Magnum Uranium Corp. is pleased to announce the commencement of drilling at its Lye Uranium Property (the “Lye Property”) in Fremont County, Wyoming. As reported by Magnum in a news release dated January 23, 2006, the Lye Property was previously explored and held by Atlantic-Richfield Company (”ARCO”) from 1967 to 1978.
Originally discovered as a surface [...]

Petrolifera Petroleum Limited announced that drilling operations are underway at the RN. PM. a-1014 well, situated approximately one-half mile northeast of the RN. PM. a-1011 well on the Puesto Morales block, which comprises part of the Puesto Morales/Rinconada Concession in the Neuquén Basin, onshore Argentina. The drilling rig arrived on location approximately four days ago.
Once [...]

Source Petroleum Inc. is pleased to announce the appointment of Tarik Elsaghir to its board of directors where Mr. Elsaghir will be playing a key role in corporate finance and development.
Tarik G. Elsaghir has over 10 years experience managing numerous multi-million dollar projects. He was recently Vice President within the Walton Group of Companies. [...]

Berry Petroleum ranks no. 59 on Fortune’s 2006 list of the 100 Fastest-Growing Companies. The Bakersfield, California-based company saw profits rise at a rate of 65% and revenues grow 45% with a stock return of 57% on average annually over the past three years. The company ranked 97 on the 2005 list.
Each year, Fortune’s ranking [...]

True Energy Trust (”True”) and Prairie Schooner Petroleum Ltd. (”Prairie Schooner”) are pleased to jointly announce that Prairie Schooner received securityholder approval for the previously announced transaction pursuant to which True will acquire all of the issued and outstanding common shares of Prairie Schooner on the basis of 1.22 trust units of True for each [...]

A union representing pilots at PHI Inc., which provides helicopter flights for the offshore petroleum industry and medical emergencies, went on strike Wednesday.
Negotiations lasted 2½ years but failed to produce a new labor agreement. The National Mediation Board in July had released the union and the company from trying to settle.
It was unclear how [...]

Following last week’s sale of its Canadian subsidiary and a successful debt issuance, Anadarko Petroleum Corp. has announced plans to sell additional international assets, including its Mackenzie Delta and other Canadian arctic properties.
According to a Dow Jones MarketWatch report, Anadarko said in a news release that it is “actively marketing” the Canadian properties, along with [...]

Executive compensation in the oil industry often leads to excessive rewards for below-average performance, according to a survey released today by The Corporate Library. The study found that too little attention is paid to linking properly designed long-term incentives to a long-term business cycle. Most compensation plans are tied to single measures, such as EPS, [...]

EZ2 Companies, Inc. announced it has accepted an offer from Lynx Petroleum, an Ecuadorian petroleum company (”Lynx”).
“We are very excited about the merger and the future of the Company,” commented EZ2 Companies’ CEO, Jeff Berkowitz. “We have been looking for the right partner to shift the direction of our company and increase our value and [...]

At 12.20 pm Motor Oil was down 1.6 pct to 20.06 eur, and Hellenic Petroleum was dipping 2.3 pct to 9.96 eur. The ASE general index was down 1.1 pct at 3,910.3 points.
The broker said that Motor Oil was downgraded to equal-weight from overweight keeping its target price at 24 eur because Morgan Stanley considers [...]