CNOOC Ltd. (CEO) has started construction of its deepwater engineering base in the Gaolan Port Economic Zone in Zhuhai of Guangdong province in south China. The engineering base will be engaged in the manufacture of offshore oil and gas field equipment. The total investment for this base is approximately 5 billion yuan ($732.07 million).

The company’s oil and gas properties are located in four major production areas in offshore China: Bohai Bay, East China Sea, western South China Sea and eastern South China Sea.

As South China Sea is an important area where the company’s major portion of oil and gas properties is located, the construction of this engineering base in this area will definitely boost the company’s offshore upstream activity.

Apart from this, CNOOC is presently operating three key projects in the Gaolan Port Economic Zone − Gaolan Port LNG station, Hengqin natural gas terminal and a natural gas liquefaction project.

The

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Oil and natural gas firm Comstock Resources Inc. (CRK) has announced its 2010 capital spending plans. The company has pegged its development and exploration budget at $385 million, up more than 8% from the $355 million it expects to invest by the end of 2009. Comstock will be drilling approximately 59 (42.6 net) wells during the year, as against 52 (38.4 net) wells in 2009. The company further informed that it expects to add one more drilling rig in the second quarter of 2010 to the six that are already being employed in its Haynesville Shale drilling program.   In 2010, Comstock’s drilling programs will be focused on developing its Haynesville Shale properties in East Texas and North Louisiana. Of the $385 million, $368 million will be allocated for capital spending in this operating region, which includes drilling 57 (41.7 net) wells. The company will spend $12 million ...

Carrizo Oil & Gas, Inc. recently signed an agreement to sell an interest in some of its oil and gas properties to the Sumitomo Corporation for $15.7 million.

Sumitomo Corporation will receive a 12.5% interest in 16 drilling units located in the Barnett Shale in the Fort Worth Basin in North Texas. Each drilling unit comprises multiple existing and future well locations.

The company also renegotiated its borrowing base with its lenders, raising the base from $284 to $350 million. The extra liquidity provided by the agreement with Sumitomo Corporation and the increased borrowing will allow the company to complete its capital plan in 2010.

Carrizo Oil & Gas, Inc. is an oil and gas exploration and production company located in Houston, TX. The company has proved reserves of 502.6 Bcfe as of the end of 2008, and its average daily production of natural gas in 2009 is estimated

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In this audio interview Shane Broesky, President and CEO of Lux Energy Corp. (OTCPK: LUXED) discusses the company’s market, business model, management team, past achievements and recent news.

Lux Energy Corp. is an oil and gas production and exploration company focusing on developing oil and gas resources in North America. Lux Energy’s business model is to build a large and successful company through the acquisition of profitable producing oil and gas properties.

Related posts 12-10-09 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com (0) Lux Energy’s 3-For-1 Stock Split Effective December 10, ...

CNOOC Ltd. (CEO), one of the three oil companies in China and the country’s largest offshore oil explorer, intends to double its production in the western South China Sea. The company said production from this area may touch 20 million cubic meters by 2015 from 10 million cubic meters in 2008.   Western South China Sea is an important area where the company’s oil and gas properties are located. Other major production areas in offshore China are Bohai Bay, eastern South China Sea and the East China Sea. Approximately 24% of the company’s total year-end 2008 proved reserves were located in the western South China Sea.   China’s increased energy demand is prompting the company to intensify exploration activity in this region. The company plans to work with foreign partners to drill the first deepwater wells in this area next year. CNOOC is the only company permitted to ...

Terra Energy & Resource Technologies, Inc. and Lucas Energy, Inc. (AMEX: LEI) today announced the signing of a Memorandum of Understanding (MOU) for a joint venture to realize profits on oil and gas properties in Texas. The MOU creates an architecture whereby LEI’s oil and gas properties are combined with TEGR’s innovative technology and networking capacity, resulting in increased efficiency and productivity.

LEI CEO Mr. William Sawyer stated that, “Lucas Energy’s strategy is aimed at risk reduction, and we are excited that we can further reduce such risks in developing some of our properties utilizing the cutting edge technologies of Terra Energy & Resource Technologies.”

The capacity to leverage TEGR’s sophisticated suite of mapping and analytical technologies will facilitate a more cost effective and therefore profitable realization of energy reserves, translating into high ROI for shareholders.

TEGR CEO Dmitry Vilbaum said of the framework created by the MOU, that it “embodies our

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NEW YORK, Dec. 2 /PRNewswire-FirstCall/ — Lucas Energy, Inc. (NYSE Amex: LEI), a Houston, Texas based independent oil and gas company, and Terra Energy & Resource Technologies, Inc. (OTC Bulletin Board: TEGR), a natural resource exploration services technology company, announce that the Companies signed a Memorandum of Understanding (MOU) for a joint venture for development of oil and gas properties in Texas with application of Terra’s innovative technologies.

The Companies stated their intention, via the non-binding MOU, to create a framework for a joint venture, combining oil and gas properties, new age technologies, and networking capabilities for the purpose of a more effective and efficient development of some of Lucas Energy’s oil and gas leases.

“Lucas Energy’s strategy is aimed at risk reduction, and we are excited that we can further reduce such risks in developing some of our properties utilizing the cutting edge technologies of Terra Energy &

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Dominion Resources Black Warrior Trust announced its fourth fiscal quarter dividend payout of $0.246351 per unit. The dividend will be paid on December 9, 2009 to shareholders of record on November 30, 2009. The Dominion Resources Black Warrior Trust has a current dividend yield of 13%.

Dominion Resources Black Warrior Trust said that the oil and gas properties from which the trust receives royalties produced 675 million cubic feet of natural gas during the fourth quarter. The trust sold the natural gas at an average price of $3.41 per mcf.

The Dominion Resources Black Warrior Trust has royalty interests in coal bed methane properties in the Black Warrior Basin of Alabama. The properties are all producing and developed and were formerly owned by Dominion Resources (D).

Dominion Resources spun off the properties in an initial public offering in 1994, when it issued 6.85 million shares at a price of

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Forest Oil Corporation (FST) reported its third-quarter 2009 earnings of 48 cents per share, compared with the Zacks Consensus Estimate of 53 cents and a year-ago profit of $1.26. Before adjusting one-time items, earnings were $1.53 per share. The results came in below expectations mainly due to lower sales volumes.

Sales volumes for the quarter came in at 476 MMcfe/d (77% natural gas), down 9% from 520 MMcfe/d in the corresponding 2008 period. The decrease in production was due to deferred and divested volumes.

During the quarter, production expenses decreased approximately 24% year-over-year to $1.17 per Mcfe, mainly on the back of a fall in production. Unit general and administrative expenses for the quarter was essentially flat year-over-year to 28 cents per Mcfe, while depreciation and depletion expenses for the quarter decreased 48% year-over-year to $1.49 per Mcfe due mainly to a non-cash ceiling test write-down of oil and gas

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Dr Stock Pick HOT News & Alerts!

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FREE Daily Stock Alerts From DrStockPick.com

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DrStockPick.com Watch List!

My Picks for Thursday October 29, 2009, are:

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AKAM, Akamai Technologies Inc.

AKAM provides market-leading managed services for powering video, dynamic transactions, and enterprise applications online.

AKAM’s Revenue for the third quarter 2009 was $206.5 million, a 5 percent increase over third quarter 2008 revenue of $197.3 million, and a 1 percent increase from second quarter 2009 revenue of $204.6 million.

More about AKAM at www.akamai.com

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CPE, Callon Petroleum Co.

CPE is engaged in the acquisition, development, exploration and operation of oil and gas properties primarily in the Gulf Coast region. CPE’s properties and operations are geographically concentrated in Louisiana,

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