The press release is quoted as saying:

Blackstone (BX.N) and Warburg [WP.UL], the U.S. private equity owners of Kosmos, are considering taking the company public after opposition from Ghana National Petroleum Corp led to the collapse of a deal to sell its stakes in Ghana’s Jubilee oilfield to ExxonMobil (XOM.N).

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The press release is quoted as saying:

The AKD03 (Dione) exploration well is currently at a depth of 2,823 metres (in what is interpreted to be the middle Jurassic sequence) and casing has been run. Hydrocarbons have been indicated from drilling and log data in three zones and a testing programme is planned for the near future. Once this testing programme has been carried out the well will be drilled deeper into the Triassic sequence. The G6RE (Dodone) well has now been drilled to a depth of 2,835 metres in order to test a deeper potential oil bearing zone identified from the wireline logs in the original G6 hole. The hole is currently being prepared to run casing but differential sticking in the bottom section probably caused by higher formation pressures and permeable zones has slowed down the process. Once casing has been run, preparations for testing can commence. On the AKD02 (Doris NW) well further testing of the Jurassic carbonate interval awaits commencement of the testing programme on the G6RE well, with both wells being tested as part of
an integrated program to maximise efficiency.

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Click here to access Tethys Petroleum Limited Corporate Site

The press release is quoted as saying:

Under the terms of the Tullow farmout agreement, Tullow will acquire a 50% interest in, and operatorship of, Blocks 10BB and 10A in Kenya and of the South Omo Block in Ethiopia. In consideration for the assignment of these interests, Tullow will pay to Africa Oil approximately US$10MM, representing 50% of Africa Oil’s past costs in the blocks, subject to a post-closing audit. Tullow will also fund Africa Oil’s working interest share of future joint venture expenditures in these blocks until the cap of US$23.75MM is reached. This cap is expected to cover the upcoming seismic program in each of the three blocks as well as the majority of costs for at least 2 wells on these areas. Once the expenditure cap has been met, Africa Oil will be responsible for its working interest share of future costs.

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Click here to access Africa Oil Corp. Corporate Site

By Dave Brown – Exclusive to Oil Investing News

An oil and gas production rig known as Vermilion Oil Platform 380 owned by Mariner Energy Inc. (NYSE:ME) off the coast of Louisiana was on fire Thursday.  All 13 members of the crew have been evacuated and safely accounted for with no injuries having been reported. Mariner has notified and is working with regulatory authorities in response to this incident. The cause is not known, and an investigation will be undertaken. The facility was located more than 90 miles south of Louisiana’s Vermilion Bay.

The company disclosed production details from the last week of August 2010.  The facility averaged approximately 9.2 million cubic feet of natural gas per day and 1,400 barrels of oil and condensate.  It has been a difficult year for deep water drilling in the region with many of the impacts of the biggest oil spill in US history still unknown. The initial reports of the fire indicated no leaking oil into the Gulf; however, the US Coast Guard later reported that oil sheen of approximately 2 kilometers by 30 meters had been located around the site.  According to a government report yesterday, more than 26,500 people are currently working to clean up the earlier spill from April, which still tars about 126 miles of shoreline.

Shares of Mariner Energy fell 5 percent to $22.30 after reports of the explosion in the Gulf of Mexico. Shares of Apache Corp (NYSE:APA), which is expected to buy Mariner Energy, also fell 1.8 percent to $90.94.

Prices

US crude oil futures traded lower on Thursday, weighed by concerns about a slowing economic recovery and high oil inventories in a cautious market.  This retreat followed a 2.77 percent price increase on Wednesday, fueled by encouraging manufacturing data from China and the United States.

The Energy Information Administration (EIA), reports that heading into the Labor Day holiday weekend, retail gasoline prices in the United States have fallen for three weeks in a row, and are currently averaging $2.68 per gallon, the lowest level of the 2010 peak summer driving season, and the second lowest price at this point in the past five summers.  Most of the movement in gasoline prices this summer can be attributed to crude oil prices, which have traded within a $10 per barrel range over the period and currently stand about $74 per barrel, the mid to lower end of that range.

Global crude oil markets have been generally uneventful throughout 2010, with ample supply and a slow demand recovery in the United States and Europe (relative to more robust activity in China and other Asian countries) dampening price pressures. Exceptionally high stock levels in the United States have contributed to relatively calm market conditions this summer. U.S. commercial crude oil inventories stand at their highest level for August in nearly 20 years, and total U.S. petroleum commercial stocks (including crude oil and products) are the highest since January 1983.

Short Term Outlook

As we move into September, oil investors will be mindful of the potential for severe weather, particularly on the Gulf Coast which injects a measure of unpredictability on oil and gas prices.  Hurricane Earl has strengthened, bearing down on North Carolina with winds approaching 230 kilometers per hour, prompting school closures, coastal evacuations and emergency declarations.  Although it is not known where Hurricane Earl will ultimately make landfall, hurricanes often have a serious impact on energy supplies and markets. Storms of this nature have the potential to affect offshore oil and gas production, petroleum refineries, and other energy infrastructure.  Investors will also be interested in next Wednesday’s monthly energy report issued by the EIA.

The press release is quoted as saying:

The maintenance required to address localized pipe wall thinning limited to the amine unit, which required a plant wide shut down, was completed in mid August. While the plant was in shut down the Company was able to move forward and complete planned maintenance originally scheduled for late August and September which included furnace pigging cycles and screen changes in the Ore Preparation Plant (“OPP”).

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Click here to access Canadian Natural Resources Limited Corporate Site

The press release is quoted as saying:

The asset acquisition will provide Husky with more than 65 million cubic feet per day (mmcf/d) of natural gas production or 10.8 thousand barrels of oil equivalent per day (mmboe). In addition, the acquisition will contribute 37 mmboe of proven reserves and 11.7 mmboe probable reserves. Husky’s reserves estimates are as of June 1, 2010. The agreement is subject to final closing and regulatory approvals, expected in fall of 2010.

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Click here to access Husky Energy Corporate Site

Natural gas and petroleum activities play a vital role in BC, generating significant wealth and employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, funding vital social programs and infrastructure development throughout the province.

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The press release is quoted as saying:

Terra is a junior oil and gas company engaged in the exploration for, and the development and production of, natural gas and oil in Western Canada. Terra’s Common Shares trade on the Toronto Stock Exchange under the symbol “TT”.

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The press release is quoted as saying:

The completion of the previously announced and successfully drilled 7-TTG-1DP-SES development well continues to be delayed due to the requirements to reissue production permits. All paperwork has been submitted and the local authorities have recently advised that new production permits should be issued in the next 30 days.

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The private placement consisted of five million and ten thousand units at a price of 20 cents per unit, for proceeds of $1,002,000.

For complete news release, click here.

For Hemisphere Energy’s company website, click here.