Queensland Gas Co. shareholders approved AGL Energy Ltd.’s purchase of a stake in the Australian coal seam gas producer for A$324 million ($254 million), spurning a rival bid from a Societe Generale Asset Management unit.
AGL’s proposal, which includes a 20-year contract to buy fuel from the Brisbane-based company, was backed by more than 75 [...]

Australian mining stocks fell, led by BHP Billiton and Rio Tinto Group after prices of metals such as nickel and copper dropped.
Companies with U.S. earnings, such as Rinker Group Ltd., rose on signs of slowing inflation in the world’s biggest economy.
The S&P/ASX 200 Index added 1.1 points to 5037.50 as of 11:06 a.m. in Sydney. [...]

Asian stocks fell to a five-week low, led by BHP Billiton, Nippon Mining Holdings Inc. and PetroChina CO., on concern copper and crude oil will extend declines amid signs of cooling demand in the U.S., Japan and China.
“The outlook for global growth still doesn’t bode well for commodities demand,” said Angus Gluskie, who helps manage [...]

PT Bumi Resources, Indonesia’s biggest coal exporter, has canceled a US$3.2 billion deal to sell its two coal mining units to a consortium of local companies led by PT Renaissance Capital following a prolonged delay in the closing of the transaction.
Bumi’s finance director Eddie Soebari told The Jakarta Post on Friday that his company was [...]

Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, may report higher first-half profit tomorrow after crude oil prices jumped.
Profit before one-time items likely rose 15 percent to A$515 million ($395 million) in the six months ended June 30, from A$448.5 million a year earlier, according to the median estimate of six analysts surveyed by [...]

American Oil & Gas Names Joseph B. Feiten Chief Financial Officer, Effective Immediately
American Oil & Gas Inc., an oil exploration and production company, on Friday said it named Joseph B. Feiten as its chief financial officer, effective immediately.
He replaces Andrew Calerich, 41, who will remain as president.
Feiten, 54, was chief financial officer of gas exploration [...]

Australian oil and gas producer Santos Ltd. (STO.AX: Quote, Profile, Research) said on Friday an appraisal well at its Jeruk oil discovery offshore east Java in Indonesia has flowed oil at a stabilised rate of 2,750 barrels a day.
The result comes after initial tests on the Jeruk-3 well were suspended in May because of technical [...]