BPZ Resources, Inc. announces the oil test results from the CX11-20XD well in the Corvina field of the offshore Block Z-1 in Northwest Peru. The Company completed two drill stem tests (DST) on four sets of oil sands in the well testing a cumulative flow rate of 10,268 barrels of oil per day (bopd).
Tests on [...]

BPZ Resources, Inc. announced the Company reached total target depth on the CX11-20XD well at the Corvina field in offshore Block Z-1 located in northwest Peru. The 20XD is the Company’s fifth well in the Corvina field and reached a total measured depth of approximately 9,800 feet (6,400 feet vertical depth). The well has been [...]

Avalon Oil & Gas, Inc., has reported its financial results for the fiscal year ending March 31, 2008. In the Form 10-KSB the Company has filed with the SEC, Avalon demonstrates the continuing success of its business plan with a five-fold increase in revenues over the prior year. Total revenues for the twelve months ending [...]

Schlumberger Ltd announced that its shares jumped Friday after the oilfield services provider said its second-quarter profit rose 13 percent and issued a bullish outlook. Analysts praised the results. The stock rose $4.72, or 4.9 percent, to $101.50 in late-morning trading.
The Houston-based company said high oil and natural gas prices led to heavier spending [...]

Canadian natural gas and oil producer Compton Petroleum Corp. will sell four energy-producing properties for a total of $218 million.
The Calgary-based company did not name the buyers for the sites, which produce the combined equivalent of 3,700 barrels of oil per day. More than half of the production — 14.3 million cubic feet a day [...]

OPEC President Chakib Khelil again said oil producers saw no need to raise supply and blamed record oil prices on factors outside the cartel’s control, such as U.S. pressure on Iran and the weak U.S. dollar.
Following talks with European Union nations, Khelil said oil states believe they are pumping enough oil to satisfy demand and [...]

President Bush will send Energy Secretary Samuel Bodman to Saudi Arabia for a one-day meeting of oil producers.
Bodman will lead a U.S. delegation at the meeting on Sunday in the port city of Jiddah in Saudia Arabia, the world’s largest oil producer. The Saudis called the meeting of oil producing countries and consumers to discuss [...]

The American chief executive of Russian oil producer TNK-BP was called in for questioning as part of a criminal investigation into possible large-scale tax evasion, according to the company.
The pressure on Robert Dudley comes as the company’s Russian shareholders battle British oil major BP PLC for control of the joint venture, Russia’s third-largest oil producer.
TNK-BP [...]

Treasury Secretary Henry Paulson asked Persian Gulf oil producers to open up to more foreign investment, saying it would help diversify their economies as well as boost output.
Paulson was in Abu Dhabi, the largest of the United Arab Emirates.
The UAE is Paulson’s last stop on a tour of Gulf nations.
He acknowledged that there are no [...]

Declining oil reserves and investment have forced Indonesia to quit the Organization of Petroleum Exporting Countries even as other members cash in on soaring global prices.
Indonesia is the region’s largest oil producer, but the nation of 235 million people has had to import for years because of aging wells and disappointing exploration efforts. A weak [...]