and encountered a total of 120 meters of the primary reservoir Unit 1 sandstone and 65 meters of Unit 2.

Site reinstatement works have been completed and the Keddington-4 well commenced pumping operations on Monday, May 23, 2011 at 08.30 hours. After initial recovery of kill-brine and oil-based drilling mud, the well began free-flowing oil and gas through an adjustable choke and the pump was shut-off. The well has been shut-in periodically to observe pressure behavior. Free-flowing production over a flowing period of 68 hours to 07.30 on May 27, 2011 has yielded 647 barrels of oil along with 1,106,300 cubic feet of gas on a minimum choke setting. The production rate for the 24 hours to 07.30 hours on May 27, 2011 was measured at 234 barrels of oil per day ("bopd") and 518,000 cubic feet of gas per day ("cfg/d"). No formation water has been observed to date.

It is intended to continue to produce the Keddington-4 well over the coming few weeks to determine the optimum rate and methods of producing the well. Production from the adjacent Keddington-3z well, which was producing at constrained rates of 100 bopd and 650,000 cfg/d prior to being shut-in during the drilling operations, will resume in the coming weeks once stable production has been established from Keddington-4.

We will provide further updates once stable oil and gas rates for the field are established.

Egdon holds a 75% operated interest in PEDL005(Remainder). The joint venture partners are Terrain Energy Limited (15%) and Alba Resources Limited (10%), a wholly owned subsidiary of Nautical Petroleum.

Commenting on the production testing operations, Egdon's Managing Director Mark Abbott said, "We are pleased by these initial production results from the Keddington-4 well. The good oil rates, lack of any observed formation water and current gas production from the well are all encouraging. We will continue to flow and monitor the well over the next few weeks as we look to define the optimum production strategy for the well and the field as a whole."

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Trans Energy Posts Production Results for Groves Well

- Trans Energy Posts Production Results for Groves Well

Monday, May 23, 2011
Trans Energy Inc.

Trans Energy announced that the first 30 days of production from its Groves #1H horizontal Marcellus well in Marshall County, West Virginia averaged 5,344 Mcfe per day and the rate of production on the 30th day was 4,660 Mcfe on a 30/64 choke.

John G. Corp, President of Trans Energy, said, "We continue to develop our acreage position in the Marcellus shale. We have been pleased with our initial success and our thirty day initial production results speak for themselves. We continue to learn more about the Marcellus as we drill and complete more wells and hopefully that translates into better wells in the future."

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Anadarko Posts Quarterly Dividend

- Anadarko Posts Quarterly Dividend

Tuesday, May 17, 2011
Anadarko Petroleum Corp.

Anadarko declared a quarterly cash dividend on the company's common shares.

A dividend of 9 cents per share was declared on the company's outstanding common stock, payable June 22, 2011, to stockholders of record at the close of business on June 8, 2011.

The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The Board of Directors determines dividends on a quarterly basis.

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Statoil Posts Stronger Q1 Profit

Statoil Posts Stronger Q1 Profit

Wednesday, May 04, 2011
Deutsche Presse-Agentur (dpa)

Norwegian energy giant Statoil's first-quarter net income increased 44 percent driven by higher gas and oil prices, the group said Wednesday.

Net income for the quarter was 16.1 billion kroner (3 billion dollars) compared to 11.1 billion kroner in the corresponding business period 2010.

Revenues in the quarter were 151 billion kroner, up 17 percent year-on-year, the state-controlled group said.

Statoil said its average daily oil and gas output was some 1.9 million barrels of oil equivalent per day during the quarter, a 6 percent drop in production year-on-year but in line with its expectations.

The average first-quarter oil price measured in kroner was up 33 percent year-on-year, while the average natural gas price was 20 percent higher measured in the Norwegian currency, the group said.

For 2011, Statoil said it predicted production to be at the same level or slightly below the 2010 level.

The group said it had made important discoveries off Norway and in Brazil, and had received permits to drill two exploration wells in the Gulf of Mexico.

During the quarter the group drilled 10 exploration wells, including three outside the Norwegian continental shelf. Three of the wells resulted in discoveries, Statoil said.

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Cobalt Posts Smaller Loss for Q1

Cobalt Posts Smaller Loss for Q1

Tuesday, May 03, 2011
Cobalt International Energy, Inc.

Cobalt International Energy, Inc. on Tuesday announced a net loss of $16.1 million, or $0.05 per basic and diluted share for the first quarter of 2011, compared to a net loss of $29.7 million, or $0.09 per basic and diluted share, for the first quarter of 2010.

Cash expenditures (excluding changes in working capital) for the quarter ended March 31, 2011 were approximately $11 million compared to guidance of $20 25 million. For the full year 2011, expected cash expenditures (excluding changes in working capital) including the cash expenditures associated with Block 20 offshore Angola are $325 to 400 million. The range depends principally on when Cobalt recommences Gulf of Mexico drilling activities in the second half of 2011, and the testing and appraisal expenditures associated with any discoveries offshore Angola.

Cash, cash equivalents and investments at the end of the first quarter were approximately $843 million. This excludes approximately $349 million designated for future operations held in escrow and collateralizing letters of credit, as well as approximately $196 million in the TOTAL drilling fund for the Gulf of Mexico. In addition to these balances, Cobalt closed a common stock offering on April 15, 2011, which resulted in total gross proceeds to Cobalt before underwriting discounts and offering expenses of $499.1 million. Cobalt has no short or long-term debt. Including the proceeds from the offering, Cobalt holds cash, cash equivalents and investments of over $1.67 billion which Cobalt expects will be sufficient to fund its planned exploration and appraisal program, including expenditures relating to Block 20 offshore Angola, through the end of 2013.
Cobalt is an independent oil exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

Husky Posts Quarterly Dividend

Husky Posts Quarterly Dividend

Wednesday, April 27, 2011
Husky Energy Inc.

Husky has declared a quarterly dividend of $0.30 (Canadian) per share on its common shares for the three month period ended March 31, 2011. The dividend will be payable on July 5, 2011 to shareholders of record at the close of business on May 20, 2011.

On February 28, 2011, the Company announced that shareholders had approved an amendment to the corporation's articles, which allows shareholders to accept dividends in cash or in common shares.