Supplier News
Contact Exploration Inc. report that, on May 24, it received the final regulatory approvals required to begin production from its first horizontal Stoney Creek A-89-2328 well and production has commenced. 
Pacific Stratus Energy Ltd. has entered into a memorandum of understanding to acquire a 26.25% interest in the Quifa Association Contract, which is located in the Llanos Basin of Colombia. 
Under the auspices of His Excellency Nasser bin Khamis al Jashmi, Undersecretary at the Ministry of Oil and Gas, two major engineering, procurement and construction (EPC) contracts for the Qarn Alam steam-injection project of Petroleum Development Oman (PDO) were signed today at an official ceremony held at the Oil and Gas Exhibition Centre. 
Oslo-listed Seadrill declared first-quarter net income of $168.2 million on Thursday, with numbers affected by the $170 million sale of ships Crystal Ocean and Crystal Sea and buoyed by rig rates. 
Norwegian offshore module maker, Grenland Group, has recorded earnings before tax of NOK7.5 million, down around NOK9 million from first-quarter ’06, as management incurs the cost of expansion. 
Oslo-listed rig company Petromena posted a NOK21.7-million ($3.6 million) net, fourth-quarter loss Thursday, down som NOK11 million, as the Larsen Oil & Gas outfit waits out the delivery of three sixth-generation semi-submersibles. 
Essential Petroleum Resources Limited has accepted the offer of a major new onshore exploration permit, PEP 168, in the Port Campbell gas province in the Otway Basin.
Maurel & Prom’s Congolese assets to Eni May 31, 2007
Maurel & Prom has concluded the sale of its Congolese assets to Eni Congo SA for US$1.434 billion as of May 29, 2007. 
Tortoise Capital Resources Corp. has invested $7.5 million in a newly formed partnership, Abraxas Energy Partners, L.P. The investment represents a limited partner interest in the newly formed entity. 
Forest Oil Corporation is commencing a private placement offering to eligible purchasers, subject to market and other conditions, of an aggregate $500 million principal amount of senior notes due 2019. Forest intends to use the proceeds of the offering to fund a portion of the cash merger consideration in connection with its pending acquisition of The Houston Exploration Company (Houston Exploration). 
Pacific Energy Resources Ltd. announces the execution of definitive purchase agreements with Forest Oil Corporation (“Forest”) and Forest Alaska Holding LLC (“Forest Holding”) with respect to the purchase of all of oil and gas properties and operations owned by Forest and Forest Holding in Alaska. 
JED Oil Inc. has signed an agreement with an arms-length third party for the sale of the Company's North Ferrier assets for cash consideration of approximately $33.9 million. 
Triangle Petroleum Corporation announces another major development in its Canadian shale gas program with the acquisition of a 516,000 acre parcel in Nova Scotia. This is in addition to the previously announced 68,000 acre farm-in agreement in New Brunswick. 
U.K.-based oilfield engineering outfit Wood Group announced Tuesday the winning of a three-year contract with “a major oil and gas company” in the Middle East, just as the company announced a new Qatar service facility was open for business. 
U.K.-based Acergy has place a $400-million order for a heavy lift vessel with Merwede shipyard in The Netherlands, it was understood Tuesday. |
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