PetroMagdalene Announces Copa B-1 Discovery

- PetroMagdalene Announces Copa B-1 Discovery

Monday, September 12, 2011
PetroMagdalena Energy Corp.

PetroMagdalena Energy Corp. on Monday announced that it has discovered a new light oilfield with the Copa B-1 exploration well, with the well testing 1,045 bopd of 39.3 degrees API light oil over the initial 3-day production test. This represents 597 bopd gross working interest share for the Company.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am excited as this has a direct impact on our bottom line and follows directly after our Petirrojo-1 discovery, which has produced at an average of 1,831 bopd over the past 20 days. This is a very positive drilling result as it significantly improves the potential of the remaining exploration acreage on the Copa trend in the Cubiro block, our core producing asset in Colombia, and the rig is now moving to spud the Copa AS-1 exploration well."

Located in the Cubiro Block of the Llanos Basin, the Copa B-1 well, in which the Company holds a 57% working interest, was spudded on August 18, 2011 and directionally drilled to a total depth of 6,862 feet measured depth ("MD"). The top of the C5 and C3 Carbonera sections were encountered at depths of 5,251 feet (MD) and 5,045 feet (MD), respectively. Well logs indicate a total of 41 feet of net oil sand, 24 feet in three C5 sands, and 17 feet in two C3 sands. Porosities range from 24% to 28% in the C5 and 27% to 29% in the C3 sands. After perforating 17 feet in the two lower C5 sands and installing an electric submersible pump ("ESP"), the well produced at an average rate of 1,067 bopd of 39.3 degrees API oil over the latest 24-hour period at a BS&W of 0.9% and a downhole pump intake pressure of 1623 psi, a 23.2% drawdown. The well testing program is ongoing and final results will be provided.

Based on seismic interpretations, the accumulation discovered by Copa B-1 is a 1.3 kilometer-long structure with an estimated closure of 140 acres, corresponding to the typical exploration play in the Llanos Basin. The Copa B structure is on trend with the Company's Copa Field, 4 kilometers to the north, which was brought on production last year with the Copa-1 well, which was completed in two C5 sands from the same stratigraphic level as the ones tested in Copa B-1 well, and has produced 200,000 barrels of 40 degrees API oil over the past 16 months.

In Cubiro Block C, the Company is currently moving the drilling rig to drill the Copa AS-1 exploration well from the same operating pad with a target total depth of 7,716 feet (MD). Copa AS-1 will test a similar structure as Copa B, on trend with the Copa Field and immediately north of the Copa B discovery. Once the drilling of the Copa AS-1 well is terminated, a work over rig will be mobilized to test this well and the rest of the C5 and C3 sands penetrated by the Copa B-1 well.

PETIRROJO

The Petirrojo-1 discovery has produced at an average rate of 1,831 bopd (Company share, 1,282 bopd before royalties) over the past 20 days with a sustained pump intake pressure.

TOPOYACO

On August 31, 2011, Trayectoria Oil & Gas, the operator for the Topoyaco Block, spudded the Yaraqui-1X well in the central part of the block. The well is planned to reach a total depth of 10,509 feet MD, or 9,402 feet true vertical depth (TVD), or 8,484 feet TVDSS, and is targeting the Cretaceous Villeta and Caballos formations in a sub-thrust structure called Prospect "D". This prospect is a sub-thrust structure independent from previously drilled structures "B" and "C" in the block. Pacific Rubiales Energy Corp. recently announced that preliminary prospective resources (best estimate) for Prospect "D" are 51 MMbbls.

As previously announced, Pacific Rubiales has requested the approval of the ANH to become the operator of the Topoyaco Block, which approval remains pending.

SENIOR SECURED SERIES A NOTES AND ACCOMPANYING WARRANTS

On September 8, 2011, 31,050 senior secured series A notes and 1,330,714 share purchase warrants, issued pursuant to the Company's debt financing of C$31,050,000 that closed on May 5, 2011, began trading on the TSX Venture Exchange under the symbols "PMD.DB" and "PMD.WT", respectively.

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Tullow Reports French Guiana Discovery

- Tullow Reports French Guiana Discovery

Friday, September 09, 2011
Tullow Oil plc

Tullow Oil plc announced Friday that the Zaedyus exploration well (GM-ES-1), offshore French Guiana, has made an oil discovery having encountered 72 meters of net oil pay in two turbidite fans. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered good quality reservoir sands on prognosis.

The objective of the Zaedyus well was to test whether the Jubilee-play, successfully established in West Africa, was mirrored on the other side of the Atlantic. This discovery therefore opens a new hydrocarbon basin within which several neighboring prospects have been mapped. This result also reduces the exploration risk associated with Tullow's prospect inventory offshore French Guiana, Suriname and Guyana. An appraisal program and extensive follow-up exploration activities will now be considered.

The Zaedyus well is being drilled in the Guyane Maritime license using the ENSCO 8503 deepwater semi submersible. The well was drilled in water depths of 2,048 meters and has been drilled to a depth of 5,711 meters. Drilling operations will now continue and the well will be deepened to over 6,000 meters to calibrate the deeper geology. The well will then likely be sidetracked to enable cores to be obtained over the reservoir sections.

Tullow (27.5%) operates the Guyane Maritime license and is partnered by Shell (45%), Total (25%) and Northpet (2.5%), a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc.

Angus McCoss, Tullow's Exploration Director, commented Friday:

"The discovery at Zaedyus has proved the extension of the Jubilee-play across the Atlantic and made an important new discovery in French Guiana. Tullow has built a commanding and unique acreage position in South America and this result marks the start of a significant and potentially transformational long-term exploration and appraisal campaign in the region."

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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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Gulf Shores Reports Bakken Oil Discovery in Saskatchewan

- Gulf Shores Reports Bakken Oil Discovery in Saskatchewan

Thursday, September 01, 2011
Gulf Shores Resources Ltd.

Gulf Shores reported that the 3-34-14-33W1 well in the Coothill area of Southeast Saskatchewan has been drilled and is being cased as a new Bakken oil discovery.

Gulf Shores Resources Ltd. is paying 60% of the cost of the well to earn a 39% working interest in 160 acres with an option on an additional contiguous 320 acres under the same terms.

The rig will now move to the 9-16-15-32W1 location in the Welwyn area west of the Rocanville Field in Southeast Saskatchewan.

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Sub-Commercial Discovery Disappoints Salamander Offshore Vietnam

- Sub-Commercial Discovery Disappoints Salamander Offshore Vietnam

Thursday, September 01, 2011
Salamander Energy plc

Salamander announced the completion of the Cat Ba-1X ("101-CB-1X") exploration well in Block 101-100/04, offshore northern Vietnam. Block 101-100/04 was the subject of a farm out as announced on May 31, 2011.

The 101-CB-1X well was drilled to a total depth of 1,724 meters. The well encountered 38 meters of net hydrocarbon pay in Tertiary clastics, the secondary objective of the well. The pay section comprises a series of gas-bearing sandstones underlain by an oil-bearing reservoir. A full suite of wire-line logs and pressure data were recorded over the reservoir sections and samples of oil and gas were recovered.

These data show that the Tertiary reservoirs are of good quality, however pressure data and seismic mapping indicates the in-place resource volumes encountered by the well are probably below levels needed for commercial development.

No oil shows were observed and only low levels of gas were recorded while drilling the primary objective, the Palaeozoic 'buried hills' play. Subsequent wire-line logging did not reveal any zones of interest. The Cat Ba-1X well has subsequently been plugged and abandoned as a sub-commercial discovery.

James Menzies, Chief Executive, Salamander Energy, said, "While a sub-commercial find is disappointing, we have an active drilling program into 2012 which sees a mix of exploration, appraisal and development around our three primary areas of focus. These are proven regional plays, where we believe we can create significant value."

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OMV Makes Gas Discovery in Norwegian Sea

- OMV Makes Gas Discovery in Norwegian Sea

Wednesday, August 31, 2011
Valiant Petroleum plc
by SubseaIQ

Valiant announced that drilling has completed on exploration well 6407/5-2S on PL471 located in the Norwegian Sea. The primary Chamonix target, a Cretaceous-age stratigraphic trap, was found to be dry having encountered poorly developed sands in the drill location. However, the well has made a small gas discovery in the secondary Cortina target having encountered a gross gas column of about 40 meters in the Upper and Middle Jurassic sandstones of the Rogn and Garn formations. An extensive data sampling program has been undertaken giving important information to de-risk similar nearby prospects. The discovery will be evaluated with the view to determine viability as a tie-back as part of a larger field development to surrounding infrastructure.

The well was drilled in a water depth of 230 meters using the semisubmersible rig Borgland Dolphin and was completed ahead of schedule and budget without any operational problems. The well has a deviated path and was terminated in the Lower Jurassic Tilje Formation at a vertical depth of 3359 m below sea surface. The partners in license PL471 are OMV Norge (50%, operator), Noreco (30%) and Valiant (20%).

Peter Buchanan, CEO, commented, "We are pleased to have made a small gas discovery on our first exploration well in Norway and we look forward to continuing to work together with our partners in order to fully evaluate its potential and the prospectivity of the rest of the license."

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Gulfsands Makes Oil Discovery in Syria

- Gulfsands Makes Oil Discovery in Syria

Friday, August 26, 2011
Gulfsands Petroleum plc

Gulfsands provided this update on operations in Syria.

Block 26 Drilling Operations

Yousefieh East Exploration Well (Yous-6)

The Yousefieh East exploration well ("Yous-6") has been drilled using the Crosco-E401 rig to test an undrilled structural high in Cretaceous age carbonates located approximately 3 kilometers to the east of the Yousefieh field discovery well (note, this well was erroneously referred to as Yousefieh-8 in a Gulfsands Petroleum plc News Release dated July 11th 2011). The Yous-6 well was deviated at an angle of up to 36 degrees to the vertical in order to avoid obstructions to drilling operations on the surface directly above the target location.

The Yous-6 well encountered oil bearing Cretaceous Massive Formation reservoir at a depth of 2045 meters Measured Depth Below Rotary Table ("m MDBRT") or 1560 meters True Vertical Depth Sub-Sea ("m TVDSS"), 28 meters deep to prognosis. The well penetrated the hydrocarbon bearing Massive reservoir section at an angle of approximately 29 degrees to the vertical. Two twelve meter core sections, parts of which were oil stained, were recovered from the wellbore over the interval 2055-2079m MDBRT (1569-1590m TVDSS). Interpretation of wireline logs indicates a gross porous reservoir interval of 18.1 meters was encountered overlying a non-porous interval, and having a net oil column of 12.8 meters, average porosity of 18% and average oil saturation of 69%.

Pressure data obtained via wireline logs indicates that the oil bearing reservoir is slightly depleted versus initial reservoir conditions, indicating that the Yousefieh East structure is likely to represent an eastern flank extension of the Yousefieh field which is currently on production at approximately 2,600 barrels of oil per day ("bopd"). Reservoir permeability in the Yous-6 net reservoir section is interpreted to be of similar quality to that encountered in the main producing areas of the Yousefieh field.

The Yous-6 well was production tested and produced at an average oil flow rate of approximately 250 bopd of 20 degree API oil for 4 hours on 2 inch choke under nitrogen assisted lift conditions with no water production. The well will be tested further following acidization of the reservoir in a rig-less operation.

Due to a thinner oil column encountered in this well versus other Yousefieh wells, the Yous-6 well will require the installation of permanent artificial lift facilities in order to flow continuously. The Yous-6 well is located within the Yousefieh field Development License Area and can be quickly tied back and produced into the existing Yousefieh field production facilities once artificial lift facilities are secured. Procurement of the relevant equipment is in progress.

The impact of Yous-6 on Yousefieh reserves will be evaluated as part of the year-end reserves review.

Safa-1 Exploration Well

Operations have been completed on the Safa-1 exploration well which was drilled using the Crosco M-501 rig. This well targeted a fault-bound dip closed structure of Cretaceous aged reservoir on trend and approximately 7 kilometers north of the Khurbet East Field.

The Safa-1 well is interpreted to have encountered the Cretaceous Shiranish Formation at 1937m MDBRT (1448m TVDSS) and the Cretaceous Massive Formation at 1953m MDBRT (1464m TVDSS). Three consecutive core sections were cut between 1942m and 1975m MDBRT (1453m and 1486m TVDSS), with a total recovery of 31.4 meters of core, sections of which were stained with viscous oil. Evaluation of wireline logs indicates a net reservoir interval of 9.9 meters with an average porosity of 13% and an average oil saturation of 74%.

Well testing operations were conducted in open hole over sections of the gross reservoir column in three stages, however only formation water of low salinity plus traces of viscous oil were recovered to surface, even after an acidification of the net reservoir interval was performed.

The Safa-1 exploration well therefore has been plugged and abandoned as a non-commercial heavy oil discovery.

Forward Drilling Program

Gulfsands drilling operations in Syria Block 26, using the Crosco E-401 and M-501 drilling rigs, will continue as planned with the drilling of one development and one exploration well.

The Khurbet East-20 well is planned as a delineation well to further evaluate the northern flank of the Khurbet East field. The Wardieh-1 exploration well will target a new exploration play, a combined structural/ stratigraphic trap located on the southern flank of the Souedieh Field at the Cretaceous "Massive" level.

Block 26 Oil Production

Production operations on Block 26 continue without interruption. Combined gross oil production from the Khurbet East and Yousefieh fields has averaged in excess of 24,000 bopd to date during the month of August following commissioning of an additional Khurbet East sub-station facility on August 6, 2011.

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Statoil Unlocks Third Gullfaks Discovery in 2011

- Statoil Unlocks Third Gullfaks Discovery in 2011

Wednesday, August 24, 2011
Statoil
by SubseaIQ

An exploration well and a sidetrack currently being completed by Statoil near Gullfaks South have yielded the third discovery made in the Gullfaks license so far this year.

"This confirms yet again that infrastructure-led exploration is important and yields highly commercial finds which can be brought on stream quickly," said Tom Dreyer, exploration head for the northern North Sea.

"We regard the area around Gullfaks South as prospective and the find confirms our faith in the area. Even though the volumes are modest compared with the large finds made off Norway earlier, this type of discovery is important for maximizing the potential on the Norwegian continental shelf, and contributes to extending the production life of installations."

The wells were intended to prove petroleum in Middle Jurassic reservoir rocks of the Brent group, and whether communication exists with the producing structures in Gullfaks South. Wells 34/10-52 A and B were drilled by Deepsea Atlantic, which will proceed to shore for modification work after completing this operation

Oil- and gas-bearing intervals were observed in the upper part of the Brent group along both well paths, and a column about 120 meters thick with good reservoir quality was proven.

No hydrocarbons were found in the lower Brent group. The wells have not been formation tested, but data were collected and cores taken to determine the hydrocarbon system and contacts.

Preliminary calculations indicate that 3 to 9.5 million barrels of recoverable oil equivalent are present, which are planned to be tied back to existing infrastructure in the Gullfaks area.

The two other discoveries made so far this year in the Gullfaks license are Rutil and Opal.

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Faroe Makes Oil Discovery West of Shetlands

- Faroe Makes Oil Discovery West of Shetlands

Wednesday, August 24, 2011
Faroe Petroleum plc

Faroe announced an oil discovery in its first operated exploration well on the Fulla prospect in the west of Shetland (Faroe Petroleum 50% and operator).

Highlights

• The 206/5a-3 exploration well discovers oil in the Fulla prospect
• The well penetrated a gross oil column in the well of 133 feet and a net oil column of 45 ft. Reservoir quality is better than expected.
• The oil has been sampled and details of the oil quality will be confirmed by further analysis conducted in the onshore laboratory.
• Faroe’s first operated exploration well has been successfully drilled in accordance with UK's HSE guidelines.

Well 206/5a-3 on the Fulla prospect was spudded on July 6, 2011 and was drilled to a total depth of 7,711 feet total vertical depth sub-sea (TVDSS) in 407 feet water depth. This Atlantic Margin well, located 31 kilometers to the north east of the BP-operated Clair field platform, was targeting potentially oil-bearing Clair and Whiting reservoir sands with the primary objectives of confirming hydrocarbons within the structure and, if present, running a comprehensive suite of wireline logs and obtaining representative oil samples.

The targeted reservoirs were encountered close to prognosis. The well drilled through a gross oil column of 133 feet and a net oil column of 45 ft. The average porosity in the net interval has been estimated at 23%. Oil samples were successfully recovered to allow detailed fluid analysis to be conducted in the onshore laboratory. Detailed data analysis will now commence on interpreting the results of this well, and subsequently, we will work to identify development options that include the Freya discovery made in 1980, which is located immediately to the south in the adjoining Block 206/10a (Faroe 50% and operator).

The Awilco-owned WilPhoenix semi-submersible drilling rig, which was used for the drilling operation, is now actively engaged in operations to plug and abandon the well as planned, and is expected to move away from the location in the coming days.

In December 2010, Faroe farmed out a 50% interest in this license to Canadian Overseas Petroleum Limited on promoted terms.

Graham Stewart, Chief Executive of Faroe Petroleum plc, commented, "We are very pleased with the positive outcome of this frontier West of Shetlands exploration well. To announce a discovery in our first operated well is a significant achievement for Faroe Petroleum and is a realization of the team’s vision and ability. Further work will be conducted in the coming weeks to gain a deeper understanding of the structure and its contents. With better than expected reservoir quality and good indications of mobile oil, we believe there is potential for a commercial field development, most likely in combination with our nearby Freya discovery.

"Faroe Petroleum applied for and won this license, which also contains the Freya discovery to the south, in the 22nd UK Licensing Round in 2005, and has worked continuously to de-risk this opportunity. This important new Fulla discovery is a great testament to the diligence and skill of our technical team.

"We look forward to three further exploration wells to be drilled in Norway this year. The Butch well with Centrica as operator is currently drilling, and we have two further wells, T-Rex and Kalvklumpen planned to commence in the coming months."

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Noreco to Sell Stake in Flyndre Discovery

- Noreco to Sell Stake in Flyndre Discovery

Monday, August 22, 2011
Norwegian Energy Co. ASA

Norwegian Energy Company (Noreco) has entered an agreement to sell its share of the Flyndre Paleocene discovery to Maersk Oil for a consideration of NOK 19 million.

Flyndre Paleocene is a cross border discovery operated by Maersk Oil, of which the Norwegian part is located in license PL018C where Noreco holds a 13.338 percent interest.

Noreco's estimated share of proved and probable reserves in this discovery is 0.4 million barrels of oil equivalents. The license also contains a discovery in the Cretaceous formation which will be carved out and retained by Noreco.

The Flyndre sale is expected to have a positive accounting effect of approximately NOK 10 million after tax. The transaction and carve out of the Cretaceous formation as a separate production license are subject to approval by Norwegian authorities.

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Gulf Keystone Unlocks Discovery at Shaikan-2 Appraisal

- Gulf Keystone Unlocks Discovery at Shaikan-2 Appraisal

Thursday, August 18, 2011
Gulf Keystone Petroleum Ltd.

Gulf Keystone has made a new Triassic discovery with the Shaikan-2 Appraisal Well, drilled approximately nine km to the south-east of the Shaikan-1 discovery well in the Kurdistan Region of Iraq.

Gulf Keystone has completed drilling of the Shaikan-2 Appraisal Well to a TD (total depth) of 3,300 meters in the middle Triassic, following which a flow test has been performed in the newly discovered Kurre Chine C zone over a 80 meter interval (3,195m to 3,275m). This new zone is highly pressured and correlates with the high pressure zone penetrated at the bottom of Shaikan-1.

The Kurre Chine C flow test in Shaikan-2 has achieved variable flow rates up to a maximum recorded rate of 4,450 barrels of 36 degree API oil per day with associated gas of 813,000 scf per day through a 36/64" choke.

After success with this first test, the Company plans to continue with its program of Shaikan-2 testing in the Triassic and Jurassic.

The Company has a 75 percent working interest in the Shaikan block and is partnered with the MOL subsidiary, Kalegran Ltd., and Texas Keystone Inc. which have the remaining 20 and 5 percent working interests respectively.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented, "The new Triassic discovery is yet another chapter in our Shaikan success story. As a result of these successful Shaikan-2 well test results, oil volumes that will eventually be attributed to this zone, will be in addition to the already impressive 4.86 to 10.8 billion barrels of gross oil-in-place already discovered in the Shaikan field."

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Entek Flows Rates of 9.5 MMcfd at GA A133 Discovery

- Entek Flows Rates of 9.5 MMcfd at GA A133 Discovery

Tuesday, August 16, 2011
Entek Energy Ltd.

Entek announced the development of its GA A133 gas discovery, made in 2010, has been completed and gas is flowing at the planned 9.5 MMcfd on restriction. At current gas prices this should net Entek around US $250,000 per month. Entek has a 38% working interest in the block which is operated by Peregrine Oil & Gas II, LLC.

The GA A133 block has gross reserves of approximately 10 BCF associated with the recent discovery, with additional reserves linked to previous gas discovered on the block to be targeted at a later date.

Due to proximity to analogue production the GA A133 discovery well was not tested. This is common practice in the Gulf of Mexico where numerous existing producing analogues give a high level of confidence. The well is performing as predicted based on wireline log interpretation and correlation with offset analogue production.

For the same reason the Company did not flow test its recent oil discovery in VR 342. In this case analogue studies based on numerous existing producing analogues (performed independently on Entek's request) suggest potential flow rates of 500-1000 BOPD with minimal decline for the first 3-4 years.

Development planning is currently underway for the VR 342 oil discovery based on the flow rates described above and the independently certified gross reserves of circa 7.5 MMBO (1P 2.5 MMbo; 2P 4.8 MMbo; 3P 7.5 MMbo) and 9.5 Bcfg (1P 3.8 Bcfg; 2P 6.3 Bcfg; 3P 9.5 Bcfg) or 9.1 MMboe.

Additional wells are expected to be drilled in first half of 2012. First oil production is anticipated in 3Q 2012. Entek has 50% working interest in the VR 342 block.

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Petro Vista Commences Testing at Morichito Discovery

- Petro Vista Commences Testing at Morichito Discovery

Wednesday, August 03, 2011
Petro Vista Energy Corp.

Petro Vista provided the following operational update.

Morichito Block, Colombia - M5 Discovery

The Company has commenced testing from the previously announced Morichito discovery in Colombia. The M-5 well was re-entered and now has flow rates of up to 700 barrels of 22.5 degrees API crude oil per day utilizing a hydraulic jet pump from perforations in the lower Carbonera C7 zone at 5900-5902 feet. The well is currently being shut in for pressure buildup which will determine long term optimal production rate.

Originally drilled in March 2010, the M-5 previously tested two zones in the Carbonera C7 Formation and identified a third potential pay zone in the Carbonera C1 from logs and sidewall cores.

The third zone, a Carbonera C1 sand, exhibited good porosity and oil shows in sidewall cores but was not tested and will be evaluated at a later date.

Currently installed early production infrastructure has storage capacity of 2,000 barrels of crude. The infrastructure and includes four test tanks and two frac tanks with a total capacity of 3,000 barrels primary three-phase crude separation and emergency flare systems. Once the test and the pressure build up have been completed, the Company expects to commence operations intended to establish long-term production including upgrading the access road, which is expected to be completed before year-end.

Morichito Block, Colombia - M5B Exploration / Appraisal Well

Also as previously announced, the Company has drilled a second well (M5B) on the Morichito structure which had good oil shows and indications of petrophysical pay in several zones including the Carbonera C7 zone productive downdip. Due to a failed cement job, the well was not able to be properly tested. Discussions are underway with the cementing contractor to either redrill or sidetrack this well at the contractor's cost. Testing of these prospective zones will be commenced once this has been completed.

The Company currently holds a 50% participating interest in the Morichito discovery.

Block SSJN-5, Colombia

At the SSJN-5 block the operator, SK Energy, has sent Petro Vista the final field report from a 500 square kilometer 3D seismic program completed earlier this year. Processing of the survey is nearing completion. Initial studies indicate the data quality is very good and has confirmed the prospectivity of the area. The Company expects final data to be received by the end of August at which time a final interpretation will be completed. The Company holds a 25% working interest in this license. Petroamerica Oil Corp, which farmed in to half of the Company's original 50% interest in the block in turn for a carry of all costs associated with the seismic program, has until September 9, 2011 to exercise its option to acquire Petro Vista's remaining 25% interest in SSJN-5 for a payment of US$ 3,000,000 and the grant of an option to purchase common shares in the capital of Petroamerica having an aggregate value of US$3 million, with the price per share being 20% higher than the 30 day weighted average closing price immediately prior to date on which Petroamerica exercises its option to acquire the remaining 25% participating interest.

La Maye Block, Colombia

At the La Maye block the rainy season has again affected activities of the operator, New Horizon Energy. Plans to complete the apparent Noelia-1 well discovery that was drilled during the fourth quarter 2009 and to drill the license's Phase II commitment well have been delayed due to significant flooding. The operator has been attempting to test the well, but the area remains flooded. Colombia's Ministry of Environment has notified partners in the license that any further work regarding the required environmental license will only begin once the flooding subsides. The Company holds a 25% working interest in this license.

VMM-13 Block, Colombia

The Company has received confirmation from the Colombian National Hydrocarbon Agency that it will grant the Company's request to nullify the license associated with this area. Initially awarded during the ANH Mini-Round in 2008, all efforts were put on hold when it was discovered there were two national parks covering approximately 75% of the land area and 100% of the prospective area of the license.

Tartaruga Block, Brazil

The Company is awaiting approval by the Brazilian National Hydrocarbon Authority on Petro Vista's application to become a partner in the Tartaruga production license. At the Tartaruga producing field, the operator, UPP Petroleo do Brasil, is finalizing completion of additional production facilities including a new separator that is expected to enhance the productive capability of the field. A special valve has also been installed which will allow constant injection of solvent into the wellbore to inhibit buildup of paraffin which has caused production problems on the 7-TTG-1DP-SES well. Once completed, this well should be capable of producing at least 500 barrels of oil per day consistently.

Additionally, the operator is planning a workover of the older production well in the field, the SES-107D. This well is currently producing a few days per month, but it is expected that the workover will allow daily production at rates of 100-150 barrels of oil per day.

Plans are being developed to drill up to three additional wells in the field, including a deep test of a Serreria pool.

Colombia and Brazil continue to be key focus areas for Petro Vista for production and reserve growth and the Morichito production will compliment the current production from Tartaruga in Brazil. We remain committed to our efforts in Colombia in the Morichito Block as well as our remaining assets.

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Earb South Discovery Disappoints Partners

- Earb South Discovery Disappoints Partners

Tuesday, August 02, 2011
Norwegian Petroleum Directorate

Marathon Oil Norge AS, operator of production license 505, has completed the drilling of wildcat well 25/10-11 testing the Earb South prospect in PL505.

The well was drilled about eight kilometers southwest of the previous discovery, 25/7-2, in the North Sea, about 40 kilometers south of the Heimdal field.

The primary exploration target for the well was to prove petroleum in Upper Jurassic reservoir rocks (Draupne and Heather formation). The secondary exploration target was reservoir rocks in the Middle Jurassic (Hugin formation).

Hydrocarbons were proven in a 95-meter interval with thin reservoir zones, in Middle/Upper Jurassic rocks. Hydrocarbons where also found in an intermediate 283 m gross interval, however, also in poorly developed reservoir rocks. A deeper zone had poorer reservoir properties, which was expected.

There were also hydrocarbons in the intermediate layer, but these were also in poorly developed reservoir rocks. The interval was production-tested, but did not achieve stable flow. Due to poor reservoir properties the well is not considered commercially interesting, but the licensees will consider further work in the production license.

The well is the first exploration well in production license 505, which was awarded in APA 2008.

The well was drilled to a vertical depth of 4534 meters below the sea surface, and was terminated in Middle Jurassic reservoir rocks. The water depth is 120 meters. The well will now be permanently plugged and abandoned.

Well 25/10-11 was drilled by Transocean Winner which will now proceed to production license 431 in the Norwegian Sea to drill wildcat well 6406/3-9, where Maersk Oil Norway AS is the operator.

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Beach Makes Oil Discovery at AU Western Flank

- Beach Makes Oil Discovery at AU Western Flank

Monday, August 01, 2011
Beach Energy Ltd.

Beach Energy announced two new field oil discoveries at Bauer-1, the third successful well in a five well exploration drilling campaign in PEL 91, and at Rincon-1, the final exploration well of the initial eleven well program for PEL 92. The commencement of the FY12 Joint Venture approved nine well exploration and development program, set down for PEL 92, will now follow this program.

The Bauer-1 well (Beach (Operator) - 40%, Drillsearch Energy Ltd - 60%) encountered a gross oil column of fifteen meters, with thirteen meters of net pay, in the McKinlay/Namur Sandstone section of the well. Preliminary volumetric assessment indicates the potential of the discovery could be in the order of two million barrels of recoverable oil (gross).

Following the completion of the evaluation program, the Ensign#18 rig will be moved to the Searcy-1 exploration well which is located approximately eight and a half kilometers to the north-east of Bauer-1. Bauer-1 is expected to be on-line in the fourth quarter of 2011.

The Rincon-1 well (Beach (Operator) - 75%, Cooper Energy Ltd - 25%) encountered a gross oil column of five meters, with four and a half meters of net pay, in the McKinlay/Namur Sandstone section of the well. Beach’s preliminary volumetric assessment suggests up to five hundred thousand barrels of recoverable oil (gross).

Following the completion of the evaluation program, the Ensign#30 rig will be moved to the Elliston-1 exploration well which is located approximately 25 kilometers to the south of Rincon-1. Options to bring Rincon-1 on-line are currently being assessed.

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Eni Makes Gas Discovery Offshore Indonesia

- Eni Makes Gas Discovery Offshore Indonesia

Thursday, July 28, 2011
Eni S.p.A.

Eni has made a new hydrocarbon discovery offshore Indonesia. As the operator, Eni has successfully drilled an exploration well on the Jangkrik North East structure, located in the Muara Bakau block Kutei Basin, east of Kalimantan, 15 Km from the Jangkrik field.

The Jangkrik North East discovery represents a significant success in Eni's exploration efforts in the Kutei Basin and further confirms the high potential of its portfolio in the area. The Jangkrik North East NFW is located approximately 70 kilometers from the coast of Indonesia and has been drilled to 3633m at a water depth of 460m.

The well contains more than 60m of net gas pay in excellent quality reservoir sands of Pliocene and Miocene age. During the production test, the well produced high quality gas at a tubing constrained rate of 30.6 MMscfd.

Eni, through its Indonesian subsidiary, is the operator of Muara Bakau PSC with a 55% interest. GDF SUEZ holds the remaining 45% interest in the project.

Overall, in Indonesia, Eni holds working interests in thirteen blocks, and operates seven of them. The offshore activities are located in the Tarakan and Kutei Basins, offshore Kalimantan, north of Sumatra West Timor and West Papua. In the Kutei basin, Eni is also participating in the development of the significant gas reserves located in the Ganal and Rapak blocks.

Other activities are located in the Mahakam River Delta, East Kalimantan, where Eni has an equity production of approximately 20,000 boed and has recently been awarded an interest in Sanga Sanga CBM, a new coal-bed methane production sharing contract (PSC) through its operated joint venture affiliate VICO CBM Limited (Eni 50%, BP 50%). The Sanga Sanga project would be the first LNG plant in the world to be supplied by CBM.

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Nautical Updates Kraken Discovery Size

- Nautical Updates Kraken Discovery Size

Monday, July 18, 2011
Nautical Petroleum

Nautical Petroleum plc is pleased to announce the results of an Independent Resource Opinion conducted by Gaffney, Cline & Associates (GCA) on the Kraken discovery located in North Sea Blocks 9/2b (Nautical 50%) and 9/1a (Nautical 100%).

GCA have reviewed data and the Company's reservoir simulation studies on the Main Sand Unit of the Heimdal III reservoir in order to provide an independent opinion on the Contingent Resources. The Heimdal III reservoir is the focus of the proposed first phase of development of Kraken and has been penetrated by the 9/02-1A, 9/02b-2, 9/02b-4 and 9/02b-4z wells.

GCA have also provided comment on the Contingent and Prospective Resources in the lower Heimdal I reservoir, which was penetrated by the 9/02b-2 well and extends westward into Block 9/1a. For the Heimdal I reservoir, GCA estimates a gross 1C, 2C and 3C Contingent Resources of 9MMstb, 11MMstb and 13MMstb respectively (Net to Nautical*: 4.5MMstb, 5.5MMstb, and 6.5MMstb). Additionally, GCA estimates gross Low (P90), Best (P50) and High (P10) unrisked Prospective Resources of 14MMstb, 48MMstb and 110MMstb respectively (Net to Nautical*: 9MMstb, 34MMstb and 88MMstb).

Commenting on this announcement Steve Jenkins, Chief Executive Officer of Nautical said:

"The independent review endorses Nautical's resource estimate for the main sand, the Heimdal III reservoir, and confirms Kraken as a material asset, with significant upside. The Heimdal I sand prospective resources represent further upside, and shall be evaluated by the 3D seismic data currently being acquired, to better define the areal extent of the reservoir.

"We now look forward to the results of the key 9/02b-5 appraisal well (spudded on 6 July 2011), which will gather further information about the Heimdall III reservoir and seeks to confirm a commercial flowrate in the core area of the field."

* Net to Nautical resource figures are as per the Company's calculation, based on the gross resources estimated by GCA.

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Wintershall Successfully Delineates Grosbeak Discovery

- Wintershall Successfully Delineates Grosbeak Discovery

Monday, July 18, 2011
Norwegian Petroleum Directorate

Wintershall Norge ASA, operator of production licence 378, has concluded the drilling of appraisal wells 35/12-4 S and 35/12-4 A in the 35/12-2 Grosbeak oil and gas discovery.

The Grosbeak discovery was proven in 2009 in the Sognefjord formation and in the Brent Group in Upper and Middle Jurassic reservoir rock.

The appraisal wells were drilled approximately 2.5 kilometres northeast of the 35/12-2 Grosbeak discovery well and approximately 10 kilometres northeast of the Fram field.

The purpose of the 35/12-4 S and 35/12-4 A wells was to delineate the 35/12-2 Grosbeak discovery.

Well 35/12-4 S was drilled in the south-eastern part of the structure and encountered an oil column of 40 metres in the Brent Group (Ness formation) in Middle Jurassic reservoir rock. The reservoir quality was better than expected. A successful formation test has been conducted in the well. The production rate was 800 standard cubic metres (Sm3) of oil with associated gas per flow day through a 44/64 inch nozzle opening. Maximum production rate was estimated at 1250 Sm3/ per flow day.

Well 35/12-4 A was drilled at the top Brent Group to study the north-eastern part of the Grosbeak structure. The upper part of the Ness formation consisted of thin alternating layers of sandstone and carbon, but no hydrocarbons.

The results from the wells will be included in the ongoing assessment of Grosbeak and the licensees will assess whether the discovery should be developed together with other discoveries in the area.

Comprehensive data acquisition and sampling have been carried out. Evaluations and analyses will be conducted to establish the size and extent of the discovery. Further delineation is likely to be necessary.

Wells 35/12-4 S and 35/12-4 A are the third and fourth exploration wells in production licence 378. The production licence was awarded in APA 2005.

Appraisal wells 35/12-4 S and 35/12-4 A were drilled to a vertical depth of 3585 and 3413 metres below sea level. Well 35/12-4 S was terminated in the Statfjord formation in Lower Jurassic rock and well 35/12-4 A was terminated in the Rannoch formation in Middle Jurassic rock. Both wells have been plugged and abandoned. The water depth is 359 metres.

The wells were drilled by the drilling facility Songa Delta, which will now be used in the Norwegian Sea to drill wildcat well 6607/12-2 S in production licence 127, where Total E&P Norge AS is the operator.

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Repsol, Partners Make Discovery Offshore Brazil

- Repsol, Partners Make Discovery Offshore Brazil

Tuesday, June 28, 2011
Repsol YPF

Repsol Sinopec and its partners Statoil and Petrobras have made a discovery of good quality oil in the 1-REPF-11A-RJS well, informally known as Gávea. The find in Gávea is the most significant made in the pre-salt area of the Campos Basin.

The well, located 190 kilometers off the coast of Rio de Janeiro, was drilled with the latest-generation Stena DrillMAX drillship in a water depth of 2,708 meters (8,885 feet), reaching a final depth of 6,851 meters (22,477 feet).

The consortium is currently analyzing the results of the well before continuing with exploration and evaluation work in the area.

Repsol Sinopec, with a 35% stake, is the operator of the exploration consortium, in partnership with Statoil (35%) and Petrobras (30%).

Repsol Sinopec and the consortium informed the Brazilian authorities of the existence of traces of hydrocarbons in the Gávea exploratory well in March 2011 for the first level and April for the second one.

Repsol Sinopec is the largest foreign owner of exploration rights in the Santos, Campos and Espírito Santo basins, participating in 16 blocks of which it operates 6.

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Total Makes Gas Discovery in Barents Sea

- Total Makes Gas Discovery in Barents Sea

Thursday, June 16, 2011
Det norske oljeselskap ASA

Det norske has as license partner made a gas discovery in the Norvarg prospect in the Barents Sea license 535, operated by Total E&P Norge AS.

Exploration well 7225/3-1 has not been completed. Preliminary well data indicate gas at three different levels, a significant part of it in the Kobbe formation.

It is too early to conclude on flow rate characteristics and potential commerciality; hence the partnership has decided to perform a production test to gather information about reservoir production properties.

The test is planned to be carried out after the well has been drilled to total depth at about 4100 meters. Drilling operations are expected to continue for several weeks. Due to the production test, it is expected that the well will take longer time to complete than previously anticipated.

License owners are:

• Total E&P Norge AS (operator 40%)
• Det norske oljeselskap ASA (20%)
• North Energy (20%)
• Rocksource (20%)

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