Total began searching for a new joint venture partner to take a share of a shale gas exploration permit in France. The zone covered by the French permit obtained in March 2010, could contain up to 2,380 billion cubic meters of gas, this amount estimated by multiplying the average gas level in the area by the surface area.
Bloomberg reports that Crude futures pared gains in New York while Brent crude extended its decline in London.
Bloomberg reports that Oil rose, extending a Jan. 28 gain that was the biggest in 16 months.
Manitok Energy Inc. (CVE: MEI) is an oil and gas exploration and development company focused on conventional reservoirs in the Canadian foothills and heavy oil in east central Alberta. The company has assembled a portfolio of properties, with varied play-types, in Alberta, Canada. All of these projects are at the drill-ready stage, with recent drilling operations completed on the Swimming property last fall and another drill underway on their Stolberg lands. In mid 2010, Manitok merged with Desco Resources Inc. and raised almost $10 million in order to go public. At the end of December 2010, Manitok completed an $18.1 million equity financing of both common and flow through shares. Manitok is expecting a capital program of about $21 million in 2011.
Scotiabank’s Commodity Price Index ended 2010 on a very strong note, jumping 5.5 per cent month over month (m/m) in December.
Caza Oil & Gas, Inc. (TSE:CAZ) announces that development drilling has commenced on the Windham prospect in Upton County, Texas.
Bloomberg reports that Crude oil surged the most in 16 months as unrest in Egypt raised concern that protests would spread to major petroleum producers in the Middle East.
Hemisphere Energy Corporation (CVE:HME) reports that it has entered into an agreement to acquire a producing property in the Wainwright area of southeastern Alberta.
Bloomberg reports that Oil failed to extend yesterday’s gains as rising crude stockpiles in the U.S. countered signs of an improving economic outlook in the world’s biggest consumer.
Reuters reports that U.S. Gulf Coast oil refineries face a profit crunch this summer as Mexico is poised to reduce exports of the region’s benchmark heavy crude.
