Oil slips to near $104 after US crude supply jump

Oil prices fell to near $104 a barrel Wednesday after a report showed U.S. crude supplies rose more than expected last week, suggesting rising fuel costs may be crimping demand. By early afternoon in Europe, benchmark crude for May delivery was down 47 cents to $104.32 a barrel in electronic trading on the New York Mercantile Exchange.

EIA: Crude oil stockpiles added 2.9 million barrels in US last week

Crude oil prices were lower Wednesday after the US Energy Information Administration reported a gain in US stockpiles last week.

WTI oil trading firm over $104 amid higher US inventories

WTI oil futures open today’s trading session firm over $104 a barrel as the latest EIA data showed that US crude oil inventories rose higher than many analysts had forecast, while the US President called for more oil production at home. Latest WTI Oil Price US Light crude oil futures for May 2011 delivery was trading at $104.68 a barrel, 05.55 GMT this morning in electronic trading on the NYMEX.

Brent crude oil hangs near $115 in thin trading volumes

Brent crude oil futures open Thursday’s trading session hanging near $115 a barrel while investors watch oil prices from the sidelines as trading volumes slip to their lowest levels of the year. Latest Brent Oil Price In London, Brent crude oil futures for May 2011 delivery was trading at $115.47 a barrel, 06.15 GMT on the ICE Futures Exchange. The contract closed yesterday’s session at $115.10.

Oil near $105 as Gadhafi takes back Libya oil port

SINGAPORE – Oil prices rose to near $105 a barrel Thursday in Asia after control of a key oil port swung back to forces loyal to Libyan leader Moammar Gadhafi, dimming hopes of a quick rebel victory and a restart of crude exports. Benchmark crude for May delivery was up 37 cents to $104.64 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 52 cents to settle at $104.27 on Wednesday

CARBO Schedules Fourth Quarter and Fiscal Year 2011 Earnings

HOUSTON, Dec. 27, 2011 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) announced that it plans to release earnings results for the fourth quarter and fiscal year 2011 on January 26, 2012, and will host a conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern) that day. Gary Kolstad, President and CEO, and Ernesto Bautista, III, Vice President and CFO, will host the call.

To participate in the teleconference, investors in the U.S. should dial 1-877-883-0383 at least 10 minutes before the start time and reference conference number 2305150.   Canada-based callers should dial 1-877-885-0477, and international callers outside of North America should dial 1-412-902-6506. The conference call also can be accessed by visiting the company's website, www.carboceramics.com.

A replay of the earnings conference call will be available through February 1, 2012, at 9:00 a.m. Eastern Time, on the company's website one hour after the end of the conference. To access the replay from the U.S. please dial 1-877-344-7529; outside the U.S. please dial 1-412-317-0088. Please reference conference number 10008048. The MP3 audio file of the earnings conference call will be available on the company's website approximately two hours after the end of the call.

CARBO is the world's largest supplier of ceramic proppant for fracturing oil and gas wells; provider of the world's most popular fracture simulation software; and a provider of fracture design and consulting services. The Company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring.

The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance, are forward-looking statements within the meaning of the federal securities laws.  All forward-looking statements are based on management's current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements.  Among these factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil and natural gas, risks of increased competition, technological, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, the risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls; weather-related risks and other risks and uncertainties described in our publicly available filings with the SEC.  We assume no obligation to update forward-looking statements, except as required by law.

 

Stone Energy Corporation Announces Close of Acquisition of BP's Pompano Field Working Interest

LAFAYETTE, La., Dec. 28, 2011 /PRNewswire/ -- Stone Energy Corporation (NYSE: SGY) today announced the closing of the previously announced acquisition of deep water assets from BP Exploration & Production Inc. (BP), which include BP's 75% operated working interest in the five block deep water Pompano field in Mississippi Canyon, a 51% operated working interest in the adjacent Mississippi Canyon block 29, a 50% non-operated working interest in the Mica field, which ties back to the Pompano platform, and interests in 23 deep water exploration leases located in the vicinity of the Pompano field.  The stated purchase price of $204 million was adjusted under the agreement to $167.6 million, after adjusting for the effective date of July 1, 2011. The final purchase price is subject to further adjustments for the subsequent period through the closing date. The acquisition was funded from cash on hand and $45 million in borrowings under Stone's revolving bank credit facility. Following the completion of the closing onDecember 28, 2011, Stone had $45.0 million in bank borrowings and $61.1 million in letters of credit outstanding under its bank credit facility, with availability of $293.9 million under its bank credit facility.

Stone's preliminary review of the estimated proved reserves relating to the acquired properties indicated estimated proved reserves of approximately 17 million barrels of oil equivalent (Boe) as of December 28, 2011, which were approximately 83% oil. Stone's preliminary estimate of the asset retirement obligation associated with the properties is approximately $60 million. The Pompano platform is a production hub with seven producing leases, currently producing at an average rate of approximately 3,300 Boe per day, net to Stone. The production hub has production capacity of 60,000 barrels of oil per day and 135 million cubic feet of gas per day, which could allow for potential processing of additional third party production.

Growing Aiken Group In New Wave Of Recruitment

Ongoing growth has resulted in a wave of appointments at Aberdeen-based Aiken Group.

Aiken Group is a leading multi-discipline company specialising in accommodation upgrades, refurbishments and new-builds worldwide.  The company employs 56 staff at its Aberdeen headquarters, plus more than 100 contractors worldwide.

The company recently announced that turnover has doubled in the last three years to £12 million.

Lee Reid has been appointed to the role of electrical and instrumentation engineer whilst Robert Soutar becomes CAD draughtsman and Tina Carle recruited as a trainee project engineer.  In addition, Tracy Anderson has been taken on as onshore facilities manager.

Commenting on the recent appointments, Aiken Group managing director Danny Donald said: “These four new members of staff have been employed as part of our ongoing recruitment drive which is likely to bring further new faces to the company in the near future.

“The need for these new positions has been brought about by increased demand for our services, and our desire to enhance our service provision.”

Aiken Group is headquartered at Crombie House, 72-90 Crombie Road, Aberdeen, AB11 9QP.  For further information visit www.aikengroup.com or call (01224) 244300.

Source: Aiken Group

Aker Solutions Announces Drilling in Houston

International oil services group Aker Solutions is about to open North America's most advanced drilling equipment simulator in Houston, Texas. The simulator will be available to rig operators with the objective of making offshore drilling operations safer and more cost effective.

Aker Solutions is investing USD 2.5 million in the new state-of-the-art drilling equipment simulator, which will be available 24/7 for North American based rig operators and oil companies. It will double the capacity of the current training centre located in Katy near Houston. The new drilling simulator is expected to be officially opened early 2012.

"This will be the most advanced drilling simulator in North America and we will double our training capacity when it is ready for use. It will have dedicated staff who can provide round-the-clock service on Aker Solutions' complete range of topside drilling equipment. We look forward to start working with our customers in this new and upgraded centre," says Glenn Ellis, head of drilling technologies for Aker Solutions in the US.

Aker Solutions is one of the world's top providers of drilling equipment packages and technologies for deepwater drilling operations. Using advanced 3D visualisation technology, the company has developed the market leading drilling simulators, which are already in operation in Brazil, Singapore, Norway and South Korea, in addition to Houston. A new simulator is also being prepared in Baku, Azerbaijan.

The centrepiece of the 9,800 square foot training centre is a new 240 degree domed simulator. Its dome-shaped screen, combined with utilization of actual drilling control systems software, creates a realistic environment that emulates what is experienced on a rig. Each specific rig is meticulously recreated as a virtual asset, including all rig equipment and control systems. This offers the possibility of onshore training and detailed operational planning, with the same signal treatment, in virtual environments that are identical to those that will be experienced offshore.

The training centre's extensive server systems are made up of 88 individual servers, which provide enough capacity to run simulations on two drilling rigs simulator systems simultaneously. A manual switchover solution allows quick change of the rig configuration in the simulator to ensure maximum simulator utilisation.  

"A realistic, real-time visualisation of drilling operations enables rig operators to learn to make better and faster decisions. The result is safer operations, more efficient drilling and increased rig uptime. This simulator technology certainly allows us to offer superior training facilities for our clients and our own employees," adds Glenn Ellis.

Athabasca Oil Sands Corp. Announces Approval of MacKay River Commercial Oil Sands Project

CALGARY, Dec. 28, 2011 /CNW/ - Athabasca Oil Sands Corp. (TSX:  ATH) is pleased to announce that MacKay Operating Corp. (MacKay Opco) has received full regulatory approval from Alberta Energy Resources Conservation Board and Alberta Environment and Water for the MacKay River commercial oil sands project.

Sveinung Svarte, president and CEO says, "To obtain approval in just over 24-months is an achievement and Athabasca is very pleased with the regulatory process. The company filed the application on December 10, 2009 and MacKay Opco received the final approval on December 23, 2011. To achieve this major milestone, MacKay Opco's Regulatory and Stakeholder Affairs team effectively dealt with all stakeholders to resolve their concerns and get this commercial oil sands project endorsed by the regulators and the Alberta government."

The MacKay River project is a 150,000 barrels per day (bbl/d) steam assisted gravity drainage (SAGD) project with Phase 1 expected to produce 35,000 bbl/d of oil.  Construction of the project will begin next month with start-up targeted for 2014.

MacKay Opco is a Calgary-based joint venture between Athabasca (40%) and Cretaceous Oilsands Holdings Limited, a wholly owned subsidiary of PetroChina (60%). The company was formed to operate the jointly owned MacKay River oil sands leases.

Athabasca is a dynamic company focused on development of oil resource plays in Alberta, Canada. It has accumulated a large, high quality resource base suitable for extraction of extra heavy crude oil (bitumen) and light oil. The company is well financed and, with its excellent assets and talented people, Athabasca is poised to become a major Canadian oil producer. It is traded on the TSX under the symbol ATH.

Aroway Energy Inc. Announces First Quarter 2012 and Operational Results

AROWAY ENERGY INC. (TSX VENTURE:ARW) (PINKSHEETS:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce it has filed on SEDAR its interim financial statements and related management discussion and analysis ("MD&A") for the three months ended September 30, 2011. Selected financial and operational information is outlined below and should be read in conjunction with the financial statements and related MD&A which are available for review on SEDAR.

The Company notes that the three month period ended September 30, 2011, is the first interim period for which the Company has prepared its financial statements under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Prior year comparative amounts have been restated to reflect results as if the Company has always prepared its financial results using IFRS.

Subsequent Events

The Company is pleased to announce that subsequent to September 30, 2011, the Company issued 7,515,901 common shares for total proceeds of $3,623,758 upon exercise of 7,515,901 share purchase warrants.

The Company further announces that it has granted a total of 2,400,000 options to purchase capital stock of the Company at a price of $0.75 for a period of five years to a Directors and officers of the Company.

Source: Marketwire

Canacol Energy Ltd. Provides Development Drilling and Production Update

Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE)(BVC:CNEC) is pleased to provide an update of its development drilling program at its operated Rancho Hermoso Field located in the Llanos Basin of Colombia. The Corporation has completed the drilling and casing of the third new development well it had planned to drill in calendar 2011. The Rancho Hermoso 13 ("RH 13") well has been placed on permanent production from the Ubaque reservoir at a stabilized gross rate of 10,164 barrels of oil per day ("bopd") (2,541 bopd net to Canacol). The RH 13 well encountered 110 feet ("ft") of net oil pay within 5 different reservoir intervals, which include, from top to bottom, the C7, Mirador, Los Cuervos-Barco, Guadalupe, and Ubaque.

On December 24, 2011, the Corporation recorded its maximum production record, with net revenue production from the Rancho Hermoso, Entrerrios, and Capella fields, all located in Colombia, of 19,173 bopd, some 37% in excess of the Corporate guidance of 14,000 bopd exit rate target for calendar 2011. Average Corporate net revenue production for the month of December 2011 to date is 13,027 bopd.

Charle Gamba, President and CEO of the Corporation, commented, "The strong performance of the wells drilled and worked over this year at Rancho Hermoso have provided us with an excellent finish to 2011, easily surpassing our exit rate target of 14,000 bopd as production continues to build into 2012. The Corporation plans to drill 4 new wells and work over a number of existing wells at Rancho Hermoso, and drill 22 new wells at its non-operated Capella oil field in calendar 2012 to ensure strong production revenues throughout next year and beyond. With cash and cash equivalents of US$ 115 million as of our last reporting period and very strong production revenues, the Corporation is fully financed to execute its high impact development and exploration drilling programs throughout 2012, which consists of 14 exploration and 26 development wells."

Rancho Hermoso 13 Well Results

The RH 13 well was spud on November 23, 2011, and reached a total depth of 10,447 ft measured depth ("ft md") on December 16, 2011 in the Ubaque reservoir. Good oil and gas shows were encountered in the C7, Mirador, Los Cuervos - Barco, Guadalupe, and Ubaque reservoirs while drilling. Petrophysical analysis of the open-hole logs indicates a total of 110 ft of oil pay within the well: 5 ft of oil pay within the C7 reservoir with average porosity of 20%, 26 ft of oil pay in the Mirador reservoir with average porosity of 25%, 8 ft of pay within the Los Cuervos-Barco reservoir with average porosity of 20%, 15 ft of oil pay within the Guadalupe reservoir with average porosity of 23%, and 56 ft of oil pay within the Ubaque reservoir with average porosity of 20%.

Production Results

The Corporation completed the Ubaque reservoir between 10,218 - 10,250 ft md and equipped the well with an electro-submersible pump. The well has been placed on permanent production at a stable gross rate of approximately 10,164 bopd (2,541 bopd net to Canacol) of 17 degrees API oil with 1% water cut at a pump frequency of 62.5 hz.

The Corporation, through its 100% owned Colombian subsidiary Canacol Energy Colombia S.A., operates the Rancho Hermoso field under two Contracts with Ecopetrol S.A., those being 1) a Participation Contract in the Casanare Area whereby the Corporation receives approximately 25% (after royalty) of gross production from the C7, Los Cuervos-Barco, Guadalupe, Gacheta, and Ubaque reservoirs, and the remainder (approximately 75%) to Ecopetrol S.A., and 2) a Risked Service Production Contract for the Mirador reservoir, whereby the Corporation is paid a tariff for each barrel of oil produced and Ecopetrol S.A. receives the oil.

Canacol is a Canadian-based international oil and gas corporation with operations in Colombia, Guyana, and Brazil. Canacol is publicly traded on Toronto Stock Exchange (TSX:CNE) and the Bolsa de Valores Colombia (BVC:CNEC). The Corporation's public filings may be found at www.sedar.com.

Athabasca Oil Sands Corp. Announces Approval of MacKay River Commercial Oil Sands Project

CALGARY, Dec. 28, 2011 /CNW/ - Athabasca Oil Sands Corp. (TSX:  ATH) is pleased to announce that MacKay Operating Corp. (MacKay Opco) has received full regulatory approval from Alberta Energy Resources Conservation Board and Alberta Environment and Water for the MacKay River commercial oil sands project.

Sveinung Svarte, president and CEO says, "To obtain approval in just over 24-months is an achievement and Athabasca is very pleased with the regulatory process. The company filed the application on December 10, 2009 and MacKay Opco received the final approval on December 23, 2011. To achieve this major milestone, MacKay Opco's Regulatory and Stakeholder Affairs team effectively dealt with all stakeholders to resolve their concerns and get this commercial oil sands project endorsed by the regulators and the Alberta government."

The MacKay River project is a 150,000 barrels per day (bbl/d) steam assisted gravity drainage (SAGD) project with Phase 1 expected to produce 35,000 bbl/d of oil.  Construction of the project will begin next month with start-up targeted for 2014.

MacKay Opco is a Calgary-based joint venture between Athabasca (40%) and Cretaceous Oilsands Holdings Limited, a wholly owned subsidiary of PetroChina (60%). The company was formed to operate the jointly owned MacKay River oil sands leases.

Athabasca is a dynamic company focused on development of oil resource plays in Alberta, Canada. It has accumulated a large, high quality resource base suitable for extraction of extra heavy crude oil (bitumen) and light oil. The company is well financed and, with its excellent assets and talented people, Athabasca is poised to become a major Canadian oil producer. It is traded on the TSX under the symbol ATH.

Middle East, North Africa concerns send crude prices higher again

Crude oil prices were higher Tuesday as investors shifted their worries back to political conditions in North Africa and the Middle East as fighting continued in Libya and there were more anti-government demonstrations in places like Bahrain, Yemen and Syria. Despite claims from rebels that they could have oil flowing from Libya again soon, most analysts…

OPEC star Saudi Arabia looks to raise oil export capacity

Last weekend OPEC’s star crude oil exporter Saudi Arabia called apon top oilfield service firms to help the country quickly boost its oil rig count by 30 percent to help give Saudi Arabia additional capacity to export oil as the world faces tighter supplies. Saudi Arabian state run oil giant Aramco met with leading oil service companies and announced plans to quickly expand its oil rig count to ensure it has extra production capacity, and in turn, exports. “The rig count leap is likely imminent, and expected to accelerate in the second half of 2011 and into 2012.

Brent oil trading near $115, Libya tensions prop up prices

Brent oil prices open today’s trading session slightly lower, near $115 as tensions in Libya continue to prop up both Brent and WTI oil prices as doubts emerge over the resumption of Libyan crude oil exports. Latest Brent Oil Price In London, Brent crude oil futures for May 2011 delivery was trading at $114.63 a barrel, 04.30 GMT this morning on the ICE Futures Exchange. Brent oil closed off yesterday’s trading session up 0.4 percent at $115.20 a barrel

WTI oil price holds firm on extremely light trading volume

WTI oil prices open Wednesday’s trading session firm near $104 a barrel as crude oil futures trading volumes this week are extremely quiet, marking the lowest activity of the year so far.

Oil hovers below $105 after US crude supply jump

SINGAPORE (AP) — Oil prices hovered below $105 a barrel Wednesday in Asia after a report showed U.S. crude supplies rose more than expected last week, suggesting rising fuel costs may be crimping demand. Benchmark crude for May delivery was down 24 cents to $104.55 a barrel at midday…

EIA: Crude oil stockpiles added 2.9 million barrels in US last week

Crude oil prices were lower Wednesday after the US Energy Information Administration reported a gain in US stockpiles last week

WTI oil trading firm over $104 amid higher US inventories

WTI oil futures open today’s trading session firm over $104 a barrel as the latest EIA data showed that US crude oil inventories rose higher than many analysts had forecast, while the US President called for more oil production at home. Latest WTI Oil Price US Light crude oil futures for May 2011 delivery was trading at $104.68 a barrel, 05.55 GMT this morning in electronic trading on the NYMEX.

Forex - USD/CHF hits 2-week high after weak Italian bond auction

Forexpros - The U.S. dollar rose to a two-week high against the Swiss franc on Thursday, as Italian borrowing costs remained dangerously high after a long-term government bond auction, boosting safe haven demand.

USD/CHF hit 0.9452 during European late morning trade, the pair’s highest since December 15; the pair subsequently consolidated at 0.9443, rising 0.17%.

The pair was likely to find support at 0.9320, Wednesday’s low and resistance at 0.9546, the high of December 15.

With most investors already away on year-end leave, trading volumes were thin, resulting in tight liquidity conditions and irregular volatility.

Italy’s Treasury sold just over EUR7 billion of long-term debt maturing between 2014 and 2022, below the maximum target of EUR8.5 billion.

The country sold EUR2.5 billion of 10-year bonds, maturing in March 2022, at an average yield of 6.97%, down from November's euro-record high 7.56%. The country also auctioned EUR2.5 billion of three-year bonds, at an average yield of 5.62%.

Following the auction, the yield on Italy’s 10-year bonds traded at 7.1%, above the critical 7% threshold widely seen as unsustainable in the long-term.

The auction was seen as the first test of European banks' willingness to purchase long-term sovereign debt of distressed euro zone countries, following last week’s nearly EUR500 billion cash infusion by the European Central Bank.

Elsewhere, the Swiss franc was higher against the euro with EUR/CHF declining 0.13%, to hit 1.2184.

Later in the day, the U.S. was to release a weekly government report on initial jobless claims, as well as industry data on pending home sales and business conditions in the Chicago area.

Forex - Euro lower as Italian debt concerns weigh

Forexpros - The euro traded close to a one-year low against the U.S. dollar on Thursday, and hit a fresh ten-year low against the yen after a disappointing Italian government bond auction prompted investors to flock to safer assets.

During European early afternoon trade, the euro was lower against the U.S. dollar, with EUR/USD retreating 0.29%, to hit 1.2899.

With most investors already away on year-end leave, trading volumes were thin, resulting in tight liquidity conditions and irregular volatility.

Italy’s Treasury sold just over EUR7 billion of long-term debt maturing between 2014 and 2022, below the maximum target of EUR8.5 billion.

The country sold EUR2.5 billion of 10-year bonds, maturing in March 2022, at an average yield of 6.97%, down from November's euro-record high 7.56%. The country also auctioned EUR2.5 billion of three-year bonds, at an average yield of 5.62%.

Following the auction, the yield on Italy’s 10-year bonds traded at 7.1%, above the critical 7% threshold widely seen as unsustainable in the long-term.

The auction was seen as the first test of European banks' willingness to purchase long-term sovereign debt of distressed euro zone countries, following last week’s nearly EUR500 billion cash infusion by the European Central Bank.
Meanwhile, markets were also jittery as overnight deposits at the ECB receded to EUR436 billion, after hitting a record of EUR452 billion the previous day, underscoring European banks’ nervousness to lend to each other.

The euro was higher against the pound, with EUR/GBP adding 0.13% to hit 0.8383.

The single currency was lower against the yen and the Swiss franc, with EUR/JPY retreating 0.44% to hit 100.40 and EUR/CHF slipping 0.11% to hit 1.2186.

Elsewhere, the euro was lower against the Canadian, Australian and New Zealand dollars and flat against the Australian dollar, with EUR/CAD declining 0.37% to hit 1.3208, EUR/AUD inching down 0.05%, to hit 1.2814 and EUR/NZD easing 0.08% to hit 1.6818.

Oil near $105 as Gadhafi takes back Libya oil port

SINGAPORE – Oil prices rose to near $105 a barrel Thursday in Asia after control of a key oil port swung back to forces loyal to Libyan leader Moammar Gadhafi, dimming hopes of a quick rebel victory and a restart of crude exports. Benchmark crude for May delivery was up 37 cents to $104.64 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 52 cents to settle at $104.27 on Wednesday