PFC Energy 50 Ranking of World’s Top Energy Companies: SuperMajors, Led by Chevron, Top 2011 Value Growth Performance
WASHINGTON, DC–
The six SuperMajors posted the best group performance among companies returning to this year’s PFC Energy 50 list. ExxonMobil, Royal Dutch Shell, Chevron, BP, TOTAL and ConocoPhillips increased their combined market capitalization 8% during 2011 to $1.2 trillion. Chevron (#4 at $211.9 bn) increased its valuation by 15% from $183.6 bn one year ago — the largest percentage increase of any returning company.
ExxonMobil (#1 at $406.3 bn) kept the first place position it has held every year except 2007 and 2009, when the list was headed by PetroChina, this year at #2 with a market valuation of $276.6 bn.
“At higher oil prices than four years ago the combined $3.6 trillion valuation of the PFC Energy 50 companies still falls short of the peak $5.2 trillion in December 2007,” commented PFC Energy’s Chairman and CEO, Robin West. “Several factors drive the lower valuation, including significantly lower North American gas prices and less buoyant global equity markets.”
Marathon ended its six-year run on the PFC Energy 50 when it spun off downstream operations in July as Marathon Petroleum. Marathon Oil (+30%) and Marathon Petroleum (+14%) led the Exploration & Production and Refining & Marking segments in share price performance. The combined market value of the two companies increased 24%.
Underperforming on the overall list were National Oil Companies and companies located in emerging markets. With investors viewing these companies more critically due to country risk exposure and lack of portfolio diversification, the groupings posted value declines of 14% and 16%, respectively.
The combined value of the four service sector companies on the PFC Energy 50 list (Schlumberger, Halliburton, National Oilwell Varco and Tenaris) declined by 16% as the global energy industry achieved high activity levels with no significant tightness in services and equipment markets.
A major story of 2011 has been the expanding oil and gas potential of the North American onshore, which has created an intense demand for infrastructure. In recognition of their growing importance, this year’s PFC Energy 50 list includes midstream and pipeline companies. Four companies from that segment made the list — Enterprise (#25), TransCanada (#37), Enbridge (#40) and Kinder Morgan (#41). As a group, these new entrants to the PFC Energy 50 posted the year’s largest value gains.
East West Petroleum Provides Update on Romanian Exploration Program
VANCOUVER, BRITISH COLUMBIA– East West Petroleum Corp. (TSX VENTURE: EW) (the “Company” or “East West”) is pleased to provide an update on the Company’s exploration program involving its 1,000,000 acre exploration position in western Romania.
The Company is pleased to report that it has finalized a farmout agreement with Gazpromneft’s Serbian subsidiary, Naftna Industrija Srbije a. d. Novi Sad (NIS), covering the Company’s four exploration Concessions EX-2 (Tria), EX-3 (Baile Felix), EX-7 (Periam) and EX-8 (Biled). Under the terms of the agreement, NIS will pay 100% of the four Concession work programs for the obligatory Phase 1 period (two years), plus an optional Phase 2 period. East West will retain a 15% participation interest in all four Concessions and be carried through to commercial development, with NIS holding the remaining 85% participation interest.
East West and NIS have also finalized a Joint Operating Agreement whereby NIS will assume operatorship on behalf of the partnership. NIS, the sole operator in the Serbian sector of the Pannonian Basin which offsets the EX-7 Periam and EX-8 Biled Concessions, is an active explorer and producer in the area, conducting numerous seismic, drilling, field development and production programs. In the first nine months of 2011, NIS’ Serbian production averaged about 29,000 boepd. NIS recently discovered a new oil field (Mydan Deep) on the Romanian-Serbia border and work is underway to map a possible extension of the field into the EX-7 Concession. The well is undergoing extensive testing and is expected to be placed on production in the near future. NIS plans to utilize its technical expertise and drilling equipment to carry out operations and has established an operations base in Timisoara, Romania.
The Company has entered into an agreement with Geopetrol SA Ploiesti to conduct Environmental Baseline Surveys (EBS) and Environmental Impact Studies (EIS) on the four Concession areas to prepare for the seismic and drilling campaign. Geopetrol has commenced field work and is conducting a comprehensive review of existing environmental conditions. Geopetrol is a wholly-owned subsidiary of PETROSTAR S.A., a leading petroleum service company providing environmental research, consultancy, engineering and design services to the petroleum industry. PETROSTAR S.A. has over 50 years of experience and employs four hundred engineers and other specialists in Romania.
The four-block exploratory work program will evaluate multiple, conventional oil and gas targets plus an unconventional shale gas play. Previous exploration activity on this acreage has resulted in the discovery of multiple oil and gas fields at relatively shallow levels. The new exploratory program is planned to test deeper structures and stratigraphic traps which have been identified on the acreage. In Phase I, approximately 900 km. of 2D and 600 sq. km. of 3D seismic data will be acquired, with a minimum of 12 wells to be drilled on the four blocks. An optional Phase 2 program has similar levels of work program commitment. Once Government ratification of the Concessions is received and NAMR approves NIS as an operating partner, seismic and drilling operations will commence.
ABOUT EAST WEST PETROLEUM CORP.
East West Petroleum is a TSX Venture Exchange-listed company which was established in 2010 to invest in emerging international unconventional resource plays, leveraging management’s knowledge of international opportunities and unconventional play technical expertise. In its first 18 months of operations, the Company has built an attractive platform of assets: an oil-prone, exploration block in the Assam region of India with the three largest E&P Indian firms ONGC, Oil India and GAIL; four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania and a 500,000 acre exploration block onshore Morocco where conventional and unconventional oil potential has been delineated. The Company has also established oil and gas production in Canada. The Company’s cash position of approximately $29.5 million and no future funding is required.
ABOUT NAFTNA INDUSTRIJA SRBIJE J.S.C. NOVI SAD
Naftna Industrija Srbije j.s.c. Novi Sad was established in 1991 as a public company for exploration, production, refining and trade in crude oil, petroleum products and natural gas. Since 2005, NIS has operated as a joint stock company. In 2009, based on the international agreement between Russia and Serbia, 51% of NIS shares were acquired by the Russian company “Gazprom Neft”, one of the largest and fastest growing E&P companies in Russia. Today, NIS is one of the largest, vertically integrated oil and gas companies in Southeast Europe, dealing with exploration, production and refining of crude oil and natural gas, as well as with the sales of a broad range of petroleum products. In the first nine months of 2011, NIS’s operating income totaled 138 billion RSD (approx. $1.8 billion).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Oil and Gas Executives Prepare to Spend as Industry Confidence Rises
HOUSTON, TX
- GL Noble Denton and the Economist Intelligence Unit launch second annual report on oil and gas industry trends
- Nearly 200 oil and gas industry board-level directors, influencers and policymakers surveyed
Oil and gas industry leaders have forecast improved performance and higher levels of capital expenditure this year, despite concerns over global economic instability, according to a new report on the future of the sector.
Increased investment across the industry will focus on exploration activity, with North America emerging as the area with the greatest opportunities in 2012.
Big Spenders: The outlook for the oil and gas industry in 2012 is the Economist Intelligence Unit’s second annual industry barometer, commissioned by GL Noble Denton, an independent technical advisor to the industry with considerable insight into many of the issues faced by those operating in the oil and gas sector.
Eighty-two percent of the 185 board-level directors and industry policy makers surveyed for the report are either highly or somewhat confident about the business outlook for their company, compared with 76 percent last year. Just 8 percent of those polled described themselves as pessimistic over performance in 2012.
Findings from the research also show that nearly two-thirds (63 percent) of executives plan to invest either somewhat or substantially more over the next year, in contrast to 49 percent in 2011. Forty-one percent of industry professionals expect to see increased investment in exploration activities over the next year, with only 4.3 percent anticipating a decline.
There remains a caveat, however; if global economic conditions deteriorate, oil and gas companies will have to scale back their spending commitments where they can do so without creating damage to their wider portfolios, according to the report.
Other key findings from the research, as reported by the Economist Intelligence Unit, include:
Rising operating costs emerge as the top barrier to growth. More than 50 percent of respondents say that they expect there to be an increase in wages over the next 12 months. Fifty-four percent of respondents also expect the cost of contractors to increase, compared to only 11 percent anticipating a decline.
Risk remains a key challenge. An overwhelming majority of respondents — 82 percent — either strongly or somewhat agree that regulatory issues have become more important in the post-Macondo period. Increasing regulation is regarded by more than 30 percent of respondents as the main challenge for their company over the next 12 months.
Skills shortages are becoming more acute. According to the Economist Intelligence Unit’s research, this issue comes out of the survey as one of the major obstacles to growth over the next 12 months. Last year, skills issues came fifth on the list of barriers and were only identified as a top three issue by 25 percent of respondents. This year, the issue has risen to second on the list, and has been identified as a key barrier by 34 percent of respondents.
Unconventional gas: A global game changer? The advent of projects like the Marcellus, Barnett, Haynesville and Fayetteville shales have created a supply glut that has affected global prices. Yet there is widespread doubt as to whether the shale gas revolution can be exported outside North America.
Scope for optimism for refiners: After a dismal few years, the downstream sector is showing some signs of life, at least in the US. Refining profitability has improved where robust margins have resulted from a revival of consumption of refined products. But Asia and Europe remain in the doldrums.
“The second annual Economist Intelligence Unit oil and gas industry barometer sends a clear message: Companies are preparing to spend big in 2012, despite a slower growth in demand for oil and gas during the second half of last year, and concerns over the future of the global economy,” said Pekka Paasivaara, member of the GL Executive Board.
“But this doesn’t mean that our clients are sanguine about their prospects for the year ahead. Findings from the report highlight a wealth of barriers to success, from rising operating costs to the worry of an impending shortage of skilled professionals and an uncertain regulatory environment in the post-Macondo era.
“While capital expenditure looks set to take off, industry leaders will need to invest selectively this year, keeping operating risks low during a period of prolonged uncertainty. Their success will be defined by an ability to develop innovative approaches to operating more safely, efficiently and sustainably than ever.”
Download the full report at:
www.gl-nobledenton.com
About GL Noble Denton
GL Noble Denton, part of the GL Group, is a global independent provider of technical services and software to the oil and gas industry. The company works with some of the sector’s best-known corporations to provide a wide range of services across the lifecycle of their assets.
GL Noble Denton’s expertise spans upstream operations, such as on- and offshore exploration, production and delivery storage; midstream import, storage and processing; and downstream distribution. With over 3,500 employees and a presence in more than 80 countries, GL Noble Denton plays a key role in helping to design and develop, operate and execute, and assure some of the industry’s most innovative solutions.
For further information, please visit: www.gl-nobledenton.com
TransCanada to Issue 2011 Fourth Quarter Financial Results February 14
CALGARY, ALBERTA–TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) will hold a teleconference and webcast on Tuesday, February 14, 2012 to discuss its 2011 fourth quarter financial results.
Russ Girling, TransCanada president and chief executive officer, Don Marchand, TransCanada executive vice-president and chief financial officer and members of the executive leadership team will discuss TransCanada’s fourth quarter financial results and company developments at 1 p.m. (MST) / 3:00 p.m. (EST).
Analysts, members of the media and other interested parties are invited to participate by calling 866.226.1792 or 416.340.2216 (Toronto area). Please dial in 10 minutes prior to the start of the call. No pass code is required. A live webcast of the teleconference will be available at www.transcanada.com.
A replay of the teleconference will be available two hours after the conclusion of the call until midnight (EST) February 21, 2012. Please call 800.408.3053 and enter pass code 8130635.
With more than 60 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada’s network of wholly owned natural gas pipelines extends more than 57,000 kilometres (35,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent’s largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America’s largest oil delivery systems. TransCanada’s commo n shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada.
Maple Leaf 2012 Energy Income Limited Partnership-Maximum Issue: $30,000,000
CALGARY, ALBERTA–(Marketwire – January 23, 2012) – Maple Leaf 2012 Energy Income Limited Partnership (the “Partnership”) is pleased to announce that it has filed a preliminary prospectus (the “Prospectus”) dated January 16, 2012 with the securities commissions or similar authorities in each of the provinces of Canada relating to the initial public offering of units of the Partnership.
PARTNERSHIP OBJECTIVES
The Partnership has been created to provide Limited Partners with an investment in a pool of professionally selected, non-operated, direct working interests and similar interests in oil and gas production and / or production revenue and participate in the development of the oil and gas properties in order to generate (i) income through monthly cash distributions upon the completion of certain development drilling programs; (ii) potential capital appreciation; and (iii) tax deductions equal to 100% of their investment.
THE SYNDICATE
The syndicate of agents for the offering is being led by Scotia Capital Inc., and includes BMO Capital Markets, National Bank Financial Inc., GMP Securities L.P., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Manulife Securities Incorporated, Raymond James Ltd., Acumen Finance Capital Partners Limited, Desjardins Securities Inc., Mackie Research Capital Corporation and Union Securities Inc.
INVESTMENT MANAGEMENT TEAM
Located in Calgary, Alberta the Partnerships Investment Management Team will be led by Joseph Durante and Glen Tanaka at Toscana Energy Corporation (“Toscana”).
A preliminary prospectus dated January 16, 2012 containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from your investment dealer or by contacting Maple Leaf 2012 Energy Income Limited Partnership at the coordinates listed above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
Epsilon Energy Ltd. Achieves Production Milestone in Marcellus
CONCORD, ONTARIO–(Marketwire – January 23, 2012) – Epsilon Energy Ltd. (TSX: EPS) (“Epsilon” or “the Company”) is pleased to announce that net production from the JV with Chesapeake Energy Corporation (“Chesapeake”) in Susquehanna County, PA, has reached 28 MMCF/D. The achievement of this milestone, originally anticipated to occur by December 31st, 2011, was delayed slightly due to the operational challenges posed by the flooding in northeast PA in September 2011.
Epsilon anticipates the 400 MMCF/D gas gathering system in Pennsylvania to be complete and fully operational by the second half of 2012. Epsilon’s 35% ownership of this system will contribute significantly to the Company’s future revenues and operational cash flows.
Epsilon also expects significant oil production growth in 2012 from its drilling activities in Saskatchewan with operator Spartan Oil Corporation. The Company will provide more detailed updates on drilling results as they become available.
About Epsilon Energy Ltd.
Epsilon is engaged in the exploration and production of natural gas reserves. The Company also has participating interests and production sharing agreements in other natural gas and oil plays within North America and Africa. Established in 2005, the Company has been a producer of natural gas and oil since 2006. Epsilon’s ongoing business strategy involves focused targeting of lower risk natural gas properties within the Marcellus Shale and other parts of Canada and the United States, as well as the high potential oil and gas properties in Africa.
Special note for news distribution in the United States
The securities described in the news release have not been registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) or state securities laws. Any holder of these securities, by purchasing such securities, agrees for the benefit of Epsilon that such securities may not be offered, sold, or otherwise transferred only (A) to the Company or its affiliates; (B) outside the United States in accordance with applicable state laws and either (1) Rule 144(as) under the 1933 Act or (2) Rule 144 under the 1933 Act, if applicable.
Harvest Operations Corp. Appoints Chief Operating Officer
CALGARY, ALBERTA–Harvest Operations Corp. (“Harvest” or the “Company”) (TSX: HTE.DB.D) (TSX: HTE.DB.E) (TSX: HTE.DB.F) (TSX: HTE.DB.G) on behalf of the Board of Directors would like to announce that effective January 23, 2012 Mr. Robert A. Pearce has been appointed COO of the Company. Mr. Pearce will report to the recently appointed CEO, Mr. Myunghuhn Yi.
Mr. Pearce joined Harvest last year as Vice President, Corporate Development & Treasurer. He has become a valuable member of Harvest’s senior management team with over 25 years of technical and business experience within the areas of corporate development, general management, debt and equity finance, strategy and planning. Mr. Pearce has an undergraduate degree in Geological Engineering and an MBA in Finance.
“We are pleased to appoint Rob to the position of COO of Harvest”, said Dr. Seong-Hoon Kim, Chairman of the Board. “His experience, business skills and energy are tremendous additions to Harvest’s management team”.
CORPORATE PROFILE
Harvest is a wholly-owned, non-guaranteed subsidiary of Korea National Oil Corporation (“KNOC”). Harvest is a significant operator in Canada’s energy industry offering stakeholders exposure to an integrated structure with Upstream (exploration, development and production of crude oil and natural gas) and Downstream (refining and marketing of distillate, gasoline and fuel oil) segments. Our Upstream oil and gas production is weighted approximately 70% to crude oil and liquids and 30% to natural gas and is complemented by our long-life refining and marketing business. Harvest’s outstanding debentures are traded on the TSX under the symbols “HTE.DB.D”, “HTE.DB.E”, “HTE.DB.F” and “HTE.DB.G”.
KNOC is a state owned oil and gas company engaged in the exploration and production of oil and gas along with storing petroleum resources. KNOC will fully establish itself as a global government-run petroleum company by applying ethical, sustainable and environment-friendly management and by taking corporate social responsibility seriously at all times. For more information on KNOC, please visit their website at www.knoc.co.kr/ENG/main.jsp.
Chevron Announces Further Natural Gas Discovery Offshore Australia
Satyr-3 marks Chevron’s thirteenth offshore discovery in Western Australia since mid-2009
SAN RAMON, Calif.–Chevron Corp. (NYSE: CVX) today announced a natural gas discovery by its Australian subsidiary in the Exmouth Plateau area of the Carnarvon Basin, offshore Western Australia.
“Satyr-3 represents our thirteenth offshore discovery in Australia since mid-2009. This recent discovery reinforces the quality and value of our Australian exploration lease holdings in the Carnarvon Basin.”
The Satyr-3 well encountered approximately 243 feet (74 meters) of net gas pay. The well is located 113 miles (182 kilometers) north of Exmouth in the WA-374-P permit area, and wasdrilled in 3,688 feet (1,124 meters) of water to a depth of 13,369 feet (4,075 meters).
George Kirkland, vice chairman, Chevron Corporation, said, “Satyr-3 represents our thirteenth offshore discovery in Australia since mid-2009. This recent discovery reinforces the quality and value of our Australian exploration lease holdings in the Carnarvon Basin.”
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “The Satyr-3 discovery adds to our Australian resource base, further supporting our long-term plans to position Chevron as one of the world’s leading LNG suppliers.”
Chevron’s Australian subsidiary is the operator of the WA-374-P permit area and holds a 50 percent interest, with Exxon Mobil and Shell each holding 25 percent.
Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Anadarko Announces Another Major Appraisal Success Offshore Mozambique
HOUSTON, TX– Anadarko Petroleum Corporation (NYSE: APC) today announced its seventh well in the discovery area offshore Mozambique successfully appraised previous discoveries at Lagosta and Camarão. The Lagosta-2 appraisal well, located about 4.4 miles (7 kilometers) north of the Lagosta discovery and 5.3 miles (8.5 kilometers) south of the Camarão well, encountered 777 total net feet (237 meters) of natural gas pay in multiple zones.
“This is the largest pay count of any well in the complex to date, and it seems fitting that our seventh successful well in the discovery area would encounter 777 net feet of pay,” said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. “These excellent results continue to support our recoverable resource estimates of 15 to 30-plus Tcf (trillion cubic feet) of natural gas in the discovery area on our block, as well as provide additional information that will be incorporated into our models to help determine the optimal subsea development plans for the complex. In addition, a second deepwater drillship, the Deepwater Millennium, has arrived in Mozambique to begin an accelerated testing program that will include installing observation gauges and conducting several drillstem tests, as we remain on track to reach a final investment decision for this project in 2013.”
The Lagosta-2 appraisal well was drilled to a total depth of approximately 14,223 feet (4,335 meters) in water depths of approximately 4,813 feet (1,467 meters) in the Offshore Area 1 of the Rovuma Basin. The partnership plans to preserve the Lagosta-2 well for future utilization during its planned drillstem testing program in the Windjammer, Barquentine and Lagosta complex. Once operations are complete, the Belford Dolphin deepwater drillship will be mobilized to drill the Lagosta-3 appraisal well.
Anadarko is the operator of the 2.6-million-acre Offshore Area 1 with a 36.5-percent working interest. Co-owners in the area are Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5 percent). Empresa Nacional de Hidrocarbonetos, E.P.’s 15-percent interest is carried through the exploration phase.
An updated map of Anadarko’s position in Offshore Area 1 of the Rovuma Basin, including the Lagosta-2 appraisal well is available under the “Media Center/Anadarko News” tab at www.anadarko.com.
Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2010, the company had approximately 2.42 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.
New Zealand Energy Spuds Copper Moki-2 and Ranui-2 Wells
VANCOUVER, BRITISH COLUMBIA–( January 18, 2012) – New Zealand Energy Corp. (“NZEC” or the “Company”) (TSX VENTURE: NZ)(OTCQX: NZERF) is pleased to provide an operational update on its production and exploration activities on New Zealand’s North Island.
HIGHLIGHTS
Taranaki Basin
-- Copper Moki-1 ("CM-1") has produced an average of 550 barrels of oil per
day over the first 30 days of long-term production
-- CM-1 cumulative production of 29,000 barrels of oil to date with
operating netbacks of approx. US$90 per barrel
-- Commenced drilling of Copper Moki-2 ("CM-2"), targeting the Mt.
Messenger and Urenui formations
-- Will commence drilling of Copper Moki-3 ("CM-3") in Q1-2012
-- Services and consents in place for a total of four wells from the Copper
Moki pad
East Coast Basin
-- Commenced drilling of Ranui-2 core well targeting the Whangai Shale
-- Completed the coring of two holes testing the Waipawa and Whangai Shales
TARANAKI BASIN UPDATE
The CM-1 well has been flowing from natural reservoir pressure since December 10, 2011 at an average rate of 550 barrels of 41.8 API oil per day and 685 thousand cubic feet of natural gas per day through a 20/64th inch choke. CM-1 has produced over 29,000 barrels of oil since it was first tested in August 2011 with operating netbacks of approximately US$90 per barrel. NZEC calculates the netback as the oil sale price less fixed and variable operating costs and a 5% royalty.
NZEC has commenced drilling of CM-2, its second exploration well in New Zealand’s Taranaki Basin. The Company expects to finish drilling the CM-2 well by the end of January, targeting the Mt. Messenger and Urenui formations. NZEC will continue to produce CM-1 as CM-2 is drilled and will bring CM-2 on-stream using existing production facilities if the well is successful.
NZEC plans to drill CM-3 upon completion of CM-2, targeting the Mt. Messenger, Urenui and deeper Moki formations. While the Company had originally planned to drill CM-3 from a separate pad south of CM-1, the decision to drill from the CM-1 pad will allow NZEC to bring CM-3 on-stream using existing production facilities and eliminates the infrastructure costs associated with a separate pad.
NZEC’s rig contract includes the option to drill a fourth well from the CM-1 pad. NZEC’s consents for the CM-1 pad allow for multiple wells and construction of permanent surface facilities. The Company has installed surface facilities to accommodate production of up to 1,000 barrels of oil per day, and can expand the facilities to handle production from additional wells. NZEC anticipates establishing permanent facilities by mid-2012 that will accommodate production from an estimated four wells. The permanent facilities will include a gas pipeline to allow the Company to market its natural gas production.
The Taranaki Basin is situated on the west coast of the North Island and is currently New Zealand’s only oil and gas producing basin, producing approx. 130,000 boe/day from 18 fields. Within the Taranaki Basin, NZEC holds and is the operator of two permits covering 152,066 net acres. The Taranaki Basin offers multi-zone potential, and NZEC’s exploration strategy is to prioritize wells identified on 3D seismic that have a well-defined, lower-risk Mt. Messenger target coupled with deeper exploration targets such as the Moki and Kapuni formations.
EAST COAST BASIN UPDATE
The East Coast Basin of New Zealand’s North Island hosts two prospective shale formations, the Waipawa and Whangai, which are the source of more than 300 oil and gas seeps. NZEC has two granted permits and one pending permit in the East Coast Basin, collectively covering more than 1.8 million acres. NZEC’s Ranui permit acquisition included the Ranui-1 well, drilled by the previous permit holder in 2008. The Ranui-1 well encountered 224 metres of prospective Whangai Shale but did not penetrate the base of the shale before reaching total depth of 1,134 metres.
The Ranui-2 well on NZEC’s 100% working interest Ranui Permit will core the Whangai Shale across several intervals and will drill through the base of the Whangai Shale and into the underlying conventional reservoir sands, with a planned depth of approximately 1,500 metres. Ranui-2 drilling commenced on January 14, with drilling and coring expected to take approximately three weeks. NZEC is planning to cut up to four cores in the Whangai Formation and will run a full suite of open hole logs to assist in determining the reservoir characteristics of the shale.
In Q4-2011, NZEC completed the coring of two test holes on its 100% working interest Castlepoint Permit. The Orui (125 metres total depth) and Te Mai (195 metres total depth) test holes cored and tested the Waipawa and Whangai shales. Analysis of the core is ongoing.
These three stratigraphic test wells will advance NZEC’s understanding of the Waipawa and Whangai formations. A review of the geochemical and physical properties of the two shale packages will help focus NZEC’s exploration strategy for the East Coast shales. In addition, NZEC’s technical team will reprocess existing East Coast Basin seismic data and plans to shoot approximately 50 kilometres of 2D seismic in 2012 and complete additional technical studies to advance the properties.
EXPANDED MANAGEMENT TEAM
NZEC has expanded its in-country management team to support the Company’s exploration, development and production efforts, with the appointments of a Manager Exploration, Manager Land and Group Financial Controller. NZEC has granted 523,000 options to officers and employees with a five-year term and an exercise price of $1.30, with 25% vesting six months after the option grant date and 25% vesting every six months thereafter.
NZEC currently employs, directly and indirectly, approximately 60 people from local communities to support production and exploration activities in the Copper Moki area, with an additional 10 employees and consultants in its Wellington corporate office. NZEC currently employs, directly and indirectly, eight people from local communities to support exploration activities in the East Coast Basin.
June Cahill is a geologist with 32 years of experience working in applied earth science, and previously held the position of senior geologist with NZEC. As Manager Exploration, Ms. Cahill will manage the Wellington based team of geologists and geophysicists. Ms. Cahill has extensive knowledge and experience with New Zealand sedimentary basin geology and the management of geological and geophysical databases. Her early professional experience was with the New Zealand Geological Survey division of the Department of Scientific and Industrial Research. From 1993 through to joining NZEC, she was a senior geologist with the consulting company Ian R Brown Associates Ltd. Ms. Cahill has a Bachelor of Science in geology from Victoria University of Wellington, and a Bachelor of Applied Economics from Massey University.
Tokatumoana (Toka) Walden has joined NZEC as Manager Land, responsible for the Company’s land access activities including negotiating access provisions and managing the resource consent application process. Mr. Walden will also have an important role as the Company continues to build a strong relationship with iwi groups across all operational areas. Mr. Walden started his career as a teacher; before joining NZEC he was a senior manager with New Zealand’s Department of Conservation. Mr. Walden is also a director of Parininihi Ki Waitotara Inc., Taranaki’s largest corporate dairy farmer.
John Hudson has been working with NZEC as a consultant since October 2011 and has joined the Company full time as Group Financial Controller. Mr. Hudson has a Bachelor of Business Studies in accounting from Massey University and is a Chartered Accountant with more than 15 years of experience covering a range of accounting responsibilities. Mr. Hudson joined NZEC after nearly four years as the Financial Controller of Weatherford New Zealand Ltd., an international company providing well construction and intervention services to the oil and gas industry. Prior to that Mr. Hudson held a number of positions including Finance Manager with Parker Drilling and Chartered Accountant with Ernst & Young. As Group Controller, Mr. Hudson will be responsible for all New Zealand accounting and financial reporting.
TransCanada Will Re-Apply for a Keystone XL Permit
CALGARY, ALBERTA–(January 18, 2012) – TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) announced today it has received the U.S. Department of State’s decision that the Presidential Permit for Keystone XL has been denied.
“This outcome is one of the scenarios we anticipated. While we are disappointed, TransCanada remains fully committed to the construction of Keystone XL. Plans are already underway on a number of fronts to largely maintain the construction schedule of the project,” said Russ Girling, TransCanada’s president and chief executive officer. “We will re-apply for a Presidential Permit and expect a new application would be processed in an expedited manner to allow for an in-service date of late 2014.”
TransCanada expects that consideration of a renewed application will make use of the exhaustive record compiled over the past three plus years.
“Until this pipeline is constructed, the U.S. will continue to import millions of barrels of conflict oil from the Middle East and Venezuela and other foreign countries who do not share democratic values Canadians and Americans are privileged to have,” added Girling. “Thousands of jobs continue to hang in the balance if this project does not go forward. This project is too important to the U.S. economy, the Canadian economy and the national interest of the United States for it not to proceed.”
TransCanada will continue to work collaboratively with Nebraska’s Department of Environmental Quality on determining the safest route for Keystone XL that avoids the Sandhills. This process is expected to be complete in September or October of this year.
TransCanada has committed to a project labour agreement with the Laborers International Union of North America, the International Brotherhood of Teamsters, the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada, AFL-CIO, the International Union of Operating Engineers and the Pipeline Contractors Association. Any delay in approval of construction prevents this work from going to thousands of hard-working trades people.
TransCanada’s investment of billions of private dollars would create thousands more jobs in the U.S. manufacturing sector. The company has contracts with over 50 suppliers across the U.S.. Manufacturing locations for Keystone XL equipment include: Texas, Missouri, Pennsylvania, Michigan, Oklahoma, South Carolina, Indiana, Georgia, Maryland, New York, Louisiana, Minnesota, Ohio, Arkansas, Kansas, California and Pennsylvania. The benefits these companies and the people of their states continue to be delayed and the negative impacts will be felt.
Girling adds TransCanada continues to believe in Keystone XL due to the overwhelming support the project has received from American and Canadian producers and U.S. refiners who signed 17 to 18 year contracts to ship over 800,000 barrels of oil per day to meet the needs of American consumers.
With more than 60 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada’s network of wholly owned natural gas pipelines extends more than 57,000 kilometres (35,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent’s largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America’s largest oil delivery systems. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com and follow us on Twitter @TransCanada.
Lundin Petroleum Announces Successful Bertam-2 Appraisal Well Offshore Malaysia
STOCKHOLM, SWEDEN– January 19, 2012 – Lundin Petroleum AB (TSX: LUP)(OMX: LUPE) (Lundin Petroleum) is pleased to announce the successful results of Bertam-2 appraisal well in the PM307 Production Sharing Contract (PSC) area, offshore Peninsular Malaysia.
Bertam-2 was drilled to a total depth of 1,884 metres by the jack-up rig “Offshore Courageous”. The objectives of the well were to appraise and test the Oligocene lower coastal plain sandstones of the PM307 PSC area.
The Bertam field was discovered by the Bertam-1 well drilled in 1995. Bertam-1 discovered oil in the K10 sandstone reservoir and flowed 34 degrees API oil at a rate of 624 barrels of oil per day on a short-term production test.
Bertam-2 proved the continuity and quality of the K10 oil reservoir sandstone to the northeast of the Bertam-1 discovery well. Deeper sands that formed a secondary exploration target were confirmed to be water-bearing. The K10 reservoir sand was fully cored and logged. Preliminary interpretation indicates oil interval with very good reservoir properties. Upon production testing a stabilised flow rate of 756 barrels of oil per day was achieved. Following the test the well was plugged and abandoned and the rig demobilised.
Ashley Heppenstall, President and CEO of Lundin Petroleum commented: “Bertam-2 is the fifth and final well in Lundin Petroleum’s 2011 Malaysia exploration drilling campaign. I am pleased that four of the five wells drilled in our initial campaign have encountered hydrocarbons. Bertam is a potentially commercial oil field and we will undertake immediate studies to determine the range of oil resources with a view to rapidly selecting a concept and moving forward towards development; or planning further appraisal if required.”
The PM307 PSC is operated by Lundin Malaysia BV with 75 percent equity interest. Partner in PM307 is PETRONAS Carigali Sdn. Bhd. with 25 percent.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.
Virgin Islands’ Hovensa Refinery to Cease Operations, Become Oil-Storage Terminal
SUGAR LAND, TX–( January 19, 2012) -
The Hovensa Refinery, located on the island of St. Croix in the U.S. Virgin Islands, will close by mid-February, according to an announcement made yesterday by Hovensa LLC, the operator of the refinery. Hovensa LLC is a joint venture of Hess Corporation(NYSE:HES) (New York, New York) and Petróleos de Venezuela SA (PDVSA) (Caracas, Venezuela).
The refinery has a nameplate crude processing capacity of more than 500,000 barrels per day (BBL/d), but recently has been processing about 350,000 BBL/d because of the decreased demand for refined products that began during the economic downturn.
Kosmos Energy Announces Substantial Oil Encountered in Ntomme-2A Appraisal Well Offshore Ghana
Kosmos Also Provides Operational Update
January 18, 2012 – DALLAS–Kosmos Energy (NYSE: KOS) announced today that the Ntomme-2A appraisal well, located in the Deepwater Tano Block offshore Ghana, has successfully encountered significant quantities of light oil. The well, located over 4 kilometers (2.7 miles) south of the Tweneboa-3 sidetrack which discovered the Ntomme field, was designed to test the potential for an oil leg beneath the previously-identified gas-condensate at Ntomme.
Results of drilling, wireline logs and fluid samples indicate that the well encountered 45 meters (148 feet) of high-quality stacked reservoir sandstones, including 39 meters (128 feet) of 35 degrees API gravity net oil pay. Pressure data from the well and the original discovery well suggests the potential for an oil column at Ntomme of approximately 125 meters (410 feet) below the gas-condensate accumulation.
Paul Dailly, Senior VP of Exploration, stated, “The presence of a significant oil leg at Ntomme is a great result for Kosmos Energy. Ntomme was originally identified as a gas-condensate discovery; however, this well confirms the majority of resources to be oil. The result enhances both the momentum and value of our near-term development of the TEN project, which includes Tweneboa, Enyenra, and Ntomme. It is an excellent start to our active drilling program in 2012.”
The Ntomme-2A well was drilled to an interim depth of 3,905 meters (12,812 feet) in water of 1,730 meters (5,675 feet). The well is currently being deepened to a total depth of 4,010 meters (13,156 feet). Following the completion of drilling operations, a drill stem test of the well is planned.
Operational Update
Jubilee
At the Company’s producing Jubilee field, offshore Ghana, sidetrack operations at the J-7 well have been completed. The J-7 sidetrack was drilled to test a new well completion design, as a result of near wellbore productivity issues experienced in the original wellbore. The sidetrack was flow tested at a rate of up to 15,000 barrels of oil per day. Production from the well started in early January 2012, with the flow rate being gradually increased to monitor the performance of the completion design. The field operator expects to perform sidetracks on an additional three Phase 1 wells in 2012. The cost of these Phase 1 sidetrack recompletions, including the J-7 sidetrack, is estimated by the operator at approximately $400 million gross. The Jubilee partners are also analyzing other remediation possibilities such as workovers and/or stimulation efforts. This necessary remediation was recently identified as a technical issue related to well completion equipment which we believe is not expected to have any impact on ultimate field recoveries.
The Phase 1A development at Jubilee has been approved by the government of Ghana. Phase 1A will include eight new wells, including five production wells and three water injection wells, as well as an expanded subsea infrastructure. The Phase 1A project is estimated to cost approximately $1.1 billion gross.
The operator at Jubilee estimates average field production for 2012 of between 70,000 and 90,000 barrels of oil per day gross, dependent on well performance, the timing of remediation activities, and the implementation of Phase 1A.
WCTP and DT Blocks Offshore Ghana
On the West Cape Three Points Block, Kosmos anticipates significant near-term appraisal activities at the Teak discovery. The Teak-4A appraisal well is planned to commence late in the first quarter 2012. In addition, the Company plans to perform a drill stem test and further appraisal drilling at Teak immediately following the Teak-4A well.
On the Deepwater Tano Block, the Enyenra-1 well, which was a redrill of the Owo-1 discovery well, was recently completed. A flow test at Enyenra-1 is underway to test field wide reservoir connectivity, with pressure gauges deployed in the Enyenra-2A and Enyenra-3A wells. Enyenra-3A (to the north) and Enyenra-2A (to the south) are approximately 14 kilometers (8.7 miles) apart. Following the flow test, the Enyenra-4A well, which will be located an additional 6.8 kilometers (4.2 miles) south of Enyenra-2A, will begin drilling. A declaration of commerciality and plan of development for the TEN project is expected to be submitted to the government of Ghana in the third quarter of 2012.
Kosmos Energy holds an 18 percent interest in the Deepwater Tano Block and a 30.875 percent operated interest in the West Cape Three Points Block offshore Ghana. The Company’s working interest in the Jubilee Unit is 24.1 percent.
New Ventures
Offshore Morocco, the Company’s planned 5,000 square kilometer 3D seismic data acquisition in the Agadir basin is progressing as planned. Approximately half of the data to be acquired covers the Essaouira Block with the remainder in the Foum Assaka Block. Of the Essaouira Block planned 3D, nearly 80 percent has been performed to date. The Foum Assaka planned 3D will immediately follow completion of the Essaouira 3D. The Company anticipates full completion of its 3D program in April 2012, followed by approximately six months for processing and interpretation.
Kosmos announced that it has negotiated a Production Sharing Contract for exploration on the Fako Block onshore Cameroon. The Fako Block, which borders the southeast portion of the Company’s Ndian River Block, covers approximately 1,290 square kilometers gross (320 thousand acres). Kosmos operates the Fako Block area with a 100 percent working interest and a commitment to gravity and magnetics work in the initial exploration phase.
About Kosmos Energy
Kosmos Energy Ltd. is a leading independent oil and gas exploration and production company focused on frontier and emerging areas in West Africa and South America. The Company’s asset portfolio includes existing production, major discoveries and exploration prospects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Morocco and Suriname and onshore Cameroon. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.
January 19, 2012 2:10:00 PM ET
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Portal Resources Outlines Acquisition Financing Plan
CALGARY, ALBERTA–Portal Resources Ltd. (TSX VENTURE: PDO) is pleased to announce the financing structure for its proposed $8.3 million acquisition of oil and natural gas production, reserves and associated assets in West Central Saskatchewan.
To complete the acquisition the Company will raise $9 million with a combination of the following: 1) $2.5 million in senior bank debt for the purchase with a $1.5 million development line of credit; 2) up to $3 million in equity; and 3) up to $6 million in convertible debentures.
The senior project loan facility will be through a Canadian bank and we are currently reviewing term sheets to select the lender.
The Company proposes to sell up to 37,500,000 Units of the Corporation at a price of $0.08 per Unit for gross proceeds of up to $3,000,000, each Unit being comprised of one Common Share and one-half of one Common Share Purchase Warrant (“Warrant”) of the Corporation. Each whole Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $0.12 for a term of 18 months from the issue date of the Warrant.
The Company proposes to sell up to $6,000,000 of 12% Convertible Unsecured Subordinated Debentures (“Debentures”) having a two-year term to maturity and which are convertible at the option of the holder (commencing from the first anniversary term) into Common Shares at a conversion price of not less than CDN $0.15 per Common Share.
“This acquisition greatly expands our land position in this core area of focus, our team sees the potential to increase the average daily production through the development of 13 proven and probable well locations as outlined in the McDaniels Engineering Report. Take the time and review the Corporate Presentation on Portal’s website and you will get an understanding of the magnitude of the impact that it will have on the Company. It is our belief that this project and our holdings in this region will provide a solid platform to grow,” stated David Hottman, President & CEO.
For additional information concerning this asset purchase, please review Portal news releases dated, October 13, 2011 and December 20, 2011.
Portal Resources is focused on the exploration and development of oil and gas in Western Canada. To view the presentation, visit Portal’s website at www.portalresources.net.
Kivalliq Strengthens Operational Team; Dale Wallster Joins Board of Directors
JANUARY 19, 2012 – VANCOUVER, BRITISH COLUMBIA– – Kivalliq Energy Corporation (TSX VENTURE: KIV) (the “Company” or “Kivalliq”) today announced the following additions to the leadership team: Dale Wallster has joined the board of directors; Andrew Berry has been appointed Chief Operating Officer; and Bill Cronk appointed Exploration Manager. The Company’s board and executive are focused on advancing the Lac Cinquante Uranium Deposit and demonstrating the mineral potential of the Angilak Property in Nunavut, Canada.
“Kivalliq’s board is constantly seeking ways to enhance shareholder value through exploration, team building and corporate development opportunities. We are excited to have added such depth to our team with these appointments, and we see these individuals playing a very big role in Kivalliq’s future success,” stated Jim Paterson, CEO. “Dale has many decades of experience in mineral exploration, most recently in the uranium sector as a key player in the success of Hathor Exploration. Andrew and Bill both have considerable expertise in the management of large scale exploration and logistical projects in Canada’s north.”
New Board Addition
Dale Wallster is a geologist and a prospector with over 30 years experience in North American mineral deposit exploration, with a focus on the targeting and discovery of unconformity-related uranium deposits since 2002. He was president and founder of Roughrider Uranium Corp., a company acquired by Hathor Exploration Limited in 2006 for its 1,000,000 acres of strategically located uranium properties in the Athabasca Basin. Dale and his team are widely credited in the mineral exploration sector for the discovery of the Hathor’s Roughrider deposit. In January 2012, Hathor became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition. Kivalliq will benefit greatly from Dale’s guidance at a board level.
Stronger Operational Team
Andrew Berry joined Kivalliq Energy Corp. in April 2009 as Project Manager and most recently held the position of VP, Operations where he was responsible for overseeing, on budget, Kivalliq’s $17M exploration program at Angilak. He holds a technical diploma in exploration geology from Sir Sandford Fleming College in Ontario. He has more than 25 years of global experience in all aspects of mineral exploration and development; including surface and underground precious metal, base metal and diamond deposits. He was an integral member of Flanagan McAdam Ltd. and the Muscocho Group, developing mining projects in Ontario, British Columbia and the Yukon. As Project Manager with Ashton Mining of Canada Inc. and Stornoway Diamond Corp., he gained more than 15 years of logistical experience exploring and operating in Canadian Arctic environments. Andrew is well suited for his expanded role as Chief Operating Officer.
Bill Cronk, P.Geo., has over 23 years of experience as a geologist and manager of exploration programs for precious metals, base metals, and uranium deposits. Bill has worked in Africa, Europe, North and South America; with more than 9 years of combined exploration experience in Alaska and the Canadian Arctic. Bill’s level of expertise ranges from grass roots reconnaissance right up to advanced stage and pre-feasibility work. While working for companies such as Dundee Precious Metals, Placer Dome, BHP and Noranda Inc., Bill’s gained management experience with business development, project generation, program design, budget implementation, project management, and corporate and government compliance. In a previous role as an exploration manager for Homeland Uranium, Bill’s primary goals centered on uranium exploration in Niger’s “Tim Mersoi Basin”, and project development of rhyolite hosted uranium in Peru’s “Macusani Plateau”.
Stock Options Grant
Stock options have been granted to directors and officers of Kivalliq, in accordance with the terms and conditions of the stock option plan of the Company, entitling them to purchase 3,350,000 shares at the price of $0.50 per common share expiring January 19, 2017.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.
Kivalliq’s 225,000 acre Angilak Property in Nunavut hosts the high-grade Lac Cinquante deposit, along with multiple highly mineralized target areas. With an NI 43-101 Inferred Mineral Resource of 1,779,000 tonnes grading 0.69% U3O8, totalling 27.13 million pounds U3O8, (15.2 pounds U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.
Since acquiring the Angilak Property in 2008, Kivalliq has invested approximately $30 million conducting systematic exploration, including ground and airborne geophysics, geological mapping, prospecting and approximately 48,000 meters of RC and diamond drilling.
On behalf of the Board of Directors
James R. Paterson, CEO
Kivalliq Energy Corporation
Anadarko Announces Successful Appraisal Well Offshore Ghana
Ntomme-2A Well Encounters Light Oil
HOUSTON, TX– – Anadarko Petroleum Corporation (NYSE: APC) today announced the Ntomme-2A appraisal well, located in the Deepwater Tano Block offshore the Republic of Ghana, encountered approximately 128 net feet (39 meters) of light oil pay in excellent-quality sandstone reservoirs. Fluid samples recovered from the Ntomme-2A well indicate oil of approximately 35 degrees API gravity. “Finding a significant light oil accumulation is an excellent result that enhances the value of the Greater Tweneboa, Enyenra and Ntomme (TEN) complex, as we now estimate oil makes up the majority of the resource in place,” said Anadarko Sr. Vice President, Worldwide Exploration, Bob Daniels. “Our 3D seismic modeling, coupled with the pressure data collected from the Ntomme-2A and Tweneboa-3 sidetrack wells, indicates the potential for an oil column of more than 400 feet below the gas-condensate accumulation encountered in the Tweneboa-3 sidetrack well. The partnership plans to incorporate this new information into its ongoing program as we advance the development of the TEN complex.” The Ntomme-2A well is located approximately 2.8 miles south of the Tweneboa-3 sidetrack, in approximately 5,675 feet (1,730 meters) of water. The well was drilled to a depth of approximately 12,810 feet (3,905 meters). Once operations are complete, the partnership plans to install gauges in the Tweneboa-3 sidetrack prior to a planned drillstem test at Ntomme-2A. Anadarko has an 18-percent working interest in the Deepwater Tano Block. Partners in the block include Tullow Oil plc (49.95-percent working interest and operator), Kosmos Energy (18-percent working interest), Sabre Oil & Gas Holdings Ltd (4.05-percent working interest) and the Ghana National Petroleum Corporation (10-percent carried interest). Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2010, the company had approximately 2.42 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com http://ctt.marketwire.com/?release=841886&id=1171783&type=1&url=http%3a%2f%2fwww.anadarko.com%2f . This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko’s (or its partners’) ability to successfully drill the prospects identified in this release and, as appropriate, construct and operate any related production facilities. See “Risk Factors” in the company’s 2010 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
