Chesapeake Energy Corporation Announces $2.25 Billion Barnett Shale Joint Venture with Total E&P USA, Inc.

Chesapeake Energy Corporation announced the execution of an agreement for a $2.25 billion joint venture with Total E&P USA, Inc., a wholly-owned subsidiary of Total S.A. (NYSE:TOT, FP:FP) (“Total”), whereby Total will acquire a 25% interest in Chesapeake’s upstream Barnett Shale assets. Total will pay $800 million in cash at closing and will pay an additional $1.45 billion by funding 60%... 

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Allied Energy Forms Operating Company in Texas

Allied Energy, Inc. announced that the Company has recently formed Allied Operating Texas, LLC, a wholly owned subsidiary of Allied Energy, Inc. “Allied Operating Texas, LLC was formed to operate our East Texas projects,” said Steve Stengell, Allied’s President. Oil and natural gas drilling, completion and production operations involve a high degree of risk and uncertainty. The Company... 

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Platinum Exploration Projects Update New Large Funded Joint Venture With JOGMEC

Platinum Group Metals Ltd. provides the following updates on its platinum projects including a second new joint venture with Japan Oil Gas and Metals National Corporation (“JOGMEC”), owned by the government of Japan, covering a new 118 square kilometres platinum exploration area. R. Michael Jones, President of Platinum Group Metals, said, “Our main focus right now is on advancing... 

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Credo Petroleum Announces Drilling on Its First Horizontal Bakken Well

Credo Petroleum Corporation, an oil and gas exploration and production company with significant assets in the Mid-Continent and Rocky Mountain Regions, today provided an update on its horizontal Bakken drilling project. Credo entered the horizontal Bakken oil play in 2008 as part of its ongoing strategy to focus on developing oil production and reserves. To date, the company has acquired 6,100 gross... 

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Precision Petroleum Corporation-Acquires Overriding Royalty Interest in Two Adjoining Fields, Nowata County, Oklahoma

Precision Petroleum Corporation an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in North America continues to extend its oil production expansion program. Richard Porterfield, President, advises that the Company has recently acquired Overriding Royalty Interests in two adjacent leases, East and West Moreland located in Nowata County,... 

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Minera IRL: Corihuarmi Mine Life Extended

Minera IRL Limited, the holding company of precious metals mining and exploration companies focused in Latin America announce the updated ore reserves and the results of the new Corihuarmi Life-of-Mine Plan. All new figures are effective 1 January 2009. The new resource was compiled by MIRL staff assisted by external consultants and audited by Coffey Mining. The resource is based upon a combination... 

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Endeavour Closes Sale of Norwegian Subsidiary

Endeavour International Corporation, an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States today announced it has closed the sale of its Norwegian subsidiary, Endeavour Energy Norge AS, to VNG- Verbundnetz Gas AG, for the total consideration of USD $150 million. In conjunction with the closing,... 

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Echo Energy Canada Inc. report indicates reductions in oil and gas reserves

Echo Energy Canada Inc. is providing an update on the independent reserves assessment and evaluation of its oil and gas reserves effective December 31, 2008. The reserves report was prepared by GLJ Petroleum Consultants Ltd., an internationally recognized leader in oil and gas asset evaluations, pursuant to recommendations of National Instrument 51-101. The reserve report received on Friday by the... 

Saxon Oil announces plans to drill Eumont No. 2 well in New Mexico

Saxon Oil Company Ltd. announced plans to drill the first offset to the Eumont State No. 1, which has now exceeded 50,000 barrels of cumulative oil sales since completion in May 2008. Eumont State No. 1 continues to flow 140 barrels of oil per day and is the discovery well for the Urssey Tank Seven Rivers field. Saxon has approved the drilling of the Eumont State No. 2 well, a southeast offset well... 

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Kentucky USA Energy, Inc. Reaches Total Depth on Hunter Wells #4

Kentucky USA Energy Inc., an early stage natural gas exploration and production company, announced that the Company has reached total depth (“TD”) of 2,732 feet on its Hunter Wells #4 well located on its leasehold in the New Albany Shale. The well has been evaluated and determined to be commercially viable and the wells’ drilling log confirms that there is approximately 166 feet of shale formation...