Latest Petroleum Stories

HOUSTON, May 16, 2013 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCQB: TRCH) announced today they have signed a contract providing them a 15% working interest in the emerging horizontal Hunton play. The Hunton formation is prevalent throughout central Oklahoma and has produced 114 million barrels vertically over the last several decades. This contract provides Torchlight with a 15% working interest in an AMI covering a total of 3,200 acres and is operated by Husky...

HOUSTON, May 16, 2013 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has received a subsea equipment order from ExxonMobil Corporation (ExxonMobil) for its Julia development. The Julia field is located in the Gulf of Mexico Walker Ridge area in approximately 7,000 feet (2,100 meter) water depth. FMC Technologies' scope of supply includes six subsea trees, a manifold and associated tie-in equipment. "FMC Technologies is pleased to provide ExxonMobil...

Brookshire, Police, and Giddings All Complete Successful Initial Drillings Houston, Texas (PRWEB) May 15, 2013 Emerald Energy, an industry leader in Gulf Coast oil and gas joint ventures, has recently completed initial drilling projects on three new wells in 2013. The, Police, Giddings, and Brookshire wells all had successful tests and investors will begin seeing monthly checks soon. The Police Joint Venture The Police JV Well has finished its initial testing and drilling in Cleveland,...

CALGARY, May 16, 2013 /PRNewswire/ -- Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), a company focused on oil exploration and production in Nigeria, today announced financial and operating results for the quarter ended March 31, 2013. The unaudited financial statements, notes and management's discussion and analysis (MD&A) pertaining to the period are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at http://www.sedar.com...

CALGARY, May 15, 2013 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQL") is pleased to announce its first quarter 2013 operating and financial results. ACHIEVEMENTS AND HIGHLIGHTS The Company achieved significant increases in both production and the oil and liquids proportion of production in the quarter.  The Company's core Michichi and Lloydminster areas now represent 65% of total production, and 77% of total oil and liquids production, compared to 10%...

HOUSTON, May 15, 2013 /PRNewswire/ -- CITGO Petroleum Corporation, an indirect wholly owned subsidiary of Petroleos de Venezuela, S. A. (PDVSA), has declared a $461 million dividend to its parent for the first quarter of 2013. The amount, to be paid on May 20, is a record for a single quarter since 2009. "The payment of this dividend reflects the strength of our operations and our continued alignment with our parent company," said Alejandro Granado, chairman, president and CEO of...

BOGOTA, Colombia, May 15, 2013 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX: ECP) announces that it submitted the highest bids for three exploratory blocks in the 11(th) Bidding Round carried out yesterday by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (National Agency of Petroleum, Natural Gas and Biofuels, or ANP) of Brazil in Rio de Janeiro. Ecopetrol has a 100% interest in the highest bids for the POT-M-567 and FZA-M-320 blocks and a 50%...

FORT WORTH, Texas, May 15, 2013 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of April 2013. Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 73,700 producing a rig utilization rate of 72%, compared to 74% and 78% in March 2013 and April 2012, respectively. During the month, Basic's fluid service truck count increased by seven trucks to 974. Fluid...

NEW YORK, May 15, 2013 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced it reached a record in open interest for its NYMEX WTI-Brent Crude Oil Spread Option contract (BV) yesterday, May 14. Open interest in NYMEX BV reached 126,675 contracts, compared to 123,075 on May 13, 2013, the last record for this contract. "The price spread between NYMEX WTI and Brent has come in considerably over the last few months, moving from over...

Raw Cotton Absorbs Crude Oil Spills; Repels Water NEW YORK, May 15, 2013 /PRNewswire-USNewswire/ -- Research conducted at the Nonwovens and Advanced Materials Laboratory at The Institute of Environmental and Human Health (TIEHH) shows that low-grade cotton is highly effective at absorbing crude oil spills. The study, published in the most recent issue of the American Chemical Society journal Industrial & Engineering Chemistry Research, reveals that one pound of low-micronaire...