Oil & Gas Post - All News Report for Wednesday, July 06, 2011

Wednesday, July 06, 2011

• Commodity Corner: WTI Slips, Brent Edges Upward
• Circle Star Acquires Tx. Assets
• Legend O&G Begins Drilling Program in Kansas
• Westmont to Boost Production at Marcellus Wells
• Laredo Finalizes Broad Oak Acquisition
• Eagle Oil Receives Initial Payment from Questus
• Gulmar Offshore Group Strengthens Management
• Facebook Officially Announces Partnership with Skype
• Property, Mineral Rights In Conflict
• Toreador Comments on France's Fracking-Ban
• Clough, SapuraCrest In Talks over Construction Business
• Helmerich & Payne to Build 12 Additional FlexRigs
• Abraxas Buys Drilling Rig
• Union Drilling Enters Multi-Year Contract for New Rigs
• Namibia Sees 11 Billion Barrels In Offshore Oil Reserves
• GE Unit Receives $45M Contract to supply TLP Tensioner System for Chevron
• S&P Lifts BP Outlook To Stable; Sees Less Downside Risk
• Nautical Spuds Kraken Appraisal Well
• Apache Corp Announced The Results Of Two Development Wells
• Colombia Well Delivers for Ecopetrol
• Statoil Gets Go-Ahead to Drill Aldous Wells
• GE O&G Wins Gig at Chevron's Big Foot Field
• Aker to Provide Subsea Equipment for MWCC Containm...
• Honda Reported 29.9% Decline In Auto Sales In China In June
• Oilex Reaches TD at Cambay HZ Well
• OMV Wins Exploration Permit in Taranaki Basin
• Sterling to Plug, Abandon Sangaw North Well
• Eni Flows First Oil from GOM Appaloosa Field
• Apache Reports Record IP Rate at Forties Field
• PetroVietnam to Start Output at 5 New Fields in 2nd Half
• McDermott Awarded Subsea Contract for Macedon Proj.
• PetroNeft Confirms 2P Reserves in Western Siberia

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Commodity Corner: WTI Slips, Brent Edges Upward

- Commodity Corner: WTI Slips, Brent Edges Upward

Wednesday, July 06, 2011
Rigzone Staff
by Matthew V. Veazey

An announcement by China's central bank Wednesday contributed to a 24-cent drop in the price of light sweet crude oil on the New York Mercantile Exchange.

The WTI settled at $96.65 a barrel Wednesday after the People's Bank of China announced plans to raise interest rates by one-quarter percent to 6.56 percent effective July 7. The bank's action marks the third such hike this year. Brent, meanwhile, barely ended the day in positive territory. It gained a penny to settle at $113.62 a barrel.

The interest rate hike, coupled with lingering concerns about the debt crises in Greece in Portugal, have stoked fears of softening oil demand among investors. Providing some support for oil were expectations that the U.S. Energy Information Administration and American Petroleum Institute will report lower oil stocks Thursday. A Platts survey of analysts projects that EIA and API inventory data will reveal a 2.5 million-barrel draw.

The August WTI contract peaked at $97.79 and bottomed out at $95.90. Brent fluctuated from $112.17 to $113.82.

Expectations that temperatures will moderate over the next two weeks throughout the Midwest and East Coast&mdash chilled the price of natural gas for August delivery Wednesday. The front-month contract lost 14 cents to settle at $4.22 per thousand cubic feet.

Natural gas traded within a range from $4.26 to $4.36.

August gasoline futures ended the day slightly below $3.00 a gallon after fluctuating from $2.94 to $3.00 during the midweek session.

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Circle Star Acquires Tx. Assets

- Circle Star Acquires Tx. Asset

Wednesday, July 06, 2011
Circle Star Energy Corp.

Circle Star has acquired interests in certain oil and gas producing assets in Texas.

The Company has acquired mineral interests, overriding royalty interests and non-operated working interests in a set of producing and non-producing oil and gas assets throughout Texas comprised of over 30,000 gross acres. The acquisition includes production from the Eagle Ford Shale, Austin Chalk, Wolfcamp, Woodbine and Deep Bossier formations. EnCana Oil & Gas (USA), Inc., Chesapeake Energy, Newfield Exploration Company, CML Exploration, LLC and Petromax Operating are operators of the respective assets. Revenue from the properties averaged more than $125,000 per month from January to May 2011.

In related news, the Company welcomes Mr. S. Jeffrey Johnson to the board of directors where he will assume the role of Non-Executive Chairman. Mr. Johnson has over 22 years of experience in the oil & gas business. Most recently, Mr. Johnson served as the Chairman of the Board and Chief Executive Officer of Cano Petroleum, positions he held from June 2004 to February 2011 and May 2004 to February 20011, respectively. Prior to Cano, Mr. Johnson owned and operated 2 private oil companies from 1993-2003 and was a Vice President of Touchstone Capital from 1990-1993.

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Legend O&G Begins Drilling Program in Kansas

- Legend O&G Begins Drilling Program in Kansas

Wednesday, July 06, 2011
Legend O&G Ltd.

Legend O&G has drilled the first two wells of a three well program to develop its producing leases in Piqua, Kansas. The wells were drilled to a total depth of approximately 825 feet. It is anticipated the Company will commence the drilling of its third well in this development program within the next week and may consider drilling additional wells on these leases before year-end.

"Oil prices remain strong and the geological review of the leases indicate this development program can be commercially successful on the Orth-Gillespie, Gillespie South and Cress leases on the south part of our holdings at Piqua, Kansas," said Legend's President, Marshall Diamond-Goldberg.

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