Pioneer Natural Resources Company (PXD) reported its third quarter results of 2 cents per share, well below than the Zacks Consensus Estimate of 6 cents and year-earlier quarter earnings of 91 cents. Before adjusting one-time items, loss per share was 6 cents.  Despite the increased production volumes and lower production expenses, earnings were down due primarily to weak realized prices. Revenue for the quarter was $410.1 million, down nearly 32% from the year-earlier level.  Total production for the quarter averaged approximately 113 thousand barrels oil equivalent per day (MBOE/d), up 2% year over year, reflecting the strong performance of Pioneer’s low-decline assets. Oil production averaged at 31.7 thousand barrels per day (MBbl/d), up approximately 7% year over year. Natural gas liquids production slightly decreased to 18.6 MBbl/d. Natural gas production also modestly increased to 374.2 MMcf/d.  On an oil equivalent basis, average realized price was ...

Compton Petroleum Corporation released the terms of its recently announced $150 million equity offering. The company will issue 120,000 units at $1.25 each. Each unit comprises one share of stock and one warrant.

Each warrant conveys the right to purchase one share of Compton Petroleum common stock at a price of $1.55 per share. The warrants expire 24 months after issuance.

Compton Petroleum said the funds would be used to pay down debt. Tim Granger, the CEO of Compton Petroleum stated, “This transaction is an important first step in our restructuring process, contributing to our future ability to unlock the potential of Compton’s resource rich asset base,” said, President Chief Executive Officer. “The proceeds of the offering will allow us to reduce our debt level and will result in a stronger balance sheet.”

Compton Petroleum is an active exploration and production company with a focus on the

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Petroflow Energy Ltd. is an oil and gas exploration and production company with assets in Oklahoma, Texas and Alberta, Canada. The company is most active in Oklahoma where it is developing the Hunton Resource play.

Petroflow Energy just reported May production on its properties in this basin. The company produced at a peak rate of 4,519 barrels oil equivalent (BOE) per day, and at an average rate of 4,132 BOE per day. This production was up 11% sequentially from April 2009 and was composed of natural gas, oil and natural gas liquids (NGL).

Petroflow Energy uses horizontal drilling technology to drill wells in the Hunton Resource play, which allows for higher production and reserve recovery. These wells are drilled at an average depth range of 4,500-6,500 feet, and cost $2.1 million to drill and complete. The company estimates its reserves at 2.5 Bcfe per well.

“Our

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With dropping oil prices and the current global attitude on commodities, Horacio Marquez of Money Morning recommends this offshore drilling company as a top performer in its sector.

This stock is just waiting to explode. He recommends you take advantage of this investing opportunity and says, “because of its strong dividend policies, investors will be well compensated while they wait for that oil-price rebound.”

This from Horacio:

In the face of the global financial meltdown, the price of oil has plummeted from a record high of almost $150 a barrel in July to less than $40 recently. And now it seems to be bottoming.

Clearly, this isn’t the precise moment to call a market bottom, but it is reasonable to think about a bottom around this range for a few reasons.

For starters, the forward curve of oil futures prices is showing a very marked upward slope, known in the commodities business as

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