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HAWK showing some nice signs ...+5% ...
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HNR ...coming back outta a slump? ...
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ACKO ...got a lil' uptrend goin! ...
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Big Oil Firms Join Hunt For Natural Gas in U.S.
hhttp://online.wsj.com/article/SB113322944410008696.html?mod=mktw
The world's three largest energy companies -- Exxon Mobil Corp., BP PLC and Royal Dutch Shell PLC -- are stepping up their hunt for natural gas in a place they have largely ignored in recent years: the continental U.S.
After years of selling off aging U.S. fields to focus on the global search for huge oil and gas deposits, the industry giants have been drawn back by high natural-gas prices, advances in extraction technology and increasing competition for resources abroad, often in politically risky parts of the world.
"This is an about-face," says Art Smith, chief executive of John S. Herold Inc., a Norwalk, Conn., energy research and consulting firm.
The turnabout is likely to boost crucial U.S. supplies of natural gas. Recent difficulties in ramping up domestic production of the fuel, which heats most American homes and generates much of the nation's electricity, have led to fears of shortages as early as this winter. But the big companies' plans are also expected to squeeze the smaller independent energy developers who have pioneered new gas-extraction methods and have thrived in the absence of competition from the majors.
Big Oil's new interest highlights significant changes in the U.S. onshore energy industry. Gone are the days when companies looked for big reservoirs of oil trapped underground in places like Texas' Permian Basin. In fact, the oil giants largely lost interest in the U.S. when these deposits began to be sucked dry. This time, they aren't looking for oil because they think any untapped pools would be too small to be worthwhile.
Instead, the majors are homing in on so-called unconventional gas fields, where gas is locked in giant swaths of coal, sandstone or shale. Using new technologies, companies can crack open these rocks and coax out large quantities of gas. Making the economics more compelling is the fact that, unlike oil, the large quantities of gas needed by the fuel-hungry North American market can't be transported from overseas. Already, the search for these new gas fields is fueling an energy boom throughout the Rocky Mountains.
Unconventional gas fields "can cover a large area and hold a tremendous amount of reserves," but the difficulty is finding the technology to get the gas out, says Trevor Rees-Jones, president and chief executive of Chief Oil & Gas LLC, a privately held Dallas company that produces gas in the Barnett Shale, a hot unconventional field outside Fort Worth, Texas.
Five years ago, the Barnett produced negligible volumes of gas. Today, new technologies -- like using high-pressure water to break open the rocks -- have turned it into one of the nation's largest gas producers. Still, only about 10% of the gas known to be locked in the shale can be extracted with existing methods. The industry expects the majors, with their deeper pockets, to figure out ways to wring out more.
If successful, the effort to get more gas out of previously unproductive formations could be tried elsewhere around the world and might yield much-needed energy supplies. Concern about the oil industry's ability to keep up with galloping global demand is mounting. Last month, U.S. Energy Secretary Samuel Bodman asked an advisory committee of industry executives to provide him with an outlook for global oil and gas supplies. His chief question was whether incremental oil and gas supply could be brought online at a reasonable price to meet future demand without jeopardizing economic growth.
In 2004, Exxon, BP and Shell, the industry's biggest companies in terms of market capitalization, spent $6.9 billion on U.S. production, according to John S. Herold, although costly Gulf of Mexico projects accounted for much of the total. The companies are expected to spend considerably more in 2005, as they move ahead with new projects and exploration costs rise.
In the past few months, BP and Exxon have committed to long-term development of U.S. fields they have held for years but haven't given much attention. Shell is taking a different tack, and is intent on acquiring new fields to establish larger U.S. natural-gas holdings.
While tapping these new gas reserves probably will require costly technology, the high price of natural gas in the U.S. makes the investment attractive. In New York, natural gas has been trading well above $10 per million British thermal units since late August, more than quadruple its price at the beginning of the decade. Prices are expected to stay high for years.
"The pricing outlook for North American natural gas is so favorable that these projects are very attractive," says Tom Ellacott, a senior analyst with Edinburgh, Scotland, energy consulting firm Wood Mackenzie.
In the late 1970s and early 1980s, the last time energy prices boomed and there were widespread fears of shortages, the big companies scrambled to develop giant fields in the deep waters of the Gulf of Mexico and Alaska. The new fields sparked a surge in production and technological innovations in the oil patch that ultimately helped drive down global energy prices. But they ushered in an era of megaprojects, which took years to execute and required billions of dollars in investments before production could begin.
The new crop of wells differs from the megaprojects of the past. Production from unconventional wells can begin months after the initial investment and continue for decades. Megaprojects, by contrast, can produce huge scores if they hit a large pocket of oil or gas, but they also can be quickly depleted.
In their latest U.S. push, the big oil companies are facing more competition than in the past. They are moving into regions already crowded with competitors and using techniques refined by independent energy producers. In recent years, companies such as Calgary-based EnCana Corp. have demonstrated the potential for strong returns and production growth from unconventional wells. Competition for rigs and specialized oilfield services "is already tough," says Shannon Nome, a J.P. Morgan oil analyst, but service companies will likely favor the majors, making it tough for independents to execute their drilling programs.
In the Barnett Shale field, independent operators already have a new neighbor: Royal Dutch Shell. The Anglo-Dutch company says it is "rediscovering" unconventional gas as a way to increase production. In August, it became the first major oil company to enter the Barnett field when it bought the rights to explore 25,000 acres. It also has another agreement with a privately held company to jointly explore in several more counties.
But Shell doesn't plan to stop there. Linda Hubner, the company's head of U.S. onshore exploration, says it is evaluating other ways to acquire more U.S. natural-gas production. "The growth in the onshore is coming from the unconventional plays, and there's a significant growth potential there," she says.
Ms. Hubner says Shell plans to use its large research operations to drill better wells more efficiently and capture more gas. Shell is so bullish on the economics of U.S. natural-gas production that it recently swapped an interest in the offshore Tahiti field, one of the most anticipated deep-water fields in the Gulf of Mexico, for natural-gas fields in South Texas.
BP plans to invest $15 billion over the next decade in U.S. exploration and development, including $2.2 billion announced last month to double production in the Wamsutter field in Wyoming. The latter investment includes $120 million for technology field trials to test out better ways to drill and operate wells in unconventional gas fields. "I think there's a bit of subsurface magic that the majors can bring to this," says Alan Hopwood, BP's vice president for North American natural gas.
Exxon Mobil is taking a different approach. Like BP, Exxon holds the drilling rights to a large number of acres in the Rockies that it isn't aggressively developing. In June, it finalized a deal with XTO Energy Inc. to allow the smaller company to drill gas wells on some of the land it holds in Colorado's Piceance Basin. In effect, Exxon outsourced the work required to develop the acres. XTO will do the drilling and split the revenue with Exxon. On the rest of its acres, Exxon plans to use proprietary technology to break open the sandstone. The company believes it can extract more than 35 trillion cubic feet of gas from its Piceance land -- more than one year's consumption in the U.S.
Last month, Exxon made a similar deal with Newfield Exploration Co. for 52,000 acres in South Texas.
A spokesman for Exxon declined to discuss specifics of the transactions.
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PRVB WOW! What a change! +8% and going! ...
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AZGS ...bounce time coming soon!!!
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SVSE ...Silver Star turned 'falling star' ...new low ...-12% ...
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http://biz.yahoo.com/prnews/051130/law065.html?.v=35
FX Energy Updates Drilling Status on Poland Wells
Wednesday November 30, 11:14 am ET
SALT LAKE CITY, Nov. 30 /PRNewswire-FirstCall/ -- FX Energy, Inc. (Nasdaq: FXEN - News) reported that the Lugi-1 well in the Company's Fences I project area has casing set and cemented through the Zechstein section and coring operations to test a planned Rotliegend sandstone target reservoir will commence in about one week once preparatory operations are complete.
The Sroda-5 well drilling in the Company's Fences II project area has casing set to the top of the Zechstein section. The Zechstein will be drilled, cased and cemented before coring of the Rotliegend sandstone target reservoir will begin. The Zechstein is projected to be approximately 610 meters (2,000 feet) thick in the Sroda-5 well.
The Polish Oil and Gas Company is the operator of the Lugi-1 and Sroda-5 wells and owns 51%. FX Energy owns a 49% interest.
The Company also reported that a drilling contract will be signed for the Drozdowice-1 well in the Company's Fences III project area in approximately two weeks. Road building and site preparation will be done during December and drilling operations are planned to begin during January 2006. The Drozdowice-1 well is the Company's first well in the Fences III project area where FX Energy holds a 100% interest and is the operator
READ PBLS....news hit and>>>>Posted by: ne14atrade
In reply to: None Date:11/30/2005 1:32:57 PM
Post #of 5239
Waiting on wire to buy another 1.2mm !!!yes you'll no when i hit the ask with mkt order so get ready.....t minus 10 and counting
BIGN News....
Biogenerics Limited Joint Venture Partner Hydroslotter Corporation Begins Work On Four Additional Gas Wells
Wednesday November 30, 12:21 pm ET
TORONTO, Nov. 30, 2005 (PRIMEZONE) -- Biogenerics Limited (Other OTC:BIGN.PK - News) confirms that its joint venture partner Hydroslotter Corporation is now prepared to begin the process of working over four additional gas wells on the Grimes, California property.
On October 11, 2005, Biognerics Limited announced it had re-opened a well in this same area that had been shut in for the past twenty-four years. In the month of September, this well produced 14.4 million cubic feet of natural gas (14,400MCF, which was sold for an average of $10.00 per MCF. Grimes continues to produce strongly with low water production.
The four wells which are now targeted were chosen from a basket of 11 nearby wells. The main geological and geophysical work on the target wells is completed. Additionally, Biogenerics project managers have met with the rig company and Schlumberger to establish the objectives and processes to be initialized.
It is anticipated that a final technical review meeting will be held by mid-December 2005 at which time a firm date or the workovers will be decided. The workovers are tentatively scheduled back-to-back from January 8th to January 22nd, 2006. Each workover will require three days, with two days of slotting and one day in between to re-rig the drilling apparatus.
Paul Smith, senior VP of Biogenerics Limited stated that, ``Each of the four wells identified should produce as well, if not exceed the production rate, of the first Grimes well.''
Smith further states, ``In addition to the anticipated production from these re-works, it will demonstrate the company's organization and flexibility to manage multiple workovers successfully.''
Hydroslotter is equally excited about the potential that their technology provides. There continues to be hundreds of thousands of shut in wells that indicate the same potential as the four wells in this program.
Biogenerics is a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. Biogenerics has oil and gas assets acquired from Rubicon Petroleum. Biogenerics also has joint venture activities with Tyche Energy, Hydroslotter Corporation and WW Energy Inc.
About Hydroslotter Corporation
Hydroslotter Corporation's proprietary technology deemed ``hydroslotting'' increases oil and gas production and extends the commercial productivity of oil and gas wells by 300 to 600 percent.
Forward-Looking Statements
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual result of WW Energy Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties, including but not limited to, the fact that no assurance can be given that any proposed acquisitions will be consummated at all.
Contact:
Biogenerics Limited
Investor Relations
Dale Boyd
Tel: (905) 714-9422
--------------------------------------------------------------------------------
Source: Biogenerics Limited
Titan Oil and Gas, Inc.-Shareholder Update on Oil and Gas Operations
Wednesday November 30, 10:30 am ET
SAN ANTONIO--(BUSINESS WIRE)--Nov. 30, 2005--The Management of Titan Oil and Gas, Inc. (TNOG:OTC) would like to take this opportunity to update our shareholders on current developments and prospects for our oil and gas operations.
We remain committed to building value for our shareholders who have loyally supported us. We estimate that we now have in excess of 8,000 shareholders. A recent NOBO List (Non-Objecting Beneficial Owners) showed more than 7,400 shareholders, and, undoubtedly, there are many more who will not appear on this list.
As previously announced, work is underway to commence high-volume pumping on the Stanley # 1 Well in Wilson County, in conjunction with a water disposal system to allow the well to be produced at a high volume. The Stanley # 1 Well produced in excess of 1,000 barrels of oil in one month earlier this year, and has a past production history of appx. 28,000 barrels of oil, along with substantial amounts of gas.
A high-volume turbine submersible pump has been ordered, and the permit process is underway to commence work on the target water injection well. We hope to have all of the work concluded and have this well in production within the coming month.
We are arranging the transportation of tanks from the Kosciusko location to be used in developing our first target well on the Bastrop County lease. Titan currently has over 250 acres under lease in Bastrop County, with an additional 350 acres that are also available in order to initiate new drilling operations.
Titan's initial drilling target in Bastrop County is a re-completion of a well with an initial production history of appx. 170 barrels of oil and 178 mcf of gas per day. Titan's Petroleum Engineer, Pete Maupin, wants to utilize a process to renew production that has been successfully used in the area many times in the past, but that was not applied to this well.
If test results are as expected, with the current 250 acres under lease there are a further 5 opportunities for wells to be drilled in this field - 1 re-completion of an existing well bore, and 4 opportunities for new wells to be drilled from the surface. If we proceed to lease the remaining 350 acres, we will have 6 further opportunities for new wells to be drilled from the surface. We will be issuing a Bastrop County Report to shareholders similar to the report that was prepared for Wilson County.
In addition to the foregoing, we plan to undertake horizontal drilling on the Stanley #1 B Well in Wilson County as quickly as possible. This well originally produced over 30,000 barrels of oil and a substantial quantity of gas as a vertical well. The Stanley # 1 B Well has a large, 5 1/2" diameter casing to more easily facilitate re-completion by horizontal drilling than smaller well bores generally found in the area.
Our management team has decided to fully exploit the value of our oil and gas properties at a more rapid pace by means of joint ventures. We have had good progress thus far in discussions with interested parties and will update our shareholders on developments as they occur.
About Titan Oil and Gas, Inc. - Titan is an energy company engaged in oil and gas development, drilling and production. Titan holds a majority working interest in all of its current and prospective wells. Titan follows a conservative business model, redeveloping oil and gas fields with a history of production, while expanding into exploration and development of new properties.
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Titan Oil and Gas, Inc.) contains statements that are forward looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. Titan Oil and Gas, Inc. (PINK SHEETS:TNOG - News)
Contact:
Titan Oil and Gas, Inc.
Investor Hotline
(503) 618-0370 or Toll Free: 1-888-601-9983
info@titanoilandgas.com
www.titanoilandgas.com
TNOG NEWS, new HOD .0055, oversold. e
PTSG Petrosearch Begins Trading on the OTCBB
HOUSTON, Nov. 30 /PRNewswire-FirstCall/ -- Petrosearch Energy Corporation
(OTC Bulletin Board: PTSG) ("Petrosearch") announced today that it has begun
trading on the OTC Bulletin Board, under the trading symbol PTSG.
About Petrosearch
Petrosearch Energy Corporation, a Nevada corporation with executive
offices in Houston, Texas, was created by a team of seasoned and successful
oil and gas professionals for the purpose of finding and developing oil and
gas reserves across the United States. Petrosearch is currently active in
Texas, Oklahoma, North Dakota, Louisiana, and Mississippi. For more
information please visit http://www.petrosearch.com
Greg Noble
Vice President, Equity Markets
Telephone: 713-961-9337, ext. 41
SOURCE Petrosearch Energy Corporation
DOIG Delta Oil & Gas Approaches Targeted Depth on Potential Gas Well in Alberta, Canada
Market Wire - November 30, 2005 9:00 AM (EDT)
SEATTLE, WA, Nov 30, 2005 (MARKET WIRE via COMTEX) -- Delta Oil and Gas, Inc. (OTC BB: DOIG) is pleased to announce that drilling is continuing on its potential natural gas well in its recently acquired, highly prospective property in the Deep Basin along the edge of the Alberta foothills belt approximately 80 miles northwest of Calgary, Alberta ("Strachan Prospect"). The targeted depth of the well is approximately 13,500 feet and this depth is expected to be achieved in 10 to 14 days.
The original Strachan gas pool was discovered 35 years ago; however, in November 2004, Shell Oil announced a new Leduc Pool discovery at Ricinus with potential one trillion cubic feet gas reserves.
Delta's Strachan Prospect is 12 miles northeast of the Shell Oil discovery and 2 miles northeast of the original Strachan gas pool in the same part of the Deep Basin. We are looking for a new, virgin Strachan gas pool. This new Strachan Prospect is based on newly developed highly technical Three Dimensional Seismic programs that shed new light on identifying deeply buried full height and partial height pinnacle reefs.
The original Strachan Leduc discovery well was drilled in October 1967 by a junior oil company called Stampede Oil. Six gas wells delineate the aerial extent of this major gas pool with initial production rates to fill the maximum capacity of the Strachan Gas Plant at 250MMCF per day. After 20 years, key wells had cumulative production of between 150 to 225 billion cubic feet natural gas each. To date, 962 billion cubic feet of natural gas reserves have been recovered and currently only minimal residual gas production is pipelined to the under-utilized Strachan Gas Plant.
About Delta Oil and Gas
Delta Oil and Gas is a growing exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the exploration of its land portfolio comprised of working interests in highly prospective acreage in the Southern Alberta Foothills area, its interest in the Cache Slough Project in California and its newest interest in the Strachan Prospect. Delta Oil & Gas is seeking to expand its portfolio to include additional interests in Canada and the USA.
SCU; Storm Cat Energy Provides an Interim Fourth Quarter Operational Update; Company's Reserves, Valuation and Cash Flow on the Rise as Powder River Basin Acreage Is Successfully Drilled
Wednesday November 30, 9:02 am ET
CALGARY, Alberta and DENVER, Nov. 30 /CNW/ -- Storm Cat Energy Corporation (Amex: SCU; TSX.V: SME) provides a year-to-date update on the Company's operations. Highlights include:
* A production increase of 33% from 121 Storm Cat operated wells;
* As of September 30, 2005, total proved net reserves on the Company's
Powder River Basin acreage are estimated at 9.932 bcf (billion cubic
feet), an increase of 5% from the year-end 2005 estimate;
* Storm Cat initiated its drilling program on July 19, 2005 and has now
drilled 26 wells of a 120 well program;
* Re-activated three wells on the Elk Valley acreage in British Columbia,
and drilled two new wells north of the pilot project which encountered
thick, gas-charged coal seams;
* Secured a drilling rig for the Alaska project;
* Commencing a three well drilling program at Moose Mountain,
Saskatchewan.
Powder River Basin, Wyoming
Current Powder River daily production remains at approximately 4 MMCFD (million cubic feet per day) of natural gas from its coalbed methane (CBM) play located in Campbell County, Wyoming. This marks a 33% increase since taking over the properties in March 2005. To date, 26 wells have been drilled, including 17 multi-seam completion wells in a combination of the Cook, Wall and Pawnee coal seams. The remaining nine wells are completed in only the shallower Canyon coal seam, but drilled on 160-acre pattern versus the normally accepted 80-acre pattern. The 26 wells drilled to date are in various stages of dewatering and are currently producing approximately 400 MCFD (thousand cubic feet per day) which is consistent with Storm Cat's internal production model. Multi-seam completion techniques help economically capture incremental reserves in a single wellbore, significantly reducing finding and development (F&D) costs. Well analysis on the experimental Canyon 160-acre pattern is also showing improved recoveries by capturing hydrocarbons with fewer wells.
Storm Cat currently has three drilling rigs working in the Powder River Basin. The rigs will continue to exploit the Powder CBM leaseholds where the Company is currently drilling on its first 37-well Federal Plan of Development. A second Federal Plan of Development, which totals 68 wells, has been filed and is in the final process of approval which should secure ample Powder River Basin drilling activity going forward. As previously announced, the Company is on track to complete its 120-well program by early second quarter 2006. Storm Cat's projected well economics for its Northeast Spotted Horse program is less than $0.88 per MCF in F&D costs with an overall project rate of return in excess of 70%.
Powder River Basin Reserves at September 30, 2005
Storm Cat also announces results from its recently completed reserve report for the period ending September 30, 2005. The reserves in the report only represent the Company's Powder River Basin assets. Total proved reserves were estimated at 9.932 bcf equivalent as compared to 9.450 bcf equivalent at December 31, 2004. Estimated probable reserves were 4.109 bcf as compared to 4.420 bcf at December 31, 2004. Storm Cat's estimated, pre-tax future net revenue discounted at 10% (commonly known as the SEC PV-10 figure) for proved reserves at September 30, 2005 was $44.6 million USD versus $13.9 million USD at year-end 2004. The PV-10 calculation used net commodity prices of $11.005 CIG Rocky Mountains per million British thermal units (MMBtu) of natural gas.
Storm Cat's total proved reserve estimates are prepared by independent reservoir engineering consultants, Netherland, Sewell & Associates of Houston, Texas, and conform to the definition as set forth in the SEC Regulation S-X Part 210.4-10 (a) as clarified by subsequent Commission Staff Accounting bulletins. The proved reserves are also in accordance with Financial Accounting Standards Board Statement No. 69 requirements.
Reserve mix for the Powder River Basin is 100% natural gas, with 28% categorized as proved developed and 62% proved undeveloped. In accordance with SEC guidelines, proved reserve estimates do not include any probable or possible reserves which may exist for Storm Cat's Powder River properties. Further, Netherland, Sewell & Associates has not provided probable or possible reserves estimates for Storm Cat's other properties at this time.
Storm Cat Energy Powder River Basin, Wyoming Proved Reserves at
September 30, 2005
Net Reserves Future Net Revenue (M$/USD)
Category
Gas (MMCF) Total Present Worth
Undiscounted at 10% Discount
Proved Developed 2,197.1 13,898.5 11,918.0
* Producing 1,665.5 10,252.8 9,065.8
* Non-Producing 531.6 3,645.7 2,852.2
Proved Undeveloped 7,734.5 44,179.3 32,718.5
Total Proved 9,931.6 58,077.8 44,636.5
Total Probable 4,109.2 25,015.4 19,194.9
Assumes commodity prices of $11.005/MMBtu CIG Rocky Mountains
Elk Valley, British Columbia, Canada
As announced in the June 9, 2005 news release, Storm Cat entered into a Farm-in and Joint Venture agreement, with EnCana Corporation, on 77,775 gross acres (31,110 gross hectares) in the Elk Valley area of southeastern British Columbia. To date, Storm Cat has re-activated three wells in the Elk Valley western pilot, adding a new coal interval to the completion in two of three wells. During the 12 months the pilot was shut-in, reservoir pressures had rebounded to the point that a significant volume of water must be produced before pre-shut-in gas rates are expected from the original coal seams. Currently, the three wells are producing approximately 95 MCFD of gas and 300 BWPD (barrels of water per day).
Storm Cat and EnCana drilled two new wells north of the pilot project. The ECA Stormcat Mosquito d-85-L/82-J-2 was drilled to a total depth of 2,388 feet (728 meters), encountering 175 feet (53 meters) of coal in nine coal packages between 656 and 2,333 feet (200 and 711 meters). The ECA ECOG GREENHILLS a-84-L/82-J-2 was then drilled to 2,421 feet (738 meters), with 207 feet (63 meters) of coal in the same nine coal packages between 856 and 2,352 feet (261 and 717) meters deep. Gas shows were recorded in the coals. The new wells were drilled faster and straighter than the original pilot wells. The d-85 well was drilled, cased and cemented in eight days, seven hours. The a-84 well was drilled, cased, and cemented in seven days, 10 hours. Both wells are being prepared for initial completion and tie-in to the pilot facilities at this time. These newly drilled wells are expected to be placed on production test in mid-January 2006. With success in the exploratory wells and in the pilot reactivation, Storm Cat will establish a second core CBM operating area.
Alaska
Storm Cat now owns 100% interest in over 35,000 acres on-shore Cook Inlet. Negotiations with drilling contractors are currently underway in order to secure a rig for drilling the initial test well. A location for the Northern Dancer No. 1 has been selected. The well will be drilled to a depth of approximately 7,500 feet to test conventional targets in the Tyoneck formation as well as evaluate the shallower coalbed methane potential. Spud date on this initial exploratory well is estimated for mid-January.
Moose Mountain, Saskatchewan, Canada
Storm Cat completed its preliminary geological/engineering review of the Moose Mountain, Saskatchewan area. Storm Cat holds a 30% WI on a 236,000-acre block. The Company now intends to focus its attention on the Second White Specks formation. Geological and engineering data indicate the Second White Specks in the Moose Mountain area has similar characteristics to widespread producing areas in western Saskatchewan. Storm Cat plans to drill three exploratory wells in mid-December or early January, 2006, depending upon rig availability.
Mongolia
Storm Cat continues evaluating the reserve potential and emerging markets for its coalbed methane exploration licenses which encompass more than 18 million acres. In the fulfillment of its Production Sharing Contracts (the "PSC"), Storm Cat mapped the surface geology in four basins; Tsaidam, Nalaikh, Baga, and Tugrug, constructed cross sections in Tsaidam basin, and conducted geophysical surveys (Vertical Electrical Surveys) in Tsaidam and Tugrug basins. During the field mapping, Storm Cat geologists trenched the coals, mapped outcrops, recorded faults and re-surveyed some of the original coreholes to better understand the coal stratigraphy and re-map the surface geology. During the winter season, Storm Cat will be analyzing this data to define future operations.
Management Comments
J. Scott Zimmerman, President and Chief Executive Officer, said: "Increased activity during the first two months of the fourth quarter has set the tone as we move toward a busy 2006. The recent equity financings have provided Storm Cat with approximately $25 million USD in its treasury, allowing management to execute the development and expansion of its high potential portfolio of unconventional gas opportunities. Specifically, we believe the expansion of our drilling operations in Elk Valley, to the north, finds a highly prospective area within the EnCana farm-in acreage. We will put the drilling results here under a rigorous evaluation before claiming victory, but, for the time being, we're pleased by our early well analysis. The reduction in the drill and completion time for the first wells exceeds our internal expectations. We hope to improve on drill rates as we gain greater knowledge of the play. I've said before, the Elk Valley play has vast potential for Storm Cat's shareholder value and, as such, we are focused on proving its potential in 2006."
About Storm Cat Energy
Storm Cat Energy is an independent oil and gas company focused on the pursuit, exploration and development of large unconventional gas reserves from fractured shales, coal beds and tight sand formations. The company has producing properties in Wyoming's Powder River Basin, exploitation/development acreage in Canada and Alaska, and high-risk, high-reward exploration acreage in Mongolia. The company's shares trade on the American Stock Exchange as "SCU" and on the Toronto Venture Exchange as "SME."
By Order of the Board of Directors
Storm Cat Energy Corporation
J. Scott Zimmerman
President
FWIW: Both QOIL and SVSE were picked up on my stock scan last night. RSI approaching 30. Extremely oversold. Rally Time?
Aggie
CTUM -10% ...buy on the dip! ...
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HOGC +13% and more to come? ...
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GEOI ...NASDQ bottom bounce play? ...
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END ...hitting new 5 mo. lows. ...
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DLOV +11% ...stuck in a channel tho! ...
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BIGN broke resistance today. Breaking out of a symetrical triangle currently. Sound fundamentals, no debt.
Yeah, I did bit now it heading back down.. looks like support at .03, but? Do you think this might just be one seller stepping out of this? I know it can be hard getting out of a low floater when you want all out and have to break up your sells.... just thinking...GL
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