THE Australian gas industry needs taxation concessions and national regulatory consistency if it is to meet its “substantial” potential, an Australian Petroleum Production and Exploration Association report to be released today says.
One result of the report is that APPEA is seeking a 175-per-cent investment allowance so explorers in frontier areas would be able to claim [...]

Oil and gas explorer Callon Petroleum Co. said Wednesday it ended 2006 with diminished proved reserves because Entrada Field prospects declined.
Callon Petroleum said it finished 2006 with estimated net proved reserves of 66 billion cubic feet of natural gas and 13.3 million barrels of oil, or a combined 145.6 billion cubic feet of natural gas [...]

Oil and gas explorer Swift Energy Co. said Thursday fourth-quarter profit rose 2 percent, as production gains offset cooling prices.
Quarterly earnings increased to $35.3 million, or $1.16 per share, from $34.7 million, or $1.16 per share during the same period in 2005. Revenue gained 30 percent at $158.6 million from $122.5 million.
Analysts polled by Thomson [...]

Oil and gas explorer GMX Resources Inc. on Friday priced an offering of 2 million shares at $34.82 each, representing a 5.8 percent discount to the stock’s closing price Thursday of $36.83 on the Nasdaq.
GMX Resources said it expects proceeds of about $65.5 million and plans to use the money to fund its drilling program [...]

Oil and gas explorer Occidental Petroleum Corp. said Tuesday it began a cash tender offer for $1.09 billion of its debt securities.
The securities include Occidental Petroleum’s 10.125 percent senior debentures due 2009, 9.25 percent senior debentures due 2019, 8.75 percent senior notes due 2023, 7.2 percent senior debentures due 2028 and 8.45 percent senior notes [...]

Oil and gas explorer Dana Petroleum fell to a six month low today after it said the Pomboo-1 exploration well in Block L-5 of the Lamu Basin, offshore Kenya has been plugged and abandoned after failing to find hydrocarbons.
The Scotland-based group said the well, which had been drilled to a total depth of 4,887 metres, [...]

Independent oil and gas explorer Energy Partners Ltd. said Friday it is in talks with “interested parties” about the company’s possible sale.
Energy Partners said it will provide another update by mid-February, unless the process is completed sooner.
In November, Woodside Petroleum Ltd., Australia’s largest publicly traded petroleum company, said it would not extend for a third [...]

Oil and gas explorer Anadarko Petroleum Corp. enjoyed sizable profits this year, bolstered by higher gasoline prices and blockbuster acquisitions, but its stock lagged because of higher debt.
The Woodlands, Texas-based company, with a market capitalization of $20.07 billion, goes up against larger competitors like BP PLC, ConocoPhillips, and Exxon Mobil Corp. in the exploration, development, [...]

New Zealand-focused oil and gas explorer L&M Petroleum Ltd has launched a $20 million initial public offering (IPO) and expects to list before Christmas.
L&M is issuing 100 million shares at 20 cents each through its IPO, which is fully underwritten by Intersuisse in Australia and McDouall Stuart in New Zealand.
The company will dual list on [...]

Shares of oil and gas explorer and producer Goodrich Petroleum Corp. on Friday dropped more than 4 percent, after the company offered $125 million in notes to help pay down current debt.
Shares of Goodrich Petroleum dropped $2, or 4.6 percent, to $41.96 in afternoon trading on the New York Stock Exchange.
Net proceeds will be used [...]