ViaLogy Technology Delivers Large Oil Find

ViaLogy announces that its QuantumRD(TM) oil exploration technology and service has been credited with locating a major new oil deposit on the Galba Prospect in South Central Texas. The success marks the operational and commercial validation of the company’s software-based seismic interpretation service for oil and gas reservoir discovery and characterization. The technology accurately predicted... 

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Cubic Energy, Inc. Participates in Additional Chesapeake Horizontal Haynesville Shale Well

Cubic Energy Inc. said it has accepted a proposal to participate in the horizontal drilling of Chesapeake’s Clingman Acres 11H well. This well is located in the Johnson Branch Field of Caddo Parish, Louisiana, and will be horizontally drilled to a measured depth of 17,000 feet, followed by a Haynesville Shale completion. The Clingman Acres 11H is located in Section 11, Township 15 North –... 

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Newfield Signs Interim Oil Sales Agreement With Big West

Newfield Exploration Company signed an interim agreement to resume oil sales with Big West Oil Co. LLC, a subsidiary of Flying J Inc., for deliveries of black wax production from its Monument Butte oil field in the Uinta Basin of the Rockies. Volumes to be delivered range from 9,000 – 14,000 BOPD. This compares to previous deliveries of approximately 9,000 BOPD. The new arrangement provides for... 

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Gran Tierra Energy Announces US$198 Million 2009 Capital Program

Gran Tierra Energy Inc., a company focused on oil exploration and production in South America, announced a capital spending program of US$198 million for exploration and production development operations in Colombia, Peru, and Argentina for 2009. This budget includes the drilling of seven exploration wells and six development wells in Colombia, in addition to seismic acquisition programs in Colombia,... 

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Surge Global Plans On Drilling First Well On Acreage Leased in Crane County, Texas

Surge Global Energy, Inc. announce that its wholly owned subsidiary, Surge Energy Resources, Inc., has concluded leasing approximately 640 acres in Crane County, Texas at a cost of about $140,000. Surge plans on drilling its first oil & gas discovery well on those leases within the next 30 days at a drilling cost of approximately $450,000. The Surge Texas Prospect was leased in conjunction with... 

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Plains All American Pipeline, L.P. Announces $525 Million Committed Inventory Credit Facility

Plains All American Pipeline, L.P. announced that it has entered into a new $525 million committed hedged inventory credit facility, maturing in November 2009. Borrowings under the facility will be primarily used to finance the purchase of hedged crude oil inventory for storage activities when market conditions warrant as well as foreign import activities. The new committed facility replaces a $1.2... 

Exxon Mobil Posts Biggest US Quarterly Profit Ever

Exxon Mobil Corp., the world’s largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. Yet numbers contained within the company’s most recent financial report revealed production numbers that continue to sag. The Irving, Texas-based company has reported... 

Sunoco Logistics Manages Order-to-Cash Process and Crude Gathering Pipelines With Synthesis(TM) Release 5.0

Entessa Inc. — the leading provider of Oil and Gas Logistics Management Solutions — delivered Release 5.0 of its Synthesis(TM) enterprise software suite to Sunoco Logistics Partners L.P.. The introduction of crude gathering pipeline support now enables Sunoco Logistics Partners to manage the entire order-to-cash logistics for its Western pipeline operations with Synthesis. Entessa is pleased... 

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NuStar Energy L.P. Reports Highest Quarterly Earnings in Partnership’s History

NuStar Energy L.P. announced record net income applicable to limited partners of $141.5 million, or $2.60 per unit, for the third quarter of 2008, almost three times higher than the $45.4 million, or $0.97 per unit, earned in the third quarter of 2007. The third quarter 2008 results represent the highest quarterly earnings in the partnership’s history – up $1.59 per unit over the previous quarterly... 

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CREDO Petroleum Reports That Financial Condition Remains Strong

CREDO Petroleum Corporation reported that its financial condition is sound and that the company is well positioned to capitalize on opportunities that may arise due to recent events in the U.S. and world financial markets. In July CREDO completed a $16,675,000 stock sale. Working capital is approximately $27,400,000, consisting primarily of cash and short term investments, and the company has no debt. As... 

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