Passport Energy Announces Spud of its First Operated Well in the Hardy Bakken Field, Saskatchewan
Passport Energy Ltd. (PPO - TSX Venture, PPO - CNSX),("Passport" or the "Company") is pleased to announce the commencement of drilling operations on its first operated Bakken horizontal well in the Hardy Bakken field of Southeast Saskatchewan, along with its partner American Eagle Energy Corporation ("American Eagle"). Passport has engaged Precision Drilling Rig 120 to drill this well. Following drilling operations, a multi-stage fracture completion program will be performed on the well. The well will then be placed on production and, after a period of optimization, Passport is looking forward to releasing the results as the Company's first operated production.
ZaZa Energy Announces Agreements with Hess, Partial Prepayment of Debt and Engagement for Joint Venture Process
Agreements increase net Eagle Ford core land holdings six-fold to 72,000 acres and ZaZa to be paid $85 million Company to pay down senior debt by $33 million and will file Forms 10-K and 10-Q shortly Engages Jefferies & Company, Inc. as financial advisor to secure joint venture partner(s) for ZaZa’s Eagle Ford and Woodbine/Eaglebine assets
Crown Point Reports Successful Completion of Third Well as a Flowing Oil Well at El Valle in Argentina
Crown Point Ventures Ltd. (CWV.V) ("Crown Point" or the "Company") is pleased to announce that it has successfully completed EV 36 which is the third well of the 2012 drilling program in the El Valle area of Argentina as a successful flowing oil well. To date this year, the Company has drilled and completed three oil wells with the fourth well nearing completion of drilling. Since commencing drilling operations at El Valle, the Company has drilled and completed fifteen wells with a 100% drilling and completion success rate. The completion rig will be moving later this week to re-commence completion fracturing operations on the second well EV 33.
Trilogy Energy Corp. Provides Operational Update on Montney Oil Pool
Trilogy Energy Corp. ("Trilogy" or the "Company") (TSX:TET) is pleased to announce that its previously announced facility projects at the Kaybob Montney oil pool are complete and operational as of May 26, 2012. The new 16-7-64-18W5 field battery includes separators, tanks, liquid pumps, and gas compression designed to handle approximately 12,000 Bbl/d of emulsion and approximately 18 MMcf/d of solution gas. The expansion of the central 12-10-64-19W5 Battery included the addition of a third oil treater, a second 10,000 barrel sales oil storage tank, and a new sales LACT unit. These projects are in addition to the two 8" gas and oil pipelines installed in February to connect the field batteries to the main sales battery at 12-10-64-19W5M. The new facilities and expansion projects are capable of handling over 20,000 Bbl/d of emulsion and were required to handle additional production volumes from this pool which had been curtailed pending completion of these facility expansions.
PetroMagdalena announces all-cash offer by Pacific Rubiales
PetroMagdalena Energy Corp. (TSX-V:PMD.V - News) announced today that it has entered into a definitive agreement (the "Arrangement Agreement") with Pacific Rubiales Energy Corp. (TSX:PRE; BVC: PREC; BOVESPA: PREB), pursuant to which Pacific Rubiales has offered to acquire all of the issued and outstanding common shares of PetroMagdalena (the "Shares") by way of a Plan of Arrangement under the British Columbia Business Corporations Act (the "Arrangement"). Under the Arrangement, shareholders of PetroMagdalena will receive C$1.60 in cash for each outstanding Share, representing a premium of approximately 38% on the 20 day volume weighted average price of PetroMagdalena's common shares on the TSX-V as of June 4, 2012.
Strategic Oil & Gas Ltd. Announces First Quarter 2012 Results; Corporate Production Exceeds 2800 BOEPD (88% Oil)
Strategic Oil & Gas Ltd. ("Strategic" or the "Company") (TSX VENTURE:SOG) is pleased to announce it has filed its unaudited financial statements and related Management's Discussion and Analysis ("MD&A) for the quarter ended March 31, 2012. Selected financial and operational information is outlined below and should be read in conjunction with Strategic's unaudited financial statements and the related MD&A which are available for review at www.sogoil.com and at www.sedar.com.
FuelCell Energy Announces Service Agreement Renewals
Multiple Customers Extend Service Agreements for Up to 15 Years FuelCell Energy, Inc. (Nasdaq:FCEL - News) a leading manufacturer of ultra-clean, efficient and reliable fuel cell power plants, today announced the extension of service agreements with four existing customers for terms up to 15 years. The Direct FuelCell(R) (DFC(R)) power plants are owned by the customers and under the service agreements, FuelCell Energy will continue to operate and maintain the plants. The total value of the service agreements is approximately $15 million. Three different fuel cell markets are represented by these customers including education, municipal wastewater treatment, and food processing.
CGX Provides Update on Near Term Funding Requirements - Announces $30 Million Investment by Pacific Rubiales
CGX Energy Inc. (TSX-V - OYL) ("CGX" or the "Company") announced on May 7, 2012 cost increases on its Eagle-1 well and the need to raise approximately $20 million in the near term. The initial cost estimate for the Eagle-1 well was $55 million increasing to $71 million on May 7. But now as final costs accumulate, the ultimate cost is estimated to be approximately 10% higher than estimated on May 7. To meet its near term funding requirements, the Company is pleased to announce that it has entered into a definitive subscription agreement (the "Subscription Agreement") with Pacific Rubiales Energy Corp. ("Pacific Rubiales") dated May 27, 2012 pursuant to which Pacific Rubiales has subscribed for 85,714,285 units of CGX (the "Units") by way of private placement at a price per Unit of $0.35 for an aggregate purchase price of $30 million.
Africa Oil Corp.: Ngamia-1 Well Update
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to report an update on the Ngamia-1 well currently being drilled on Block 10BB in Kenya. The Operator of the well, Tullow Oil plc, announced this morning that they are now drilling in the primary target and initial results appear to indicate the well has intersected further oil bearing sands. The Ngamia-1 well has encountered oil and gas shows over a gross interval of 140 metres from a depth of 1,800 metres to 1,940 metres. The reservoirs are similar to those previously encountered at a shallower depth. The well will continue to be drilled to a total depth of 2,700 metres and then logged and sampled. This is expected to take a further three weeks to complete.
Sale of Thailand Concessions L44/43, L33/43 and SW1
Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (POE.V - News) is pleased to announce that it has entered into an agreement for the sale of its operated 60% interest in Thailand Concessions L44/43, L33/43 and SW1 for a cash price of USD $170 million plus approximately USD $8 million for working capital and other adjustments. It is expected that net proceeds after costs and income tax will be approximately USD $162 million. Pan Orient's other interests in Thailand, consisting of its operated 100% interest in Concession L53/48, are being retained.
Recon Technology Wins Major Contract of PCS & SIS Systems in Turkmenistan
Recon Technology, Ltd (RCON), a Chinese non-state-owned oil and gas automation services provider (the "Company"), announced today that one of its variable interest entities, Nanjing Recon Technology Co., Ltd. ("Nanjing Recon"), signed a major contract with the China National Petroleum Corporation's ("CNPC") Sichuan Petroleum Administration Bureau to provide the latter with the Emerson PCS & SIS Systems in its South Yolotan Gas Field Project (the "Project") located in Turkmenistan. The total contract value exceeds RMB19 million (USD3.02 million), which was by far the biggest contract for the Project's PCS & SIS Systems.
Ithaca Energy Inc.: Completion of Carna Transaction
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ithaca Energy Inc. (TSX:IAE.TO - News)(AIM:IAE.L - News) announces completion of the transaction announced March 26 2012 concerning the Company's interest in the Carna discovery, located in the Southern Gas Basin of the UK North Sea. Completion of the transaction results in Ithaca increasing its position in the Carna discovery to 32% (from 16%); the Company will become Operator with immediate effect. Joint Venture partners (and their respective interests) in the Carna discovery are: Ithaca Energy (UK) Limited, operator (32%), Centrica (40%), Dyas UK Limited (24%), EWE Energie AG (4%).
Cleantech Solutions Receives $1.7 Million in Orders for Wind Power Components
Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar and other clean technology industries, today announced that the Company has received purchase orders to supply motor shaft forgings to Nanjing Turbine & Electric Machinery Changfeng Alternative Energy Co., Ltd ("Nanjing Turbine") for an aggregate amount of $1.7 million. The purchase orders provide that Cleantech Solutions will deliver a total of 800 units of motor shaft forgings, amounting to total revenue of RMB10.6 million (approximately $1.7 million) by the end of 2012. The Company has received advance payments of RMB1.6 million (approximately $0.3 million).
Africa Oil Provides Update on Puntland Drilling
Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide an update on the drilling program in Puntland, Somalia. The Shabeel well has reached a total depth of 3,470 meters and has encountered metamorphic basement at a depth of 3,430 meters and is currently being suspended for future testing. In addition to the previously announced 12 to 20 meter zone of significant hydrocarbon pay in the Upper Cretaceous Jesomma Formation, the well has encountered additional potential net pay sands in the Jurassic Adigrat Formation at a depth of 3,246 to 3,430 meters, several of which exhibited oil and gas shows. Petrophysical analysis of the well log data indicates up to 3 meters of potential hydrocarbon pay in several thin sand units. They are not considered to warrant testing at this time, but do further confirm the existence of a working petroleum system.
Compton Reports First Quarter 2012 Results
Compton Petroleum Corporation (TSX - CMT) reports its financial and operating results for the first quarter ended March 31, 2012 . The full text of Management's Discussion and Analysis ("MD&A") and the Corporation's audited consolidated financial statements can be found on the Corporation's website at www.comptonpetroleum.com and at www.sedar.com.
Q1 2012 in Review
Summary of Results:Cash flow was $3.8 million or $0.14 per diluted share Operating loss was $18.7 million or $0.71 per diluted share Net loss was $44.3 million or $1.68 per diluted share Capital expenditures were $7.5 million , before acquisitions and divestitures
Ngamia-1 Well Discovers Additional Oil in Kenya
Africa Oil Corp. (AOI.V - News)(AOI.ST - News) ("Africa Oil" or the "Company") is pleased to provide the following update in respect of the previously announced oil discovery at the Ngamia-1 well on Block 10BB, Kenya. Africa Oil holds a 50% working interest in this block, which is operated by Tullow Oil plc ("Tullow") which holds the remaining 50% interest. The Ngamia-1 exploration well in Kenya has now been deepened to a total depth of 1515 meters and has encountered in excess of 100 meters of net oil pay in multiple reservoir zones over a gross interval of 650 meters. Following the initial announcement on the 26th March 2012 that Ngamia-1 had encountered in excess of 20 meters of net oil pay, the well has now been deepened from 1041 meters to 1515 meters.
Donnycreek Announces Kakwa Montney Test Results of 2,532 boe Per Day (823 boe Per Day Net)
Donnycreek Energy Inc. ("Donnycreek" or the "Company") reports that the first horizontal Montney well Hz 13-17-63-5 W6M ("13-17 Well"), located on its 16 section (8 net) 50% working interest contiguous land block at Kakwa, Alberta has been successfully drilled and completed with a 15 stage foam frac. Following a 96 hour frac flow back, the 13-17 Well was still cleaning up, with average gross production rates over the final 24 hours of production testing being 1,150 bbls/d condensate and 8.29 MMscf/d gas (374 bbls/d and 2.69 MMscf/d; 823 boe/d net to Donnycreek, before payout including royalty share of production) against a wellhead pressure of 1,100 psi (7,584 kPa). In addition to well head condensate, gas analysis from the 13-17 Well suggests that an additional 25-35 bbls/MMscf of natural gas liquids are recoverable through typical refrigeration processing, and up to 70 bbls/MMscf if deep cut processing is available.
Equal Energy Announces Initiation of a Strategic Review
Equal Energy Ltd. ("Equal" or the "Company") (EQU.TO) (EQU) announces that its Board of Directors has initiated a strategic review process to identify, examine and consider alternatives with the view to enhancing shareholder value. Strategic alternatives may include, but are not limited to, the sale of all or a portion of the Company's assets, the outright sale of the corporation, a merger or other business combination, a recapitalization, acquisitions, as well as continued execution of its business plan, or any combination thereof. The Board of Directors believes that the Company's shares trade at a significant discount to the value of the underlying assets, especially given its high-quality Cardium and Viking oil plays in Canada , its Hunton liquids rich gas play and its emerging Mississippian light oil play in Oklahoma.
Questerre Energy Corporation: High Liquids Montney Well Tests at Over 2,500 Boe/d
NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC.TO - News) (OSLO:QEC.OL - News) is pleased to report on the test results from its Montney horizontal well in the Kakwa-Resthaven area of west central Alberta.
The well was successfully completed with a 15-stage water based foam fracture stimulation in the 1430m horizontal section. Initial clean up and flow back began on April 29, 2012 and the well was tested for a 96 hour period thereafter.
Over the last 24 hours of the production test, the well flowed 1,150 bbl/d of condensate and 8.3 MMcf/d of natural gas at a flowing casing pressure of 7584 kPa (1100 psi) on a 3/4 inch choke.
Passport Energy Ltd. Announces Management Changes
Passport Energy Ltd. (PPO - CNSX), ("Passport" or the "Company") announces that, pursuant to its continued focus of retaining seasoned oil and gas professionals for its management team and board, Mr. Bruce Murray, has been appointed President and CEO, and Mr. Daniel Tiberio, has been appointed Chief Operating Officer. Mr. Murray has over 30 years of experience in the oil and gas industry and was President and Director of Tenergy Ltd., which was sold in 2006. He was also a co-founder, Director and Chief Operating Officer of Purcell Energy Ltd., which was sold in mid-2005. Mr. Daniel Tiberio is a Petroleum Engineering Technologist, with over 16 years of experience in oil and gas Exploitation and Optimization of assets in Western Canada.
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