Oil and Gas News

Oil News from around the web,Marketwatch

Goldman Sachs on Friday said second-quarter results for European integrated oil will be the trough of the cycle, and recommended investors buy Shell /quotes/comstock/23s!e:rdsa (UK:RDSA 1,536, +13.00, +0.85%) , Statoil Hydro /quotes/comstock/13*!sto/quotes/nls/sto (STO 19.87, -0.02, -0.10%) /quotes/comstock/29r!stl (NO:STL 126.99, +1.08, +0.86%) and BG Group /quotes/comstock/23s!a:bg. (UK:BG. 1,045, +17.00, +1.65%) . The investment bank said the reason for the trough is weak refining, spot and long-term gas pricing and normal seasonality, and expects earnings will pick up in the third and fourth quarter and continue into 2010.

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Halliburton Company (NYSE: HAL - News), one of the largest oilfield service providers in the world, has bagged a two-year contract extension from StatoilHydro (NYSE: STO - News). The estimated value of the contract extension is approximately $450 million.

Halliburton had been awarded the first contract in 2006. The initial contract was for a two-year term with further extension options of three two-year periods.

Under the terms of the extended contract, Halliburton will provide fluids systems for multiple fields on the Norwegian Continental Shelf. This includes cementing services for 20 rigs and completion fluids for 16 rigs.

The contract will involve services from both of Halliburton’s business segments: Completion and Production as well as Drilling and Evaluation.

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EnerJex Resources, Inc. (OTCBB: ENRJ) today announced that its estimated pretax future net revenues attributable to its proved oil reserves, based on conformity with standards of the Society of Petroleum Engineers (“SPE Case”) discounted at 10% (commonly known as PV10), stood at approximately $30.3 million as of March 31, 2009. This report, prepared by Miller and Lents, Ltd., an independent international oil and gas consulting firm based in Houston, Texas, encompasses EnerJex’s oil development projects in Eastern Kansas. The reserves were valued at $71.31 per barrel of oil (bbl). Probable and possible reserves were also evaluated resulting in combined total PV10 of these three reserve categories (“3P”) equal to $42.9 million.

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Venoco, Inc. (NYSE: VQ - News) announced today the termination of its previously announced cash tender offer to purchase any and all of its outstanding 8 3/4% Senior Notes due 2011 (the “Notes”) (CUSIP No. 92275PAB5) and the related solicitation of consents from the registered holders of the Notes to the adoption of certain proposed amendments to the indenture governing the Notes. The tender offer and consent solicitation is described in detail in Venoco’s Offer to Purchase and Consent Solicitation Statement dated July 2, 2009 (the “Statement”).

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C. K. Cooper & Company, an independent, full-service investment bank, headquartered in Irvine, California, announced today that it has initiated coverage of Northern Oil &Gas, Inc. (NYSE AMEX:NOG).

“Northern Oil and Gas is a budding E&P on the verge of unlocking the potential of its large high-quality Bakken leasehold, which is located in the heart of what may be one of the last super giant oil formations in the U.S.,” said Joel Musante, Senior Research Analyst with the firm.

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Tags: CONTRACT, Halliburton, Norwegian Continental Shelf, Rigs