New City Energy Share Discussion Threads

[energiser01] 22/5/2012 15:18

Update - Pacific Rubiales - more progress to report.....

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Pacific Rubiales Provides Strategic and Operational Update on Triceratops-2 Well, Papua New Guinea
TORONTO, May 22, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) provided today a strategic and operational update relating to the results of the recent testing of the Triceratops-2 appraisal well where the Company holds a net 10% non-operated participating interest in the well drilling on Petroleum Prospective License 237 ("PPL-237"), onshore Papua New Guinea.

As announced earlier by the operator, InterOil Corporation (NYSE: IOC; POMSoX: IOC), the Triceratops-2 well reached total depth of 2,236 metres (7,334 ft) in the Lower Limestone, and a drill stem test ("DST") across a 228 meter (748 ft) open hole section in the upper reservoir zone tested 17.6 MMcf/d gas with a measured condensate liquids content of between 13.6 and 16.3 bbl per MMcf. Preliminary data from the test indicates that the upper reservoir zone in Triceratops-2 is pressure connected to the Bwata-1 well drilled 3.5 kilometers along trend and which tested gas flows up to 28 MMcf/d. The test rates from the Triceratops-2 well compare favourably with equivalent DST intervals in wells drilled on the Elk/Antelope structure along trend. The Elk/Antelope structure has independently certified best case contingent resources of 8.6 Tcf gas and 129 MMbbl condensate.

Ronald Pantin, Chief Executive Officer of the Company, commented: "This is a very exciting result and confirms our belief that the Triceratops structure and PPL-237, along with earlier discoveries by InterOil in the adjacent Elk/Antelope structure, indeed represents a world class gas and condensate trend and provides the Company with the strategic opportunity for early stage large resource capture on the doorstep of the world's fastest growing primary energy markets. Not only is the Triceratops structure in itself proving to be a new discovery of significant magnitude, but additional prospects and leads on the large PPL-237 block provide further potential resource upside."

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[marab] 16/5/2012 09:43

Spartan drilled or participated in a total of 10 (9.3) net wells in Pembina with a 100% success rate. As a result of this drilling success, Spartan achieved record production levels during the quarter.

How often do you see an RNS like that. Looks like I bought here to early but will be topping up again. Markets hitting panic mode by the looks of it.

[energiser01] 15/5/2012 17:52

Update - Spartan (one of the smaller holdings)

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Spartan Oil Corp. Announces Record First Quarter Results and Provides Operations Update
CALGARY, ALBERTA--(Marketwire - May 15, 2012) - Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO), is pleased to report it's financial and operating results for the three months ended March 31, 2012. Selected financial and operational information is outlined below and should be read in conjunction with Spartan's interim financial statements and the related management discussion and analysis which are available for review at www.sedar.com or on the Company's website at www.spartanoil.ca.

OVERVIEW:

During the first quarter of 2012, Spartan concentrated its efforts on the Company's light oil resource play in the Keystone area of Pembina. Spartan drilled or participated in a total of 10 (9.3) net wells in Pembina with a 100% success rate. As a result of this drilling success, Spartan achieved record production levels during the quarter. Average production for the quarter increased to over 1,900 boe/d and cash flow grew to $10.3 million. Spartan expects significant production and cash flow growth to continue throughout the remainder of 2012, as our activity levels in Pembina increase.

HIGHLIGHTS:

Achieved a 100% success rate, drilling 10 (9.3 net) wells in our Keystone core area. Since Spartan commenced operations in June, 2011, the Company has drilled 28 (24.7 net) horizontal wells and participated in an additional 4 (1.0 net) horizontal wells targeting Cardium light oil at Spartan's Keystone property with a 100% success rate.
Increased production by 26% to 1,903 boe per day (83% oil and liquids) in the first quarter of 2012 from an average of 1,512 boe per day in the fourth quarter of 2011.
Current production is approximately 2,600 boe/d (83% oil and liquids) based on field estimates.
Increased cash flow from operations by 27% to $10.3 million in the first quarter of 2012 from $8.2 million in the fourth quarter of 2011.
Increased net earnings to $4.8 million in the first quarter 2012 from $0.2 million in the fourth quarter of 2011.
Reduced operating costs (including transportation) by 18% to $9.83 per boe in the first quarter 2012, as compared to $12.04 per boe in the fourth quarter of 2011.
Reduced royalties by 35% to $6.02 per boe in the first quarter of 2012, as compared to $9.22 per boe in the fourth quarter of 2011.
Achieved an operating netback in the first quarter of 2012 of $60.05 and a corporate netback of $59.61.
Increased our bank line from $25 million to $50 million in the first quarter of 2012. At the end of the first quarter, the bank line was undrawn.
Raised gross proceeds of $57.5 million through the issuance of 13,068,600 special warrants at a price of $4.40 per warrant. Subsequent to the end of the quarter, the warrants were converted into common shares of the Company on a 1:1 basis.
Finished the first quarter of 2012 with an extremely strong balance sheet. As at March 31, 2012, the Company's working capital surplus was $60.6 million.


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[energiser01] 15/5/2012 17:42

Update - Coastal was still no.2 in the trust holdings, NAV @8.2% as of 30/4/12

Good start to 2012.

NB. We are also evaluating bringing in an additional drilling rig to accelerate our exploration and development program.

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Coastal Energy Announces First Quarter 2012 Financial Results
HOUSTON, May 14, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:CEN) (AIM:CEO), an independent exploration and production company with assets in Thailand, announces the financial results for the three months ended March 31, 2012. The functional and reporting currency of the Company is the United States dollar.

First Quarter 2012 Highlights

The Company reported record levels of production, cash flow and earnings in the first quarter of 2012. Total Company production increased by 125% to 22,773 boe/d in the first quarter from 10,125 boe/d in the same period last year. The Company's offshore production was 21,031 bbl/d, with the increase due to the inclusion of production from both platforms at Bua Ban North. Onshore production of 1,742 boe/d increased from Q4 '11 levels as natural gas demand recovered following the flooding in Thailand in late 2011. Onshore production was below Q1 '11 due to the aftermath of the 2011 flooding as well as the power plant at Nam Phong being shut down for maintenance for approximately 5 days during the quarter.
EBITDAX for Q1 2012 was $128.4 million, 202% higher than the $42.5 million recorded in Q1 2011. Revenue and EBITDAX were driven higher by increased production and commodity prices. Crude oil inventory was approximately 569,258 barrels at March 31, 2012, the revenue from which will be recognized in the second quarter. The Company added 232,924 barrels (approximately 41%) during the current quarter.
The Company announced successful discoveries in the Miocene and Oligocene reservoirs at Bua Ban South. The discoveries have been appraised and determined to be commercial.
The Company acquired an additional 2.9% of Apico LLC, which holds its onshore oil & gas concessions. This brings its working interest in the Sinphuhorm field to 13.7%.
Randy Bartley, President and CEO of Coastal Energy, commented:

"The first quarter of 2012 built upon the Company's success in 2011. The Company recorded record levels of production, cash flow and profits. We also delivered another successful exploration discovery at Bua Ban South in both the Miocene and Lower Oligocene reservoirs. We plan to drill further appraisal wells to delineate the discovery once production facilities arrive on location in the third quarter.

"We purchased two production facilities in the first quarter, one at Songkhla A and one for Bua Ban South. We plan to continue using a portion of our free cash flow to acquire currently leased production facilities to reduce our operating costs. We are also evaluating bringing in an additional drilling rig to accelerate our exploration and development program.

"2012 is off to a great start. We all look forward to another successful year with Coastal."

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[energiser01] 10/5/2012 13:34

Update - Baytex Q1 - more good results

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Baytex Announces First Quarter 2012 Results and Executive Management Changes
CALGARY, ALBERTA--(Marketwire - May 10, 2012) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) is pleased to announce its operating and financial results for the three months ended March 31, 2012 (all amounts are in Canadian dollars unless otherwise noted).

Summary

Produced record quarterly production of 53,433 boe/d (86% oil and NGL) in Q1/2012 (an increase of 14% over Q1/2011);


Generated funds from operations ("FFO") of $141.7 million ($1.20 per basic share) in Q1/2012 (an increase of 29% over Q1/2011);


Generated net income of $43.0 million ($0.36 per basic share) in Q1 2012 (an increase of $42.0 million over Q1/2011);


Maintained a cash payout ratio in Q1/2012 of 39% net of dividend reinvestment plan ("DRIP") participation; and


Subsequent to the end of the quarter, entered into an agreement to sell non-core, non-operated assets in North Dakota for gross proceeds of US$311 million. These assets produced approximately 950 boe/d in Q1/2012.


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[energiser01] 10/5/2012 13:29

Update - Crescent Point - good looking Q1 results.

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FIRST QUARTER 2012 HIGHLIGHTS

In first quarter 2012, Crescent Point continued to execute its integrated business strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties.

Crescent Point achieved a new production record in first quarter 2012 and averaged 90,285 boe/d, weighted 91 percent to light and medium crude oil and liquids. This represents an overall growth rate of 19 percent over first quarter 2011.
Average daily production in first quarter 2012 increased by 11 percent, or more than 9,000 boe/d, over fourth quarter 2011. Approximately 7,000 boe/d of the growth was due to drilling success. Acquisitions completed in first quarter were primarily completed late in the quarter and added approximately 2,000 boe/d to the first quarter average.
In first quarter 2012, the Company spent $387.8 million on drilling and development activities, drilling 169 (122.4 net) wells with a 100 percent success rate. Crescent Point also spent $87.8 million on land, seismic and facilities, for total capital expenditures of $475.6 million.
Crescent Point generated record funds flow from operations of $400.9 million ($1.34 per share - diluted) in first quarter 2012, representing a 35 percent increase over first quarter 2011 funds flow from operations of $296.5 million ($1.10 per share - diluted).
In first quarter 2012, the Company's netback increased by 11 percent to $51.88 per boe from $46.63 in first quarter 2011.
The Company delivered a combined total of approximately 8,000 bbl/d to rail facilities in March, including approximately 6,000 bbl/d through the Company's Stoughton rail facility, which became operational in February. Current capacity at the Company's Stoughton facility is approximately 8,500 bbl/d and is expected to increase to approximately 16,000 bbl/d by early third quarter.
Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $0.69 per share for first quarter 2012. This is unchanged from $0.69 per share paid in first quarter 2011. On an annualized basis, the first quarter dividend equates to a yield of 6.0 percent, based on a volume weighted average quarterly share price of $45.66.
During the quarter, Crescent Point completed several strategic acquisitions, including an arrangement with Wild Stream Exploration Inc. ("Wild Stream"), an asset acquisition with PetroBakken Energy Ltd. ("PetroBakken") and other consolidation acquisitions, for aggregate consideration of $1.3 billion. The Wild Stream and PetroBakken transactions closed in March.
The Company's balance sheet remains strong, with projected average net debt to 12-month cash flow of less than 1.0 times and significant unutilized credit capacity.
Crescent Point continued to implement its disciplined hedging strategy to provide increased certainty over cash flow and dividends. As at April 30, 2012, the Company had hedged 61 percent, 52 percent, 33 percent and 14 percent of its oil production, net of royalty interest, for the balance of 2012, 2013, 2014 and the first three quarters of 2015, respectively. Average quarterly hedge prices range from Cdn$94 per bbl to Cdn$99 per bbl.

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[energiser01] 10/5/2012 13:24

Update - Pacific Rubiales

Very good set of results.

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Pacific Rubiales reports strong financial and operating quarter: EBITDA up 48% to $538 million, net earnings increased to $258 million, net production up 17% to 93,573 boe/d, development and exploration portfolio expanded through acquisition
TORONTO, May 10, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) announced today the release of its unaudited consolidated financial results for the quarter ended March 31, 2012, together with its Management Discussion and Analysis ("MD&A") for the corresponding period. These documents will be posted on the Company's website at www.pacificrubiales.com and on SEDAR at www.sedar.com. All values in this release are in US$ unless otherwise stated. The Company has scheduled a teleconference call for investors and analysts on Thursday May 10th at 8:00 a.m. (Bogota time) / 9:00 a.m. EDT (Toronto time) / 10:00 a.m. (Rio de Janeiro time), to discuss the Company's first quarter results. Analysts and interested investors are invited to participate using the dial-in instructions available at the end of this news release.

First Quarter 2012 Highlights

EBITDA was $538 million, up 48% year over year, driven by production growth and higher netbacks.
Net Earnings were $258 million, compared to a net loss of $70 million a year earlier and $81 million in the fourth quarter.
Adjusted Net Earnings from Operations were $293 million, up 118% from $134 million in the first quarter of 2011, and an increase over the $172 million reported in the fourth quarter.
Operating netbacks from production were a record $73.76/boe, an increase of 39% over the first quarter 2011, driven by higher oil prices and higher operating margins.
Production net of royalties was a total of 93,573 boe/d including 1,703 bbl/d* produced from the recent acquisition in Peru, up 17% over the first quarter of 2011, and an increase from the 90,959 boe/d produced in the fourth quarter.
Total capital expenditures were $267 million compared to $176 million in the same period in 2011, with 38% ($102 million) invested in infrastructure and 34% ($90 million) in exploration.
Exploration success of 84% drilling a total of 19 gross exploratory wells of which 16 were successful.
Additional interest acquired in the Puerto Bahia Port Project to develop strategic oil transport and export infrastructure in Colombia.
An agreement was signed with Belgium based Exmar NV to advance future liquefied natural gas (LNG) production and export development from Colombia, supported by the Company's large 2P reserves at La Creciente and the recent exploration success on the Guama block.
An acquisition of a 49% undivided participating interest in the Z-1 block offshore Peru, providing the Company with its first production in Peru and future development and exploration potential.
An acquisition of a 10% net participating interest in the PPL237 license block and Triceratops structure onshore Papua New Guinea, providing the Company with the potential for significant resource capture.
In the first quarter of 2012, the Company increased its dividend 18% to $0.11/share, reflecting confidence in the continued strength of the business.
Ronald Pantin, Chief Executive Officer of the Company commented: "The first quarter was very strong from both a financial and operational standpoint, with EBITDA, net earnings and earnings from operations all showing gains, production was up 17% from a year ago, and the Company made a number of strategic moves and investments to strengthen and expand its exploration and development portfolio and provide additional foundation for future growth. Despite widespread permitting delays and transportation disruptions affecting the O&G Industry in Colombia during the first quarter, Pacific Rubiales was able to increase its production 3% from fourth quarter 2011.

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[energiser01] 09/5/2012 10:44

update - coalspur

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Substantial Coal Resource Estimate on Vista Extension

Highlights:
 Large initial resource defined at Vista Extension which includes:
 174Mt Measured and Indicated Coal Resource
 969Mt Inferred Coal Resource
 Increases Coalspur's total Measured & Indicated Resources by 15% to 1,323Mt and Inferred Resources by 181% to 1,505Mt
 Attractive acquisition cost of C$0.07 per tonne of Measured and Indicated Coal Resources
 Future development at Vista Extension will leverage off secured port allocation and coal mining, handling and processing infrastructure to be developed on Vista
 Longwall scoping study on Vista Extension to explore future production growth optionality due for publication in the coming weeks
CALGARY, Alberta: Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL, TSX: CPT) is pleased to announce an initial Coal Resource estimate on the recently acquired11 Vista Extension, comprising 173.7 million tonnes ("Mt") in the Measured and Indicated Mineral Resource categories and 969.3Mt in the Inferred Mineral Resource category. This significantly increases the Company's total Measured and Indicated Coal Resource by 15% to 1,322.9Mt and the Inferred Coal Resource by 181% to 1,505.2Mt across the Vista Coal Project ("Vista"),

Note: Vista Extension Coal Resource estimates effective May 8, 2012, Vista Coal Project Coal Resource estimates effective May 8, 2012 and Vista South Coal Project Coal Resource estimates effective December 15, 2010
Commenting on Coalspur's substantial resource increase, Mr Gene Wusaty, Managing Director and CEO, said "We are very excited about the Vista Extension which we believe has the potential to become a stand-alone underground mine. The Vista Extension offers the next phase of growth after Vista Phase 1 and Phase 2 and has the ability to leverage off the rail and port capacity that we have secured, and significantly increases the potential life of mine and rate of production for Coalspur.

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[energiser01] 07/5/2012 17:37

Update - Gran Tierra Q1 results - ggod production and drilling successes...


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Gran Tierra Energy Inc. Announces First Quarter 2012 Results
Quarter Highlighted by the Ramiriqui Oil Discovery, Colombia

CALGARY, May 7, 2012 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE Amex: GTE, TSX: GTE), a company focused on oil and gas exploration and production in South America, today announced financial and operating results for the quarter ended March 31, 2012. All dollar amounts are in United States dollars unless otherwise indicated.

Highlights for the quarter include:

Quarterly production of 16,742 barrels of oil equivalent per day ("BOEPD") net after royalty ("NAR"), a 15% increase in average daily production from the same period in 2011 of 14,546 BOEPD NAR. Daily consolidated production in April 2012 averaged approximately 20,700 BOEPD NAR;
Revenue and other income for the quarter of $156.0 million, a 27% increase over the same period in 2011;
Net loss of $0.3 million, compared to net income of $13.7 million, or $0.05 per share basic and diluted in the same period in 2011;
Funds flow from operations of $78.9 million compared to $66.6 million for the same period in 2011;
Cash and cash equivalents were $230.1 million at March 31, 2012, compared to $351.7 million at December 31, 2011, largely due to capital spending and timing differences relating to when Ecopetrol settles our accounts receivables;
Working capital decreased to $171.5 million at March 31, 2012, compared to $213.1 million at December 31, 2011;
Successfully drilled and tested the Ramiriqui-1 oil exploration well in the Llanos Basin, Colombia. The well tested at a restricted rate of 2,525 barrels of oil per day ("BOPD") gross of 26°API crude oil;
Successfully drilled and tested the Proa-2 appraisal well in the Proa oil discovery on the Surubi Block, Argentina. The well tested 6,300 BOPD of 46° API crude oil;
Successfully drilled two appraisal wells on Block 155 in the Recôncavo Basin, Brazil;
Completed the Moqueta 3D seismic program with interpretation ongoing to assist in full field development planning. Gran Tierra Energy expects to complete the field development planning in the fourth quarter of 2012; and
Advanced location construction and rig mobilization for the La Vega Este-1 oil exploration well on the Azar Block in the Putumayo Basin of Colombia, which Gran Tierra Energy expects to spud in early May.
"Gran Tierra Energy's 2012 drilling program is off to a very strong start, with new oil reserves discovered with the Ramiriqui-1 new field discovery in Colombia, along with successful completion of development wells to grow production in Colombia, Brazil and Argentina. Funds flow from operations continues to grow over the same period last year, driven by strong production growth and robust commodity prices," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "We are excited about the drilling program remaining in 2012, which includes additional development drilling in Colombia and Argentina, plus three additional exploration wells in Colombia, three horizontal exploration wells in Brazil, one exploration well in Peru and two exploration wells in Argentina. Gran Tierra Energy remains financially strong and expects to fund its 2012 capital program with cash flow and cash on hand at current oil prices and production levels," concluded Coffield.

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[energiser01] 03/5/2012 14:43

Marab - agree, share price to NAV gap looks overdone % wise.

Looks like more good news from Coastal. They are keen to break the 100k boe/d milestone (nice round number anyway, not sure its really a milestone!) sooner rather than later I think.

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Crescent Point Announces Strategic Viking Consolidation Acquisition, Minor Disposition of Non-Core Alberta Assets and Upwardly Revised 2012 Capital Expenditures and Guidance
CALGARY, Alberta, May 3, 2012 /PRNewswire/ --

/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/

Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce that it has entered into an arrangement agreement (the "Cutpick Arrangement") with Cutpick Energy Inc. ("Cutpick"), pursuant to which Crescent Point expects to acquire all of the issued and outstanding shares of Cutpick. Cutpick is a private oil and gas producer with production of approximately 5,600 boe/d, weighted approximately 65 percent to light oil, primarily in the Viking light oil resource play near Provost, Alberta. Total consideration for Cutpick is approximately $425 million.

Assuming the successful completion of the Cutpick Arrangement, production in Crescent Point's Provost area is expected to grow from approximately 2,000 boe/d to approximately 7,500 boe/d. This positions Provost as the Company's third largest producing area, behind the Bakken and Shaunavon areas.

The assets expected to be acquired (the "Viking Assets") are large oil-in-place assets with high-netback light oil production. Crescent Point believes there is significant long-term upside through the application of horizontal infill drilling, multi-stage fracture stimulation and waterflood. The Viking Assets include more than 300 net sections of land in the Halkirk area of Alberta, 83 net sections of which Crescent Point believes to be prospective for the Viking light oil resource play. The Cutpick Arrangement is expected to close on or before June 19, 2012.

In addition, Crescent Point recently completed the sale to a private junior exploration and production company of approximately 900 boe/d of non-core Alberta assets, 80 percent of which was weighted to natural gas, and approximately 20 net sections of undeveloped land. Total consideration was $35 million, comprised of $10 million of cash and $25 million of shares in the private company. The transaction closed on April 16, 2012.

Assuming the successful completion of the Cutpick Arrangement and including the non-core asset disposition, Crescent Point's average daily production in 2012 is expected to increase to more than 88,500 boe/d from 86,500 boe/d and its 2012 exit production rate is expected to increase to more than 97,500 boe/d from 94,000 boe/d.

CUTPICK ARRANGEMENT

Under the terms of the Cutpick Arrangement, Crescent Point has agreed to acquire all of the issued and outstanding shares of Cutpick at an exchange ratio of 0.14 of a Crescent Point share for each Cutpick share. In addition, Crescent Point expects to assume approximately $83 million of Cutpick net debt, including deal costs and after taking into account proceeds from stock options and warrants expected to be exercised. The Company's aggregate consideration for Cutpick is approximately $425 million, based on a five-day weighted average trading price of $43.13 per Crescent Point share.

The Viking Assets expected to be acquired complement and consolidate Crescent Point's existing position in the Alberta and Saskatchewan Viking light oil resource play. The acquisition is consistent with the Company's strategy of acquiring large oil-in-place assets with high-netback oil production and long-term upside through the application of horizontal infill drilling using multi-stage fracture stimulation. Crescent Point believes there is significant waterflood upside in Cutpick's assets and ability to expand the play.

"I'm excited about these transactions. The Cutpick acquisition and the sale of non-core assets focus our Alberta operations in Swan Hills, southern Alberta Bakken and Provost Viking and consolidate our third largest operating area," said Scott Saxberg, President and CEO of Crescent Point. "Our Provost office is our original field office and these deals will provide it with better flexibility to move equipment and manpower between our Shaunavon, southern Alberta Bakken and Viking areas."

The successful closing of the Cutpick Arrangement is expected to provide Cutpick shareholders with continued exposure to the Viking light oil resource play, along with Crescent Point's other core resource plays and its anticipated monthly dividend.

The Cutpick Arrangement is expected to close on or before June 19, 2012, allowing Cutpick shareholders to receive Crescent Point's anticipated June dividend, which is expected to be paid on or about July 16, 2012.

Key attributes of the Viking Assets to be acquired:

Current production of approximately 5,600 boe/d, approximately 65 percent of which is light oil weighted;
More than 300 net sections of land in the Halkirk area of Alberta, 83 net sections of which Crescent Point believes to be prospective for the Viking light oil resource play;
More than 300 net internally identified low-risk drilling locations in the Viking light oil resource play; and
Tax pools estimated at approximately $260 million.

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[marab] 03/5/2012 11:27

Bought some more NCE today at 50p. 3% dividend with a NAV of 67p seems a good one to stick in an ISA. Keep the good news coming energiser01 :))

[energiser01] 01/5/2012 23:16

Update - Coastal

Good news on the Bua Ban South front and permits.

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Coastal Energy Announces Successful Appraisal Wells at Bua Ban South
HOUSTON, May 1, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN) (AIM:CEO) announces the successful results of the Bua Ban South A-03ST and A-05 wells.

The Bua Ban South A-05 well was drilled to a depth of 3,525 feet TVD approximately 1,650 feet to the east of the A-04 well. The well encountered 20 feet of net pay across two Miocene zones with average porosity of 29%, based on evaluation of downhole logs. The A-05 is downdip from the A-04, and moved the lowest known oil down by 50 feet in the Miocene. The oil water contact was not encountered in either zone at this location, and further appraisal wells will be required to delineate the areal extent of this field. MDT data indicate that the oil water contact could be materially lower than depths at which the current wells have penetrated the Miocene interval.

The Bua Ban South A-03ST was drilled to a depth of 9,700 feet TVD. The well encountered 31 feet of net pay in the Lower Oligocene with 15% porosity, based on log analysis. The A-03ST is approximately 5,700 feet to the north of the Bua Ban South A-01 Oligocene discovery. The well encountered 325 feet of reservoir in the Eocene with 11% porosity. It has been cased and will be utilized to test a multi-stage fracturing program once production facilities arrive.

Randy Bartley, President & Chief Executive Officer, commented:

"We are extremely pleased with the results of both of these wells. Now that we have confirmed the commerciality based on expected recoverable resources of both the Miocene and Oligocene plays at Bua Ban South we have purchased production facilities which will arrive in the third quarter of this year. We are going to return the rig to Bua Ban North and drill horizontal development wells and water injection wells until the MOPU is on location at Bua Ban South, after which time we will proceed with further appraisal drilling.

"Our offshore production is holding steady at 21,700 bopd. We expect rates to return to and exceed previous levels once we begin drilling the additional development and injection wells at Bua Ban North. We have also received our permit to drill up to 10 additional wells at Songkhla A and plan to return there later in the year."


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[energiser01] 01/5/2012 17:27

Update -Americas Petrogas

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Americas Petrogas Announces 2011 Results and Reserves
Revenue more than Doubled; 52% Increase in Value of Proved Reserves; Cash and Short-term Investments of $56.5 Million at year-end
CALGARY, ALBERTA--(Marketwire - May 1, 2012) - Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE:BOE) announces that it has filed its 2011 audited consolidated financial statements and Management's Discussion and Analysis ("MD&A") relating to its 2011 year-end results. The Company also filed the disclosure and reports relating to reserves data and other oil and gas information required pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. These filings can be accessed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) website: www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

Highlights for 2011 and Subsequent

Oil sales from conventional blocks totaled 190,564 barrels of oil during 2011, generating $11.4 million of gross revenues and $8.9 million of net revenues, more than doubling the equivalent figures from 2010.
Average production cost for 2011 was $16.04 per barrel, a cost-reduction of nearly 40% compared to 2010.
In 2011, drilling activity on Medanito Sur was limited as the Company awaited receipt of the exploitation license for the block. Subsequent to year-end, in March 2012, the Company received a 25-year exploitation license on the Medanito Sur block, allowing for a significantly expanded drilling program. The Company is increasing drilling activity in 2012 with the expectation to increase production and reserves in 2012. Americas Petrogas is the Operator of Medanito Sur.
The Company was successful in raising $50.0 million of financing in 2011 and subsequent to year-end, raised $70.8 million through the issuance of 20,217,000 common shares at $3.50 per share. The Company currently has approximately $90 million of cash and short-term investments.
The recent financings mentioned above will allow facilities expansion and acceleration of exploration and development plans including a planned 30 well conventional drilling program and a planned 10 well shale drilling program over the next 12 to 18 months.
The Company entered into a farm-out agreement with a subsidiary of Exxon Mobil Corporation ("ExxonMobil") for the exploration and potential exploitation of the Los Toldos blocks. Under the farm-out terms, ExxonMobil has committed to drilling a minimum of four (4) wells, including one (1) horizontal well, during the exploration phase. ExxonMobil and Americas Petrogas will each have a 45% working interest and Gas y Petróleo del Neuquén (provincial oil company) holds a 10% working interest. The first Vaca Muerta shale well on these blocks was drilled on Los Toldos II. Drilling was completed in 2012 and the comprehensive data that was collected is currently being analyzed and integrated.
In June 2011, the Company acquired an additional working interest in the Totoral, Yerba Buena and Bajada Colorada blocks increasing Americas Petrogas' working interest to 90%. Americas Petrogas is Operator of these blocks.
The Company now has 90% working interest in the Loma Ranqueles block, subsequent to acquiring an additional 40%. The Company is the Operator of this block.
The Company now has 39% working interest in the Huacalera block after increasing its working interest and entering into a farm-out agreement with Apache Corporation ("Apache"), the Operator. The Vaca Muerta shale well on this block was drilled in 2011 and testing commenced early in 2012.
The Company increased the value of its after-tax Proved Reserves of oil and gas by 52%.
In Peru, the Company is performing brine pumping tests under the supervision of Ercosplan.
Also in Peru, the Company completed a 15-well evaluation drilling campaign for phosphates.
"Based on published reports, the Neuquen Basin is a proven, producing basin with large prospective Vaca Muerta shale resources." said Barclay Hambrook, President and CEO of Americas Petrogas Inc. "The U.S. Energy Information Administration ranks Argentina third after the U.S. and China in total estimated oil and gas prospective resources. During 2011, the Company increased its working interest in several blocks with shale oil and gas potential and joint ventured with ExxonMobil to advance drilling on the Los Toldos blocks. This is in addition to the Company's joint venture with Apache on the Huacalera block. As well, the Company more than doubled its revenue from conventional operations in 2011, compared to 2010, and the Company expects to increase its revenue from production even more in 2012. The Company is well-funded with over $90 million of cash and short-term investments, allowing it to continue its exploration and development activities on all of its blocks."

He went on to say: "In Peru, the Company continues to progress on its potash brine project, with additional pump tests under the supervision of Ercosplan. New drilling, which targets evaporites, brines, phosphates and other minerals, is expected in the coming months."

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[energiser01] 30/4/2012 15:15

Update - Coalspur (adds further 25% to land position for C$13m, looks a good deal and news on JORC/NI due shortly.....

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NEWS RELEASE
April 30, 2012
COALSPUR ACQUIRES ADDITIONAL STRATEGIC COAL LEASES IN
HINTON REGION
Highlights:
 Acquired additional 14,432 hectares of coal bearing leases which increases the
Company's total land position in the Hinton region to approximately 55,000 hectares
 New leases are contiguous with the Vista property, are on the same favourable
geological structure and are expected to contain the same export quality bituminous thermal coal
 JORC/NI 43-101 Coal Resource study underway and to be completed shortly using
historical drilling information CALGARY, Alberta: Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL,TSX: CPT) is pleased to announce the acquisition of 14,432 hectares of coal bearing leases ("Vista Extension") which are contiguous with the Company's Vista Coal Project ("Vista") for
C$13 million in cash. Vista Extension is located on the northeast boundary of Vista and is in a land use area classified as category four which is the most favourable for resource development in Alberta. A portion of Vista Extension includes 5.1 million tonnes of surface mineable coal which was included in the Recoverable Coal Reserves estimated in the recently completed feasibility study on Vista.
Commenting on the acquisition, Mr Gene Wusaty, Managing Director and CEO, said "This transaction provides significant value to Coalspur as it has the potential to provide further production growth through an underground operation which can leverage off of any future infrastructure built on Vista. We believe Vista Extension hosts substantial Coal Resources and we will commence a drilling program in the coming months to further our understanding of the
property."

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[energiser01] 27/4/2012 14:17

Marab - yup I think some of the underlying SP's are due a catchup with the increased production etc. were seeing coming through.

Also, hopefully due an update from Crescent Point in the next couple of weeks, as they've been busy buying up and integrating companies recently, which from the recent guidance should have a further positive impact on the SP, plus they had quite a few drills etc. planned/in prog through 2012 (apprx 390/400) so say 30 per month on average (some injectors etc. not all likley to be producers). I think they were conservative/realistic on guidance, so as they drill and gain greater understanding of the geology and what works better (ie. if stimulating/fraccing etc..etc.) there is a reasonable chance of further upside revisions..lets hope anyway.. all my specualtion of course.

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[marab] 27/4/2012 13:55

energiser01 - busy day for news. I have added some shares to the warrants I already owned here. Looks better every time you post :)

[energiser01] 27/4/2012 13:30

Update - Pacific Rubiales

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Pacific Rubiales Announces Acquisition of a Participating Interest in Block Z-1, Offshore Peru
TORONTO, April 27, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announced today that it has reached an agreement with BPZ Resources, Inc. ("BPZ") (NYSE: BPZ) (BVL: BPZ) to enter into a series of transactions ultimately resulting in the acquisition of beneficial ownership of a 49% undivided participating interest (the "Participating Interest") in the Z-1 exploration and development block ("Block Z-1"), offshore in Peru. Under the terms of the agreement, Pacific Rubiales will pay U.S.$150 million in cash and is subject to a commitment of U.S.$185 million for BPZ's share of capital and exploratory expenditures in Block Z-1.

Once the Company has satisfied its commitment to BPZ in connection with the capital and exploratory expenditures, the partners will share costs at their respective ownership interest basis. Completion of the acquisition is subject to approval of the applicable Peruvian authorities.

Ronald Pantin, Chief Executive Officer of the Company, commented: "This is an exciting opportunity and an excellent fit with the Company's strategy of generating profitable growth and diversifying our exploration and production portfolio. The acquisition complements our existing exploration acreage in Peru, and it provides us with first production in the country. The size of the deal is very manageable and allows us to preserve a strong balance sheet and maintain capital spending flexibility. These are oil weighted assets with excellent running room to expand production, in a country that we see a lot of opportunity. We consider this to be an attractive deal for both companies."
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[energiser01] 27/4/2012 11:47

Update neon energy

Qtr Report

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From pg 2 :- News/test results expected in the next few days....

Testing is currently ongoing in the Lower Antelope interval, a member of the prolific Monterey Shale Formation. This interval has provided very encouraging early results by producing oil and gas during swabbing operations from an interval of naturally fractured interbedded chert, siliceous shale and sandstone. The unstimulated recovery of 45 barrels of 26° API gravity oil from this zone is significant in that these preliminary results are comparable to early results from a number of nearby fields which produce from the
Monterey Shale. Neon commenced production testing of the zone after
completing an acid stimulation job. A "jet pump" was installed for the test, and at the time of writing production testing is underway with the well producing spent acid and completion fluids, as expected.
The Company expects to have initial test results in the coming days.

Quarterly Highlights
 Continued encouraging results in Paloma Deep-1 well
 Agreed terms for farmout of Block 120 and Block 105, offshore Vietnam
 Turnaround in North San Ardo production
 Increased acreage position at Paloma
 Incorporation to Standard & Poor's ASX 300 market index

* Daily production increased significantly towards quarter-end, and is currently in the region of 600 bopd.

Six Month Outlook
 Continued production testing at Paloma Deep-1
 Completion of Vietnam farmout and commencement of associated work programme
 Drilling of Paloma Deep-2 appraisal well
 Ongoing exploration at Kettleman Middle Dome
 Commencement of appraisal drilling at Central Paris Valley
 Results of enhanced thermal operations at North San Ardo


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[energiser01] 27/4/2012 10:58

Update - Coalspur No1 holding @ end of march

Study Increases Vista Production Capacity to 12.0 MTPA

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OPTIMIZATION STUDY INCREASES VISTA PRODUCTION CAPACITY TO 12.0MTPA
Highlights:
 Forecast annual marketable coal production capacity increases by 7% to 12.0Mtpa up from 11.2Mtpa in the Vista feasibility study
 Production increase result of an optimization study on the coal processing plant utilization and enhanced mine planning
 Increased production decreases mine gate operating costs C$0.47/t over life of mine
 Increased production to be included in Coalspur's recently increased port allocation at Ridley Terminals Inc.
CALGARY, Alberta: Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL, TSX: CPT) is pleased to announce that the annual marketable coal production capacity from the Vista Coal Project ("Vista") has increased by 7% to 12.0 million tonnes per annum ("Mtpa"). The increased production rate is the result of an optimization study on the coal processing plant ("CPP") and mine scheduling and follows a feasibility study on Vista which was published on January 30, 2012.
The optimization study was completed by CPG Resources – QCC Pty Ltd ("CPG") as part of the ongoing engineering work on Vista. CPG was responsible for the processing plant and thermal dryer design components of the recently completed Vista feasibility study. The optimization study included an analysis of the relationship between the clean coal production potential from Vista compared to the annual plant operating hours. The study concluded that the CPP is capable of operating at 7,320 hours per year (83.6% net effective utilization) as compared to 6,835 hours per year (78.0% net effective utilization) which was estimated in the feasibility study. The increase in operating hours is possible through enhanced scheduling between mining operations and the CPP and an optimized maintenance program.

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[energiser01] 23/4/2012 12:04

Update - Horizon Oil

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Looks to be a larger condensate/gas field than originally expected. at least 9km long and gas column of 50m

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[energiser01] 10/4/2012 14:14

Update - PetroMagdalena

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PetroMagdalena files 2011 year end results and announces increases in revenues, netbacks and oil reserves
TORONTO, April 10, 2012 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) has filed today its audited consolidated financial statements for the year ended December 31, 2011, together with its Management's Discussion and Analysis ("MD&A"), Forms 51-101 F1, F2, F3 and F4, and its Annual Information Form, for the corresponding period. These documents will be posted on the Company's website at www.petromagdalena.com and at www.sedar.com under the Company's SEDAR profile.

Luciano Biondi, the Company's Chief Executive Officer, stated: "We are pleased to see strong financials results for the 2011 financial year, reflecting our focus on managing our core portfolio of oil assets in the Llanos Basin. We have increased the prospectivity of the portfolio with our most recent NI 51-101 reserves report and we are optimistic about our exploration portfolio which includes significant activity in 2012 and additional upside production potential not yet reflected in the 2011 year-end reserves. In particular, Azor-1X and Cernicalo-1ST are now on production and we are currently testing Tijereto Sur. In addition, later in 2012, we plan to drill two high potential exploration wells at Copa A Norte and Copa C in the Cubiro block."

We met our production guidance for 2011 and increased our 2011 daily production exit rate by 76% over the 2010 rate. Production increases combined with stronger realized oil and gas prices contributed to significant revenue growth for PetroMagdalena in 2011 as demonstrated by the 174% year-over-year increase in our fourth quarter revenues to $27.7 million. Together with our focus on improving operating efficiencies, we reported our fourth consecutive quarter of improved operating netback, which averaged $61.33 per boe in the fourth quarter of 2011.

With the increase in 2011 in our internally generated cash flows from our operations and the Company's liquidity situation much improved from the end of 2010, we are favourably positioned to take advantage of the exploration and development opportunities within our own portfolio of assets, and are able to consider other meaningful investments going forward."



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