Americas onshore
Canadian oil and gas producers might have to pay more royalties or tax after a review of regulations in the province where oil revenues had once replaced the goods and services tax collected by ordinary Canadians. 
Houston-based Pogo Producing Co. has posted a net fourth-quarter loss of $16.5 million despite revenues of $343 million, as production volumes flat-lined and drilling costs rose. 
Cabot Oil and Gas of Houston has more than doubled net income to $321.2 million on production that shot up five percent and the selling of $145 million in assets, it was learned Friday. 
Plectrum together with its AIM listed joint venture partner, Gold Oil Plc (Gold), has been awarded an Exploration Licence covering Block Z-34, offshore Peru. 
Aspen Exploration Corporation announced the acquisition of a 10% (12.5% working interest before payout of 110% of Aspen’s investment) non-operated working interest in the East Poplar Unit and Northwest Poplar Field in Roosevelt County, Montana. This field is operated by Nautilus Technical Group, LLC of Denver, CO. 
NGAS Resources, Inc’s year-end 2006 proved reserves increased 34.4% to a record 100.9 billion cubic feet equivalents (“Bcfe”). Proved reserves were 97% natural gas, with 41% attributable to proved developed reserves. In accordance with SEC guidelines, reserve estimates do not include any probable or possible reserves from the Company’s non-proved properties, which represent approximately 63% of its acreage. 
EPiC Capital Group, Inc. has signed a seismic farm-in agreement with a third party covering Epic leasehold in the northwest portion of it’s Reichel Field, located in Rush County, Kansas. 
US based Occidental Petroleum Corporation announced that steps are being taken in collaboration with regulatory officials, including California's Division of Occupational Safety and Health (Cal/OSHA), to resume production at its Elk Hills, California operation following a February 6 incident involving the rupture of natural gas gathering lines and a resulting fire. 
Calgary-based heavy oil extractor Suncor Energy Inc. showed its support for Western Canada's oil sands on Friday and declaring production of 249,000 barrels a day for January. 
Lukoil’s overseas operator, Lukoil Overseas, has struck oil at the Condor field, Columbia, where 100 million barrels are believed hidden, it was learned Thursday.
Petro-Canada has rejected oil-company bids to share its oil-sands acreage at Chard, Stony Mountain, Liege, Thornbury an Ipiatik in the west of the country, where 1.7 billion barrels of bitumen are in place. 
Houston-based BPZ Energy, Inc., with properties in northwest Peru and southwest Ecuador, has begun testing the recently drilled CX11-21XD well in its Corvina gas field off the coast of Peru. 
US based independent oil and gas company, Range Resources Corporation announced that a $698 million capital budget has been set for 2007. This represents a 10% increase over 2006 expenditures. The 2007 budget includes $600 million for drilling and recompletions, $58 million for land, $20 million for seismic and $20 million for the expansion and enhancement of gathering systems and facilities. 
President Bush's FY2008 budget seeks a 33 percent increase for the Office of Fossil Energy over last year's request to support improved energy security and rapid development of climate-oriented technology. It totals $863 million and completes a promise to invest $2 billion in coal technologies three years early. 
Canadian Natural Resources Limited provides its regular quarterly update on the Horizon Oil Sands Project (“Horizon Project”). |
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