Kinder Morgan Plans to Construct New $130 Million Petroleum Storage Terminal in Alberta, an Industrial Info News Alert

Researched by Industrial Info Resources (Sugar Land, Texas). Kinder Morgan Canada Incorporated is planning to construct a new $130 million petroleum storage terminal. The proposed Heartland crude oil terminal will be designed with a total storage capacity of four to five million barrels of crude oil and refined products.For details, view the entire article by subscribing to Industrial Info's Premium Industry News

CREDO Petroleum Reports Record First Half 2007 Earnings

CREDO Petroleum Corporation (NASDAQ: CRED - News) today reported financial results for the six months and quarter ended April 30, 2007.
For the first six months of 2007, earnings rose 8% to an all time high. For the period, net income was $3,346,000 compared to $3,087,000. On a per diluted share basis, net income was $.36 for the first six months compared to $.33 last year. Revenue increased 8% to a record $8,946,000 compared to $8,286,000 last year. Earnings before interest, taxes, depreciation, depletion and amortization ("EBITDA") increased 11% to $6,594,000 compared to $5,964,000 last year.
Net income surged 42% in the second quarter to an all time high. For the period, net income was $1,982,000 compared to $1,392,000 last year. On a per diluted share basis, net income was $.21 for the second quarter compared to $.15 last year. Revenue increased 25% to a record $4,891,000 compared to $3,921,000 last year.

James T. Huffman, President, said, "Following record setting performance in each of the past four years, we are continuing to achieve outstanding financial and operating results. The surge in second quarter earnings more than offset the year-to-year earnings shortfall in the first quarter, driving net income for the full six months to a new record. Production rose 8% to a new all time high for the six month period, as we continued to meet the challenge of increasing production to reap the full benefit of higher product prices."

Huffman further stated, "CREDO has previously been recognized by John S. Herold, Inc. as one of the most profitable oil and gas producers on a unit of production basis. In light of this outstanding past performance, we are particularly gratified to see CREDO's net income per unit of production in the second quarter rise to $3.45 per Mcfe and establish a new quarterly record."

PRODUCTION VOLUMES SET SIX MONTH RECORD

Production increased 8% in the first half of 2007 to a new record high, on the heels of a 13% increase in the same period last year. For the first six months, production was 1.18 Bcfe (billion cubic feet of gas equivalent) compared to 1.08 Bcfe last year. Natural gas production rose 6% to a first half record of 1.02 Bcf compared to .97 Bcf last year. Oil production rose 27% to 25,100 barrels compared to 19,800 barrels last year. Natural gas accounted for 87% of the company's first half 2007 production.

For the second quarter, production fell 3% from last year's record high. Production was 574 MMcfe (million cubic feet of gas equivalent) compared to 590 MMcfe last year. Natural gas production declined 6% to 495 MMcf compared to 528 MMcf last year while oil production rose 28% to 13,200 barrels compared to 10,300 barrels last year.

MIXED PRODUCT PRICES BUTTRESSED BY HEDGING GAINS

Net wellhead natural gas prices for the first six months fell 16% to $6.03 per Mcf compared to $7.18 last year. Hedging transactions increased wellhead prices by $.96 per Mcf. In comparison, hedging transactions reduced wellhead prices $.27 per Mcf last year. As a result, CREDO's total natural gas price realizations increased to $6.99 per Mcf compared to $6.91 last year. Wellhead oil prices fell 9% to $53.73 per barrel compared to $59.37 last year. There were no oil hedging transactions.

For the second quarter, net wellhead natural gas prices rose 16% to $6.80 per Mcf compared to $5.85 per Mcf last year. Hedging transactions increased wellhead prices by $1.19 per Mcf to $7.99. There were no hedging transactions in the second quarter of last year. As a result, total natural gas price realizations increased 37% to $7.99 per Mcf compared to $5.85 last year. Wellhead oil prices declined 10% to $55.24 per barrel compared to $61.63 last year.

Hedges covering the production months of May 2007 through March 2008 currently total 1.50 Bcf. The average monthly hedge price (NYMEX basis) ranges from $7.80 per Mcf in the summer to $9.53 in the winter. These hedges are intended to cover between 75% and 88% of the company's current production base without taking into consideration estimates of new production from future operations.

Hedges include contracts indexed to the NYMEX (85%) and to Panhandle Eastern Pipeline Company for Texas, Oklahoma mainline (15%). For comparative purposes, hedges indexed to Panhandle Eastern Pipeline Company are expressed on a NYMEX basis. For those hedges indexed to Panhandle Eastern Pipeline Company, the average individual month price (basis) differentials between the NYMEX and Panhandle Eastern Pipeline Company is minus $.93.

CAPITAL SPENDING REMAINS ROBUST

Capital spending for the first six months totaled $4,367,000 compared to $5,361,000 last year. Several wells planned for the second quarter were delayed until the third quarter.

"The cost of field services, particularly the cost of drilling wells, has increased dramatically during the past several years, driven by higher energy prices," Huffman said. "Concurrently, there has been degradation in the quality of those services due to manpower shortages. The combination of much higher costs and diminished quality of the services produces a negative impact on our drilling economics. Accordingly, we continue to diligently high-grade our drilling prospects in order to achieve our economic goals, in some cases postponing less robust projects until we see improvement in the field services sector." STRONG FINANCIAL CONDITION CONTINUES TO PROVIDE A SOLID FOUNDATION

FOR GROWTH

At April 30, 2007, working capital was $11,175,000, a 27% increase over last year. Total assets were $50,597,000 including cash and short-term investments of $11,291,000. Stockholders' equity was a record $37,473,000. The company's long-term debt totals only $163,000 and is related to an exclusive license obligation.

CREDO Petroleum Corporation is a publicly traded independent energy company headquartered in Denver, Colorado. The company is engaged in the exploration for and the acquisition, development and marketing of natural gas and crude oil in the Mid-Continent and Rocky Mountain regions. The company's stock is traded on the NASDAQ System under the symbol "CRED" and is quoted daily on the "NASDAQ Global Market."

EBITDA is not a GAAP measure of operating performance. The company uses this non-GAAP performance measure primarily to compare its performance with other companies in the industry that make a similar disclosure. The company believes that this performance measure may also be useful to investors for the same purpose. Investors should not consider this measure in isolation or as a substitute for operating income or any other measure for determining the company's operating performance that is calculated in accordance with GAAP. In addition, because EBITDA is not a GAAP measure, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation between EBITDA and net income is provided in the table below:

                                         Six Months Ended April 30,
                                      -------------------------------
                                           2007            2006
                                      --------------- ---------------
RECONCILIATION OF EBITDA:
 Net Income                               $3,346,000      $3,087,000
 Add Back:
 Interest Expense                             14,000          18,000
 Income Tax Expense                        1,334,000       1,230,000
Depreciation, Depletion and
Amortization Expense                       1,900,000       1,629,000
                                      --------------- ---------------
EBITDA                                     $6,594,000      $5,964,000
                                      =============== ===============

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included in this press release, other than statements of historical facts, address matters that the company reasonably expects, believes or anticipates will or may occur in the future. Such statements are subject to various assumptions, risks and uncertainties, many of which are beyond the control of the company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those described in the forward-looking statements. Investors are encouraged to read the "Forward-Looking Statements" and "Risk Factors" sections included in the company's 2006 Annual Report on Form 10-K for more information. Although the company may from time to time voluntarily update its prior forward looking statements, it disclaims any commitment to do so except as required by securities laws.

(table follows)

CREDO PETROLEUM CORPORATION FINANCIAL HIGHLIGHTS

                         Six Months Ended        Three Months Ended
                           April 30,                April 30,
                    ------------------------ ------------------------
                       2007        2006         2007        2006
                    ----------- ------------ ----------- ------------


REVENUES:
 Oil and gas sales  $8,493,000   $7,843,000  $4,685,000   $3,723,000
 Investment income
  and other            453,000      443,000     206,000      198,000
                    ----------- ------------ ----------- ------------
                     8,946,000    8,286,000   4,891,000    3,921,000
                    ----------- ------------ ----------- ------------

COSTS AND EXPENSES:
 Oil and gas
  production         1,708,000    1,743,000     796,000      739,000
 Depreciation,
  depletion and
  amortization       1,900,000    1,629,000     942,000      891,000
 General and
  administrative       644,000      579,000     366,000      319,000
 Interest               14,000       18,000       7,000        9,000
                    ----------- ------------ ----------- ------------
                     4,266,000    3,969,000   2,111,000    1,958,000
                    ----------- ------------ ----------- ------------

INCOME BEFORE INCOME
TAXES                4,680,000    4,317,000   2,780,000    1,963,000

INCOME TAXES         (1,334,000)  (1,230,000)   (798,000)   (571,000 )
                    ----------- ------------ ----------- ------------

NET INCOME           $3,346,000   $3,087,000  $1,982,000   $1,392,000
                    =========== ============ =========== ============

EARNINGS PER SHARE
OF COMMON STOCK -
BASIC                     $.36         $.34        $.21         $.15
                    =========== ============ =========== ============

EARNINGS PER SHARE
OF COMMON STOCK -
DILUTED                   $.36         $.33        $.21         $.15
                    =========== ============ =========== ============

Weighted average
number of shares of
Common Stock and
dilutive
securities:
  Basic              9,261,000    9,171,000   9,261,000    9,207,000
                    =========== ============ =========== ============

  Diluted            9,395,000    9,498,000   9,395,000    9,506,000
                    =========== ============ =========== ============


Condensed Balance                 April 30,               October 31,
Sheet Information                   2007                     2006
                                ------------             ------------

Cash and Short-Term
Investments                     $11,291,000              $10,201,000
Other Current Assets               2,988,000                3,708,000
Oil and Gas
Properties, Net                  34,480,000               32,092,000
Exclusive License
Agreement, Net                      233,000                  268,000
Other Assets                       1,605,000                1,490,000
                                ------------             ------------
                                $50,597,000              $47,759,000
                                ============             ============

Current Liabilities               $3,104,000               $3,836,000
Deferred Income
Taxes                             8,873,000                8,039,000
Exclusive License
Agreement
Obligation                          163,000                  163,000
Asset Retirement
Obligation                          984,000                  954,000
Stockholders' Equity              37,473,000               34,767,000
                                ------------             ------------
                                $50,597,000              $47,759,000
                                ============             ============


Source : biz.yahoo.com

Pyramid Petroleum and Capco Energy announce plan for business combination

Pyramid Petroleum Inc. (TSXV: PYR) ("Pyramid" or the "Company") and Capco Energy, Inc (CGYN.PK) ("Capco") announced today that their respective boards of directors have approved the execution of a Letter of Intent whereby Pyramid would acquire all of the outstanding common shares of Capco in exchange for common shares of Pyramid ("Common Shares"), as a result of which Capco will be a wholly owned subsidiary of Pyramid. The number of Common Shares to be issued will be based upon the net asset value ("NAV") of Pyramid and Capco, determined by, among other factors, the discounted NAV of the oil and gas reserves of each company. An independent committee will select an independent third party appraiser to provide a fairness opinion on the transaction. Both companies have agreed to abide by the results of this opinion. The completion of this business combination will be subject to all necessary documentation, due diligence, and regulatory and shareholder approvals.
Capco is currently trading on the pink sheets in the US, but has not filed current financial information with the appropriate regulatory authorities. It anticipates that financial statements for the period ending December 31, 2006 and March 31, 2007 will be completed and filed within two to three months. A follow-up press release will be issued at that time. Capco's reserve report as of December 31, 2006 is not prepared in accordance with NI 51-101 guidelines and such evaluation is being conducted currently and the results will be announced in a follow-up press release.
Due diligence by both parties is on-going, and this transaction will be subject to disinterested shareholder approval and review by the TSX Venture Exchange. There is no assurance that the Exchange will accept the proposed transaction, the disinterested shareholders will approve it, or that both companies will be satisfied with their due diligence results
Mr. Ilyas Chaudhary, the majority shareholder in both companies, as well as being the CEO of both companies, will not participate in the selection of the third party appraiser for the transaction, nor will he vote on any issue concerning this transaction. No other Capco directors have been identified at this time to join the board of Pyramid.

Following the transaction, Pyramid is expected to have the following key characteristics:

     -   Operation of approximately 125 wells in the Gulf of Mexico.

     -   Ownership of producing onshore oil and gas assets in Texas, Montana
         and Alberta.

     -   A net undeveloped land position of 82,000 acres in various prolific
         areas.

     -   Certain Gulf of Mexico prospects developed with 3-D seismic
         interpretation being marketed for exploratory drilling purposes.

     -   Primary business headquarters will be in Houston, Texas.
     

Following the acquisition, Pyramid expects to raise funds to expand the oil and gas production of the combined company, mainly in the Gulf of Mexico, focusing on low risk producing opportunities.

Disclaimers

Use of the term barrels of oil equivalent ("boe") or thousands of cubic feet of gas equivalent ("Mcfe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

     The TSX Venture Exchange has neither approved nor disapproved of the
     contents hereof.

Safe Harbor Statement under the Private Securities Litigation Reform Act:
Except for statements of historical fact, all statements in this press
release, without limitation, regarding new projects and future plans and
objectives are forward-looking statements which involve risks and
uncertainties, including uncertainty regarding future revenue and integration.
These and other risks are identified in our SEC filings and should be
considered in evaluating the forward-looking statements made herein. There can
be no assurance that such statements will prove to be accurate; actual results
and future events could differ materially from those anticipated in such
statements. These risks could cause actual financial results to vary from
those anticipated.

Source : biz.yahoo.com

Triangle Petroleum Schedules Conference Call to Discuss First Quarter Fiscal 2008 Results

Triangle Petroleum Corporation (the "Company" or "Triangle") (OTC BB:TPLM.OB - News) announced today that its first quarter fiscal 2008 earnings conference call will be held on Wednesday, June 13, 2007 at 11:00 a.m. eastern standard time. The Company will issue a press release on the same morning before the call covering financial and operational results for the quarter.
To participate in the Triangle conference call, callers in the United States and Canada can dial (866) 845-8624 and international callers can dial (706) 634-0487. The conference I.D. for all callers is 9148258.

The call will be available for replay beginning two hours after the call is completed through midnight of June 18, 2007. For callers in the United States and Canada, the toll-free number for the replay is (800) 642-1687. For international callers the number is (706) 645-9291. The conference I.D. for all callers to access the replay is 9148258.

About Triangle Petroleum Corporation

Triangle is an exploration company focused on the Fayetteville Shale project in Arkansas, the Barnett Shale project in Texas and Canadian Shale projects. Triangle is also participating in select areas of the Western United States and in the Deep Basin of Western Canada. An experienced team comprising technical and business skills has been formed to optimize the Company's opportunities through its operating subsidiaries, Triangle USA Petroleum Corporation in the United States and Elmworth Energy Corporation in Canada.

Source : biz.yahoo.com

Century Petroleum Announces Creation of Advisory Body

Century Petroleum Corp. (OTC BB:CYPE.OB - News) is pleased to announce that it has formed an Advisory Body. Initially composed of two prominent oil and gas professionals and business leaders, the Advisory Body will assist the Company's executives on a wide variety of areas, including the expansion of the business, financial and technical issues. They will also provide guidance and support for decision-making and strategy formulation.

"We are pleased with John's and Mike's acceptance to join our Advisory Body. They are among the most distinguished leaders in the industry and we are thrilled to have direct access to their expertise. I am sure that their knowledge and experience will be a valuable resource for Century as we continue to expand our operations," said James Hersch, CEO of Century Petroleum Corp.

Century Petroleum Corp's Advisory Body Members:

John N. Seitz - Strategy and Finance Advisor

Mr. Seitz has over 30 years of experience in the industry covering a wide range of positions. He spent most of his career in various executive and management roles at Anadarko Petroleum Corporation (NYSE), rising to the position of CEO, COO and President. Mr. Seitz is currently vice chairman of the board of directors of Endeavour International Corp. (AMEX), an independent oil and gas exploration and production company with operations in the North Sea. He is also director of Input/Output Inc. and Elk Resources, Inc.

In 2000, the Houston Geological Society honored him as a "Legend in Wildcatting." Mr. Seitz began his career as a petroleum geologist with Amoco Production Company. He is a Certified Professional Geological Scientist from the American Institute of Professional Geologists and a licensed professional geoscientist with the State of Texas. He serves as a trustee for the American Geological Institute Foundation.

Michael Cochran - Technical Advisor

Mr. Cochran is a highly qualified and results-driven exploration and production executive with wide ranging experience in seismic analysis, geologic/geophysical exploration and development, research, risk management, hedging, and portfolio administration. Mr. Cochran has over 39 years of experience in the energy exploration business. He is proficient in both geology and geophysics; and he has been involved in discovering giant oil and gas fields around the world. He has worked in: North Africa, West Africa, North Sea, Indonesia, Alaska, Middle East, China, Gulf of Mexico, Onshore USA and Canada.

Until 2006 he was Executive VP of Exploration for Endeavour International Corp. He spent 13 years at Anadarko Petroleum Corporation, covering different positions: Senior VP of Strategy and Planning, VP of Worldwide Exploration, Chief Geophysicist, among others. Mr. Cochran started his career at the Gulf Oil Company. He holds a PhD in Geophysics from Rice University (TX), an MS in Geology from Bowling Green State University (OH) and a BS in Geology from Tulane University (LA).

Source : biz.yahoo.com

Harvest Energy Trust to take over Grand Petroleum in $110M cash deal

Harvest Energy Trust (TSX:HTE.UN) has announced an agreement to take over Grand Petroleum Inc. (TSXV:GPP) for $3.84 per share in cash or a total of $110 million.

Harvest said Monday it will also assume $35 million in liabilities. The trust said it will fund the acquisition from existing credit lines.

Grand's board has unanimously recommended that shareholders accept the offer, Harvest said in a release.

Grand owns properties adjacent to Harvest's operations in the Sylvan Lake and Markerville area of southeast Saskatchewan.

The company reported that for the three months ended March 31 production averaged 3,409 barrels of oil equivalent per day, 68 per cent oil.

The deal includes a $3.5-million beak fee, and requires Grand to sever any takeover talks with other groups.

Harvest expects to mail the takeover bid to shareholders by June 20, with the offer expiring 35 days later


Source : ca.news.yahoo.com

Vietnam removes petroleum import tax

Vietnam has decided to slash import tax on petroleum products to zero percent from five percent, according to local newspaper Youth on Thursday.

This is the fourth time the country has adjusted tariffs on petroleum products since early this year, the newspaper quoted the Vietnamese Finance Ministry as reporting.

The new tariff came into force on Wednesday is to help assist local petroleum importers that are currently facing losses since the world petroleum price still remains high, said the ministry.

Vietnam imported over 5.3 million tons of petroleum products worth nearly 2.7 billion U.S. dollars in the first five months of this year, posting respective year-on-year rises of 15.7 percent and 11.7 percent, according to the country's General Statistics Office.

Meanwhile, it exported more than 6.4 million tons of crude oil totaling roughly 3.1 billion dollars, down 6.2 percent and 10.7 percent, respectively.

To reduce reliance on petroleum imports, Vietnam, in late 2005, started to construct its first oil refinery with annual refining capacity of 6.5 million tons in central Quang Ngai province. The refinery will go into operation in late 2008 or early 2009.

Source : english.people.com.cn

Oil companies hike gasoline pump prices by P0.50/liter

Following the price increase implemented Saturday by major oil companies, Total announced an increase in the prices of its gasoline and liquefied petroleum gas (LPG) products effective Sunday 1 a.m., DZMM reported.

Total will raise its gasoline price at the pump by P0.50 per liter and liquified petroleum gas (LPG) by P0.50 per kilogram. The oil firm said the price of its autoLPG will also go up by P0.30 per liter.

Pilipinas Shell Petroleum Corp. increased its gasoline pump prices by P0.50 per liter effective 12:01 a.m. Saturday while Chevron (Caltex), Petron, PTT and Rephil implemented a similar price increase at 6 a.m. Saturday.

City Oil increased its prices effective Saturday noon and Flying V followed suit at 2 p.m. The two companies increased the pump prices of gasoline by P0.50 per liter.

Effective Thursday midnight, LPG dealers imposed a price increase of P1.50 per kilogram on cooking gas.

The LPG Marketers Association attributed the latest price adjustment to the increasing contract rates in the world market. Market estimates showed that the international contract price of LPG for the month of June soared by $25 per metric ton.

Oil firms have implemented increases in their pump and LPG prices in the past two weeks.

Oil company officials said consumers should expect more price increases in the coming weeks due to the continuing rise in global crude prices. They said the appreciation of the peso is not enough to offset the impact of rising international crude prices.

Source : www.abs-cbnnews.com

Fuel prices go up again

MANILA, Philippines -- Escalating prices of gasoline and liquefied petroleum gas in the world market prompted local oil firms to raise gasoline prices by 50 centavos a liter and cooking gas prices by 56 centavos a kilogram over the weekend.

First to raise prices was Pilipinas Shell Petroleum Corp. at 12:01 a.m. Saturday, followed by Petron Corp. and Chevron Philippines Inc. at 6 a.m.

Flying V was to hike prices at 12:01 a.m. Sunday, with Eastern Petroleum Corp. following suit at noon.

Seaoil Philippines Inc. will increase gasoline prices by the same level at 6 a.m. Monday.

Data from the Department of Energy show that the regional benchmark Dubai crude soared to an average of $64.61 a barrel in the May 1-30 period from the April average of $63.97 a barrel.

The price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products surged to an average of $88.77 a barrel in the first 30 days of May from $83.64 a barrel in April.

The all-time high price of $92.53 a barrel for MOPS-based unleaded gasoline was recorded last May 18.

MOPS-based diesel inched up to an average price of $83.42 a barrel as of May 30, from the April average of $82.11 a barrel.

International gasoline prices have been soaring these past few weeks, ahead of the summer driving season in the United States, which started at the end of May.

Uncertainties surrounding Russia's tussle with oil giant BP are also seen further boosting gasoline prices, particularly amid strong demand for fuel right now.

This fuel price hike was the eighth for gasoline for a total of P4.50 a liter.

Since the start of the year, pump prices of gasoline have also been reduced by a total of P1.80 a liter.

LPG prices have so far gone up four times this year for a total of P2.80 a kilo, but have also gone down four times for a total of P2.24 a kilo.

This latest price hike brings premium unleaded gasoline prices to between P38.23 and P41.27 a liter and LPG prices to between P474.28 and P546.16 per 11-kilogram cylinder.

Source : business.inquirer.net

Qatar Petroleum Selects VectorCommand's Emergency Command System for Advanced Fire Training

Qatar Petroleum, one of the world's largest liquefied natural gas and oil exporters, has selected a package of advanced fire safety training software and services from leading UK technology company VectorCommand. The products were chosen to support the company's ambitious expansion plans for developing its gas and oil reserves and LNG tanker fleet, with associated requirements for training for crisis responders.

The two products selected - Emergency Command System /Tactical Command Trainer and Emergency Command System /Training and Exercising System - are widely used by fire safety managers throughout the world to provide tactical command training and operational command training for crisis responders.

Qatar Petroleum will initially use the two virtual reality-based training packages to prepare commanders for dealing with large tank farm fires and training for dealing with fire on LNG tanker ships. As part of the Qatar Petroleum contract, senior system developers and customer support staff from VectorCommand will travel to Qatar where they will work closely with local Qatar Petroleum personnel on product and scenario customisation as well as staff training and familiarisation.

One of the many benefits of adopting a virtual reality-based approach within an integrated fire command training system is that command at both the tactical and operational levels can be combined within exercises with a high degree of realism.

Emergency Command System products enable all exercise activities to be recorded for post-exercise analysis and comment. Consistency of training doctrine is promoted by adopting a computer-based approach which incorporates local operational procedures and local and international best practice. Emergency Command System scenarios already incorporate advanced technology for simulating typical activities specific to oil and gas fires, such as drenching systems and foam blankets.

Emergency Command System is a world-leading family of proven command, control, training, exercising and assessment technology products and services which incorporate advanced communications, display and virtual reality technologies.

Clients include the London Fire and Emergency Planning Authority, UK fire and rescue services, the European Commission, Emergency Management Australia and Australian and New Zealand fire services, the Swedish Rescue Services Agency and the UK Police National CBRN (Chemical, Biological, Radiological, Nuclear) Centre.

Sourc : www.emergencycommandsystem.com

Repsol to sell up to 45 percent in Argentinian unit: report

Antonio Brufau, seen here in May 2007, Chairman of the Spanish petroleum giant Repsol YPF, speaks during a press conference. Repsol YPF, Spain's biggest oil firm, plans to sell up to 45 percent of its Argentinian unit, a deal that could earn it more than four billion euros (5.4 billion dollars).

Repsol YPF, Spain's biggest oil firm, plans to sell up to 45 percent of its Argentinian unit, a deal that could earn it more than four billion euros (5.4 billion dollars).

.

Spanish daily Expansion said on Saturday Repsol intends to sell to a "large Argentinian investor" a stake of between 15 and 25 percent of Yacimientos Petroliferos Fiscales (YPF), which Repsol bought in 1999 for 15 billion dollars, the paper said.

.

The group is in talks with three groups about the sale: Jorge Brito, Enrique Eunekian et Enrique Eskenazi. The latter is favourite and all three "have good relations with Argentinian President Nestor Kirchner," the paper cited unnamed sources as saying.

.

Repsol will then begin preparations for selling a further 20 percent stake via a stock market listing at the end of 2007 or the start of 2008, Expansion added.

.

The desire to find a partner in Argentina is part of chairman Antonio Brufau's desire to improve relations in the south American country, the paper said.

Source : www.todayonline.com

AGR Reorganizes Petroleum Services Unit

Richard Erskine, Executive Vice President of AGR Petroleum Services, has unveiled a new organizational structure for the business, along with key appointments.

The changes reflect ambitious growth plans for Petroleum Services together with improved integration of existing businesses and the establishment of centers of excellence.

In future Petroleum Services will be organized in three business streams: Well Construction, Manpower Consulting and a new entity called PET (EX)2 embracing Reservoir

Evaluation Services (RES) and field management. PET (EX)2 , will be expanded to include production engineering, concept development, and engineering design, providing oil companies with a one-stop shop from exploration through to exploitation.

"We have ambitious plans based on growing our existing businesses and pursuing new opportunities. We need to retain, motivate and recruit top notch personnel, and continue to offer them a stimulating environment with increasing opportunities for international experience. I think it is also vital to foster a culture based on openness, trust and transparency," said Erskine.

"While we are very serious about our standards, our work ethic and ambitions I am also keen to see that we have fun as well! These are exciting times."

Who does what….

In the new organization, which will be a matrix structure, there will be four Well Construction centers: Asia Pacific (headed by Phil Duff), Norway (Geir Finsrud), Americas (Francis Brown) and the UK (Ian Burdis). Ian Burdis will also be responsible for Well Construction's center of excellence. PET (EX)2 will be headed by Atle Andresen and Christina MacDonald will head up the worldwide Manpower Consulting business. Erik Lorange will be responsible for the G & G consultancy's center of excellence within PET (EX)2.

AGR will continue to focus on performance improvement tools, processes and management consulting within the well construction sector. In future these activities will also report to Ian Burdis.

Hugh Mackay will continue as Director, Business Development, and Tove Magnussen will be responsible for HSEQ. Petroleum Services will also be assisted in a number of support functions including Business Unit Control, under Torstein Floden, Human Resources, under Stig Tuastad, Legal (Ole Oulie), and Information Technology (Tom Roger Grovassbakk).

There will be a sustained focus on Field Development, with Atle continuing to pull on the skills in the PET (EX)2 group, backed up by support in Asia Pacific, (Greg Hogan) and Kazakstan.

Business development will be a crucial function in Petroleum Services. This is recognized in the new business development network being established, by Hugh Mackay. In future, he will be assisted by business development managers in six key areas of operation: UK and Africa (Michail Tsouvelekis); Asia Pacific (Bruce Roebuck); Middle East (Tom Conlon); Americas (Mike Williams); PET (EX)2 (Knut Sovold); and Norway (manager still to be appointed).

Source : www.rigzone.com

Beach Petroleum says finds oil at Bodolla field

Australia's Beach Petroleum Ltd. , a mid-sized oil and gas exploration and production company, said on Friday it has found oil at its Bodalla South field in southeast Australia. Beach said in a statement that an appraisal drilling programme at its fully-owned Bodalla South field in the Cooper Basin showed oil flows of 4,617 barrels of oil per day (bpd) in the Bodalla South 17 well.

The Bodalla South 16 well had a flow of 230 bpd.

The two new appraisal wells have added an estimated incremental oil reserve of 250,000 barrels to the field and commercial production from the wells would be underway in a month.

Adelaide-based Beach said the oil shows at Bodalla have also opened the northern portion of the field to further drilling.

Beach Petroleum's Managing Director, Reg Nelson, said the success at Bodalla has given the company "a very high level of confidence of further extractive upside for some years in both Bodalla and the nearby Kenmore fields".

Shares in Beach, which has a market value of around A$1.26 billion ($1.04 billion), were up 2.15 percent at A$1.425 by 0348 GMT.

Beach, which had oil and gas reserves of 101 million barrels of oil equivalent as at July 1, 2006, produced 1.35 million barrels of oil in 2006. ($1=A$1.21)

Source : asia.news.yahoo.com

Icahn Discloses Latest Share Moves

Billionaire activist investor Carl Icahn gave shares of Anadarko Petroleum Corp. a lift on Wednesday after disclosing his $2.27 billion fund bought a stake in the company.

Icahn, who recently failed in a proxy fight with Motorola Inc. and launched a takeover attempt for WCI Communities Inc., disclosed changes to his Icahn Management LP fund during the Jan. 1 to March 31 quarter in a late-Tuesday filing with the Securities and Exchange Commission.

Icahn upped his holdings of WCI Communities, a luxury homebuilder, to 4.8 million shares, from 1.5 million held at the end of 2006.

The investor recently offered $22 per share to buy the company, and has nominated a new slate of directors. The company's existing board has resisted overtures and asked shareholders to do the same.

Shares rose 83 cents, or 4.1 percent, to $20.88 after the company said it is willing to entertain higher offers.

The fund also disclosed a new 3.1 million share stake in Anadarko Petroleum Corp., an independent oil and gas producer. Shares rose $1, or 2.2 percent, to $47.47.

Shares of Telik Inc. rose 19 cents, or 3.3 percent, to $5.96. Icahn's fund doubled its stake in the Palo Alto, Calif.-based biotech drug maker to 4.2 million shares.

The fund sold its 2 million share stake in Take-Two Interactive Software Inc., which makes the bloody and popular video game series "Grand Theft Auto." In late March, a group of Take-Two's shareholders successfully ousted five of the company's directors, as well as the CEO.

Shares of Take-Two shed 7 cents to $19.05.

The latest filing shows the fund took a 9.4 million share stake in cell phone handset maker Motorola Inc. The company recently fended off a proxy fight by Icahn, who wanted a seat on the 13-member board.

Shares rose 27 cents to $18.19.

Between Jan. 1 and March 31, Icahn's fund also made several other moves, including:

- Selling its 6.8 million share stake in Federated Department Stores Inc., operator of Macy's and Bloomingdale's. The company on Wednesday said it swung to a first-quarter profit but adjusted earnings missed Wall Street estimates.

- Selling a 4.1 million stake in Hilton Hotels Corp.

- Reducing its stake in media conglomerate Time Warner Inc. by 7 million shares to 12.9 million.

- Buying a 2.7 million share stake in railroad operator CSX Corp.

- Lifting its stake in Temple-Inland Inc. to 5.8 million shares, from 4.2 million. About two months ago, at the urging of Icahn, the company said it would separate into three stand-alone public companies.

Source : biz.yahoo.com

Strat Petroleum Reaches Agreement with James Monroe Capital

Strat Petroleum, Ltd. (OTC:SPRL - News), an emerging exploration and development company focusing on oil and gas opportunities in the Russian Federation, today announced that it has signed a letter of intent to form a joint venture with James Monroe Capital for the processing of waste/sludge oil in Bashkorstan.

The terms to complete the joint venture include initial capital funding by James Monroe of up to $1 million, with further funding available upon successful completion of between 2-3 processing plants.

Management's recent trip to the Russian Federation included meetings with local authorities and oil refineries, and visits to a number of new sites for establishment of processing plants. These new reservoirs have greater hydrocarbon content creating the opportunity for much stronger revenues and profits.

Sam Hyams, President & CEO of Strat, stated, "I am excited by this new relationship with James Monroe, as the possibilities for funding opportunities presented in oil waste/sludge reservoirs and support available from the James Monroe team's knowledge, experience and network in the oil and gas industry will be very beneficial to both Companies."

Currently Strat is working on securing licenses for processing oil waste that will allow it to secure 100% of the rights to process the reserves in the reservoir, thus not requiring local joint venture partners.

Strat is pursuing a couple of other projects which will be announced in the near future along with further information on progress regarding oil waste processing.

Source : www.stratpetroleum.com

Stocks to Watch for Tuesday, May 15, 2007: PEP -- Petrostar Petroleum Announces Its Innovative Enhanced Oil Recovery Technology Program Update!

Market Pulse is pleased to introduce our featured stock, Petrostar Petroleum Corporation (CDNX:PEP.V - News), to the investment community! Petrostar is new to Market Pulse and is poised to become a significant player in the oil and gas exploration industry! Petrostar just had excellent news out in a press release before today's opening bell announcing that its Down Hole Tool (DHT) testing continues! Investors need to go to the company's website www.petrostarpetroleum.ca and review this exciting technology! The company said the DHT has the potential of economically revitalizing tens of thousands of proven North American medium and heavy oil wells that have been suspended due to insufficient reservoir pressure and drive! This could be great news for investors! Other notable stocks that should be closely watched due to existing fundamental and technical factors affecting each company include:

Apple Inc. (NasdaqGS:AAPL - News) : Market Outperform

On2 Technologies Inc. (AMEX:ONT - News) : Attractive

Exxon Mobil Corp. (NYSE:XOM - News) : Market Outperform

Stock Pick Meanings

These stock picks are the investment opinions of MP's editor and reflect MP's belief regarding the potential price movement over the next one to four weeks of trading of each of the stocks presented. This analysis is done from a technical and fundamental perspective.

After Monday's Bell Market Commentary

On Monday, Light, sweet crude for June delivery rose 9 cents to settle at $62.46 a barrel. The dollar was mixed, it fell against the euro but gained against the yen. Gold fell closing at $670.10 an ounce. Treasury bonds fell ahead of the CPI, with the benchmark 10-year Treasury bond losing 4/32 at 98 16/32, yielding 4.689%. The markets closed mixed despite merger and acquisition activity as investors await the Labor Department's Consumer Price Index report and the National Association of Home Builders' housing market index. The Dow advanced 20.56, or 0.15 percent, to 13,346.78, after rising in the morning to a trading record of 13,383.76. The Nasdaq composite index lost 15.78, or 0.62 percent, to 2,546.44. The Standard & Poor's 500 index declined 2.70, or 0.18 percent, to 1,503.15. The Russell 2000 index fell 7.21, or 0.87 percent, to 822.33.

Source : Market-Pulse.com

Addax Petroleum Announces Pricing of Convertible Notes

Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC - News), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announces the pricing of its private placement of US$300 million in principal amount of Convertible Notes due in 2012 (the "Notes"). This amount includes an overallotment option (in respect of up to US$25 million in principal amount of Notes) that the Corporation has granted to Citigroup Global Markets Limited and UBS Limited, the joint lead underwriters of the offering, which option can be exercised until May 25th, 2007.

Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I am delighted that this financing initiative has been well received in the market. We look forward to deploying the funds to continue the growth of Addax Petroleum for the benefit of our shareholders."

The Notes to be issued by the Corporation will be convertible into Common Shares of the Corporation and will have a fixed annual coupon of 3. 75 per cent and an initial conversion price of CDN$56.0612 per share ( converted into US$ at a fixed rate of US$1 = CDN$1.108), representing a premium of 40 per cent to the US$-equivalent of the Corporation's volume- weighted average share price during the marketing period of the Notes. The Notes will be issued at 100 per cent of their principal amount and, unless previously redeemed, converted, or purchased and cancelled, will mature in 2012. After 3 years and 21 days, the Notes will be callable at the option of the Corporation, so long as the Corporation's share price is at least 130 per cent of the conversion price.

The Notes will include a Net Share Settlement option, allowing the Corporation to settle investor conversions by repaying the par value of the Notes in cash, and delivering only the difference between the value of the underlying shares and the par value in shares. In doing so, Addax Petroleum has the option to reduce the potential dilutive effect of the instrument.

The net proceeds of the issue will be used for the Corporation's general corporate purposes.

The Notes are expected to be issued on or around May 30th, 2007. An application will be made for the Notes to be admitted to listing and to trading on the Professional Securities Market of the London Stock Exchange. The Corporation's Common Shares are listed and traded on the Toronto Stock Exchange (the "TSX").

There will be no public offering of the Notes which will be offered solely on a private placement basis in denominations of US$200,000. The issuance of the Notes is subject to regulatory approval including by the TSX.

Source : biz.yahoo.com

Gulf Western Petroleum Announces Update on Texas Frio Prospects

Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB: GWPC / Frankfurt: GER), is pleased to announce that total depth ("TD") has been reached and casing has been set on all three of its wells in the Shamrock Project (the "Project") located in Dewitt County, Texas. The Tulemore Dew No. 1 well is drilled to a depth of 3185'; the Miller-Thomas No. 1 is drilled to a depth of 3166'; and the Bushmill No. 1 well is drilled to a depth of 3196'. All three wells had good gas shows while drilling and contain very promising log results. With casing set, the three wells are awaiting a completion rig and the wells are scheduled for testing and interconnection to the gathering system within 45 days.

The Shamrock Project is a three (3) wells Frio-age prospect identified through 3-D seismic. The Project target formation is the Jameson sand at 3200 feet. Frio-age wells have proven to be prolific natural gas producers throughout the Texas Gulf Coast region. Typical Frio wells produce at approximately 200 to 250 Mcf per day with estimated total recoverable reserves of approximately 500 million cubic feet. Gulf Western holds a 90% working interest in the Project.

Brushy Creek Project Update: Weather causing obstacles have been overcome; three (3) new locations have been completed; and the drilling rig is on location at the Davidson No. 1 well with a scheduled spud date of May 12, 2007. The Brushy Creek Project is a 3-D seismic controlled project situated in the prolific Oligocene Frio oil and gas trend located in the Texas lower gulf coast. The Company holds interests in a total of ten (10) wells to be drilled in the Brushy Creek Project. The Brushy Creek Project lies within the general area of the recently successful eight (8) well Brushy Creek and two (2) well Bennett projects which have resulted in six (6) Frio discoveries, three (3) Miocene discoveries, and one (1) Yegua completion. The Brushy Creek Project is directed towards numerous high quality amplitude anomalies very similar to those that have proven productive by previous drilling, and is located in Lavaca County, Texas. During April 2007 Gulf Western increased its position in the Brushy Creek Natural Gas Project to an overall average of 43.5% working interest.

President Sam Nastat stated "We are very pleased with the drilling results in the Shamrock Project and are looking forward to the test results. And we are especially pleased with the break in the weather in Lavaca County. Scheduling is now such that we will have thirteen Frio wells drilled and completed within the next six months."

This press release may include forward-looking statements based on the Company's current expectations as to future events. The forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. For example, the extraction and sale of natural gas from the wells involves a number of costs and risks, which may limit our ability to generate cash flow from the wells. In addition, the business of Gulf Western Petroleum Corporation is subject to a number of risks typical of an oil and gas exploration and development company including, among other things, the inherent uncertainties associated with oil and gas exploration; laws, environmental, judicial, regulatory, political and competitive developments in areas in which Gulf Western Petroleum Corporation operates; and technological, mechanical and operational difficulties encountered in connection with Gulf Western Petroleum Corporation's activities.

Source : biz.yahoo.com

Ultra Petroleum CEO Michael D. Watford Exercises Options for 25,000 Shares

The president and chief executive of natural gas and oil explorer Ultra Petroleum Corp. exercised options for 25,000 shares of common stock, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC Wednesday, Michael D. Watford reported he exercised the options Monday for 46 cents apiece and then sold 15,726 of them on the same day for $62.17 apiece. Watford also surrendered 9,230 shares back to the company for $62.29 apiece.

Insiders can surrender shares as a way to cover either taxes or the cost of exercising options.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Source : biz.yahoo.com

Bankers Petroleum discovers second successful natural gas well in U.S. and provides update on U.S. & Albania activities

Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is pleased to provide an operational update for its United States exploration program and activities to capture additional resources in Albania. The Company achieved its second successful natural gas well in the U.S. in addition to continuing the process of further development of its assets.

"We see significant resource development potential in our two assets," said Richard Wadsworth, President. "This will come from accessing the potential of the shale basins in the U.S., activities beyond primary recovery techniques in Albania, and upstream/downstream integration strategies. I'm confident that we will deliver results this year in the U.S. and meet our growth plans for Albania, thus laying the groundwork for additional value for the Company and its shareholders."

United States

In the United States, Bankers is progressing with its exploration and evaluation programs in all four areas, moving towards first natural gas production and a commercial development program in 2007.

In Palo Duro, Texas, the fracture stimulation of the vertical Cogdell No.64-1 well generated encouraging results of approximately 325 Mcf/d from a Granite Wash Sand. In the second quarter, the shale interval in this same well will be fracture stimulated and a second vertical well will be drilled. The second well will be drilled underbalanced, using air, and will target both the Granite Wash Sands and the Bend shale formation to show repeatability over a larger area. Further evaluation of larger fracture stimulations in the Granite Wash Sands in vertical wells along with the planning of horizontal wells is underway.

"We are extremely encouraged by the production rate from such a small stimulation on the Codgell No.64-1," said Wolf Regener, President, Bankers Petroleum (US) Inc. "Our recent results in the U.S. show that the science is starting to pay off. We are hopeful that larger stimulations and horizontal wells can generate higher initial production rates as has been demonstrated in other successful tight gas sand and shale projects."

In Oklahoma, the Company is currently drilling its first horizontal Woodford shale well in Carter County, the Greenway No. 35-1H well, which is an offset to the Nickel Hill No.1-26 discovery well. The Greenway No. 35-1H well is expected to be completed in the second quarter. Along with a partner, Bankers is also acquiring a 115 square mile, 3D seismic survey in Carter and Johnston Counties to aid in the development of its acreage there. Bankers is also planning on drilling its second horizontal Woodford shale well in this project in Johnston County approximately 10 miles from the first two wells.

In Hughes County, Oklahoma, Bankers is planning on drilling a horizontal well to test the Woodford shale by the end of the third quarter after finishing an updated geologic/engineering study on its results and that of other operators in the area. Recently, the Lake Holdenville No.35-1 well was fracture stimulated with disappointing results. Bankers believes that the treatment did not effectively stimulate the shale. However, an offsetting vertical Woodford Shale well, approximately two and a half miles away from the No.35-1, had an initial production rate of 330 Mcf/d after stimulation, providing the confirmation of gas productivity required to justify a follow-up horizontal well.

In New York, Bankers is fracture stimulating and testing two existing wells in the Trenton formation in the second quarter, the K High and B Everhart wells. The B Everhart well initially produced at an unstimulated flow rate of 300 Mcf/d before declining to around 15 Mcf/d nine months later. Also in the second quarter, Bankers expects to secure a rig to complete the drilling of three wells to the targeted Trenton/Black River formations. Two of the wells have previously been drilled to an intermediate casing point above the targeted intervals.

Additional geologic and geophysical work is underway for the Black Warrior Basin Project in Mississippi and Alabama. This work will provide information to bring this project into the stage to potentially drill wells in 2008.

Further exploration and development activities in the United States will be influenced by the results of all of these wells.

Detailed news see : biz.yahoo.com