Quaterra Resources Inc. announces that it has secured an option with the Willow Creek Discovery Group, LLC, to acquire 100% of the Willow Creek porphyry molybdenum prospect in southwestern Montana, 40 miles southeast of Missoula and 10 miles northwest of Phillipsburg.
The Willow Creek prospect is located within the prolific northeast-trending Idaho-Montana porphyry belt, which includes [...]

Zion Oil & Gas, Inc. of Dallas, Texas and Caesarea, Israel announced today that it and Aladdin Middle East have signed a drilling contract. Last week, Zion’s Chief Executive Officer, Richard Rinberg, and the President and Chief Operating Officer of Zion, Glen Perry, visited AME’s offices in Ankara, Turkey, in order to inspect AME’s rig [...]

Zion Oil & Gas, Inc. of Dallas, Texas and Caesarea, Israel has recently reported that Aladdin Middle East (”AME”) and Zion have amended their June 18 protocol to extend to September 1, 2008 the date by which they are to sign a drilling contract. The extension is necessary due to delays encountered in preparing and [...]

Mr. Jaime Navas Gaona and Mr. Richard G. Stevens to the Company’s Board of Directors. Mr. Navas, a geologist, holds his Masters degree from the Colorado School of Mines, and has spent his 40 year career working in Colombia and other Latin America countries successfully identifying and developing exploration opportunities for well established oil and [...]

Seadrill is pleased to report the delivery of the ultra-deepwater drillship West Polaris from Samsung Heavy Industries. The drillship will leave Korean waters tomorrow after completing fuelling and some general mobilisation activities en route to its first drilling assignment for Exxon in Brazil. West Polaris was delivered 10 days after original contract schedule with a [...]

Platts reports that Indonesia’s Cepu block could hold more than the 600 million barrels of oil above previous estimated.
“It’s much better than the original estimate,” a senior oil official said without going into detail.
Cepu may also contain about 1.7 trillion cubic feet of natural gas.
ExxonMobil and state-run Pertamina each have a 45 percent stake in [...]

Exxon Mobil says it will invest at least $100 million in offshore oil exploration near the Philippines.
Stephen Greenlee, vice president for Exxon Mobil Exploration Co., says Exxon is evaluating seismic data from the area and could start drilling next year, he said.
The Philippines government this week announced that a consortium of mostly Philippine companies [...]

Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices.
The world’s largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.
The Irving-based company didn’t [...]

Exxon Mobil chairman and CEO Rex Tillerson will keep both of his titles, as shareholders rejected a plan to split the top jobs at the oil company.
The plan to split Tillerson’s duties into two positions got only 39.5 percent of shareholders’ support at the company’s annual meeting in Houston. A similar vote last year failed [...]

Top executives of the five largest oil companies tried to shift the country’s anger over high petroleum prices to a debate over supplies in a hearing on Capitol Hill.
Sen. Patrick Leahy, D-Vt., told the executives there’s “a disconnect” between normal supply and demand and the skyrocketing price of oil — surpassing $130 a barrel even [...]