Canadian Oil

[Tackler]

So is Tristone's job selling done?

Vast Exploration closes $4.2-million private placement

2007-06-26 15:21 MT - News Release

Mr. Mark Brennan reports

VAST EXPLORATION CLOSES $4.2 MILLION PRIVATE PLACEMENT FINANCING

Vast Exploration Inc. has completed a private placement financing for total gross proceeds of approximately $4.2-million. The company increased the size of its previously declared private placement to satisfy demand and has issued a total of approximately 16.9 million units.

Each unit, which comprises one common share and one common-share purchase warrant, was sold at a price of 25 cents. Each warrant entitles the holder to acquire one common share at a price of 27 cents per share until June 22, 2009. Each of the common shares, the warrants and the shares issued upon the exercise of the warrants will be subject to a hold period that will expire on Oct. 23, 2007.

The company intends to use the proceeds from the private placement for exploration and development of its properties, and for general working-capital purposes. The company paid various finders' fees in connection with the placement of portions of the financing.

[Echelon]

Globe says N.B. gas to begin moving through Corridor


2007-06-26 08:40 ET - In the News

The Globe and Mail reports in its Tuesday, June 26, edition that Corridor Resources will begin to pump natural gas into the lucrative New England market on Wednesday.

Peter Moreira writes in The Globe that the flow of 35 million cubic feet a day from the McCully field in New Brunswick will be the first export of gas from an onshore site in Atlantic Canada to New England. The firm still has to determine is just how much natural gas it can extract from the McCully field in the southern part of the province. The initial flow will come from the Hiram Brook formation in the field, which could eventually produce 45 million cubic feet a day. Independent assessments show McCully has about 1.2 billion cubic feet of proven, probable and possible reserves. Corridor is also drilling on two more sites in the McCully field, Fredericks Brook and Dawson Settlement. Dawson and Fredericks will determine the future of Corridor's shares, whose value has doubled since January. The company is undertaking exploratory drilling at Dawson, but Gregory Chornoboy, an analyst with Jennings Capital and co-lead manager on the recent $60-million stock sale, thinks the bulk of the upside potential is in Fredericks.

[Tackler]

Petromin plans to spud fourth Frog Lake well

2007-05-29 09:25 MT - News Release

Mr. Kenny Chan reports

PETROMIN RESOURCES LTD. ANNOUNCES FURTHER DRILLING ON THE FROG LAKE PROPERTY

Petromin Resources Ltd. is proceeding with the drilling of a fourth well on the company's Frog Lake property. The company expects to spud the well next quarter depending on rig availability and licensing. Gross production from the company operated three producing wells is currently at approximately 300 barrels of oil per day with Petromin retaining a 45-per-cent to 60-per-cent working interest in the three producing wells. Petromin presently has a 60-per-cent working interest in the lands being surveyed for this fourth drilling location at Frog Lake, Alta.

The company continues to advance on international "blue sky" initiatives in China and Kuwait. Further updates will be announced without delay.

[Tackler]

Greentree Gas to test Tilbury West, Haldimand wells

2007-06-22 08:35 MT - News Release

Mr. Duncan Hamilton reports

GREENTREE GAS & OIL LTD. REPORTS OPERATIONS UPDATE

Greentree Gas & Oil Ltd. is preparing to move onto its Tilbury West well, GGOL No. 71, with a stimulation and production testing program. The well is located between four significant Trenton-Black River oil pools that are operated by Talisman Energy (Rochester, Goldsmith-Lakeshore and Renwick-Fargo). The Rochester pools are situated to the northwest of GGOL No. 71 and to date have produced over 1.5 million barrels of light oil. The Goldsmith-Lakeshore and Renwick-Fargo pools are located to the southeast of GGOL No. 71 and have produced approximately a combined 8.7 million barrels to date. Operations on GGOL No. 71 are expected to occur in the next two weeks. Delays to date have been the result of the lack of availability of a service rig and the stimulation contractor.

The company is also planning to stimulate and test its deep Haldimand exploration well that was drilled on a large industrial property owned by Stelco Inc. in December of 2006. The property has documented shallow Silurian Thorold-Grimsby natural gas potential and hydrothermal dolomite and gas shows were encountered in the Ordovician Trenton-Black River interval in GGOL No. 67. Greentree was targeting natural gas potential in the Trenton-Black River interval based on the success of Talisman Energy (Fortuna Energy) and numerous other companies in New York state. The well is located within the mapped prospective Trenton-Black River fairway that trends through the states of Ohio, Pennsylvania, Michigan and New York and the provinces of Ontario and Quebec where a natural gas discovery was recently reported by Questerre Energy Corp. (Talisman Energy operator) in March of 2007.

Greentree also reports that the company's cash flow from operations continues to improve. Revenues for April production resulted in positive operating cash flow of $42,517 for the month as production increased to approximately 100 barrels of oil equivalent per day from an average of 94 boe/d as reported in the first quarter of 2007. The company received prices of $9.36 net for natural gas and $71 per barrel of oil in April. Greentree is expecting continued increases in cash flow as the results of current operations are realized. Production is currently fluctuating between 110 and 115 boe/d.

[Tackler]

NP says gas outlook bleak, EnCana hopes for price spike

2007-06-21 07:29 MT - In the News

The National Post reports in its Thursday, June 21, edition that Merrill Lynch & Co. offered a bleak short-term outlook for North American natural gas prices Monday. The Post's Jon Harding writes that natural gas prices have fallen to their lowest point since April. Merrill said weak fundamentals are weighing heavily on spot and short-dated natural gas prices. Price volatility for the heating and power generation fuel is on the rise, Merrill said. "Natural gas looks like a dog for the next three months, although we are bullish further out, in the six-to-12-month range," said Merrill analyst Francisco Blanch. Mr. Blanch noted in a report that natural gas inventories are high and continue to grow, domestic production in Mexico is increasing and an "armada" of liquefied natural gas supply is hitting United States shores. Natural gas stockpiles in the United States are brimming. Canaccord Adams earlier this month warned natural gas prices are poised for a significant downward dip, "if activity levels remain elevated and hurricane activity does not absolutely destroy Gulf of Mexico production." EnCana chief Randy Eresman said price spikes as early as the summer could not be ruled out.

[Tackler]

Tajzha Ventures to acquire Davey Lake property

2007-06-21 07:23 MT - News Release

Mr. Terry Lashman reports

TAJZHA VENTURES ACQUIRES DAVEY LAKE PROPERTY

Tajzha Ventures Ltd. has entered into an agreement with an arm's-length company to purchase producing oil and gas assets in the Davey Lake area of Alberta for total consideration of $4.15-million to be paid in cash. The effective date of the purchase is April 1, 2007, and Tajzha has paid a $415,000 non-refundable deposit to the vendor.

Tajzha has entered into a participation agreement with several arm's-length parties and a company controlled by Ben van Rootselaar, a director of Tajzha, whereby the parties have agreed to acquire 50 per cent of the assets from Tajzha for $2,075,000. Each of the parties will pay their pro rata share. Mr. van Rootselaar is acquiring a net 3-per-cent interest in the assets for $124,500. Tajzha will be the initial operator of the property.

Tajzha is currently negotiating financing for the balance of the purchase price. Closing of the transaction is scheduled for July 4, 2007, and is subject to certain conditions customary for this type of transaction including but not limited to TSX Venture Exchange approval.

The properties consist of a 100-per-cent working interest. Production from the property is 78 barrels of oil equivalent (boe) per day (39 net Tajzha) of oil and liquids and 344,000 cubic feet per day (172 net Tajzha) of gas for a total of 136 boe per day (68 net Tajzha) from 17 producing wells. Production is obtained from the Basal Belly River pool at a depth of approximately 1,220 metres. Tajzha has also had an independent reserve evaluation prepared.

Tajzha has identified a combination of well workovers, recompletions, infill and step-out drilling, waterflood optimization and reconfiguration, and coal bed methane drilling on the property.

[Tackler]

Lots of volume, Tristone unloading or keeping it down till the pp closes?
The pops to .40 might have been a bit out of line, whats a million shares to keep a lid on a 16 million share pp...

Here are all the house positions for V: VST from 6/15/2007 to 6/20/2007.
14 Records Returned

House Positions
Exch House Bought $Value Ave Sold $Value Ave Net $Net
V 80 National Bank 300,000 81,000 0.27 0 300,000 -81,000
V 79 CIBC 295,500 88,000 0.30 3,500 912 0.26 292,000 -87,088
V 88 E-TRADE 85,000 22,950 0.27 0 85,000 -22,950
V 85 Scotia 93,500 26,990 0.29 21,000 5,607 0.27 72,500 -21,383
V 1 Anonymous 83,000 24,060 0.29 18,000 5,400 0.30 65,000 -18,660
V 33 Canaccord 65,000 19,500 0.30 0 65,000 -19,500
V 9 BMO Nesbitt 45,000 12,374 0.27 165 43 0.26 44,835 -12,331
V 7 TD Sec 43,000 12,450 0.29 0 43,000 -12,450
V 83 Research Cap 24,000 6,480 0.27 0 24,000 -6,480
V 6 Union 10,000 2,700 0.27 0 10,000 -2,700
V 59 PI 165 43 0.26 0 165 -43
V 2 RBC 10,000 3,000 0.30 10,000 3,000 0.30
V 5 Penson 0 16,000 4,320 0.27 -16,000 4,320
V 3 Tristone 0 985,500 280,265 0.28 -985,500 280,265
Total 1,054,165 299,547 0.28 1,054,165 299,547 0.28 0 0

[johnlw]

Newfoundland premier demands slice of new projects
Williams cites China as example

Reuters

Thursday, June 14, 2007

ST. JOHN'S, N.L. - Raising the stakes in a stand-off with oil companies over terms for new projects off the coast of Newfoundland and Labrador, Premier Danny Williams said Wednesday his province wants an equity share of "more than five per cent."

That's up from the 4.9 per cent the Atlantic province sought in now-stalled talks with Chevron Corp. to develop the Hebron-Ben Nevis project. Williams said the old terms would still be valid for Chevron and its partners until the province unveiled its new energy plan sometime in the summer.

"We are still in good faith (with Chevron) until the energy plan is released during the summer, and that will set a percentage," Williams told Reuters in an interview.

He refused to say how big an equity stake the province would want, or when the plan would be published, but added: "We are going to be higher than five per cent. There's no doubt."

Williams said the province's demands were still far less onerous to energy companies than those from many major energy-producing regions, and he singled out China and South America as demanding big stakes from oil majors within their borders.

"In other jurisdictions, equity has today become the norm. We feel that our modest equity request is reasonable," Williams said. "But at the end of the day it all comes down to cash."

Chevron spokesman Dave Pommer declined to speculate how the company, which wants to develop Hebron with Exxon Mobil Corp. , Petro-Canada and Norsk Hydro, might react to Williams's comments.

Hebron has estimated reserves of 731 million barrels. It would be the Newfoundland's fourth big oil development after Hibernia, Terra Nova and White Rose.

"There are no negotiations taking place between the Hebron co-venturers and the Newfoundland government," he said. "We still remain open to the possibility that the project could proceed at some future date."
© The Edmonton Journal 2007

[Echelon]

David Pescod's Late Edition June 1, 2007

AN INTERVIEW WITH ANDY GUSTAJTIS
(As of May 30, 2007)

We are with Andy Gustajtis, the D & D Securities financial guru, who probably has the hottest hand in the oil and gas patch in picking stocks over the last year or two. He picked Corridor Resources (CDH) – who would have thought there was gas in New Brunswick way back at under a $1.00, but he was there. Similar picks such as Rally Energy (RAL), Kodiak Oil & Gas (KOG) and many others have fared equally as well. It’s time for an update so we caught the busy Gustajtis late on Wednesday…

Dave: Andy, it’s time for an update on some of your favorite stories and I guess we should start with your most improbable success story, Corridor Resources.

Andy: Just because the discovery is in New Brunswick and no one in the fine City of Calgary seems to believe there is any commercial hydrocarbons outside of the western sedimentary Basin in this country of ours, I don’t know why you would call it improbable.

Dave: They should be on production here within a couple of weeks…

Andy: There is a ribbon-cutting ceremony set for June 27th. “Living Gresner’s Dream” is the Theme on their invention - marking the first McCully gas production to the Maritime/Northeast Pipeline. Now the reference to Dr. Gresner, a Nova Scotian if I recall, is rather apropos. He’s the gentleman that ushered in the petroleum age as we know it and saved the whales from extinction.

He patented the process of distilling hydrocarbons to make kerosene and with that invention, the need of Boston Whalers to travel to the four corners of the world to slaughter the mammoth whales ceased and everybody focused their attention on finding hydrocarbons in the ground. Dr. Gresner’s initial source of hydrocarbon feed stock was the oil shales in New Brunswick.

Dave: This makes sense. But back to Corridor, they have two big plays coming, despite the fact the stock is already a sixbagger for you.

Andy: In all fairness, if this discovery was lying somewhere in the foothills of Alberta, no one would be surprised where the stock price is and very few people would have any qualms about continuing to remain very, very positive on the company.

This company has drilled 23 successful back-to-back gas wells. There has not been a dry hole drilled in the McCully field to date. There has been and continues to have amazing positive surprises with the ongoing drilling. It’s the lack of market that has limited the amount of production that this company has been able to enjoy the last few years.

A mere million a day or two million gross production out of the field of which half belongs to Potash. That’s all going to change with this pipeline hook-up; we are going to see gas flowing into Maritime/Northeast. Company Guidance suggests that field production should be approaching 50 million mcf a day by the end of the year and I think anybody looking at this story dispassionately and objectively would say that this is literally chapter one of the McCully Saga.

This is far, far from the end chapter. This is their first production, there has not been a dry hole, and we don’t know whether or not the Frederick Brook Shale is going to lend itself to commercial production, but certainly the indications are that the Shale may be as good as the Baxter Shale in Wyoming and if that’s the case, this is a huge play. I said when they discovered the gas in Hiram Brook that this was probably one of the largest natural gas discoveries made with a drill bit in the last ten years in Canada and I stand by that.

Dave: Now what kind of chances of success would you expect on this Shale play and of course, later this year, I believe it’s the last quarter, the Dawson Settlement is still the big play. Correct?

Andy: The Dawson Settlement is a formation that has not been tested at this location in New Brunswick and there are good reasons to speculate that if the formation exists at depth and is gas-charged, it could be a major gas zone in its own right. Hiram Brook is a 1 ½ TCF gas field. The Frederick Brook Shale, we know very little about it except that it’s very thick, it’s fractured, it has over pressured gas, they are going to attempt to test that shale later this summer and also later attempt to frac it. If they get production out of that zone, it certainly will make Hiram Brook look pretty small in comparison, I think. We are talking about a shale that’s 1000 feet or thicker and it may all be productive.

Dave: Any thoughts on the use of a very valuable rig to go and dig around P.E.I. yet again? Be polite.

Andy: True “exploration” companies are run by dreamers, explorationists, individuals that have the courage or the convictions to risk millions of dollars on science and hunches and other tools that they use, not often found today because of the risks and the odds of failure. Corridor has been interested in PEI from the earliest day of its formation.

They’ve been trying to get a commercial discovery in PEI now for over 10 years, they are going back again to have a closer look at it and since none of the sands in any of the wells drilled on PEI have ever been fraced and there is some good scientific evidence to suggest that there is commercial gas in PEI. I wish them luck and hope they are successful. I generally don’t like to back exploration plays. The odds are stacked against you. I prefer to get involved in companies after they’ve made a discovery.

Sometimes you have to pay a little bit more because the exploration risk is gone. For a good part of the last several years, you could have bought this stock for a pittance because no one cared. Now it’s getting up to a valuation where it’s beginning to reflect a portion of its value. If the Frederick Brook Shale is commercial and if there is gas in the Dawson Settlement, it’s going to be worth a great deal more than it is today.

Dave: Some brief comments on two of your picks that have done really well – Rally Energy, Abby Badwi’s company and Kodiak Oil and Gas in Wyoming.

Andy: An interesting choice of companies. I spoke with the Presidents of each today. In terms of Rally Energy, the stock is off its historical highs here by about $1.50. There is no particularly good reason why it has sold off as much as it has except that it’s had a good run and I suspect there has been some profit taking on it. I think the company has in Egypt, a project that will ultimately, probably produce 20,000 barrels a day or more. It is currently at about 6000 barrels and they are going to be drilling here in the next few weeks the Satellite Discovery that they press released a few weeks ago. As soon as they get a rig into Pakistan, they will be drilling a very, very large structure (it’s a structure you can actually see from space – it’s that large). I see it doubling in cash flow next year for the company and I think it certainly will look like a great story over the next several years. I see no reason to be overly concerned or negative on it. It has pulled back and entering a pretty decent buying range.

As for Kodiak, amazing! Here is a company that just a couple of years ago was having a hard time raising $3 or $4 million. They are sitting with about $40 million in cash. Their entire program for this year is funded. They are drilling their first horizontal well into the Baxter Shale.

Questar, which is working immediately to the south of the Kodiak lands, continues to move higher. The stock has literally doubled. This is a company that added about $4 billion in market cap in the last 12 months and I think all that value creation in the case of Questar was on the Baxter Shale and the best way to play the Baxter Shale play is through Kodiak. They have the best leverage.

The company has a great following in the U.S. – I think there are at least eight or nine firms that have very positive research out on the company and my hat is off to them. They’ve done a fabulous job. They are in control, they own 100% of their lands and they’ve got the funds to drill it up. I’m pleased, delighted and amazed at how well that stock has done.

Dave: Which gets us to Connacher/Petrolifera. With Petrolifera, it’s starting to create a buzz around Calgary and people are kind of excited about the 50 wells they are drilling in Argentina, but very much looking forward to their play in Peru that’s expected to be drilled the first quarter of next year.

Andy: Things are going very well over there. The company wouldn’t give me any hint on what their production numbers are. They are going to be putting out a press release here shortly updating the market on their activity and they didn’t really want to jump the gun, but I get the sense just by the level of excitement in their voice, that they believe that they are going to see production begin to rise again and I think that will be welcomed by the market.

They’ve got the equipment, they are drilling, they fixed some of their problems in the field and I remain optimistic that they will probably add another 20% or 30% production to their base in Argentina in the next quarter or two.

As far as Peru – it’s elephant hunting time. As soon as they get a rig, they will be drilling there and the potential is for a couple of TCF’s of gas and probably two or three hundred million barrels of oil, depending on whether it’s the northern or southern block. I think on any kind of positive news in terms of guidance, production improvements, drilling activity or options on when we can expect activity in Peru; I think this stock should start moving higher. It looks to me as if it’s waiting for some kind of a trigger to let that happen.

Dave: Associated company Connacher, which owns 26% of Petrolifera….

Andy: The SAGD project will be steaming later this summer. They will be in production on the tail end of the third or fourth quarter of this year. I get the sense that they are getting ready to make an application for their POD 2, that’s going to be another 10,000 barrels a day. I am convinced that they’ve got a company that will be producing 50,000 barrels a day of bitumen within the next five years. It will be 100% under their control. Their refinery they purchased for less than $50 million probably is going to give them flow equal to that this year. A purchase at one times cash flow is pretty astute.

Dave: You have a fairly aggressive price on Connacher at this time, yourself?

Andy: I do?

Dave: You were saying $8.00 a year from today.

Andy: I don’t know how aggressive that is. For a company that’s which is going to add 10,000 barrels a day every ten to 24 months, that to me, looks like a pretty cheap stock price.

Dave: Just in case people think that Andy walks on water or has the cure for cancer, we should bring up Stealth Ventures, which like many gassy stocks, has not had a lot of fun.

Andy: I can only tell you that if you take a look at Stealth and you take a look at my Kodiak and Corridor – the trading patterns in those stocks early in their game were no different. What I like about Stealth David, is that I’m not paying for an exploration story. They have clearly a major, major asset in Nova Scotia with the CBM. Yes, there has not been any ability on their part to show any commercial rates out of the work that they’ve done, but the gas is there. It’s a question of time and experimentation before they get the right combination of completion and drilling and de-watering and I am confident that will come. It’s a trillion cubic feet plus resource with a company that’s got a market cap of $80 million. I am prepared to take a little bit of time and wait until I get my $2 billion worth of valuation in that stock. Why get overly concerned about it? On the shale play in Alberta and Saskatchewan, there is some very, very positive news beginning to come out. They plan 25 additional wells, they’ve got five wells that they have on production, they are getting commercial rate out of the shale and they’ve assembled over a million acres net to their interest on this shale play.

The company is properly funded to carry on a very aggressive program. They are in a market that to date has not been that interesting, so you can buy the stock without having to pay a big premium. Just give them time.

There is nothing wrong with the Stealth story. It’s a real bargain waiting to be discovered.

Dave: Now we get to the exciting part of this whole affair. After all these successes over the last while, what would be your top three buys today?

Andy: On this reference to Corridor, we are in the bought-deal syndicate, so I’d rather not make any comments on that, because of regulatory issues. In terms of Stealth, the stock has not yet seen any share price appreciation.

It’s been around the $1.30 range for a while and common sense just tells me that you want to buy some of these stocks that just haven’t reacted. I think the natural gas market looks very, very positive to me over the next 12 months. I think you can virtually buy any wellfunded gas stock and expect at least a 30% to 50% gain.

I think in the case of Stealth, it will do better than that because I think they have a bigger bang for their buck than most. So I would put them on that list.

With Connacher, with all this good news with steaming imminent and production just around the corner, the financing is out of the way, and filing of POD 2 application, and additional 3D seismic that will probably identify POD 3 here in the coming months, I think it’s time to back up the truck.

I would certainly be buying Rally Energy into this recent weakness.

Dave: Thank you so much Andy!

[Echelon]

Oilexco Tests Oil at Huntington From Fulmar Sands
Tuesday June 12, 12:00 am ET

http://biz.yahoo.com/ccn/070612/200706120396463001.html?.v=1

CALGARY, ALBERTA--(CCNMatthews - June 12, 2007) - Oilexco Incorporated ("Oilexco") (TSX:OIL - News; AIM:OIL) announces that its wholly owned subsidiary Oilexco North Sea Limited and its partners have successfully drill stem tested the Upper Jurassic Fulmar sand in its recently announced multiple zone light oil discovery on its 40% owned Huntington Prospect in Block 22/14b in the UK Central North Sea. Oilexco's partners in the discovery are Altinex Oil (UK) Limited (20%), E.ON Ruhrgas UK Exploration and Production Limited (25%), and Carrizo Oil and Gas, Inc (15%).

The discovery well 22/14b-5 was drilled to a total depth of 13,325 feet. The Upper Jurassic Fulmar sand at 12,750 feet was drill stem tested through 101 feet of perforations across 130 feet of oil bearing Fulmar sand. The test flowed 39º API oil up to a maximum rate of 4,624 bbls/d and associated gas at a rate of 1.6 MMcf/d through a 64/64 inch choke with a flowing tubing pressure of 310 psia. There was no water or sand produced during the test. Flow rates were restricted by the test equipment utilized for the test. Preparations for drill stem testing of the Paleocene Forties interval will commence immediately after the suspension of the Upper Jurassic Fulmar zone.

Further appraisal of the Huntington oil accumulations are planned for the fourth quarter using one of Oilexco's two long term contracted semi-submersible drilling rigs. The structures tested by the 22/14b-5 well are significant. This appraisal will confirm the size of the structures which will aid in the definition of potential development solutions going forward.

"We have had an enviable drilling record over the last year", said Oilexco President and CEO Arthur Millholland. "Our success at Sheryl, Shelley, Kildare and now Huntington give us new opportunities to grow the Company. These development opportunities combined with our Ptarmigan project, which is incremental to our Brenda/Nicol Fields, will give Oilexco a significant presence in the UK North Sea well into the future," added Mr Millholland.

About the Company

Oilexco Incorporated is a Canadian Company engaged in oil and gas exploration and production in the United Kingdom. The Company's efforts are solely focused on the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco's operations in the United Kingdom are conducted through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. Oilexco trades on the Toronto Stock Exchange (TSX) in Canada and the AIM portion of the London Stock Exchange under the symbol "OIL".

Forward Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Oilexco's control, including: the impact of general economic conditions in the areas in which Oilexco operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Oilexco's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, which Oilexco will derive therefrom. All statements included in this press release that address activities, events or developments that Oilexco expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future production rates, completion and production timetables and costs to complete wells, and production facilities. These statements are based on assumptions made by Oilexco based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.

In accordance with the guidelines of the AIM market of the London Stock Exchange, Arthur Millholland P.Geol, President and CEO of Oilexco Incorporated, is the qualified person that has reviewed the technical information contained in this press release.

Oilexco is listed on the Alternative Investment Market of the London Stock Exchange plc and the Toronto Stock Exchange, in each case trading under the symbol OIL.


Contact:

Arthur S. Millholland
Oilexco Incorporated
President
[phone]

Brian L. Ward
Oilexco Incorporated
Chief Financial Officer
[phone]

Gerry L. Roe
Oilexco Incorporated
Chief Operating Officer
[phone]

Rob Elgie
Oilexco Incorporated
Manager Investor Relations
[phone]
Website: www.oilexco.com

James Henderson
Pelham Public Relations
Managing Director
44 (20) 7743 6673

Alisdair Haythornthwaite
Pelham Public Relations
Associate Director
44 (20) 7743 6676

Clayton Bush
Canaccord Adams Limited
Vice-President
44 (20) 7050 6500

Andrew Osborne
Merrill Lynch International
Managing Director
44 (20) 7996 1000

Source: OILEXCO INCORPORATED

[Tackler]

Petrostar to propose use of technology to regulators

2007-06-12 05:23 MT - News Release

Mr. Robert Sim reports

PETROSTAR PETROLEUM ENHANCED OIL RECOVERY TECHNOLOGY PROJECT UPDATE

In addition to increasing well production by up to 600 per cent, Petrostar Petroleum Corp.'s proprietary downhole heating device (DHT) has significant and secondary application potential as a replacement to current production tank-heating systems otherwise known as propane or gas-fired tank heaters (burners). Current heaters are used to heat the tank oil and maintain it at approximately 70 C, which is a significant operating cost especially during colder months. In addition to the operating costs, the burner system emits potentially harmful CO2 emissions Petrostar's improved electric tank heater (ETH) will lower operating costs by reducing consumption of fossil fuels. Additionally, the improved ETH is not only more economical then the current system but more importantly, it emits zero Co2 emissions. This would be a major development to help Canada's oil industry meet or surpass the standards put forth by the Kyoto accord. The company plans on approaching the regulatory agencies to discuss implementing a program that if endorsed, could offer producers an incentive to change. The company plans to initiate a test on one of its tanks as soon as it can complete fabrication of the equipment.

Enhanced oil recovery update

Field testing of Petrostar's proprietory DHT on its 15/6 is under way and will continue for the next few weeks. Test results previously announced on well 9/6 resulted in a 600-per-cent fluid production increase over the testing period.

The testing will be carried out by its new prototype design which will increase downhole temperatures to approximately 225 degrees Celcius and time to achieve said temperature and allowing maintenance of said temperature for longer periods of time. In addition, the placement of the DHT and water injection has been refined by incorporating new sensors that allow it to maintain steam and deliver heat and pressure to the production zone. These refinements should enable the DHT to be effective not only in heavier oil but lighter oil where waxing is a production problem. Currently the oil industry uses a system, whereby oil is heated on surface then pumped down the well casing, where it temporarily reduces the waxing problem. The DHT will create a constant temperature at the formation level and provide a longer-term solution. A major oil and gas producer has made inquiries to the company in regards to its wells in southeastern Saskatchewan, where waxing is a prominent problem with CO2 injection fields. Petrostar's oil field superintendent feels this could be a major breakthrough for the oil industry and at a very significant cost saving.

The success of the downhole tool test is viewed as a significant milestone achieved by Petrostar and it brings the company closer to commercializing this revolutionary enhanced oil recovery technology. The company believes it can deliver the DHT at a cost that can effectively and economically increase the production of tens of thousands of proven North American medium and heavy oil wells. Needless to say, the opportunity of penetrating this market is substantial. More details of these technologies they are available on the Petrostar website.

[Tackler]

Petrostar says DHT can reduce CO2 emissions

2007-06-11 15:11 MT - News Release

Mr. Robert Sim reports

PETROSTAR PETROLEUM ENHANCED OIL RECOVERY TECHNOLOGY PROJECT UPDATE

Petrostar Petroleum Corp.'s downhole hearing device (DHT), in addition to increasing well production by up to 600 per cent, has significant and secondary application potential as a replacement to current production tank heating systems otherwise known as propane or gas-fired tank heaters (burners). Current heaters are used to heat the tank oil and maintain it at approximately 70 degrees Celsius, which is a significant operating cost, especially during colder months. In addition to the operating costs, the burner system emits potentially harmful carbon dioxide (CO2) emissions. Petrostar's improved electric tank heater (ETH) will lower operating costs by reducing consumption of fossil fuels. Additionally, the improved ETH is not only more economical then the current system but, more importantly, it emits zero CO2 emissions. This would be a major development to help Canada's oil industry meet or surpass the standards put forth by the Kyoto accord. The company plans on approaching the regulatory agencies to discuss implementing a program that, if endorsed, could offer producers an incentive to change. The company plans to initiate a test on one of its tanks as soon as it can complete fabrication of the equipment.

Enhanced oil recovery update

Field testing of Petrostar's proprietary DHT on its 15/6 is under way and will continue for the next few weeks. Test results previously announced on well 9/6 resulted in a 600-per-cent fluid production increase over the testing period.

The testing will be carried out by its new prototype design which will increase downhole temperatures to approximately 225 degrees Celsius with time to achieve the said temperature and allowing maintenance of the said temperature for longer periods of time. In addition, the placement of the DHT and water injection has been refined by incorporating new sensors that allow it to maintain steam and deliver heat and pressure to the production zone. These refinements should enable the DHT to be effective not only in heavier oil but lighter oil where waxing is a production problem. Currently the oil industry uses a system whereby oil is heated on surface then pumped down the well casing where it temporarily reduces the waxing problem. The DHT will create a constant temperature at the formation level and provide a longer-term solution. A major oil and gas producer has made inquiries to the company in regard to its wells in southeastern Saskatchewan where waxing is a prominent problem with CO2 injection fields. Petrostar's oil field superintendent feels this could be a major breakthrough for the oil industry and at a very significant cost saving.

The success of the downhole tool test is viewed as a significant milestone achieved by Petrostar and it brings the company closer to commercializing this revolutionary enhanced oil recovery technology. The company believes it can deliver the DHT at a cost that can effectively and economically increase the production of thousands of proven North American medium-oil and heavy-oil wells. Needless to say, the opportunity of penetrating this market is substantial.

[Echelon]

Oilexco graduates from Jr to Intermediate Producer

Oilexco Announces First Oil From Brenda/Nicol Fields

June 11, 2007

Oilexco Announces First Oil From Brenda/Nicol Fields

CALGARY, ALBERTA--(CCNMatthews - June 11, 2007) - Oilexco Incorporated ('Oilexco') (TSX:OIL) (AIM:OIL) and its
wholly owned subsidiary, Oilexco North Sea Limited, announce that production has begun at the Brenda/Nicol
Fields in the UK Central North Sea.

The Company estimates production from the three wells in Brenda and one well in Nicol will average
approximately 30,000 barrels of oil per day during the first full year of production.

'This is a great day for our Company', said Oilexco President and CEO Arthur Millholland. 'This is our first
development in the UK North Sea. I am extremely proud of our people. We have managed this project ourselves
from conception to first oil. We have a lot to be proud about,' added Mr Millholland.

The Company has a 100% working interest in both the Brenda and Nicol Fields located in Block 15/25b and 15/25a
respectively. At Nicol, the Company has a 70% revenue interest which will revert to 100% after 1.25 million
barrels of oil has been recovered from 30% of the Nicol production volumes. Brenda and Nicol were developed
concurrently. Oil from the development is processed at the Balmoral Floating Production Vessel located 8km east
northeast of Brenda in Block 16/21a. Oilexco owns a 7.9% non-operated interest in the Balmoral facility.

About the Company

Oilexco Incorporated is a Canadian Company engaged in oil and gas exploration and production in the United
Kingdom. The Company's efforts are solely focused on the UK Central North Sea, specifically in the Outer Moray
Firth and Central Graben areas. Oilexco's operations in the United Kingdom are conducted through its wholly
owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. Oilexco trades
on the Toronto Stock Exchange (TSX) in Canada and the AIM portion of the London Stock Exchange under the symbol
'OIL'.

Forward Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks
and uncertainties, certain of which are beyond Oilexco's control, including: the impact of general economic
conditions in the areas in which Oilexco operates, civil unrest, industry conditions, changes in laws and
regulations including the adoption of new environmental laws and regulations and changes in how they are
interpreted and enforced, increased competition, the lack of availability of qualified personnel or management,
fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining
required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil
and gas operations, therefore Oilexco's actual results, performance or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements will transpire or occur, or if any of them
do so, what benefits, including the amounts of proceeds, which Oilexco will derive therefrom. All statements
included in this press release that address activities, events or developments that Oilexco expects, believes
or anticipates will or may occur in the future are forward-looking statements. These statements include future
production rates, completion and production timetables and costs to complete wells, and production facilities.
These statements are based on assumptions made by Oilexco based on its experience perception of historical
trends, current conditions, expected future developments and other factors it believes are appropriate in the
circumstances.

In accordance with the guidelines of the AIM market of the London Stock Exchange, Arthur Millholland P.Geol,
President and CEO of Oilexco Incorporated, is the qualified person that has reviewed the technical information
contained in this press release.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Oilexco Incorporated
Arthur S. Millholland
President
[phone]

OR

Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
[phone]

OR

Oilexco Incorporated
Gerry L. Roe
Chief Operating Officer
[phone]

OR

Oilexco Incorporated
Rob Elgie
Manager Investor Relations
[phone]
Website: www.oilexco.com

OR

Pelham Public Relations
James Henderson
Managing Director
44 (20) 7743 6673

OR

Pelham Public Relations
Alisdair Haythornthwaite
Associate Director
44 (20) 7743 6676

OR

Canaccord Adams Limited
Clayton Bush
Vice-President
44 (20) 7050 6500

OR

Merrill Lynch International
Andrew Osborne
Managing Director
44 (20) 7996 1000

INDUSTRY: Energy and Utilities-Oil and Gas
SUBJECT: OEX

-0-


OILEXCO INCORPORATED

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1502591&source=RNS

[Tackler]

Arctos settles $4.57-million debt with cash and shares

2007-06-11 05:24 MT - News Release

Mr. William Ward reports

ARCTOS RECEIVES CONDITIONAL TSX APPROVAL FOR DEBT SETTLEMENT, ANNOUNCES DEBENTURE FINANCING

Arctos Petroleum Corp. has now received conditional TSX Venture Exchange approval to proceed with the closing of the debt settlements announced in the company's news in Stockwatch of May 4, 2007. Arctos also announces that it will raise funds of up to $1.5-million from a debenture financing.

Arctos will settle $4,575,948 in outstanding net debt through the payment of $1,220,235 in cash and the issuance of 31,846,265 common shares of the company. One creditor, with debt owed of $2,481,018, will be settled in full by the payment of a total of $1,171,485 in cash and the issuance of 11,405,745 common shares of the company. Ten creditors, with net debt owed of $2,092,802, will be settled in full by the payment of a total of $48,750 in cash and the issuance of 20,440,520 common shares of the company. The TSX-V has conditionally approved the transactions contemplated herein subject to review and acceptance of personal information forms from certain individuals who are associated with corporations who will become insiders of the company.

Arctos plans to complete a non-brokered private placement of non-convertible debentures in the principal amount of up to $1.5-million. Proceeds from the private placement will be used to pay the cash portion of the aforementioned debt settlement, with the remainder applied to general working capital. The debentures will have a 12-month term and shall bear interest at 10 per cent per year, calculated and paid quarterly, and any principal or interest outstanding under the debentures shall be secured against the general assets of the company. The sale of the debentures is subject to approval of the TSX-V. Insiders of the company may purchase convertible debentures in the principal sum of up to $500,000.

The company is now positioned to move forward with an active business plan that will be focused on acquiring oil and gas assets together with a selective drilling program.

[johnlw]

Alberta's era of abundant natural gas coming to an end
Oilsands, coal-bed methane will be hard put to replace lucrative gas royalties

Gordon Jaremko
The Edmonton Journal

Monday, June 11, 2007

EDMONTON - Age is overtaking the top money earner that paid off the provincial deficit and fuelled budget surpluses as energy prices rose since 1999.

After more than half a century of growth as the Canadian supply mainstay Alberta natural gas production has peaked and entered a decline that will continue no matter how much drilling is done, the province's industry watchdog agency says.

In its latest annual reserves report, the Alberta Energy and Utilities Board said it "has concluded that natural gas production in the province peaked in 2001."

Despite vigorous field activity in 2005 and most of last year, "natural gas production in 2007 is expected to decline by 2.2 per cent compared with 2006."

Gas accounts for up to 75 per cent of provincial royalties and mineral rights sales. Barring surprises from the royalties inquiry now underway, the more expensive and lightly taxed oilsands are expected to remain less lucrative for the Alberta treasury.

At best, the industry will only hold the gas decline down to a gradual rate, partly by expanding fledgling coalbed methane output to the extent that technical advances and environmental resistance permit, the AEUB predicted.

"High levels of drilling in the past four years have prevented a sharp decline in production," the board said.

But the results of the hot activity confirmed that supply growth is out of the question, the annual reserves review indicated.

Alberta production hovered last year at the same volume as 2005 output -- 4.9 trillion cubic feet, or gas equivalent to 817 million barrels of oil.

The number refused to budge despite frantic drilling fuelled by North America-wide supply scares and price spikes after hurricanes damaged production in the Gulf of Mexico region, the AEUB reported.

Producers drilled 12,062 successful gas wells last year and 13,271 in 2005. The AEUB forecasts 12,000 new producing wells this year as the drilling pace stays moderate to slow. Activity is forecast to revive to an annual average 13,000 wells in 2008 through 2016.

Coalbed methane, only produced commercially in Alberta since 2002, still shows no signs of fully making up for the decline in conventional gas.

The new supply source remains too young for the AEUB even to guess how successful industry will eventually be at tapping potential reserves estimated at up to 500 trillion cubic feet, or methane equivalent to 83 billion barrels of oil, in coal formations that carpet much of the province.

The AEUB calls the new supply source a "supplement" for conventional gas, not a replacement.

Growth is not guaranteed. Investment in coal-seam gas is turning out to be as easily undermined by lows on the price cycle as its nearest counterpart in conventional operations, shallow drilling on the flat and easily accessible plains of southeastern Alberta.

Both specialties, while prone to rapid acceleration when prices rise, also slow down quickly during market lulls.

See JAREMKO / A17

Low well output rates effectively increase production costs, making shallow drilling and coalbed methane programs highly sensitive to price movements.

After drilling 2,434 successful coalbed methane wells in 2006, the industry is cutting the pace by 22 per cent to 1,900 this year, the AEUB estimated. Activity will rebound to 2,400 coalbed methane wells per year in 2008 and '09 then rise again to an annual average 2,500 in 2010-16, the board predicted.

Over the next 10 years, the AEUB predicted the annual decline rate of conventional Alberta gas production will average 2.5 per cent.

"New pools are smaller, and new wells drilled today are exhibiting lower initial production rates and steeper decline rates."

By 2016 the board forecasts Alberta conventional gas output will drop 22 per cent to 3.8 trillion cubic feet per year from the current 4.9 trillion.

Coalbed methane output is expected to more than triple to 596 billion cubic feet per year from 166 billion.

But the gain of 430 billion cubic feet of coal seam gas will only make up for 39 per cent of the projected loss of 1.1 trillion cubic feet in conventional production.

Over the past 10 years, average production by new Alberta gas wells dropped 64 per cent to about 178 thousand cubic feet per day from 497 thousand.

Since 1990 the total number of producing wells multiplied nearly four-fold to 109,300, raising the industry's friction with communities along with costs.

How far will Alberta's gas star eventually fall? The AEUB makes no long-range predictions but points to experience in similar parts of the United States.

"Both Texas and Louisiana show peak gas production in the late 1960s and early 1970s, while Alberta appears to be at that stage today," the board said.

Since 1971 production fell by about 40 per cent on land in Texas and 60 per cent in Louisiana, excluding new fields offshore in the Gulf of Mexico that have no counterparts in Alberta.

The U.S. production drops were steep for the first 15 years after the peaks but the slides eventually tapered off. Output eventually stabilized in Texas and settled into a gentle decline in Louisiana, letting both states maintain shrunken but still "significant" industries, the AEUB said.

[johnlw]

Petrostar Petroleum Corp (C-PEP) - News Release

Petrostar testing shows 600% increase in production

2007-06-05 07:12 ET - News Release
Shares issued 59,692,761
PEP Close 2007-06-04 C$ 0.44

Mr. Robert Sim reports

PETROSTAR PETROLEUM REPORTS-600% PRODUCTION INCREASE USING PROPRIETARY OIL RECOVERY TECHNOLOGY

Petrostar Petroleum Corp. has successfully completed initial field testing of its enhanced oil recovery technology or as it is currently described as its downhole heating device (DHT). The test commenced May 2, 2007, and concluded May 25, 2007. The initial test well A9/16 was tested for approximately 10 to 14 days, at which time, the tool test data were reviewed and evaluated. The testing has produced a significant 600-per-cent increase in production from the original well production. Historical fluid production on test well 9/16 increased from 2.1 cubic metres (13.21 barrels per day) to 9 to 12 cubic metres (56.6 to 75.5 barrels per day). The company has decided that given the initial successful testing on well A9/6, that it will also test well 15/6, where it is expected that there will also be a significant increase in its daily production.

During initial testing, the DHT was tested under several different configurations and wellbore depth settings to determine the optimum placement in conjunction with well perforations, production zones, well fluid levels and wellhead pressure as well as testing the failsafe safety shutdown in case of electrical malfunctions. The failsafe tests passed with 100-per-cent efficiency. The testing has provided the company with information that will lead to modifications on its beta design that will increase downhole temperatures to approximately 225 degrees, while allowing it to achieve and maintain that temperature in shorter time frames.

With these promising results, the company is immediately proceeding with the manufacture of six of the new configuration DHT units, to be manufactured by Valex Industries of Richmond, B.C. The units will be used for additional tests to be conducted on both heavy and light oil formations. The tests will be supervised by B. Cabot, president of Western Petroleum Management, of Calgary, Alta., Canada.

The success of the downhole heating device test is viewed as a significant milestone achieved by Petrostar and it brings the company one step closer to ultimately commercializing this revolutionary enhanced oil recovery technology. The company believes it can deliver the DHT at a cost that can effectively and economically revitalize tens of thousands of proven North American medium and heavy oil wells. Needless to say, the opportunity of penetrating this market is substantial.

We seek Safe Harbor.

[Tackler]

This one has PEP ...

[johnlw]

This one kills me.
Fairbourn spun off Fairquest and then reaquires them.
Almost two years to the day.

June 1, 2005
Calgary, Alberta
Fairborne Energy Trust (the "Trust"), Fairborne Energy Ltd. ("Fairborne") and Fairquest Energy Limited
("Fairquest") jointly announced today the successful completion of the reorganization of Fairborne into
the Trust and Fairquest. The trust units of the Trust (trading symbol "FEL.UN"), the Exchangeable

[kraftdinner]

Celtic Exploration signs definitive Kaybob South deal


2007-06-04 10:02 MT - News Release

Mr. David Wilson reports

CELTIC ENTERS INTO AGREEMENT TO ACQUIRE ASSETS AT KAYBOB SOUTH AND ANNOUNCES EQUITY FINANCING

Celtic Exploration Ltd. has entered into an agreement with a major petroleum company to acquire certain liquids-rich natural gas assets in the company's core operating area at Kaybob South in Alberta. The assets that Celtic intends to acquire consist of an operated 49.88-per-cent working interest in the Kaybob South Beaverhill Lake gas unit No. 2, as well as other assets in the Kaybob South area. The acquisition has an effective date of May 1, 2007, and closing is expected to occur on or about July 3, 2007. The consideration to be paid by Celtic under the agreement is $52.5-million, subject to normal closing adjustments, and will be financed by the equity offering described herein, as well as available credit facilities.

The key attributes of this property acquisition are as follows:


Current production capability is approximately 1,100 barrels of oil equivalent per day, 63 per cent natural gas and 37 per cent natural gas liquids (resulting in an acquisition price of $47,700 per boe per day);
Proved reserves consist of approximately 2.9 million boe (resulting in an acquisition price of $18.10 per boe, on a proved-only basis);
Proved plus probable reserves consist of approximately 4.5 million boe (resulting in an acquisition price of $11.67 per boe, on a proved plus probable basis);
Long-life reserves with a reserve life index of approximately 11.2 years (on a proved plus probable basis);
Complementary fit with a large contiguous land position adjacent to Celtic's Kaybob South exploration and development area;
Ownership and operatorship in compressor facilities and a major pipeline system that Celtic currently uses to transport its existing Kaybob South Montney production from the Kaybob South field to the Kaybob South KA gas processing plant.

Petroleum and natural gas reserves to be acquired were evaluated by Sproule Associates Ltd., Celtic's independent engineering consultant, effective Dec. 31, 2006. The company has reduced the amount of reserves in the Sproule report to reflect production from Jan. 1, 2007, to April 30, 2007, given that the effective date of the acquisition is May 1, 2007.

A portion of the assets to be acquired has rights of first refusal (ROFR) attached. It is expected that the vendor of these assets will serve these 30-day ROFR notices immediately.

Kaybob South pipeline

In the event that Celtic does not complete the proposed acquisition described above, the company will endeavour to construct its own natural gas facilities and pipeline for natural gas transportation from its Kaybob South Montney field to the Kaybob South KA gas processing plant. Celtic has already initiated surveying activity with respect to this project.

Equity financing

In conjunction with the acquisition, Celtic has entered into an agreement with a syndicate of underwriters co-led by First Energy Capital Corp. and GMP Securities LP, and including BMO Nesbitt Burns Inc., RBC Capital Markets, TD Securities Inc., Orion Securities Inc. and Tristone Capital Inc., pursuant to which the underwriters have agreed to purchase for resale to the public, on a bought-deal basis, 1.6 million units at a price of $28.70 per unit for gross proceeds of $45.92-million. Each unit will comprise one common share (at a price of $14.35 per common share) and one subscription receipt for a common share (at a price of $14.35 per subscription receipt).

Each subscription receipt will represent the right to receive one common share of Celtic, without the payment of any additional consideration, on the closing of the acquisition. The proceeds from the offering of subscription receipts will be deposited in escrow pending the closing of the acquisition. If the acquisition closes on or before Aug. 31, 2007, the net proceeds from the offering of the subscription receipts will be released to Celtic and will be used by Celtic to pay a portion of the acquisition price. However, if the acquisition fails to close by Aug. 31, 2007, the escrow agent will return to the holders of subscription receipts the issue price of each subscription receipt and such holder's pro rata entitlement to interest earned thereon.

The offering is subject to certain conditions including normal regulatory approvals. The units will be offered by way of a private placement. The closing of the offering is expected to occur on or about June 26, 2007. Net proceeds from the offering will be used by Celtic to finance the acquisition and for continuing capital expenditures.

We seek Safe Harbor.

[kraftdinner]

Fairborne completes acquisition of Fairquest shares


2007-06-04 11:10 MT - News Release

Also News Release (C-FQE) Fairquest Energy Ltd


Mr. Steven VanSickle of Fairborne Energy reports

FAIRBORNE ENERGY TRUST AND FAIRQUEST ENERGY LIMITED JOINTLY ANNOUNCE COMPLETION OF PLAN OF ARRANGEMENT

Fairborne Energy Trust has completed acquisition of all the outstanding common shares of Fairquest Energy Ltd., pursuant to a plan of arrangement.

Pursuant to the arrangement, the previous shareholders of Fairquest are entitled to receive, for each outstanding common share of Fairquest held by them, 0.39 of a trust unit of Fairborne. After giving effect to the arrangement, Fairborne has approximately 65.3 million trust units outstanding and approximately 3.2 million exchangeable shares outstanding (which are currently convertible into a total of approximately 4.0 million trust units, subject to further adjustment for subsequent distributions by Fairborne).

Letters of transmittal have been forwarded to shareholders of Fairquest to be used in order to exchange their common shares of Fairquest for trust units of Fairborne and to receive future distributions on such trust units.

Upon issuance of a bulletin of the Toronto Stock Exchange confirming receipt by the TSX of all necessary documents in connection with the closing of the arrangement and related matters, the common shares of Fairquest will be delisted from the TSX.

Current production from the combined entity is in line with previously reported levels of 13,000 to 13,500 barrels-of-oil-equivalent per day. Fairborne expects its second-half 2007 capital program to be in the $50-million to $55-million range resulting in the drilling of 43 gross wells (29 net). Following the acquisition, Fairborne Energy Trust is approaching $1-billion in enterprise value.

Fairborne plans to continue to manage its business so that its combined distributions and capital expenditures are approximately equal to its cash flow. Fairborne's net debt upon completion of the transaction is approximately $165-million, before convertible debentures, on a new borrowing base of $220-million.

Strategically, the combination further strengthens Fairborne's position as a leading, sustainable natural-gas-focused trust. The transaction maintains Fairborne's focused production base, simplifies its operating structure and consolidates its working interest in its major growth properties.

Note -- Barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of 6,000 cubic feet of natural gas to one barrel, and is based on an energy equivalent conversion method application at the burner tip and does not represent an economic value equivalency at the wellhead.

We seek Safe Harbor.

[Tackler]

Tango Energy loses $216,000 in Q1 2007

2007-05-25 15:06 MT - News Release

Mr. John Gunn reports

TANGO REPORTS FIRST QUARTER 2007 FINANCIAL AND OPERATING RESULTS

Tango Energy Inc. is releasing its unaudited interim financial and operating results for the three months ended March 31, 2007.

 
      
                     FINANCIAL AND OPERATING RESULTS 
          (in thousands of dollars, except per share amounts)  
  
                                                      Three months ended 
                                                                March 31, 
                                                         2007       2006 
  
 Gross revenues                                       $ 2,904    $ 1,260 
 Income (loss) before taxes                              (342)        28 
 Net income (loss)                                       (216)         7 
 Per share -- basic                                     $0.00      $0.00 
 Per share -- diluted                                   $0.00      $0.00 
 Funds flow from operations                             1,354        703 
 Per share -- basic                                     $0.03      $0.02 
 Per share -- diluted                                   $0.03      $0.02 
 Additions to property and 
 equipment, net of proceeds                             4,146      4,668 
 Total assets                                          43,397     33,838 
 Working capital (deficiency)                          (8,463)     3,269 
 Asset retirement obligation                              603        517 
 Flow-through share obligations                         1,300      3,300 
 Sales volumes (average) 
 Natural gas (mcf/d)                                    3,805      1,404 
 Crude oil and liquids (bbl/d)                             32         21 
 Average boe/d                                            666        255 
 Product prices (average) 
 Natural gas ($/mcf)                                     7.92       8.42 
 Crude oil and liquids ($/bbl)                          58.80      63.17 
 Netback analysis ($/boe) 
 Oil and gas revenue                                    48.04      51.53 
 Royalty expense                                        13.97      10.85 
 Operating costs                                         7.69       7.11 
 Netback                                                26.38      33.57 
 

Production averaged 666 barrels of oil equivalent per day (boepd) during the three months ended March 31, 2007, a 161-per-cent increase over the 255 boepd over the three months ended March 31, 2006. Production for the three months ended Dec. 31, 2006, was 369 boepd. Volumes for the month of March, 2007, averaged 874 boepd.

During the three months ended March 31, 2007, two new wells were placed on production, one at Hanlan and one at Ricinus. One well at Quaich was completed and tested.

At Hanlan, the 14-35 well was placed on production during February, 2007, and is currently producing about 9.7 million cubic feet per day of raw gas. Tango has a 28-per-cent working interest in this well, subject to a 12.5-per-cent non-convertible overriding royalty.

At Ricinus, the 6-9 well has been placed on production during March, 2007, and is currently producing 500,000 cubic feet per day of raw gas. Tango has a 67.5-per-cent working interest in this well. Tango acquired six sections at the March 7 land sale at an average 67.5-per-cent working interest.

At Kakwa, the 13-1 Swan Hills well has been drilled and completed. Testing operations were not completed due to wildlife constraints which required all of the equipment to be removed from the lease prior to March 15. As a result, the well has been suspended pending further evaluation of the pressure data. Further operations on the well will not be conducted prior to December, 2007. Tango has a 30-per-cent working interest in this well.

At Quaich, the 3-3 well was tested and evaluated, and it is expected that the well will be tied into existing facilities once a pipeline can be constructed.

Tango has 27,520 gross (16,150 net) acres of undeveloped land located west of the fifth and sixth meridian within the foothills and Deep basin portion of the Western Canadian sedimentary basin. Tango continues to post and acquire Crown land on new plays, as well as Crown land offsetting existing opportunities.

For a copy of Tango's Dec. 31, 2006, financial statements and management discussion and analysis please visit the SEDAR website.

[Tackler]

Goldnev Resources appoints Chapman to board

2007-02-20 08:00 MT - News Release

Mr. Marc Dame reports

GOLDNEV APPOINTS CHAPMAN TO BOARD OF DIRECTORS

Goldnev Resources Inc. has appointed Charlie Chapman, PEng, an experienced oil and gas executive, and petroleum engineer, to both the board of directors and as chairman of the reserves audit committee of the corporation.

Mr. Chapman is a professional engineer with over 35 years of diversified experience in the oil and gas industry, particularly in oil and gas management, engineering, evaluations, and operations. Mr. Chapman has held various staff management and consulting operation positions with both major and junior producers. For the past 22 years, he has been president of Chapman Petroleum Engineering Ltd., a Calgary-based oil and gas consulting engineering and evaluation firm providing comprehensive petroleum and geological services covering the whole spectrum of the oil and gas industry both domestically and internationally. Mr. Chapman is also a co-founder and vice-president of TransAction Oil and Gas Ventures Inc., a consulting firm specializing in the management of oil and gas drilling projects and production operations. Mr. Chapman holds a bachelor of science degree in mechanical engineering from the University of Alberta.

The board of directors is pleased that Mr. Chapman has accepted the appointment as both a director and as chairman of the reserves audit committee. As one of the most experienced oil and gas evaluation engineers in Canada, Mr. Chapman brings to Goldnev a unique ability to evaluate and advise the corporation on the development its Noel and Provost properties, and future strategic acquisitions and alliances that will benefit the corporation, and the board is looking forward to working with him to help Goldnev achieve profitability, grow the asset base and shareholder value through carefully evaluated acquisitions, and well-managed drilling, recompletion and production operations.

Marc Dame, president and chief executive officer, commented, "The appointment of Mr. Chapman, along with the technical expertise of Chapman Petroleum Engineering Ltd., brings to the company a unique depth of professional engineering, evaluation and operational experience that would normally be difficult and prohibitive for a junior company such as Goldnev to both attract and acquire, and will give the company the in-house ability to find, evaluate and acquire oil and gas production, development, and exploration assets, allowing the company to generate value for the company shareholders."

For clarification purposes, the current directors and officers of the company are:

* Marc Dame, president, chief executive officer and director;
* Charlie Chapman, vice-president of engineering and director;
* Steven Craig, chief financial officer and director; and
* Merrill Moses, director.

[kraftdinner]

TRISTAR OIL & GAS AND REAL RESOURCES MERGE TO CREATE A GROWTH FOCUSED INTERMEDIATE OIL & GAS PRODUCER

TriStar Oil & Gas Ltd. and Real Resources Inc. have entered into an arrangement agreement that provides for the combination of TriStar and Real to form a new growth-focused intermediate oil and gas exploration and development company with an enterprise value of approximately $1-billion. The combined company will continue under the name TriStar Oil & Gas Ltd. (New TriStar). The combination will be effected by means of a plan of arrangement under the Business Corporations Act (Alberta).

Under the terms of the arrangement agreement, each TriStar shareholder will receive 0.4762 share of New TriStar for each share of TriStar held and each Real shareholder will continue to hold one share of New TriStar for each share of Real held. The transaction will be accomplished on a tax-deferred basis in Canada. TriStar shareholders will own approximately 42 per cent of New TriStar and Real shareholders will own approximately 58 per cent of New TriStar on the close of the transaction.

Brett Herman, currently president and chief executive officer of TriStar, will continue as New TriStar's president and chief executive officer. The remainder of the executive management team of the new company will primarily consist of TriStar's existing management team. The high-quality technical teams at TriStar and Real will be combined to form a highly experienced and successful team that will be focused on exploring and exploiting the new company's exciting asset base.

This executive team brings a successful record of executing value-added asset and corporate acquisitions, executing successful exploitation, exploration and development programs, while maintaining sound financial management and strict cost controls that the new company will rely on in the future.

The board of directors of New TriStar will consist of 10 members including seven representatives from TriStar and three representatives from Real.

"This transaction represents an important step in the planned evolution of TriStar. From our inception in January, 2006, we have been able to assemble a high-quality asset base capable of efficient future growth through the drill bit. We are excited about the growth potential of the combined entity and we look forward to continuing to successfully execute our proven strategy of acquiring, exploiting and exploring," said Mr. Herman.

Lowell Jackson, president and chief executive officer of Real, added, "The combination of TriStar and Real will provide our shareholders with the opportunity to participate in an exciting, high-quality asset base with a management team that has a successful track record of achieving significant per share growth."

The transaction is subject to regulatory approval and the approval by a majority of at least two-thirds of shareholders of both TriStar and Real who vote on the combination. Separate TriStar and Real shareholder meetings for the vote will be held in late July or early August. The two companies expect the transaction to close in early August, 2007, following the mailing of a joint information circular regarding the transaction in late June, 2007, or early July to shareholders of both companies.

[Tackler]

United Reef JV to farm in Warner area

2007-05-18 13:06 MT - News Release

Mr. Michael Coulter reports

GENERAL REEF SIGNS CONDITIONAL LETTER OF INTENT

United Reef Ltd.'s General Reef Corp. has advised the company that it has entered into a conditional letter of intent with a Canadian oil and gas producer for certain farm-in rights on 40.6 sections (approximately 10,518 hectares) of freehold petroleum and natural gas rights in the Warner area of Southern Alberta. General Reef's farm-in arrangement resulted from negotiation with the farmor following an offer to farm out a large package of fee lands in Southern Alberta in January of this year. The company presently owns 5 per cent of General Reef and has the right to increase its ownership in General Reef as described below.

The LOI provides for the execution of a formal farm-out agreement between the farmor and General Reef and receipt of the farmor's senior management approval. Investors are therefore cautioned that until such time as a formal agreement has been executed and all requisite approvals have been given to the transaction there can be no assurance that the transaction will be completed.

General Reef has advised the company that the farm-out agreement will be effective as of May 1, 2007, and that General Reef's right to earn working interests thereunder will expire, if not fully exercised, on Dec. 31, 2009. The farm-out agreement will require General Reef to drill a minimum of 10 new wells in the first year and to evaluate a minimum of four suspended wells in the same time frame to meet its initial commitment. In addition, General Reef will be required to evaluate five additional suspended wells during the second year of the farm-out agreement. Each completed drilling operation or re-entry will earn General Reef a 100-per-cent working interest in at least one section of land, which will be subject to a combination of lessor and farmor royalties payable to the farmor. As General Reef meets its commitments, described above, it has the option to drill additional wells to earn the remaining unearned petroleum rights over the 10,518 hectares.

Existing gas and oil production from offsetting land is primarily from the Bow Island formation and the Barons formation. The area has stacked pay potential with oil and gas shows in multiple zones including the Belly River/Milk River formation, Alberta group, Barons formation, Bow Island formation, Mannville group and the deeper Turner Valley formation.

General Reef is a private company with offices in Calgary, Alta., and was formed pursuant to an agreement between General Gas Corp., a private Alberta company, and the company for the purpose of acquiring, exploring, and developing oil and gas properties in North America (see news reported in Stockwatch Nov. 16, 2006, and March 30, 2007). General Gas was founded by Douglas Brown, PEng, Ron Hutzal, PEng, and Paul MacKay, PGeo. General Reef is managed by Mr. Brown, Mr. Hutzal and Mr. MacKay. The company has an option to increase its ownership interest in General Reef to 85 per cent by making further capital contributions through subscriptions for additional shares of General Reef. General Reef's management is continuing to develop its portfolio of oil and gas prospects and advance negotiation of other farm-in arrangements.

[sumisu]

Dejour Enterprises Ltd. Lists on the American Stock Exchange - Trading Symbol "DEJ"

Friday May 18, 5:04 pm ET

DEJOUR ENTERPRISES LTD.: TSX-V: "DJE"/OTC BB:"DJEEF"
VANCOUVER, May 18 /CNW/ - Dejour Enterprises Ltd. (DJE: TSX/OTC BB:"DJEEF and D5R: Frankfurt) announces that its common shares have been approved for listing on the American Stock Exchange ("AMEX") and is tentatively scheduled to begin trading at the opening of the market on May 23, 2007. The AMEX listing approval is contingent on the Company being in compliance with all applicable listing requirements on the date that it begins trading and may be rescinded if the Company is not in compliance with such standards.

The Company's common shares will trade on AMEX under the symbol "DEJ" and will continue to trade on the TSX-V under the symbol "DJE" and the Deutsch Bourse Frankfurt under the symbol "D5R" until further notice.

Chairman & CEO Robert L. Hodgkinson states "the AMEX listing will provide Dejour greater visibility to the US markets. This listing provides the opportunity to grow our US shareholder base and enhance market liquidity."

About Dejour

Dejour Enterprises Ltd. is a micro cap Canadian company focused on oil & gas exploration and production with a significant investment in uranium discovery. The company acquires high-impact energy assets and strategically monetizes them through partnerships and co-ventures to limit exposure and enhance returns.

Dejour has significant holdings in three of the world's premiere energy resource regions. This includes 288,000 gross (60,000 net) acres in the Piceance and Uinta Basins, a vast natural gas play in North America; and a major interest in Titan Uranium Inc. (TSX-V: TUE - News), with 1.44 million acres in the Athabasca and Thelon Basins, the world's most recognized areas for uranium exploration. Finally, the company is pursuing high impact natural gas opportunities in Canada's Western Sedimentary Basin, known as the Peace River Arch Projects, comprised of 49,000 gross acres.

The Company is listed on the TSX Venture Exchange (DJE.V), OTCBB (DJEEF), and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to www.dejour.com for company details or contact the Office of Investor Relations at investor(at)dejour.com


The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.


Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporations' periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not assume the obligation to update any forward-looking statement
For further information

Robert L. Hodgkinson, Chairman & CEO, DEJOUR ENTERPRISES LTD., Suite 1100-808 West Hastings Street, Vancouver, BC, Canada, V6C 2X4, Phone: [phone], Facsimile: [phone], Email: [e-mail]

--------------------------------------------------------------------------------
Source: Dejour Enterprises Ltd.

http://biz.yahoo.com/cnw/070518/dejour_stock_symbol.html?.v=1

[december]

Nice PR :)

[Tackler]

Tajzha Ventures operator drills, cases Kotcho Lake well

2007-05-14 11:11 MT - News Release

Mr. Terry Lashman reports

KOTCHO LAKE UPDATE AND OTHER ITEMS

Tajzha Ventures Ltd. has been advised that the operator has released the rig that had successfully drilled and cased the well located in the Kotcho Lake area of northeastern British Columbia. The well has been cased and cemented through the Slave Point lost circulation zone, overlaying a geologically and geophysically defined Keg River high. This operation represents a major accomplishment by successfully drilling down to the Slave Point caverns and isolating them behind casing. A service rig will be brought onto the location following the lifting of road bans in the area. It is anticipated that this will occur in early June. The service rig will drill into the Keg River formation and testing will follow. Due to competitive reasons, Tajzha will not press release these results until approval to do so is granted by the operator.

Tajzha is also pleased to announce that it has closed a non-brokered private placement of 298,000 units at 30 cents per unit and 804,000 flow-through units at 35 cents per unit for gross proceeds of $370,800. Each unit consists of one common share and one common share purchase warrant exercisable into one additional common share at an exercise price of 35 cents in the first year and 40 cents in the second year. Each flow-through unit consists of one common share issued on a flow-through share basis and one common share purchase warrant exercisable into one additional common share at an exercise price of 40 cents in the first year and 45 cents in the second year. The expiry date of the warrants is May 8, 2009.

Tajzha is also pleased to announce that it has filed its Form 51-101F1 -- statement of reserves data and other oil and gas information for its year ended Dec. 31, 2006. The corporation has also filed Form 51-101F2 -- report of independent qualified reserves evaluator and Form 51-101F3 -- report of management and directors, all under National Instrument 51-101. These filings can be accessed electronically from the System for Electronic Document Analysis and Retrieval (SEDAR) website.

[kraftdinner]

Winfield reaches supply deal with Libyan NOC


2007-05-11 15:34 MT - News Release

Mr. Robert Foley reports

MAY REVIEW

Winfield Resources Ltd. is releasing a May review.

Tripoli, Libya

Agreement in principle has been reached with the National Oil Company (NOC) of Libya to supply Winfield with 300,000 barrels of crude oil per day for Winfield's proposed new oil refinery in the port of Zarzis, tax-free zone, Tunisia. Management of Winfield is to attend meetings later this month with the NOC to formalize the feedstock arrangement.

High-level Alberta ethanol-feedlot facility

Negotiations to finance the $30-million integrated ethanol-feedlot facility are continuing. Management anticipates a conclusion to full facility financing in the very near term. The high-level design is based on an earlier TDI Technology Inc. commission at Poundmaker, Sask., that has had returns of 25 per cent to 33 per cent per year for the previous 15 years.

Northern British Columbia ethanol facility

TDI Technology has identified two technologies for the conversion of biomass (cellulose) to ethanol. Both processes first gasify the biomass to produce syngas -- carbon monoxide, carbon dioxide and hydrogen. The syngas is then converted to ethanol in one of two processes. The first process used fermentation of the syngas to ethanol while the latter uses a high-pressure and temperature catalyst. Both processes are ready for the construction and operation of a demonstration plant, each requiring about $3-million to reach the commercialization stage.

Winfield's immediate intent is to reach a conditional agreement, leading to a technology use licence within the next month or so.

Winfield has engaged TDI Technology to secure the technology for Winfield's use, manage its interests in the process development work and prepare a feasibility study for a wood waste to ethanol facility in a Northern British Columbia location.

East Africa

Winfield's application for a non-refundable grant to finance a renewable sustainable fuel ethanol facility using indigenous feed stocks has been approved by the grant provider. Winfield now awaits the consent of the Rwandan government. This file is before the Rwandan authorities, is in process and going through Rwandan regulatory review. Winfield is seeking finance to build a 45-million-litre-per-year fuel ethanol facility. Existing facilities of this size or greater are currently in commercial production in Thailand.

[Tackler]

Nice trader

[Ed Monton]

POE

[Ed Monton]

Pan Orient Energy Corp.: Thailand Na Sanun-4 Drilling Update

CALGARY, ALBERTA--(CCNMatthews - May 14, 2007) - Pan Orient Energy Corp. (TSX VENTURE:POE)

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

The Na Sanun-4 appraisal well, located 500 meters north of Na Sanun-3, has penetrated the top of the first of five potential volcanic reservoir intervals at a depth of approximately 952 meters. Severe lost circulation was encountered within the top 5 meters of this first volcanic zone due to the highly fractured and porous nature of the reservoir. Significant quantities of crude oil have been recovered at the surface due to reduction of the mud weight as a result of gas influx into the well and "gas-cutting" of the drilling mud. After initially regaining circulation, severe mud losses were once again encountered while drilling down to 993 meters.

Pan Orient management is very encouraged by these initial indications of reservoir development and hydrocarbons in the top 41 meters of the main target zone at NS-4. Due to the severity of the lost circulation, we are currently assessing the possibility of setting casing and immediately testing the well.

The Pan Orient board of directors has made the decision to cancel the grant of stock options announced on May 11, 2007 due to the timing of the subsequent events defined above.

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.

This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.

40,134,842 common shares issued

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

[Tackler]

Canoro Resources on CBC Business Network Double Up / Double Down

http://cbc.ca/calgary/media/audio/biznet/20070504M07-DOU.ram

by Greg Chornoboy - Jennings Capital

[sumisu]

Bulldog Resources Releases First Quarter Report and Fertile Pool Assessment of Resources and Reserves

Thursday May 10, 1:56 am ET

CALGARY, ALBERTA--(CCNMatthews - May 10, 2007) - BULLDOG RESOURCES INC. (TSX:BD - News):
HIGHLIGHTS

- Increased production 35% to 1,697 BOE/day in Q1 from an average of 1,261 BOE/day in Q4, 2006.

- Cash flow increased 38% to $7.3 million in Q1 from $5.3 million in Q4, 2006.

- Cash flow per share increased 29% to $0.27 per share in Q1 from $0.21 per share in Q4, 2006.

- Achieved field netbacks of $51.17 per BOE and cash flow of $47.83 per BOE in Q1.

- Continued low production expenses of $2.12 per BOE in Q1.

- Drilled 9 gross (4.53 net) wells in Q1 resulting in 7 oil wells (3.08 net), one well (0.45 net) currently waiting on completion and one net D&A well.

- GLJ's assessment of resources and reserves on Bulldog's Fertile property was completed in May 2007.

- Closed two property acquisitions.

[continued in following link]

http://biz.yahoo.com/ccn/070510/200705100389771001.html?.v=1

[Tackler]

Maybe VST is the latest flavor and has the best prospects, he will give up on the others?
Maybe need to look at his shares and options in each company.

[johnlw]

Thinking out loud:
So Vast rolls over the Moundville and Barrhead CBM play to LFD in Dec/05 for $2M. Bharti has been a director of LFD since June/04.

Last August Bharti gets on the board of APO.

Now Bharti comes on board Vast.

So Stalin is getting interested in natural gas in some manner.
I am looking for some dots to connect but they aren't apparent.
These guys all need money and he is the money man?

[Tackler]

VST ...

[kraftdinner]

Harvest Energy earns $69.85-million in Q1


2007-05-09 00:08 MT - News Release

Mr. John Zahary reports

HARVEST ENERGY TRUST ANNOUNCES FIRST QUARTER 2007 FINANCIAL AND OPERATING RESULTS

Harvest Energy Trust has released its first quarter 2007 financial and operating results. The unaudited financial statements, notes, and management discussion and analysis are filed on SEDAR and are available on Harvest's website on the "financial information -- quarterly reports" page.

Highlights:


cash flows of $213.9-million ($1.68 per trust unit) in the quarter representing a payout ratio of 68 per cent. This is an increase of 37 per cent over the $156.3-million ($1.35 per trust unit) recorded in the previous quarter and 112 per cent higher than the $101-million ($1.23 per trust unit) for the same period in 2006;
contribution from the company's refining and marketing business exceeded expectations for the quarter and represented 37 per cent of Harvest's operating cash flow during the period. North Atlantic's gross margin and the benchmark 2-1-1 crack spread strengthened substantially during the latter half of the quarter, with the 2-1-1 being almost 30 per cent higher in the month of March relative to the average for the first quarter;
upstream oil and natural gas production in Western Canada was consistent with expectations and totalled 62,024 barrels of oil equivalent per day. First quarter production is generally lower than the full-year average, primarily due to the concentrated activity at the winter-only access areas such as Hay River and Red Earth, and was compounded in 2007 by weather-related impacts in eastern Alberta. During the quarter, the company drilled 92 gross wells with a success rate of 97 per cent and invested $148.5-million primarily on drilling, completion and tie-in activities, the majority of which was invested in Hay River, Red Earth and southeast Saskatchewan;
refinery production ran close to full capacity with daily average throughput of 113,711 barrels per day, with expectations for similar throughput for the second quarter. The company's per-barrel gross margin realized from North Atlantic was 27 per cent higher than the fourth quarter of 2006, driven by strong refined product demand and constrained supply;
gross proceeds of $373.8-million were raised in February through the issuance of 6,146,750 trust units and $230-million principal amount of convertible unsecured subordinated debentures, enabling Harvest to repay all indebtedness outstanding under its bridge facilities and reduced the drawn portion of its three-year extendible revolving facility; and
second quarter 2007 monthly distributions were confirmed at 38 cents per trust unit.

SNIP

[kraftdinner]

Penn West Energy earns $96.3-million in Q1


2007-05-07 07:56 MT - News Release

Mr. William Andrew reports

PENN WEST ANNOUNCES FIRST QUARTER RESULTS

Penn West Energy Trust is releasing its results for the first quarter ended March 31, 2007.

Operations:

- Production averaged 128,447 barrels of oil equivalent per day in the first quarter of 2007 compared with 96,713 boe per day in the same period of 2006.

- Crude oil and NGL production averaged 71,716 barrels per day and natural gas production averaged 340 million cubic feet per day in the first quarter of 2007.

- Penn West invested $216-million on capital development that included $17-million of net property acquisitions and drilled 61 net wells in the first quarter with a success rate of 95 per cent.

Financial:

- Cash flow of $311-million ($1.31 per unit, basic) in the first quarter of 2007 was 28 per cent higher than cash flow of $243-million ($1.49 per unit, basic) realized in the first quarter of 2006, for the most part due to higher production as a result of the Petrofund merger reflected from July 1, 2006, forward.

- Net income decreased to $96-million (41 cents per unit, basic) in the first quarter of 2007 from $144-million (88 cents per unit, basic) in the first quarter of 2006, mainly due to higher depletion charges as a result of the Petrofund merger, a reduction of unrealized gains on commodity contracts and higher financing costs.

- For the third consecutive quarter, operating costs were held flat.

- In April, 2007, as previously reported in Stockwatch, Penn West added a $250-million demand credit facility to increase its bank lines and also priced the proposed private placement of $475-million (U.S.) of notes.

Distributions

- Penn West's board of directors recently resolved to keep the trust's distribution level at 34 cents per unit, per month based on current forecasts of commodity prices, production and currently planned 2007 capital expenditures.

Distribution tax update

On March 29, 2007, the government of Canada introduced legislation that includes the proposed changes to the taxation of income trusts. Under the undue expansion guidance provided by the government, Penn West can increase its equity by approximately $10-billion over the four-year transition period without prematurely triggering the proposed tax. Penn West will remain active with various parties pursuing a re-evaluation of the tax proposals. The trust will also continue to review various tax efficient structural alternatives.

Long-term project updates

During the first quarter of 2007, Penn West drilled 16 horizontal wells and 15 stratigraphic test wells in its Peace River oil sands project. The trust has begun to tie in producing wells to recently constructed production facilities to increase netbacks by reducing trucking costs. On April 11, 2007, the trust closed the previously announced acquisition of producing light oil and natural gas properties, undeveloped lands, additional infrastructure and all-weather roads in the project area. The acquired infrastructure will be important for the future development of the area.

During the quarter, the trust continued to explore an integrated approach to both enhancing light oil recovery rates from large, legacy oil pools and developing conventional resources of heavy oil. A water alternating CO(2) scheme at the trust's Pembina pilot project was initiated and the trust is continuing with detailed engineering work to expand the pilot to use horizontal well technology. At Joffre, CO(2) injection into two new patterns was initiated in the quarter as planned.

SNIP

[kraftdinner]

Enerplus Resources earns $107.87-million in Q1


2007-05-04 05:45 MT - News Release

Mr. Gordon Kerr reports

ENERPLUS ANNOUNCES 2007 FIRST QUARTER OPERATING AND FINANCIAL RESULTS

Enerplus Resources Fund has released its results from operations for the period ending March 31, 2007. Highlights are as follows:


The company's efforts during the first quarter were focused on the execution of its internal development program and the expansion of its operations through the acquisition of over $240-million of additional assets in the Alberta oil sands and the United States.
Management is pleased to report that the company's operating and financial results to date are essentially meeting its expectations. Production volumes averaged approximately 86,000 barrels of oil equivalent per day, up slightly over the first quarter of 2006 and in line with the company's 2007 full-year guidance of 85,000 barrels of oil equivalent per day.
Cash flow from operations was slightly ahead of last year at $193.2-million, compared with $189.3-million in the first quarter of 2006.
Monthly cash distributions to unitholders were 42 cents per unit, a level that has been maintained over the past 19 months, and totalled $1.26 per unit for the quarter.
Through the company's development capital program, Enerplus invested $110-million during the first quarter with the majority of its spending focused on crude oil. The company drilled 106 gross wells (39.7 net), which was lower compared with the same quarter last year due to the deferral of the company's shallow gas and coal bed methane drilling programs. Despite the reduction in the total number of wells drilled, the company's capital spending is in line with expectations as the costs associated with drilling oil wells are higher than those for shallow natural gas.
The company's total capital spending for the year will increase marginally to approximately $415-million ($410-million as per its original guidance plus $5-million associated with the Kirby acquisition) as Enerplus will shift $30-million from its other Canadian conventional oil and gas projects to increase its United States program given the robust economics associated with the company's Sleeping Giant project.
With the decrease in capital spending programs across the industry this year, management is starting to see deflationary pressures on the cost of drilling and oil field services. At this point, it is premature to indicate what savings management may see throughout 2007, but the company will continue to actively manage its costs and may see greater capital efficiencies this year. Enerplus's operating costs at $8.53 per barrel of oil equivalent were slightly ahead of guidance; however, the company continues to expect full year operating costs to be $8.45 per barrel of oil equivalent.
The company's payout ratio for the quarter was 82 per cent, compared with the first quarter of 2006 at 79 per cent. This payout ratio is calculated using generally accepted accounting principles (GAAP) measures "cash flow from operating activities" versus the previous non-GAAP measure "funds flow from operations." The difference is that cash flow from operating activities includes changes in non-cash working capital, which can introduce volatility in reported cash flow and payout ratios. For example, during the first quarter, Enerplus had a working capital adjustment of approximately $26-million, which reduced the company's cash flow from operating activities relative to funds flow and increased its payout ratio relative to its previous methodology.
The company's debt-to-cash flow remains at a conservative 0.8 times.

Summary financial and operating highlights

In accordance with Canadian practice, production volumes, reserve volumes and revenues are reported on a gross basis, before deduction of Crown and other royalties, unless otherwise stated. Where applicable, natural gas has been converted to barrels of oil equivalent based on 6,000 cubic feet to one barrel of oil equivalent. The barrel-of-oil-equivalent rate is based on an energy-equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. Use of barrels of oil equivalent in isolation may be misleading. Certain prior-year amounts have been restated to reflect current-year presentation. Readers are also urged to review the management's discussion and analysis and audited financial statements for more fulsome disclosure on the company's operations. These reports can be found on the company's website, the company's SEDAR profile and as part of the company's SEC filings.

The company's highest concentration of capital spending during the quarter occurred at the company's Sleeping Giant Bakken oil property in the United States Enerplus drilled nine gross wells (6.6 net wells) completing the company's original two wells per section drilling program in the heart of the field and continuing with the company's third well per section pilot program. Successful initial results from this pilot have resulted in an additional nine wells being added to this program for a total of 16 wells in 2007. In addition, Enerplus acquired seismic over the eastern portion of the field and are currently interpreting it to evaluate other opportunities in the deeper Red River formation. Enerplus completed five refracs during the quarter and added an additional nine refracs in the latter part of the year for a total of 16 planned for 2007. Results continue to be very positive in terms of increased rates and recovery. Given the increased opportunity and robust economics associated with the Sleeping Giant project, management is increasing the company's capital spending from $70-million to $100-million in 2007. Enerplus's total capital spending for the year will increase marginally to approximately $415-million ($410-million as per the company's original guidance plus $5-million associated with the Kirby acquisition) as the company will shift $30-million from the company's other Canadian conventional oil and gas projects to increased the company's United States program.

Acquisitions

On Jan. 31, Enerplus acquired additional assets in the United States with the purchase of a gross overriding royalty interest in the Jonah natural gas field in Wyoming for $61.3-million. This is a modest increase to the company's United States portfolio and establishes a new area with significant gas development potential. The attractiveness of this asset relates to the high cash flow per barrel of oil equivalent as the gross overriding royalty is not subject to deductions for operating costs, royalties or any future development capital. This acquisition also comes with an RLI of 15.9 years and significant future development opportunities from which Enerplus will benefit but will not be required to finance.

On March 22, Enerplus announced in Stockwatch the acquisition of a 90-per-cent interest in the Kirby Oil Sands Partnership located in the heart of the Athabasca oil sands fairway of Alberta for $182.5-million. This strategic acquisition provides Enerplus with additional long-term oil sands assets with steam-assisted gravity drainage (SAGD) development potential that management believes will add significant value for the company's unitholders in the years to come. Oil sands assets are a key resource play for Enerplus given their lower geologic risk and the scalable development associated with these types of assets. The addition of an operated SAGD project complements the company's existing portfolio of non-operated oil sands assets, which include the mining and SAGD projects on the Joslyn lease.

The Kirby oil sands leases cover a large land block of 43,360 gross acres (over 67 sections of land) near several other major SAGD development projects currently on production. An independent engineering assessment conducted by GLJ Petroleum Consultants Ltd. indicates a "best estimate" of contingent resources of 244 million barrels of bitumen (approximately 220 million barrels net to Enerplus). Enerplus's initial development plans include a 10,000-barrel-per-day SAGD project (9,000 barrels per day net) starting in 2011, with further expansion capability to a total of 30,000 barrels to 40,000 barrels per day of gross bitumen production (27,000 barrels to 36,000 barrels per day net to Enerplus) over time. Enerplus expect the project life of these SAGD developments to be in the order of 25 years. Enerplus's initial capital requirements to bring the first 10,000 barrels per day of production on stream are expected to be approximately $320-million net to Enerplus including estimates for cost inflation and contingencies. Further sustaining capital will be required over the remaining life of the projects.

The combined cost of these acquisitions was $243.8-million and was initially financed through the company's existing credit facilities. In conjunction with the Kirby transaction, Enerplus announced an equity offering of trust units which closed April 10, 2007, raising net proceeds of $200-million in addition to a private placement of 1.1 million units with the vendor representing consideration of $54.7-million. This total financing of $254.7-million maintains the company's healthy balance sheet and positions the company to execute other potential merger and acquisition opportunities through the year.

Canadian federal government trust tax proposal

The company has continued its lobby efforts against the federal government's proposal to implement a tax on income trusts as announced on Oct. 31, 2006. Despite recommendations from the federal finance committee released in February, which offered suggestions that would have reduced the impact of this proposal, the conservative government has not adjusted its original proposal and unfortunately elected to include the proposal as it existed together with the federal budget, which was passed in the House of Commons on March 19, 2007, into an implementation bill. This bill has received first reading in the House of Commons with the second reading and debate currently under way. Three readings in the House of Commons are required before a bill is voted upon. Enerplus encourages unitholders to continue to voice their concerns to their member of parliament and the Prime Minister.

Federal and provincial greenhouse gas emission reduction proposals

On March 8, the Alberta government introduced amendments to the provincial climate change and emissions management act (CCEMA) that would impose facility-specific targets intended to reduce greenhouse gas emissions. In addition, on April 26, the Canadian federal government announced its proposed plan to reduce emissions. Both of these plans reflect intensity-based reductions (expressed as a percentage of the facility's volume of emissions per unit of production) versus absolute reductions and will initially impact large, final emitters (LFE). Under the Alberta proposal, an LFE is defined as those facilities that are producing in excess of 100,000 tonnes of greenhouse gases per year.

The targets are designed to reduce emission intensity measured from different starting points under the two proposals but no earlier than 2003 for individual LFE. A number of mechanisms have been proposed to allow producers to mitigate the impact where the targeted reductions are not met including contributions to technology funds, offsetting credits earned at other outside covered sources and credit trading. Clarification and further detail surrounding regulations are still to come and the federal government has stated that they will work to harmonize the federal proposals with the provincial proposals such that they are not additive to the provincial obligations but rather incremental.

Early assessments are that the costs to producers will be well below $1 per produced barrel at targeted LFE. Enerplus do not anticipate a significant immediate impact on the company's existing operations and factored in a provision for emission-related costs in making the company's Kirby acquisition that management believes adequately reflects the impact of the proposals as put forward.

Future focus

The company continues to focus on the business of running a successful oil and gas operation which will serve the company well regardless of structure or commodity price environment. Enerplus has built a technically driven organization that is creating value for the company's unitholders by maximizing the potential within the company's existing assets and adding strategic assets to the company's portfolio. Enerplus has a high-quality, long-life asset base and a robust opportunity set which supports the company's yield-oriented model. Approximately 50 per cent of the company's production and 70 per cent of the company's reserves are resource play oriented. Enerplus's conventional oil and natural gas assets offer approximately $2-billion of future development potential across a diverse mix of quality assets and equates to between four and five years of development activity based upon the company's current spending levels providing the company with the opportunity to maintain its production volumes over this period.

In addition to the company's conventional opportunity set, it has the ability to grow via its oil sands assets and future mergers and acquisitions activity. Enerplus has a positive long-term price view for commodities and the acquisition of oil sands assets supports this view. Through the company's recent acquisition of Kirby and the company's existing interest in the Joslyn lease, Enerplus have over 443 million barrels of "best estimate" contingent resource potential net to Enerplus as well as 57 million barrels of proven-plus-probable reserves. Together these projects represent $3-billion of attractive future development potential, including both initial and sustaining capital. These projects provide the company with a clear strategic advantage over many other operators given their low geologic risk and the production and reserve profile that lies ahead. In total, the company's current oil sands opportunities have the potential to add over 60,000 barrels per day of production net to Enerplus over the next 10-plus years.

The company's healthy balance sheet and developments in the mergers and acquisitions market are supportive of additional acquisitions this year. The Canadian mergers and acquisitions market is improving for buyers and management is watching the United States market develop as U.S. upstream master limited partnerships enter the market. Enerplus's acquisition priorities this year were to acquire an operated SAGD project and to build the company's U.S. business.

Management believes that investor demographics, the current low-interest-rate environment, the demand for yield product and the company's asset base will continue to support a yield-oriented business model with a premium valuation over a traditional exploration and production model. Enerplus's lower-risk approach to the energy business, resource play focus and the company's disciplined acquisition strategy will serve the company well regardless of structure. In the event that the proposed tax on trusts is implemented, Enerplus believe there is significant value in the four-year tax exemption period and would use the company's tax pools and adopt the most advantageous structure to minimize its tax liabilities beyond that time.

SNIP

[Tackler]

In Stalin we trust.

[johnlw]

Nice find T.
Good to see you keeping an eye on things while I am doing time.

[Tackler]

So a million options 16 million share pp 16 million warrants.
They must have big plans and see higher gas prices on the horizon.

Mr. Bharti commented, "Mr. Brennan's appointment is timely, as his experience and knowledge of the company will be key
in what the board believes is a new phase of growth for the company."

[Tackler]

Vast to raise $4-million, names Brennan as president

2007-05-08 12:46 MT - News Release

Mr. Mark Brennan reports

VAST ANNOUNCES NEW PRESIDENT & CEO, AND CHAIRMAN OF THE BOARD

Vast Exploration Inc., effective as of June 1, 2007, has appointed Mark Brennan as president and chief executive officer of the company. In addition, effective immediately,
Stan Bharti has been appointed as chairman of the company and Tito Gandhi has been appointed a member of the Vast board of directors.

Mr. Brennan, the former chairman of the board of directors of the company, has over 20 years of capital market experience. He is the president of Largo Resources Inc., and is the founder and principal of Linear Capital Corporation. Mr. Bharti commented, "Mr. Brennan's appointment is timely, as his experience and knowledge of the company will be key in what the board believes is a new phase of growth for the company."

Don Parker has resigned as the president, chief executive officer and a director of the company, effective as of June 1, 2007. Mr. Parker has agreed to continue with the company in a consulting capacity.

Tony Wonnacott has resigned as the corporate secretary and a director of the company. Patrick Gleeson has been appointed as the corporate secretary of the company. The proposed changes to the management and board of the company remain subject to regulatory approval.

The company is also pleased to announce that it plans to raise up to $4-million through a non-brokered financing of units priced at 25 cents per unit. Each unit would consist of one common share and one common share purchase warrant. Each common share purchase warrant would entitle the holder to purchase a common share of the company at an exercise price of 27 cents for a period of two years following closing. The proceeds from the private placement would be used by the company for exploration and development of its properties, and for general working capital purposes. The private placement financing remains subject to regulatory approval.

The board has granted the following options to purchase common shares of the company at the price of 27 cents per common share to Mr. Brennan (250,000 options), Mr. Bharti (250,000 options), Dean Louis (200,000 options), Maurice Colson (100,000 options), Mr. Gandhi (100,000 options) and Mr. Gleeson (100,000 options).

[Ed Monton]

Canoro Begins Drilling at Dolakharia, Updates Amguri

CALGARY, ALBERTA--(CCNMatthews - May 7, 2007) - Canoro (TSX VENTURE:CNS) announces that it began drilling operations at the Dolakharia exploration location on the AA-ON/7 exploration block in northeast India on the weekend. This well is planned to test a large seismic amplitude anomaly in the Tipam formation, plus a number of secondary deeper targets. The well is to be drilled to an approximate total depth of 1,700 meters, down to basement. After completion of the Dolakharia well, the drilling rig is planned to move to Amguri to directionally drill Amguri 10B.

Amguri Update

All information from the suspended well Amguri 10A has been gathered, processed and analyzed. The rock velocity information around the main fault has been updated, significantly explaining the unexpected results seen in Amguri 10A. The additional information further reconfirms the majority of the original mapping and geological model of the Amguri field.

Based on this additional information, a new target location in the producing Barail formation for the well Amguri 10B has been selected, approximately 500 meters from the producing well Amguri 6. To reduce costs, the first 1,600 meters of the existing Amguri 10A well bore will be used and then directionally drilled to the new Barail target.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block.

Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Canoro's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Canoro's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Canoro will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Canoro or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Canoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

[sumisu]

Dejour gets preliminary drilling okay at Barcus Creek

Dejour Enterprises Ltd (2) (C:DJE) (A:DJEEF)
Shares Issued 60,965,481
Last Close 4/26/2007 $2.62(C) & $2.30(A)

Friday April 27, 6:46 pm ET

Mr. Robert Hodgkinson reports

DEJOUR RECEIVES APPROVED PERMITS TO DRILL IN PICEANCE BASIN

Dejour Enterprises Ltd. has received approved permits to drill (APDs) from the Meeker Bureau of Land Management office in Colorado for the initial two locations for the Barcus Creek prospect. This prospect is located in the company's Rio Blanco Deep project area, North Barcus Cr. 1-12 and 2-12. Final approvals from the Colorado State office are now expected within the next two weeks. Two additional approved APDs for additional locations at Barcus Creek are expected shortly.

Dejour expects drill pads at four separate drilling locations to be constructed on the Barcus Creek leases, with each location prepared to ultimately drill up to six individual wells. Drilling operations are planned to commence prior to the end of June, 2007, subject to final rig contract. The primary drill target is the lower 2,000 feet of the Mesa Verde group sandstones, the most prolific producing natural gas reservoir in this basin. Currently drill permits will allow for 40-acre spacing units on this prospect.

Dejour currently holds a 25-per-cent working interest in the 1,590-acre Barcus Creek prospect, and over 12,000 acres in the Rio Blanco Deep project area. This is part of almost 290,000 gross acres of oil and gas leases held by Dejour in the Piceance/Uinta basins of western Colorado and eastern Utah. Brownstone Ventures (TSX-V: BWN) also holds a 10-per-cent working interest in this prospect and the Retamco joint venture.

The Rio Blanco Deep project area of the Piceance basin has become the focus of concentrated drilling activity in the past 12 months.

Williams Co. has recently drilled two wells offsetting the company's Barcus Creek leases on leases held by Exxon to depths approximating 11,500 feet, and now has drilling operations proceeding on two more locations.

Bass Operating has completed three wells into pipe and is currently drilling a fourth well on locations to the southeast.

Conoco-Phillips is also active in this area with two drill rigs drilling full time on lands purchased by Encana, which approximate 200,000 acres in this project area.

This is the initial phase of an extended exploitation program planned by Dejour and its partners for the Piceance/Uinta properties. The August, 2005, Oil & Gas Investor states that the Piceance basin alone could contain over 300 trillion cubic feet of gas in place. As previously reported in Dejour's news in Stockwatch on Nov. 24, 2006, the undiscovered resource potentials associated with the Dejour-Brownstone-Retamco properties are postulated to exceed five trillion cubic feet of gas and two billion barrels of oil by independent engineering firms.

Dr. R. Mark Bustin, PhD, geology, is the qualified person for this project.

© 2007 Canjex Publishing Ltd.

[Tackler]

Well the fact he would not meet with the premier says what he thinks of Alberta. What a dick.

[johnlw]

Clean up your own backyard, Stelmach tells Gore
Oilpatch driven by U.S. thirst for oil: premier

Jason Fekete, Calgary Herald

Published: Tuesday, April 24, 2007

Former U.S. vice-president Al Gore steered his climate change caravan -- and criticism of the province's environmental record -- into the heart of the oilpatch on Monday, but Premier Ed Stelmach suggests Gore look south of the border before preaching to Albertans.

While Gore has been extremely critical of Alberta's largely unabated oilsands development, the CEO of petroleum giant Nexen said industry is doing its part to lessen its environmental footprint, but insisted the public should do more.

Gore was in Calgary speaking at a sold-out Jack Singer Concert Hall about his Academy Award-winning documentary, An Inconvenient Truth, which argues global warming, spurred by the use of carbon-based fuels such as oil and coal, is the biggest threat facing the world.

He has targeted the oilsands, suggesting far too much natural gas is burned processing northern Alberta's bitumen.

But Stelmach, who hasn't seen the documentary, said Monday in Calgary the province is merely feeding Americans' insatiable demand for energy, so perhaps Gore should look closer to home.

"Where do you think we're selling the oil? Right to his own country," Stelmach, who attended the $159-a-ticket show, told reporters earlier Monday.

He insisted Alberta's energy-based economy is as critical to the rest of Canada as it is to the United States, and must not be crippled by environmental regulations.

"Any changes to Alberta's economic growth will have a significant impact to Ontario, Quebec and other provinces," he said.

"So we've got to work together and think this through very carefully."

Although Gore never answered Stelmach's request to meet to chat about energy and environmental issues, the premier said he'd be happy to "find some time" for the man still rumoured to be considering a run at the Democratic presidential nomination.

Gore raised eyebrows across Alberta last year when he accused the oil industry of bankrolling the Conservatives and their "ultra-conservative leader," Stephen Harper, to protect its stake in the oilsands.

In an issue of Rolling Stone magazine, Gore said "for every barrel of oil they extract there, they have to use enough natural gas to heat a family's home for four days. And they have to tear up four tonnes of landscape."

Going to those lengths for oil "is truly nuts," he said. "But you know, junkies find veins in their toes."

Yet, Charlie Fischer, the CEO of oil and gas giant Nexen Inc., said industry agrees with Gore on many fronts, including the need for society -- not just industry -- to use less energy.

"Industry is really engaged in this. I think it's the individuals who aren't," Fischer told the Herald. "The rhetoric I hear is, 'Cause industry to change.' I don't hear people say, 'Let's change behaviour.' "

Fischer said he finds it interesting most of the environmental legislation coming from different levels of government targets the oil and gas industry, but doesn't focus on consumption.

The public drives the demand for energy, he said, which shapes industry's business decisions.

"The population is behind the curve in terms of actually individually getting engaged in behavioural changes that consume less energy," he said.

[e-mail]

[oasdihf]

Oil Production Could Peak Next Year
By Melinda Wenner
Special to LiveScience
17 April 2007

Global oil production will peak sometime between next year and 2018 and then decline, according to a controversial new model developed by a Swedish physicist.

Since 1956, when American geophysicist M. King Hubbert correctly predicted that U.S. oil reserves would hit a peak within 20 years, experts have debated when the same might occur globally. Some oil companies and consultancy firms such as Cambridge Energy Research Associates speculate that oil will peak sometime after 2020, but a number of oil geologists and executives predict it will happen much sooner.

And once production starts declining, there could be major supply problems, analysts say, especially when it comes to transportation—cars, aircraft, trains and boats are today without a ready alternative to petroleum-based liquid fuels.

Reaction to the latest prediction is as polarized as the debate has been on this issue for decades.

New approach

Previous oil-peak models have used a “top-down” approach to estimate future production based on three factors—past rates of total production, estimates of how much oil is left and a steady decline rate.

The new model, developed by Fredrik Robelius, a physicist and petroleum engineer at the University of Uppsala in Sweden, uses a “bottom-up” approach based on field-by-field analyses of the 333 giant oil fields in use today. These together account for more than 60 percent of today’s oil production. He pooled the contributions from all the smaller fields together, treating them as an additional giant field.

Robelius built his model, which serves as his doctoral dissertation, after analyzing the fields’ past production rates and their ultimate recoverable reserves. Then he predicted how production will decline after peaking by incorporating rates of drop-off observed at other fields, ranging from six percent in a best-case scenario to 16 percent in a worst-case scenario. Finally, he combined his results with estimated forecasts for new field developments from sources such as the deep ocean and oil sands in Canada, but he says that these are unlikely to offset the upcoming declines from the giant fields—and there is little chance that new giant fields will be discovered in the future.

Caltech physicist David Goodstein agrees.

“Oil geologists have gone to the ends of the Earth to search out big fields, and it’s very unlikely that another big one will be found,” Goodstein told LiveScience, adding that Robelius’ methodology appears to be sound. “Even if another huge one is found, it would only put off the peak by a year or so.”

Although there are other potential sources of oil, they are not only smaller, but also frequently have low production rates because of geological constraints, said Robelius. In Canada’s oil sands, for instance, the oil is so heavy that it must be heated up before it starts to flow, he said, and this is a slow and expensive process.

Perceptual problem

Others disagree. Not much can be said about additional oil resources because we haven’t really started looking for them yet, said Michael Lynch, president of Strategic Energy & Economic Research, an energy consultancy firm in Massachusetts. Lynch thinks that the oil peak lies farther into the future, partially because there’s likely to be a lot of oil in as-yet undiscovered smaller fields.

“You don’t go looking for them until you run out of the giant fields,” Lynch said in a telephone interview. Robelius, and others like him, he said, suffer from a “perceptual problem—‘if I don’t see it, it must not be there.’”

And new technologies could help solve extraction problems, said Sam Kazman of the Competitive Enterprise Institute, a non-profit public policy think tank in Washington, D.C.

“New technologies have turned fields that once seemed to be dormant into steady supplies of oil,” said Kazman, who is also of the belief that the oil peak is not necessarily right around the corner. Just because giant oil fields have been important for oil production in the past, he said, “does not mean that they’re going to stay important in the future.”

Robelius says that these kinds of approaches rely on resources and technologies that haven’t yet been developed or even discovered, which isn’t practical. People assume that new resources will be able to produce oil quickly, he said, “without having any evidence whatsoever that that’s the case.”

Online source:
http://www.livescience.com/environment/070417_oil_peak.html

[johnlw]

More paper

Alberta Clipper to list 13.1 million receipts on April 24

2007-04-20 20:27 ET - Prospectus Approved

TSX bulletin 2007-0522

An application has been granted for the listing of 13.1 million subscription receipts of Alberta Clipper Energy Inc. The subscription receipts are to be sold at a price of $4.20 per subscription receipt pursuant to the terms of a short form prospectus dated April 13, 2007.

The closing of the offering of the subscription receipts is expected to occur prior to the open on Tuesday, April 24, 2007. In anticipation of such closing, and subject to the occurrence of the closing of the prospectus offering, the subscription receipts will be posted for trading at the open on Tuesday, April 24, 2007.

Receipt symbol: ACN.R

Receipt Cusip No.: 01285R 20 3

Trading currency: Canadian dollars

Designated market-maker: National Bank Financial Inc.

Transfer agent and registrar: Olympia Trust Co. at its principal offices in Calgary and Toronto

Other markets: None

Each subscription receipt entitles the holder to receive, without payment of additional consideration, one common share of the company for each subscription receipt held, upon the closing of the indirect acquisition by the company of certain petroleum, and natural gas properties and related assets. The proceeds from the sale of the subscription receipts will be held by Olympia Trust Co. as the escrow agent, pending the closing of the acquisition.

If the acquisition fails to close by 5 p.m. (Calgary time) on May 31, 2007, the acquisition is terminated at any earlier time or the company has advised the underwriters or announced to the public that it does not intend to proceed with the acquisition, holders of subscription receipts shall be entitled to receive an amount equal to the full offering price therefor and their pro rata entitlement to interest on such amount.

The subscription receipts will be represented by a global certificate issued in registered form to the Canadian Depository for Securities Ltd. Beneficial interest in the global securities representing the subscription receipts will be shown on, and transfers thereof will be effected only through, records maintained by CDS and its participants.

The subscription receipts will be listed and posted for trading until the earlier of the completion of the acquisition, or the termination time or such other date as may be determined by the Toronto Stock Exchange. A further bulletin will be issued by the TSX confirming the terms of either:

1. the completion of the acquisition; or
2. the termination time, and the subsequent delisting of the subscription receipts.

The holders of subscription receipts are not shareholders of the company and are entitled only to receive shares on surrender of their subscription receipts to the escrow agent or to a return of the subscription price for the subscription receipts together with any payments of interest as described above.

[december]

k :)