Canadian energy explorer Talisman Energy Inc. (TLM) reported marginally better-than-expected third quarter results, helped by in-line production volumes. Earnings per share from continuing operations, excluding one-time items came in at 15 Canadian cents (14 cents), a penny above the Zacks Consensus Estimate. However, on a year-over-year basis, Talisman’s adjusted earnings per share slumped approximately 77%, while revenues declined 42.3% to C$1.5 billion, hurt by lower prices of oil and natural gas.   Volume Analysis   Production during the quarter was down approximately 9.5% from the year-ago level to 401 thousand barrels of oil equivalent per day (MBOE/d), reflecting asset sales in Western Canada and maintenance downtime.   Oil & liquids production during the quarter was down 16.9% to 192.3 thousand barrels per day (MBbl/d), or 48% of total volumes. Volumes in North America, the U.K., Scandinavia , and other international regions were down 23.4%, 31.2%, 4.4%, and 30.5% ...

Savoy Energy Corp. is an independent oil and gas company building a portfolio of valuable oil and gas assets in the United States. The company’s strategy is to meticulously identify abandoned oil and gas assets, which are then brought online through modern well technology involving recompletion and work-over activities.

The target market for Savoy Energy is rather large. The company is looking to extract “left-behind” oil in abandoned wells across the United States. According to the US Department of Energy, nearly 2 out of every 3 barrels of oil has been “left behind” in over 500,000 wells across the United States, amounting to a staggering 200 billion barrels of oil.

The company announced a couple weeks ago that it had finalized an agreement with Tangiers Investors LP for a $10 million equity line of credit. The financing will commence after Savoy’s company audits

...

Savoy Energy Corp. currently performs recompletion and workover activities on wells in Texas. The company identifies and acquires abandoned oil and gas assets and brings them back into production using effective, low-cost methods.

The company is focused on recovering oil in wells that has been “left behind.” There are many such oil fields all over the United States which have been closed with oil trapped inside as it was uneconomical to extract further oil from the well at the time. Such activities should be profitable for Savoy Energy, a company with low overhead, an efficient cost structure and effective technologies to extract the oil.

Oil that has been left behind represents a large opportunity for Savoy Energy. Nearly two out of every three barrels of oil discovered in the United States remains trapped underground after conventional recovery operations. According to the

...

EnCana Corporation (ECA) has recently said that a significant exposure to the Horn River shale play (in a remote corner of northern British Columbia) should add substantial value to the company in the future. This shale play could hold as much as 500 trillion cubic feet (Tcf) of natural gas. The Horn River shale play ranks among the largest gas finds in North America as exploration in the region firms up its potential. It is the third largest shale play after Marcellus and Haynesville, having 1,500 Tcf and 717 Tcf of gas, respectively. With partners such as Apache Corporation (APA), EOG Resources (EOG) and Devon Energy Corporation (DVN), the Horn River shale play has revolutionized North America’s natural gas industry. EnCana has built considerable land positions in different emerging shale plays, which add significant depth to its strong portfolio of natural gas ...

PennyOmega.com Stock Report!

PennyOmega.com Hot Stock News & Alerts!

 

Wednesday August 26, 2009

PennyOmega.com Stock Report!

**************************************************************

ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today announced that exploratory drilling is underway in Block 4 of the Nigeria-São Tomé and Príncipe Joint Development Zone (JDZ) in which ERHC has a 19.5 percent interest. The Company’s technical partner, Addax Petroleum Corporation, the operator in JDZ Block 4, has announced the spudding of the Kina Prospect.

The Board of Directors of Denarii Resources Inc. (OTCBB:DNRR) is pleased to announce that Glenn Soler of Dallas, Texas, has joined the Board

...

The Polish premier's energy adviser has stated that even if negotiations with Russia are unsuccessful, the country will secure gas from another supplier, as high-volume gas imports will be unavoidable in 2010.  Diamond giant Alrosa will sell two oil and gas assets to VTB for $620 million, a figure which apparently vastly overinflates their worth, making the deal a de facto state bail-out as the company's solvency looks precarious.  Petroleos de Venezuela and a group of Russian oil companies will spend $30 million on their 40-year joint project in the Orinoco region.  Production has been suspended at Russia's biggest hydro-electric power station, Sayano-Shushenskaya, following an accident which killed six people.  KBR has won a contract to provide engineering and design services for a project in Eastern Siberia.  Royal Dutch Shell has made an $3 billion bid ...

Kazakhstan was once a nation of nomads wandering vast steppes. They herded cattle, goats and camels. On the country’s western edge lies the Caspian Sea. Towns grew up along the shore there, hauling in catches of sturgeon and black caviar.

But otherwise, Kazakhstan was an empty desert. Even in the days of the old Silk Road, traders would skirt Kazakhstan’s southern border rather than try to cross that hell of a desert. It was remote. Desolate. The Soviets used parts of the northeast to test nuclear weapons.

The Aral Sea, site of one of the greatest environmental disasters ever, is in Kazakhstan. A century ago, carp, perch, caviar-bloated sturgeon and much more filled the Aral Sea. Fisherman hauled hundreds of tons of fish per year, fed themselves and loaded trains full of fish headed to Moscow. Then the Communists had some harebrained scheme to use the water for irrigation.

...

Savoy Energy Corp. is an independent oil and gas company seeking growth through a diversified portfolio of valuable oil and gas assets. The company recently announced it is in negotiations with Masi Corp. Holdings Ltd to finalize an oil exploration joint venture. The completed joint venture will result in the Savoy-Masi Petroleum Corp. Ltd. entity, which will license properties in Fiji for oil exploration, recompletion and work-over activities.

Savoy is approaching the Fiji market because of rising oil costs and the opportunity for company shareholders.

“In the early 80s, a lot of the big oil companies were drilling for oil in Fiji before the price per barrel dropped. As a result of their activity, a significant amount of data was accumulated, including seismic data for reefal traps and proven reserves from drilling,” Art Bertagnolli, CEO of Savoy stated in the press

...

EnCana Corporation (ECA) – one of the largest inatural gas producers in North America – has inked an agreement with Bonavista Energy Trust to sell non-core Alberta properties for approximately $632 million. The transaction includes about 409,000 net acres of natural gas and oil producing properties. It is expected to close in the third quarter of 2009. The natural gas weighted properties are currently producing 60 million cubic feet of natural gas equivalent per day (MMcfe/d), after royalties. EnCana’s total production is currently 4.64 billion cubic feet of natural gas equivalent per day (Bcfe/d). EnCana had set a target to divest $500 million to $1 billion of property during 2009. With this sale, the company has completed a significant portion of its divestiture plan. This sale is in line with EnCana’s strategic shift to exclusively focus on unconventional resources. To make this shift possible, the company had ...

Savoy Energy Corp., an independent oil and gas company building a diversified portfolio of valuable oil and gas assets, announced today that PricewaterhouseCoopers has been hired to audit its Fiji Joint Venture, Savoy-Masi Petroleum Corporation.

“We hired PricewaterhouseCoopers because of their well known international reputation and integrity as accountants and auditors,” commented Art Bertagnolli, CEO of Savoy Energy Corporation. “It will instill confidence in our shareholders that our numbers and production will always be correct,” continues Mr. Bertagnolli.

Let us hear your thoughts: Savoy Energy Corp. Message Board