Russian 2010 oil output hits post-Soviet record

Russian oil output rose by 2.2 percent in 2010 to a record 10.1 million barrels per day (505.193 million tonnes) as higher prices prompted the world’s top oil exporter to ramp up production at its greenfield sites. The growth in crude production surprised many analysts, who had expected 1.1 percent on average, when polled just before the start... 

First Star Resources welcomes Mr. William Majcher to the Board

First Star Resources Inc. wishes to announce a new addition to the board of directors as part of its on going business plan to continue to expand and enhance its International representation. Effective immediately, the board of First Star Resources has been arranged as follows: Mr. Robert Gardner as Chairman and CFO, Mr. John Campbell, President and... 

PAA Natural Gas Storage Announces Agreement to Acquire Southern Pines Storage Facility

PAA Natural Gas Storage today announced that it has entered into a definitive agreement to acquire SG Resources Mississippi, LLC, (“SG Resources”). The primary asset of SG Resources is the Southern Pines Energy Center natural gas storage facility (“Southern Pines”). Total consideration is approximately $750 million. Subject to regulatory approval,... 

NGAS Resources Announces Definitive Agreement to be Acquired by Magnum Hunter Resources

NGAS Resources, Inc. a leader in horizontal drilling and completion technology in the southern Appalachian Basin, today announced a definitive agreement with Magnum Hunter Resources Corporation (NYSE Amex:MHR), providing for NGAS Resources to be acquired by Magnum Hunter in an all-stock transaction. NGAS Resources is a British Columbia corporation,... 

Lucas Energy Enters Into $6 Million Stock Offering

Lucas Energy, Inc. , an independent oil and gas company, has executed agreements to raise almost $6 million from the sale of approximately 2.5 million units in a registered direct offering at a price of $2.38 per unit, based on the December 23, 2010 closing price. Investors included a select group of institutions and Hall Phoenix Inwood Ltd., an affiliate... 

Magnum Hunter Resources Announces Acquisition of $40 Million in Marcellus Shale Properties

Magnum Hunter Resources Corporation announced today that its wholly-owned subsidiary, Triad Hunter, LLC (“Triad Hunter”), has executed a definitive agreement to acquire oil and gas properties and leasehold mineral interests located in Wetzel and Lewis Counties, West Virginia (the “Marcellus Assets”). The Seller of the asset portfolio... 

Magnum Hunter Resources to Acquire Appalachian Basin Focused NGAS Resources for $98 Million

Magnum Hunter Resources Corporation and (AMEX:MHR-PC – News) (“Magnum Hunter”, or the “Company”) announced today that it has entered into a definitive agreement to acquire Appalachian Basin focused NGAS Resources, Inc. (NASDAQ:NGAS – News) for approximately $98 million (USD) in common stock and assumed liabilities.... 

Enhanced Oil Resources Inc. Announces New US $25 Million Bank Credit Facility with Regions Bank.

Enhanced Oil Resources Inc. today announced that two of its wholly-owned U.S. subsidiaries have executed a reducing revolving Credit Facility with Regions Bank, Houston, Texas providing for up to US $25,000,000 in development financing for its oil and gas properties located in New Mexico. The new Credit Facility provides an initial borrowing base of... 

CAMAC Energy Inc. Raises $20.0 Million in Registered Direct Offering

CAMAC Energy Inc. a U.S.-based energy company engaged in the exploration, development and production of oil and gas, today announced that the Company has entered into definitive agreements dated December 21, 2010 with certain accredited investors (the “Investors”) to sell in a registered direct offering an aggregate of approximately 9.09 million... 

Spectra Energy Files FERC Application for New Jersey-New York Expansion

Spectra Energy Corp today filed an application with the Federal Energy Regulatory Commission (FERC) for the expansion of its Texas Eastern Transmission and Algonquin Gas Transmission interstate pipeline systems to transport new, critically needed natural gas supplies to high demand markets in northern New Jersey and New York City.The New Jersey-New...