ERHC Energy Inc (ERHE)

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KNOC Looking to Buy 2-3 Small Oil Firms Abroad Korea National Oil Corporation is eyeing acquiring overseas oil companies. KNOC CEO Kang Young-won said at a press conference Monday to mark the first anniversary of his inauguration, "We are examining five companies simultaneously. Each company produces less than 200,000 barrels a day, but we will acquire approximately 200,000 barrels a day by bundling two or three of them."

He said that way KNOC's independent production of crude oil will reach 300,000 barrels a day in 2012, up from 70,000 at the moment. The state-run firm in June lost a bid to buy Addax Petroleum of Switzerland to China Petroleum and Chemical Corporation.