Gran Tierra Energy Announces Record 2012 Year-End Reserves
Reserve Additions Replace 205% of Production* on a 1P Company Interest Basis After Producing a Record 8.4 Million Barrels of Oil*
Gran Tierra Energy Inc. (NYSE MKT: GTE; TSX: GTE) ("Gran Tierra Energy"), a company focused on oil exploration and production in South America, today announced the results of a qualified independent reserve evaluation of the company's reserves by GLJ Petroleum Consultants Ltd. ("GLJ") effective December 31, 2012.
Year-end 2012 Highlights, calculated in accordance with United States Securities and Exchange Commission ("SEC") rules (comparisons are to 2011 year-end amounts):
Constellation Energy Partners to Sell Alabama Assets
Constellation Energy Partners LLC (NYSE MKT: CEP) today announced that it has executed a definitive agreement to sell its Robinson’s Bend Field assets and operations, which are located in the Black Warrior Basin in Tuscaloosa County, Alabama, to a subsidiary of Castleton Commodities International LLC (“CCI”).
The sale encompasses over 500 operating natural gas wells in the Robinson’s Bend Field together with related leasehold interests and infrastructure.
The transaction is expected to close in the first quarter 2013 and will have an effective date of December 1, 2012. The company anticipates that net proceeds received in the transaction will be used to reduce outstanding debt.
TAG Oil and Apache Corporation Conclude East Coast Basin Farmout Agreement
TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) announced today that the Company's 100% owned New Zealand subsidiaries have concluded an agreement with Apache New Zealand Corporation LDC, which results in an early termination of the Farmout Agreement dated September 1, 2011. This agreement relates to exploration in Petroleum Exploration Permits 38348, 38349 and 50940 located in the East Coast Basin of New Zealand.
Main Highlights of the Agreement:Apache has paid TAG Oil a lump sum payment to satisfy its obligations related to funding Phase 1 operations under the Farmout Agreement.
KMP to Acquire Copano for Approximately $5 Billion in Unit for Unit Transaction
Kinder Morgan Energy Partners, L.P. (NYSE:KMP - News) and Copano Energy, L.L.C. (NASDAQ:CPNO - News) today announced a definitive agreement whereby KMP will acquire all of Copano’s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction, which has been approved by the boards of directors of both companies, will be a 100 percent unit for unit transaction with an exchange ratio of .4563 KMP units per Copano unit. The consideration to be received by Copano unitholders is valued at $40.91 per Copano common unit based on KMP’s closing price as of Jan. 29, 2013, representing a 23.5 percent premium to Copano’s close on Jan. 29, 2013. The transaction, which is expected to close in the third quarter of 2013, is subject to customary closing conditions, including regulatory approval and a vote of the Copano unitholders. TPG, Copano’s largest unitholder (owning over 14 percent of its outstanding equity), has agreed to support the transaction.
Passport Energy Ltd. Announces 51-101 Reserve Report
Passport Energy Ltd. (PPO - TSX Venture)("Passport" or the "Company") is pleased to announce that it has filed its 51-101 reserve report on its reserves in the Hardy area of SE Saskatchewan. Hardy North Area (SE Saskatchewan) GLJ Petroleum Consultants ("GLJ") has updated the Company's reserves assessment and evaluation report (effective September 30, 2012) and has assigned initial recoverable reserves (Total Proved plus Probable Producing category) of 119,000 gross bbls (29,750 net bbls) to the 4-16 well. The GLJ assigned number of 119,000 barrels represents a 33% increase from GLJ's original reserve report (effective September 30, 2011) for the well.
Enterprise Announces Acquisition of Interest in Oil and Gas Assets in Papua New Guinea
Enterprise Energy Resources Ltd. (the "Company" or "Enterprise") (TSX VENTURE:EER) is pleased to announce that in conjunction with an arm''s length third party (the "Third Party"), the Company has acquired a 31.5% interest in Telemu No. 18 Ltd. ("Telemu"), a Papua New Guinea based subsidiary of LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) for aggregate consideration of $4,000,000 (the "Transaction").
Pacific Rubiales confirms oil discovery on the Karoon blocks, offshore Brazil
Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) confirmed today the discovery of light oil at the Kangaroo-1 exploration well drilling on block S-M-1101, in the Santos basin, offshore Brazil. The well was drilled as part of an agreement announced by the Company on September 18, 2012, as a minimum work commitment for both the S-M-1101 and S-M-1165 blocks, where the Company holds a 35% participating interest (subject to approval by Brazil's Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP)).
Methanex Corporation and Chesapeake Energy Corporation Sign Long-Term Natural Gas Supply Agreement for Louisiana Methanol Project
Methanex Corporation (MX.TO)(MEOH)(SANTIAGO:Methanex) and Chesapeake Energy Corporation (CHK) today announced the execution of a 10-year agreement to supply all of the natural gas required for Methanex''s one million tonne per year methanol plant in Geismar, Louisiana. Commencement of natural gas deliveries will coincide with the startup of the plant, which is expected by the end of 2014.
John Floren, President and CEO of Methanex commented, "We are thrilled to have entered into this agreement with Chesapeake, the second largest natural gas producer in the U.S. This contract will enhance our ability to reliably supply quality product to our U.S. customers for at least the next 10 years.
TAG Oil Begins 2013 with a 13-Well Taranaki Basin Drilling Campaign
TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), is pleased to announce the Company's anticipated 2013 Taranaki Basin drilling program within the Cheal and Sidewinder fields, and within TAG's newly awarded acreage. This drilling campaign is expected to consist of a minimum 13 wells, and will continue to target the Mt. Messenger/Urenui Formation targets, as well as deeper high-impact targets in the Kapuni Formation.
TAG's CEO, Garth Johnson, stated "Building on our string of success in 2011 and 2012 and driving revenue as a result, we expect calendar 2013 to be another exciting and transformational year for TAG. With a record number of wells to drill in Taranaki as well as plans for the upcoming drilling in the East Coast Basin, I'm confident our plans will continue to become our reality."
Bellatrix announces a $300 million Cardium joint venture, acquires additional development lands, updates operating results and secures additional commodity hedges
Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX:BXE) has entered into a joint venture agreement with a Seoul Korea based company ("JV Partner"), to accelerate development of Bellatrix's extensive undeveloped Cardium land holdings in west-central Alberta. Under the terms of the agreement, the JV Partner will contribute 50%, or CDN$150 million, to a $300 million joint venture (the "Joint Venture") to participate in an expected 83 Cardium well program. Under the agreement, the JV Partner will earn 33% of Bellatrix's working interest in the Cardium well program until payout (being recovery of the JV Partner's capital investment plus an 8% return on investment) on the total program, which is expected to occur prior to a maximum of 7 years, reverting to a 20% working interest after payout.
Passport Energy Ltd. Announces Hardy SE Saskatchewan Well Results, Increased Reserves, and Operations Update
Passport Energy Ltd. (PPO - TSX Venture), is pleased to provide an operations update on its drilling, completion and production results in the Hardy area of SE Saskatchewan. OPERATIONS UPDATE - Hardy North Area (SE Saskatchewan) The Company's first development well in the Hardy Bakken pool, HARDY S HZ 1A4-16-4B4-09-004-21W2 ("4-16") has produced over 33,000 gross barrels of oil (bbls) from September 2011 to the end of December, 2012. The well continues to produce above Company expectations, averaging approximately 50 bopd gross and 12.5 bopd net (38.5 degree API oil) with an average oil cut of approximately 28% for the month December, 2012.
Lundin Petroleum Awarded Seven Licences in Norwegian Licensing Round
Lundin Petroleum AB ("Lundin Petroleum") (TSX:LUP)(OMX:LUPE) is pleased to announce that its wholly owned subsidiary Lundin Norway AS has been awarded seven exploration licence interests in the 2012 Norwegian Licensing Round (Awards in Predefined Areas, APA). The awarded licences include four licences in the North Sea, two in the Norwegian Sea as well as one licence in Barents Sea. Two of the awarded licences will be operated by Lundin Petroleum.
The licence interests are detailed below.
Calvalley Petroleum Inc. (TSX: CVI.A) provides a strategic update and announces that its Shareholder Rights Plan has expired and that it intends to offer to acquire up to 15,000,000 of its outstanding Class A Common Shares
Calvalley Petroleum Inc. ("Calvalley" or the "Company") provides the following update to its Shareholders ("Shareholder(s)") with respect to the status of its strategic review process. On July 12, 2012, the Company formed a Special Committee of the Board of Directors ("Directors") to oversee a process for the review of strategic alternatives available to the Company, with a view to enhancing Shareholder value. The Directors, in consultation with the members of the Special Committee, have reviewed the results of that process to date and have decided to terminate the strategic review process and to focus the Company's efforts on organic growth, in order to maximize Shareholder value.
Africa Oil Operations Update
Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide the following update on its operations in Kenya and Ethiopia.
With two significant oil finds achieved to date, the Company and operating partner, Tullow Oil plc, continue their very aggressive 2013 drill program on the newly discovered East African play fairway. The partnership currently has three rigs active in the area.
The testing program on the Twiga discovery well is underway with final results expected to be announced in early February. Five zones are being tested. Based on analysis of the electrical logs, conventional and sidewall cores and MDT sampling program, the Company estimates a flow rate of approximately 500 bopd per interval.
SolarCity Announces Fiscal Year 2012 Update and Fiscal Year 2013 Guidance
Company grew megawatt deployment 117 percent on annual basis, exceeding plan SolarCity Corporation (SCTY), a provider of clean, distributed energy, today announced an update on the Company’s megawatts (MW) deployed for the Fiscal Year ended December 31, 2012 and Q4 2012, and provided guidance on this metric for 2013.
“Following the completion of our IPO on December 12, 2012 and the completion of the fiscal year on December 31, the Company now has its first opportunity to provide an update on 2012 megawatt deployment and a forecast of megawatt deployment for 2013,” said SolarCity CEO Lyndon Rive.
MidAmerican Solar Acquires World's Largest Solar Development from SunPower
Antelope Valley Solar Projects Will Generate 579 Megawatts for Southern California Edison
Today, MidAmerican Solar, a subsidiary of MidAmerican Renewables, and SunPower Corp. (SPWR) announced MidAmerican Solar's acquisition from SunPower of the 579-megawatt Antelope Valley Solar Projects (AVSP), two co-located projects in Kern and Los Angeles Counties in Calif. Together, the two combined projects will form the largest permitted solar photovoltaic power development in the world and will create an estimated 650 jobs during construction.
Longwei Petroleum Raises Full-Year Guidance with Increased Revenue Contribution from its Huajie Facility
Company expects fiscal 2013 revenue to increase 30.7% to $667.3 million, with the new Huajie facility to contribute $121.0 million
Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced that it has raised its full-year guidance for the fiscal year ending June 30, 2013 ("FY13").
Longwei now forecasts FY13 revenue to increase 30.7% year-over-year to $667.3 million, versus prior forecasts of $646.3 million. Longwei also projects net income, adjusted for the warrant derivative liability, to grow approximately 23.0% year-over-year to $80.1 million, versus the prior forecast of $77.6 million. The growth is primarily driven by the better-than-expected ramp-up of the new Huajie facility.
Caza Oil & Gas Announces Initial Production Forehand Ranch Bone Spring Test Well
Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) is pleased to provide a production update for the Company's Forehand Ranch 27 State Com No. 1H horizontal Bone Spring well on its Forehand Ranch Prospect in Eddy County, New Mexico.
The Forehand Ranch 27 State Com No. 1H horizontal Bone Spring well was fracture stimulated in the 2nd Bone Spring Sand in twelve stages and has been producing under controlled flowback for two weeks. The well continues to clean up, but production has stabilised. In the past 24 hours, the well recovered hydrocarbons and frac fluids at a gross rate of approximately 1,631 barrels (bbls), producing 170 bbls of oil, 103 thousand cubic feet of natural gas, which equates to 187 bbls of oil equivalent, and 1,444 bbls of frac fluid.
Sonde Resources Corp. Farms Out 66% of Joint Oil Block Interest
Sonde Resources Corp. ("Sonde" or the "Company") (SOQ.TO) (NYSE MKT:SOQ) (NYSE Amex:SOQ) announces that it has farmed out 66.67% of its interest in the Joint Oil Block to Viking Energy North Africa Limited ("Viking"), a private company. Sonde will receive the following consideration in connection with the farm out (all amounts are in U.S. Dollars):Viking will pay Sonde in total a US $3 million non-refundable signature bonus; Viking will assume responsibility for the three well exploration commitment under the terms of the EPSA and fund 100% of the Joint Oil Block share of the Unit Plan of Development for the Zarat Field. The first well, Fisal, is to be drilled in 2013 along with the acquisition of seismic data covering the Hadaf prospect;
Oando Energy Resources signs agreements to acquire ConocoPhillips Nigerian assets for US$1.79 billion
Oando Energy Resources Inc. ("OER" or the "Company") (TSX: OER), a company focused on oil exploration and production in Nigeria and the Gulf of Guinea is pleased to announce that it has entered into an agreement with ConocoPhillips to acquire ConocoPhillips' Nigerian businesses for a total cash consideration of approximately US$1.79 billion, subject to customary adjustments (the "Proposed Acquisition"). ConocoPhillips' Nigerian businesses consist of:
a) The Onshore BusinessPhillips Oil Company Nigeria Limited ("POCNL"), which holds a 20% non-operating interest in Oil Mining Leases ("OMLs") 60, 61, 62, and 63 as well as related infrastructure and facilities in the Nigerian Agip Oil Company Limited ("NAOC") Joint Venture ("NAOC JV"). The other partners are the Nigerian National Petroleum Corporation ("NNPC") with a 60% interest and NAOC (20% and operator); and
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