Porto Energy Provides Operational Update on the ALC-1 Presalt Well and Lias (Unconventional Oil) Drilling Program

Porto Energy Corp., (" Porto " or the "Company") (PEC.V), a company focused on oil and gas exploration, appraisal and development in Portugal , is pleased to provide an operational update on the ongoing drilling of its Alcobaça #1 ("ALC-1") Presalt well in the Aljubarrota-3 concession and its Lias stratigraphic drilling program, onshore Portugal .

The ALC-1 well is being drilled under a joint venture with Petróleos de Portugal - Petrogal ("Galp") who is carrying Porto on 50% of the total drilling costs of this well.  The Company spud the ALC-1 well, its first Presalt well, at the end of August 2012 and has reached a total measured depth of 2,935 meters. Using interpreted 3-D seismic data, the ALC-1 well is targeting a mapped four-way closure approximately 800 meters high to the ALJ-2 appraisal well at the Company's Aljubarrota gas discovery.

Published: 09 October 2012
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Marathon Petroleum to Purchase BP's Texas City Refinery and Related Logistics and Marketing Assets

  • Adds a world-scale 451,000 barrel per day refinery
  • Includes 100% ownership of cogeneration facility
  • Adds four light product terminals, refinery-related pipeline assets and Colonial Pipeline shipper history
  • Assignment of branded-jobber contracts for approximately 1,200 retail locations
  • Expands MPC`s integrated operations model
  • Expected to be immediately accretive to earnings
    Published: 08 October 2012
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Lundin Petroleum Finds Gas in Barents Sea

 
Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), is pleased to announce that exploration well 7220/10-1 in PL533 has discovered gas condensate in the Salina structure located on the west flank of the Loppa High in the Barents Sea.

Well 7220/10-1 has proved two gas columns in sandstone of Cretaceous and Jurassic age. Data acquisition in the well, including coring, wireline logging and fluid sampling, has proven good reservoir quality in the sandstone.

Preliminary calculations, made by the Norwegian Petroleum Directorate, give a range of gross discovered volume in the Salina structure of between 5 and 7 billion standard cubic metres (Bsm3) (29 to 41 million barrels of oil equivalent (MMboe)) of recoverable gas/condensate.

Published: 05 October 2012
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Athabasca Oil Corporation Announces Regulatory Approval of the Hangingstone Oil Sands Project 1

CALGARY, Oct. 4, 2012 - Athabasca Oil Corporation (TSX: ATH) is pleased to announce that the Lieutenant Governor in Council has authorized the Energy Resources Conservation Board to grant Approval No. 11888 for the development of its 12,000 barrels per day (bbl/d) Hangingstone Project 1.

This regulatory approval represents a significant milestone in the development of Athabasca's substantial oil sands reserve base. In early November 2012, the Hangingstone Project 1 will be presented, for sanctioning, to the Company's Board of Directors.

Front-end engineering and design (FEED), for the Hangingstone Project 1, has been completed, and the procurement of long-lead equipment is well underway. The Company anticipates project start-up by the second half of 2014.

Published: 04 October 2012
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Passport Energy Ltd. Announces Hardy SE Saskatchewan Resource Assessment and Operational Update

Calgary, Alberta, October 4, 2012 - Passport Energy Ltd. [PPO: TSX.V] (“Passport” or the “Company”) is pleased to announce that a resource assessment of Passport’s land holdings in the Hardy Area of SE Saskatchewan by independent evaluators, GLJ Petroleum Consultants (“GLJ”), has been completed.
 
The study (effective April 30th, 2012) covers 1,774 net hectares of the Company’s interests in the Hardy Area along with an additional 2,189 net hectares of lands subject to a farm-in agreement.  The resource estimates are summarized in the tables below (all numbers are net to the company):

Published: 04 October 2012
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