North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency’s 1995 estimate of 151 million barrels [...]

Statoil, the leading Norwegian oil and gas group, has reported record profits for 2006 owing to high prices for hydrocarbons and despite a fall of production.
Net profit surged by 32.0 percent to 40.615 billion kroner (4.98 billion euros, 6.47 billion dollars) from 30.73 billion kroner in 2005.
Sales rose by 10.0 percent to 423.5 billion euros.
Chief [...]

Callon Petroleum Company has increased its guidance for the fourth quarter 2006 and issued production guidance for the first quarter and full year 2007. Also, the company released for 2007 its current hedging positions and capital expenditure plans.
Callon has increased production guidance for the fourth quarter of 2006 from the previously announced range of 51 [...]

Petrolifera Petroleum Limited announced today that its RN.PM a-1032 well, situated southwest of the recently-tested 1019 oil well on the northern portion of its Puesto Morales Block in the Neuquén Basin, Argentina, is in the process of being cased as an indicated multi-zone oil discovery after completion of drilling and logging procedures. This marks the [...]

CanArgo Energy Corporation (”CanArgo”) (OSE: CNR) (AMEX: CNR) today announced that its wholly owned subsidiary company Ninotsminda Oil Company Limited (NOC) signed a gas sales agreement for the supply of gas from the Ninotsminda Field in Georgia. CanArgo also gave an update on its operations in Georgia.
Gas Sales Agreement
All gas produced from the Ninotsminda Field [...]