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Alberta To Cut Royalties Amid Competition

Friday, March 12, 2010 - The Alberta government announced plans Thursday to cut the royalty rates it charges natural gas and oil producers in an effort to make the province more attractive to investment.
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Industry Headlines

Eni Aims To Soothe Investor Fears with Output Plans

Friday, March 12, 2010 - Eni SpA estimated Friday that hydrocarbon output growth will outstrip that of its peers, a forecast it hopes will quell investor alarm.

Virginia Leads the Way for East Coast Offshore Drilling

Thursday, March 11, 2010 - Offshore drilling legislation was signed into law yesterday by Gov. Bob McDonnell, who is positioning Virginia to be the first East Coast state to drill for oil and natural gas in Atlantic waters.

Discoverer Inspiration Begins 5-Year Contract in GOM

Thursday, March 11, 2010 - Transocean's newbuild ultra-deepwater drillship Discoverer Inspiration has commenced operations for Chevron in the U.S. Gulf of Mexico under a five-year drilling contract.

MSC Responds to Fracturing Concerns by Obama Admin.

Thursday, March 11, 2010 - Marcellus Shale Coalition president and executive director Kathryn Klaber issued the following statement in response to comments attributed to White House staff regarding the disclosure of solutions used in the fracturing process.

Halliburton: No Need to Merge to Compete with Rivals

Thursday, March 11, 2010 - The world's second-largest oilfield services provider doesn't feel the need to make a major acquisition, Bloomberg reported Wednesday.

Natural Gas Is Likely to Change Big Oil's Focus

Thursday, March 11, 2010 - Big Oil is bent on making natural gas the core of its business, arguing that its abundance, cheapness and environmental friendliness will change the energy landscape forever.

Exploration

CGX Files Corentyne Assessment

Friday, March 12, 2010 - CGX Energy announce that an independent resource assessment has been completed by Gustavson Associates LLC of Boulder, Colorado, U.S.A. (Gustavson) for three prospects on the Company's Corentyne Offshore Petroleum Prospecting Licence (PPL).

API Rep Informs Fla. Audience About Offshore Drilling's Benefits

Friday, March 12, 2010 - With Senate Bill 2622 filed in the Florida Legislature, drilling for oil and natural gas in the Gulf of Mexico has become one of the major issues this session.

OGX Hits Pay In Southern Campos

Friday, March 12, 2010 - OGX Petroleo e Gas Participacoes S.A. announced Friday that it has identified an oil-bearing interval in the Aptian section of well 1-OGX-6-RJS.

Petrobras Strikes Black Gold in Colombia's Balay Block

Thursday, March 11, 2010 - Petrobras said Thursday that it has discovered oil at a well in Colombia.

AWE Reports on Hoki Drilling Ops Offshore NZ

Thursday, March 11, 2010 - AWE Limited reported that the Kan Tan IV drilling rig spudded the Hoki-1 exploration well on March 5, and is currently running 13 3/8" casing, having drilled to 1505m.

Manas Kicks Off 2D Seismic in Tajikistan

Thursday, March 11, 2010 - Manas Petroleum reported that its 90% owned subsidiary CJSC Somon Oil has already commenced a 250 KM 2D seismic program in Tajikistan.

Production

Venezuelan Oil Would Still Flow Should Power System Collapse - Ramirez

Friday, March 12, 2010 - Venezuela would continue producing crude oil even if its ailing electricity system were to suffer a collapse, claims the oil minister.

Magnum Hunter's Proved Reserves Up 99%

Friday, March 12, 2010 - Magnum Hunter Resources Corporation announced a 98.9% increase in the quantity of the Company's Proved Reserves at year-end 2009 versus year-end 2008.

ABB Wins Safety Project In Qatar

Friday, March 12, 2010 - ABB has signed a USD $2.8 million deal with leading Contractor BlackCat Engineering & Construction to design and develop a major integrated SIL 3 and process control solution for a gas pipeline project in Dukhan, Qatar.

Alberta To Cut Royalties Amid Competition

Dragon Oil Completes Wells Offshore Turkmenistan

Friday, March 12, 2010 - Dragon Oil announced the completion and initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells.

Chesapeake, TxDOT Report Pipeline Progress In Fort Worth

Friday, March 12, 2010 - Chesapeake Energy and the Texas Department of Transportation have found a "constructible route" that would move a natural gas pipeline off a residential street in east Fort Worth.

Statoil Ups Oseberg Production

Friday, March 12, 2010 - "We have carried out extensive modifications to the process facility on the Oseberg Field Center and removed a bottleneck for increased oil production," says Torstein Hole, area manager for Operations West in Statoil.

Arrow Bid Kicks Australian Coal Seam Gas Ventures Into High Gear

Friday, March 12, 2010 - In May last year a little known entrepreneur called Paul Fudge signed a deal that instantly made him one of Australia's richest men.

Keystone XL Crosses Hurdle

Friday, March 12, 2010 - The National Energy Board (NEB) on Thursday approved an application from TransCanada Keystone Pipeline GP Ltd. (TransCanada) to construct and operate the Keystone XL Pipeline Project.

PetroVietnam Announces $1B Gas Pipeline Project

Friday, March 12, 2010 - PV Gas, Chevron, Mitsui, and PTTEP on Thursday signed a contract for the Block B Gas Pipeline Project.

Finance and Investing

Apco Posts Earnings for Q4, 2009

Friday, March 12, 2010 - Apco Oil and Gas generated net income attributable to Apco of $23.5 million in 2009, or $0.80 per share, compared with net income of $23.8 million, or $0.81 per share in 2008.

Provident Reports Results, Reserves

Friday, March 12, 2010 - Provident Energy Trust announced its 2009 fourth quarter interim and audited 2009 annual financial and operating results, 2009 reserves information and the March cash distribution of $0.06 per unit.

Petrolifera Swings To Loss

Friday, March 12, 2010 - Petrolifera Petroleum announced its year end 2009 financial and operating results.

Bonterra Reports Quarterly, Full-Year Financials

Friday, March 12, 2010 - Bonterra Energy announced its financial and operational results for the three months and fiscal year ended December 31, 2009.

Kodiak Reports Financials for Q4, 2009

Friday, March 12, 2010 - Kodiak announced its fourth quarter and full year 2009 financial and operational results. The Company also provided an interim operations update and reported estimated quantities of proved reserves as of December 31, 2009.

NGAS Swings to Q4 Loss

Friday, March 12, 2010 - NGAS Resources reported fourth quarter 2009 total revenue of $14.8 million compared to $21.8 million for the comparable quarter in 2008. For the full year, total revenue was $57.8 million compared to $84.4 million for 2008.

Parker Drilling to Sell 9 1/8% Senior Notes

Friday, March 12, 2010 - Parker Drilling has agreed to sell 9 1/8% senior notes due 2018 in a previously announced private offering resulting in gross proceeds of $300 million.

Company Operations

Hallmark Enters Natural Gas Industry

Friday, March 12, 2010 - Hallmark Venture Group announced today its subsidiary, Humble Energy, has completed the acquisition of 60 producing natural gas wells in the Oklahoma/Arkansas gas fields.

WorleyParsons Wins Jasmine FEED from ConocoPhillips

Friday, March 12, 2010 - WorleyParsons has been selected to provide front end engineering design (FEED) definition and advanced procurement services for ConocoPhillips-operated Jasmine Area Development project (Jasmine) in the North Sea.

New NW Miss. Plant To Manufacture H2S-resistant Pipe

Friday, March 12, 2010 - The clouds broke and sun peeked through enough to make the day nearly as bright as the mood as Mississippi Gov. Haley Barbour and Tunica County officials Wednesday afternoon welcomed a pipe-manufacturing facility expected to create 500 local jobs.

WorleyParsons Canada Expands Services to NL

Friday, March 12, 2010 - Larry M. Benke, P.Eng, Managing Director, WorleyParsons Canada and its' wholly owned subsidiary INTECSEA Canada announced the expansion of services into Newfoundland and Labrador.

Synergy Signs DJ Basin Drilling Contract with Ensign

Friday, March 12, 2010 - Synergy Resources has entered into an agreement with Ensign United States Drilling on February 26, 2010, to drill 20+ wells in the Wattenberg field of the Denver-Julesburg (DJ) Basin in Weld County, Colorado.

Brazil Deal To Test BP's Deepwater Edge

Friday, March 12, 2010 - BP's all-cash $7 billion purchase of international assets from Devon Energy is the oil major's biggest transaction since its $8 billion joint venture with Russia's TNK in 2003.