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Eni finds deeper oil pay at Heidelberg discovery in US Gulf of Mexico

Related Sectors
Oil Gas Exploration Development

Related Dates
2012 April

Related Industries
Energy and Utilities Upstream Energy Exploration

Article source: http://explorationanddevelopment.energy-business-review.com/news/eni-finds-deeper-oil-pay-at-heidelberg-discovery-in-us-gulf-of-mexico-200412

April 24th, 2012 | Posted in Exploration | Read More »

Worthington Energy’s New Website Goes Live

SAN FRANCISCO, CA–(Marketwire -04/24/12)- Worthington Energy, Inc. (WGAS.OB – News) (“Worthington“), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, today announced the launch of the Company‘s new website. This fresh, interactive website, http://wenergyinc.com, provides Worthington with an opportunity to showcase its holdings, production and growth in addition to providing shareholders and potential investors with a platform for current information about the Company.

The site features news about the Company, including pictures and descriptions of our current acquisitions. It also includes a comprehensive Investor Relations section providing current stock quotes, recent news and press releases. The website also includes access to social media network sites such as YouTube, Facebook and Twitter.

“We are thrilled to launch our new website and will continue to make upgrades and additions to its current content in response to feedback received from our investors,” stated Worthington CEO Anthony J. (Tony) Mason. “We expect to communicate continued acquisitions and revenue growth throughout the upcoming year and believe our new website will enable us to keep the public apprised of all of our achievements.”

About Worthington
Worthington (f/k/a Paxton Energy, Inc.) engages in the acquisition, exploration, development and drilling of oil and natural gas properties. Worthington is an energy turnaround company whose strategy is to acquire cash flow producing properties with proved and probable reserves, develop the fields by reworking existing wells and drilling new wells. Worthington was founded in 2004 and is based in San Francisco, CA. More information can be found on Worthington Energy, Inc. by visiting the company’s website at http://wenergyinc.com.

Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also “probable” reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as “possible” reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Worthington’s Annual Report on Form 10-K available from Worthington at 220 Montgomery St., #1094, San Francisco, CA 94104 (Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov.

Safe Harbor
Statements about Worthington’s future expectations and all other statements in this press release other than historical facts, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Worthington intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Worthington that is based on the beliefs of Worthington and/or its management as well as assumptions made by and information currently available to Worthington or its management. Worthington does not undertake any responsibility to update the forward-looking statements contained in this release.

Contact
Surety Financial Group, LLC
410-833-0078

Article source: http://us.rd.yahoo.com/finance/news/rss/story/*http://finance.yahoo.com/news/worthington-energys-website-goes-live-140000291.html

April 24th, 2012 | Posted in Exploration | Read More »

Bullish Two Hundred Day Moving Average Cross

In trading on Tuesday, shares of Pioneer Southwest Energy Partners L.P. (NYSE: PSE) crossed above their 200 day moving average of $27.61, changing hands as high as $27.70 per share. Pioneer Southwest Energy Partners L.P. shares are currently trading up about 0.8% on the day. The chart below shows the one year performance of PSE shares, versus its 200 day moving average:

Click here to find out which 9 other stocks recently crossed above their 200 day moving average »

Pioneer Southwest Energy Partners L.P. 200 Day Moving Average Chart

Looking at the chart above, PSE’s low point in its 52 week range is $21.34 per share, with $35.87 as the 52 week high point — that compares with a last trade of $27.66.


Special Offer: Manage the risks of the markets better with a free 30 day trial to the Strategic Risk Management System.


According to the ETF Finder at ETF Channel, PSE makes up 3.04% of the Dynamic Energy Exploration Production Portfolio ETF (AMEX: PXE) which is trading lower by about 0.1% on the day Tuesday.

See what other ETFs contain PSE »
See what other stocks are held by PXE »

Article source: http://us.rd.yahoo.com/finance/external/forbes/rss/SIG=13ddjq521/*http://www.forbes.com/sites/energystockchannel/2012/04/24/bullish-two-hundred-day-moving-average-cross-pse/?partner=yahootix

April 24th, 2012 | Posted in Exploration | Read More »

Shale gas seen as unlikely bet for Russia

April 24, 2012 6:08 pm

Article source: http://us.rd.yahoo.com/finance/external/ft/rss/SIG=123q280e4/*http://www.ft.com/cms/s/21b351d2-8d50-11e1-8b49-00144feab49a.html?referrer_id=yahoofinance&ft_ref=yahoo1&segid=03058

April 24th, 2012 | Posted in Exploration | Read More »

ONGC to go ahead with oil exploration in South China Sea

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Oil giant ONGC along with a Vietnamese company will launch joint exploration for oil in the South China Sea despite objections from China, a top company official said today.

“There is nothing wrong in it. ONGC-Videsh has got this assignment through an international bid and we will go ahead with our exploration work with a Vietnamese oil company,” ONGC Chairman and Managing Director Sudhir Vasudeva said here.

  

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ONGC-Videsh is an arm of the oil PSU to prospect for oil and gas acreages abroad.

Vasudeva said, “If there is any territorial dispute between China and Vietnam they are supposed to sort out their problem. It is purely a commercial activity for us.”

“The Government of India is the appropriate authority to take steps in this regard and clear everything for us,” he said.

China has been objecting to any activity in the South China Sea region including Indian oil exploration as it has territorial disputes with ASEAN countries like Vietnam and the Philippines.

India in October last year had inked an agreement with Vietnam to expand and promote oil exploration in South China Sea.

The ONGC chairman, who reviewed the work progress of the 724 MW gas-based thermal project at Palatana in South Tripura district said that the first unit would start generation by June which would cater to the power needs of Assam, Meghalaya, Manipur, Mizoram and Tripura.

Vasudeva said, ONGC would set up a Rs 500 crore gas based fertiliser unit at Khobal in North Tripura district for which six investors have expressed interest.

“This fertiliser plant will cater to the needs of the north eastern states and Bangladesh,” he added.

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Article source: http://business-standard.com/india/news/ongc-to-go-aheadoil-exploration-in-south-china-sea/163606/on

April 24th, 2012 | Posted in Exploration | Read More »

Argentinian rules hinder oil exploration

April 24, 2012 5:49 pm

Article source: http://www.ft.com/cms/s/0/3de4ad04-8c8a-11e1-9758-00144feab49a.html

April 24th, 2012 | Posted in Exploration | Read More »

Titan acquires Texas salt dome oil project

Related Sectors
Oil Gas Exploration Development

Related Dates
2012 April

Related Industries
Energy and Utilities Upstream Energy Exploration Others Unconventional Sources

Article source: http://explorationanddevelopment.energy-business-review.com/news/titan-acquires-texas-salt-dome-oil-project-230412

April 24th, 2012 | Posted in Exploration | Read More »

The Zacks Analyst Blog Highlights: Baker Hughes, Transocean, Diamond Offshore, Noble and Helmerich & Payne

For Immediate Release

Chicago, IL – April 24, 2012 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Baker Hughes Inc. ( BHI), Transocean Inc. ( RIG), Diamond Offshore ( DO), Noble Corp. ( NE) and Helmerich Payne ( HP).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Monday’s Analyst Blog:

Oil Drilling Rigs Scale New Peak

In its weekly release, Houston-based oilfield services company Baker Hughes Inc. ( BHI) reported a rise in the U.S. rig count (number of rigs searching for oil and gas in the country). This can be attributed to an increase in the tally of both oil and natural gas-directed rigs. In particular, the natural gas rig count climbed for only the third time in 2012, while the oil rig count scaled another record high.

The Baker Hughes rig count, issued since 1944, acts as an important yardstick for drilling contractors such as Transocean Inc. ( RIG), Diamond Offshore ( DO), Noble Corp. ( NE), Helmerich Payne ( HP), etc. in gauging the overall business environment of the oil and gas industry.

Analysis of the Data

Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled 1,972 for the week ended April 20, 2012. This was up by 22 from the previous week’s count and represents the fifth increase in the last 10 weeks.

The current nationwide rig count is more than double that of the 6-year low of 876 (in the week ended June 12, 2009) and significantly exceeds the prior-year level of 1,800. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ending August 29 and September 12.

Rigs engaged in land operations climbed by 19 to 1,904, inland waters activity increased by 1 to 23, while offshore drilling was up by 2 to 45 rigs.

Natural Gas Rig Count: The natural gas rig count – which recently slumped to a 10-year low – increased for just the second time in 15 weeks to 631 (a gain of 7 rigs from the previous week). Despite the weekly improvement, the number of gas-directed rigs is down approximately 33% from its 2011 peak of 936, reached during mid-October.

In fact, the current natural gas rig count remains 61% below its all-time high of 1,606 reached in late summer 2008. In the year-ago period, there were 878 active natural gas rigs.

Oil Rig Count: The oil rig count was up by 15 to 1,337. The current tally – the highest since Baker Hughes started breaking up oil and natural gas rig counts in 1987 – is way above the previous year’s rig count of 913. It has recovered strongly from a low of 179 in June 2009, rising almost 7.5 times.

Miscellaneous Rig Count: The miscellaneous rig count (primarily drilling for geothermal energy) at 4 remained unchanged from the previous week.

Rig Count by Type: The number of vertical drilling rigs rose by 3 to 571, while the horizontal/directional rig count (encompassing new drilling technology that has the ability to drill and extract gas from dense rock formations, also known as shale formations) was up by 19 at 1,401. In particular, horizontal rig units – that reached an all-time high of 1,185 in January this year – increased by 10 from last week’s level to 1,155.

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About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks “Profit from the Pros” e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it’s your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
http://www.zacks.com

Read the analyst report on BHI

Read the analyst report on RIG

Read the analyst report on DO

Read the analyst report on NE

Read the analyst report on HP

Zacks Investment Research

More From Zacks.com

Article source: http://us.rd.yahoo.com/finance/news/rss/story/*http://finance.yahoo.com/news/zacks-analyst-blog-highlights-baker-104459010.html

April 24th, 2012 | Posted in Exploration | Read More »

Cross Border and Red Mountain Reach Settlement

SAN ANTONIO, April 24, 2012 /PRNewswire/ — Cross Border Resources, Inc. (OTCQX: XBOR.OB – News) (“Cross Border” or “the Company”), a San Antonio-based oil and gas exploration and production company, and Red Mountain Resources, Inc. (“Red Mountain”) (OTC BB: RDMP.OB), a growth-oriented energy company engaged in the acquisition, development, and exploration of oil and natural gas properties, announced today that they have reached a settlement agreement pursuant to which Red Mountain will withdraw its complaint filed with the District Court for Clark County, Nevada, and cause a dismissal of such lawsuit with prejudice.

(Logo: http://photos.prnewswire.com/prnh/20110523/AQ07208LOGO)

As part of the settlement agreement, Everett Willard Gray II, Lawrence J. Risley, and Brad E. Heidelberg will resign from the Board of Directors of Cross Border.  Richard F. LaRoche, Jr. and John W. Hawkins will remain as board members, and the Board will appoint three of Red Mountain’s director nominees to fill the three vacancies.  These new Board members will be Alan W. Barksdale, Randell K. Ford, and Paul N. Vassilakos.  Messrs. Ford, Vassilakos, LaRoche and Hawkins are expected to be independent directors going forward.  Prior to these resignations from and appointments to the Board, Cross Border will file an Information Statement with the Securities and Exchange Commission (the “SEC”) and will mail the Information Statement to each stockholder of Cross Border.

Also as part of the settlement agreement, Everett Willard Gray II, Chairman and CEO of Cross Border, and Larry Risley, President and Chief Operating Officer of Cross Border, will resign from their positions effective May 31, 2012.  It is anticipated that the newly constituted Board of Cross Border will appoint a new Chief Executive Officer simultaneous with the effectiveness of such resignations.

“We are pleased to have expeditiously resolved this matter before further time and financial resources were spent,” stated Richard F. LaRoche, Jr., Cross Border’s lead independent director. 

Alan W. Barksdale, newly appointed Chairman of Cross Border Resources, added, “The reconstituted Board will address over the next few weeks a revised business strategy that will allow for a clear roadmap in order to unlock the value of the Company’s assets as well as update shareholders on current operations.  Cross Border’s newly formed Board of Directors will be fully aligned with shareholders in its efforts to maximize shareholder value and will immediately work to implement a plan that the new directors believe is imperative to unlock the potential of Cross Border’s oil and gas assets.”

Simultaneously herewith, Cross Border and Red Mountain are filing Current Reports on Form 8-K with the SEC attaching the Settlement Agreement in its entirety. 

CROSS BORDER URGES INVESTORS TO READ THE INFORMATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.  Stockholders will be able to obtain, free of charge, copies of the Information Statement and any other documents filed by the Company with the SEC at the SEC’s website at http://www.sec.gov/ and at the Company’s website at http://www.xbres.com/.

About Cross Border Resources

Cross Border Resources is an oil and gas exploration company, headquartered in San Antonio, Texas, focusing on non-operated opportunities with proven operators within the Permian Basin.

Information about the Company is available on its website, http://www.xbres.com/.

About Red Mountain Resources

Red Mountain Resources, Inc. is a growth-oriented, energy company engaged in the acquisition, development and exploration of oil and natural gas properties.  The company’s operations are focused in the Permian Basin of West Texas and Southeast New Mexico and the onshore Gulf Coast of Texas.  RMR combines an experienced management and consulting team with a fully-integrated strategy for growth and development.  RMR intends to grow production and reserves through development and exploration activities on its existing properties and through acquisitions that meet its long-term objectives for production.  For more information, please go to www.RedMountainResources.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective”, and similar expressions or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the breach of or failure to consummate the transaction contemplated by the settlement agreement entered into with Red Mountain, the misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, breach by parties with whom the Company has contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, successful completion of development programs on all aforementioned prospects and leases and general economic and business conditions. Additional information risks for the Company can be found in the Company’s filings with the SEC.

Contacts:

Investor Relations Contact for Company:
Jon Cunningham
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 107
jon@redchip.com
http://www.redchip.com

Investor Relations Contact for Red Mountain:
Nevin Reilly
Sloane Company
212-446-1893
nreilly@sloanepr.com

Company Contact:
Cross Border Resources, Inc.
Nancy S. Stephenson
nancys@xbres.com

Article source: http://us.rd.yahoo.com/finance/news/rss/story/*http://finance.yahoo.com/news/cross-border-red-mountain-reach-110000649.html

April 24th, 2012 | Posted in Exploration | Read More »

TSX Venture Exchange Conditionally Approves Terra Nova Farm-Out

Be Wary of Buying Into the Earnings HypeBreakout

Jim Bianco, of Bianco Research, says investors should ignore the hype and stay defensive, which in his case means …

Article source: http://us.rd.yahoo.com/finance/news/rss/story/*http://finance.yahoo.com/news/tsx-venture-exchange-conditionally-approves-121500363.html

April 24th, 2012 | Posted in Exploration | Read More »

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