Ben Bernake, Federal Reserve Chairman, stated that the U.S. economy is facing “significant” risks to growth, while the Organization of Petroleum Exporting Countries lowered its forecast for world oil-demand growth for 2008 and 2009. in apart chances John Kilduff, an analyst at futures brokerage MF Global, said “Signs of economic contraction and financial-market malaise are [...]

After the Federal Reserve chairman sounded bleak notes on the U.S. economy, and world supplies loosened a bit, Crude-oil futures sank more than $6 a barrel Tuesday. After the U.S. opened its Strategic Petroleum Reserve at the onset of the first Gulf War.Light, sweet crude for August delivery settled down $6.44, or 4.4%, at $138.74 [...]

Abraxas Petroleum Corporation announced that it has received approval on two of its drilling permits in Brooks Draw, Wyoming.
Abraxas anticipates receiving approval on three additional permits during the third quarter of 2008. A rig has been scheduled for mid-August and initial plans are to drill one well at a time with evaluation periods in-between. [...]

Research and Markets has announced the addition of the “China Company Report — Yanzhou Coal Mining Company Limited” company profile to their offering.
Yanzhou Coal Mining Company Limited is a listed company held by Yankuang Group Co., Ltd. in controlling shares, whose shares has been listed in Hong Kong, New York, Shanghai in 1998 respectively. It [...]

Continental Resources, Inc. announced initial results from its Mathistad 1-35H well completed in the Three Forks/Sanish formation in the North Dakota Bakken Shale area. The McKenzie County well, in which Continental has a 40% working interest, is the second that the Company has completed in the Three Forks/Sanish formation in North Dakota.
“The Mathistad 1-35H commenced [...]

A top government official shrugged off concerns about Russia’s stagnating oil output, saying several new fields are expected to come on stream by the end of the year.
Deputy Prime Minister Igor Sechin — chairman of state-owned oil major Rosneft — told a briefing that he was “not worried” about the decline in Russia’s oil output [...]

Oil prices finished about where they began, after jumping more than $2 earlier on reports of lower U.S. oil stockpiles and an Iranian missile test.
Light, sweet crude for August delivery rose a penny to settle at $136.05 a barrel on the New York Mercantile Exchange, but prices shifted between positive and negative territory as traders [...]

Oromin Explorations Ltd. is pleased to announce the receipt of an independent report (the “Santa Rosa Evaluation”) from Aeon Exploration Inc. of Calgary, Alberta (”Aeon”) that provides an evaluation of prospective resources with respect to its 100% owned CCyB-9 Santa Rosa exploration permit and exploitation concession on a property located in the Cuyana Basin in [...]

TransMontaigne Partners L.P. announced that effective July 8, 2008, Charles L. Dunlap has been appointed to serve as a member of the Board of Directors and will also serve as a member of the Conflicts Committee of TransMontaigne GP L.L.C., the General Partner of the Partnership. The General Partner is responsible for managing the [...]

Universal Energy Corp., announced an update on drilling operations at its Lone Oak prospect in Galveston Bay, Texas. Installation of 7 5/8″ intermediate casing is now complete to a total measured depth of 11,470 feet. Drilling will commence later in the week to the target measured depth of 12,615 feet.
Billy Raley, Chief Executive Officer of [...]