The press release is quoted as saying:

The North Oklahoma Project has several prospective locations and the minimum 640 acres required to drill a 2,000 foot horizontal well and the operator is currently developing the engineering data and cost analysis in order to commence operations. Additionally, the Company has been presented with an opportunity to participate in another regional prospect offering a horizontal play scheduled to commence in September. The potential of a successful horizontal well in the Oklahoma shale has been estimated at between 1,000 and 1,200 barrels per day. It is the Company’s goal to participate in, drill and complete wells of this magnitude which would assist in meeting our stated goals and objectives.

Click here to access the entire press release

Click here to access American Petro-Hunter, Inc. Corporate Site

The press release is quoted as saying:

Drilling has recommenced to the target depth of 16,000 feet, which should take approximately fifteen days. Preliminary drilling and log data indicate hydrocarbon bearing sands in a shallower horizon that will require further evaluation.

Click here to access the entire press release

Click here to access Caza Oil & Gas, Inc. Corporate Site

The press release is quoted as saying:

Nextraction is selling gas and condensate from its first successful well, the Nobel #6-24, that is currently undergoing initial flow back rate tests. The initial production tests from the Pinedale well provide information to enhance the reserve estimates for future updates to the reserve report. Nextraction holds 3,624 acres in a joint venture with Vantage Energy LLC (”Vantage”), an experienced operator in the region.

Click here to access the entire press release

Click here to access Nextraction Energy Corporate Site

The press release is quoted as saying:

The second tranche, comprising 3,605,010 common shares, issued at $1.00 per common share, has been released to the investors. These shares are subject to a hold period expiring on November 27, 2010. Net proceeds of the private placement will be used towards the Company’s ongoing work program in East Africa as well as for general working capital purposes.

Click here to access the entire press release

Click here to access Africa Oil Corp. Corporate Site

The press release is quoted as saying:

Pursuant to the terms of the Farmout Agreement and as the assigned Farmee under that agreement, the Company expects to contribute an aggregate of $4,000,000 to satisfy its requirement to fund 75% of the Exploration Program Costs. The planned exploration initially consists of a four-well drill program (the “Well Program”). Following the rig release of the first well, the Company has the option to either drill all four wells or drill three wells and complete a $1,000,000 3D seismic program to identify additional prospects.

Click here to access the entire press release

The press release is quoted as saying:

Suncor Energy Inc. is Canada’s premier integrated energy company. Suncor’s operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. While working to responsibly develop petroleum resources, Suncor is also developing a growing renewable energy portfolio. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

Click here to access the entire press release

Click here to access Suncor Energy Inc. Corporate Site

By Dave Brown – Exclusive to GasInvestingNews.com

Oil & Natural Gas Corp. (BOM: 500312), India’s biggest energy exploration company, may consider bidding jointly with Vietnam Oil & Gas Group for partner British Petroleum’s (NYSE: BP) stake in a natural gas field in Vietnam to secure fuel supplies. The Indian company already has a 45 percent stake in the venture operated by BP and is seeking to boost its share of gas from the field.

On Wednesday, Oil Minister Murli Deora, who is in Vietnam on an official visit, said that India would be happy to consider bidding for an additional stake that BP may offer.  BP is raising capital to pay for the Gulf of Mexico oil spill, agreed on July 20 to sell fields in the U.S., Canada and Egypt to Apache Corp. for $7 billion and plans to dispose of assets in Pakistan and Vietnam.

Jason Kenney, an analyst at ING Wholesale Banking suggested total assets for BP in Vietnam and Pakistan may be worth $1.7 billion. The Nam Con Son gas project in Vietnam is valued by the company at $1.3 billion; however UBS estimates place the asset in the $966 million range. The objective for BP is to raise about $10 billion selling assets to fund $20 billion of restitution settlements for spill victims demanded by U.S. President Barack Obama.

BP has a 35 percent share in Block 06.1 off the south Vietnamese coast, according to ONGC Videsh’s website. The Indian company sold shares in the Lan Tay field in Vietnam to BP after winning the exploration license for the area in 1988.

Since the area started producing gas in January 2003 ONGC’s share from the project was 1.848 billion cubic meters of gas in the year ended March 2009. ONGC owns two other offshore blocks in Vietnam exclusively, which are not currently producing gas or oil.

The latest developments underscore a general theme from the subcontinent as it has been looking at other areas to acquire oil and gas assets overseas to meet its growing energy demand.  As Asia’s third-largest oil consumer, India has been aggressively scouting for overseas gas and oil assets to meet its supply deficit and is competing with China for fields from Africa to Venezuela.

Gas Prices and Outlook

Henry Hub natural gas prices added 0.149 cents to $4.66 per gallon as data from the most recent Energy Information Administration (EIA) report indicated natural gas in storage rose as expected to approximately 51 billion cubic feet since last week.

The profit from making gasoline may slide to the lowest level in 10 months as faltering U.S. consumer growth hurts refiners that have boosted production in anticipation of an economic rebound. These profits are now being reduced by declining factory production and consumer confidence at the lowest level in a year.  The Standard & Poor’s 500 Index, which commodities in general have tracked as it fluctuated on the pace and expectations of recovery, declined 1.2 percent last week. Yesterday it fell an additional 1.3 percent after Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that the U.S. “economic outlook remains unusually uncertain.”

According to James Cordier, president of futures brokerage Liberty Trading Group suggests that crack spreads on gasoline, the difference between what producers pay for crude and how much they get for the refined fuel, are poised to drop as much as 75 percent in coming months. These margins, were down 46 percent from the 15-month high of $18.77 on May 13, based on futures prices of $10.07 today on the New York Mercantile Exchange. In September 2009, they reached a low of $2.23.

The Department of Energy (DOE) indicates that refiners have accelerated output by 11 percent since the end of March on forecasts of escalating demand, driving stockpiles to a two-month high as of the week ended July 16. Supplies of gasoline increased 1.1 million barrels in the week ended July 16 to 222.2 million, an 11 week high, according to the Energy Department.

The press release is quoted as saying:

Concurrently with the consummation of this offering, Offshore Group Investment Limited, one of Vantage’s wholly-owned subsidiaries (”OGIL”), is offering $960.0 million in aggregate principal amount of Senior Secured Notes due 2015 (the “OGIL Notes”).

Click here to access the entire press release

The press release is quoted as saying:

The leasehold area lies within two miles of Nextraction’s recently completed Noble 6-24 well. Nextraction acquired the leasehold for $40 per net mineral acre, for a five year term. With this acquisition, Nextraction now owns the rights to develop 3,574 acres in the North Pinedale Anticline region. Nextraction has also acquired the leasehold rights to a sixty percent (60%) interest to 360 acres contiguous to its current acreage position. The lease will become effective within ninety (90) days and upon obtaining clear title.

Click here to access the entire press release

Click here to access Nextraction Energy Corporation Corporate Site

The press release is quoted as saying:

The property, which is setup as a single well battery, is located in north central Alberta and was acquired in Q4, 2009 as a result of a default by the partner in the Lucy project on a farm-in commitment. When Cougar Canada acquired the property both the pumpjack and the battery needed repairs and general maintenance before the well could be started up and put on production. The repair and startup operations were deferred until after spring breakup to avoid extra costs and potential equipment damage that could result from doing this work in the colder winter weather.

Click here to access the entire press release

Click here to access Cougar Oil and Gas Canada Inc. Corporate Site