Latest Petroleum Stories

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...

SPOKANE, Wash., May 15, 2013 /PRNewswire/ -- Daybreak Oil and Gas, Inc. (OTCBB: DBRM) ("Daybreak" or the "Company"), a Washington corporation, is pleased to announce the results of the second well in the current drilling program at the East Slopes Project in Kern County, California. The Bear #6 well was drilled to 2,153 feet and we estimate there is approximately 25 feet of oil pay in the Vedder Sand. This drilling rig will now be moved to the Black #2 well location. The Company...

INVER GROVE HEIGHTS, Minn., May 15, 2013 /PRNewswire/ -- Blue Earth Resources, Inc. (OTCPINK: BERI), through its wholly-owned Petro Resources subsidiary, has completed a material expansion of its Louisiana acquisition announced on May 8, 2013. The initial acquisition involved a 37.5% WI (working interest) in Spider Field leases in DeSoto Parish, LA. BERI has now acquired an additional 25% WI in these 14 Spider Field wells for consideration of 8 Million shares of restricted common...

Company's first exploratory well undergoing completion. NEWPORT BEACH, Calif., May 15, 2013 /PRNewswire/ -- Citadel Exploration, Inc. (OTCBB: COIL) ("Citadel") is pleased to announce it has achieved initial success on its first well, the North Tejon Ranch 1-19. The well encountered the targeted oil sand and is currently undergoing completion. Testing of the 1-19 will commence in the coming weeks. The drilling rig will now move a few miles southeast to Citadel's next...

LONDON, May 15, 2013 /PRNewswire/ -- Oil & Gas IQ (http://www.OilandGasIQ.com [http://www.oilandgasiq.com/strategy-management-and-information/articles/oil-and-gas-companies/?&shownewswindow=1&mac=OGIQ_Events_Title_Listing_2011&utm_source=OilGasIQ&utm_medium=Eloqua&utm_campaign=OG_PRNEWSWIRE&utm_content=dlc&utm_term=dlc ] ), a leading online resource and community for the Oil and Gas industry has released its list of the top 10 biggest oil and...

HOUSTON, May 15, 2013 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an order from ConocoPhillips Australia Pty. Ltd. for the supply of subsea equipment for its Bayu Undan Phase 3 project. The order has an estimated value of $26 million. The Bayu Undan field is located in the Timor Sea, approximately 280 miles (450 kilometers) northwest of Darwin, Australia. FMC Technologies' scope of supply includes subsea trees, wellheads, jumper kits...

SANTIAGO, Chile, May 15, 2013 /PRNewswire/ -- GeoPark Holdings Limited ("GeoPark"), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia and Argentina (AIM: GPK), is pleased to announce its strategic entry into Brazil with the acquisition of a ten percent working interest in the offshore Manati gas field ("Manati Field") -- the largest natural gas producing field in Brazil. On May 14, 2013, GeoPark executed a...

VANCOUVER, May 14, 2013 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), reports that TAG's 100%-controlled Ngapaeruru-1 exploration well has reached a total depth of 1417 meters after successfully drilling through the Waipawa and Whangai source rock formations, the main objective of the well. Excellent mud gas shows - which indicate the presence of gas zones or soluble gas in oil - were recorded between the intervals of 1140 - 1295m (155m gross hydrocarbon column)....

TSX ticker symbol; BKX CALGARY, May 14, 2013 /PRNewswire/ - All amounts are in U.S. Dollars unless otherwise indicated: 2013 2012 % Earnings (Loss): $ Thousands $(5,320) $(3,520) L $ per common share $(0.04)...