Defining heavy oil. The topic of heavy oil presented in September’s column (p. 21, World Oil, Sept. 2005) elicited follow-up comments that clarify the definition of these thick crudes. The history of the definitions begins when the US Department of Energy sponsored a Tar Sands Definitional Workshop in 1980 to guide regulatory treatment of these resources. Thirteen oil company representatives met to form a consensus that would define the resource, exclude conventional heavy oil, determine measurability and meet regulatory needs.

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The press release is quoted as saying:

Petrobank’s results include the financial and operating results of PetroBakken Energy Ltd. (”PetroBakken”) (TSX:PBN), 64% owned by Petrobank, and Petrominerales Ltd. (”Petrominerales”) (TSX:PMG), 66% owned by Petrobank. PetroBakken announced fourth quarter and 2009 year end financial and operating results on March 4, 2010. PetroBakken’s fourth quarter results include the results of TriStar Oil and Gas Ltd. (”TriStar”) that was acquired on October 1, 2009.

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Click here to access Petrobank Energy Corporate Site

The press release is quoted as saying:

The well discovered light sweet crude oil (34 degree API) in the Pre-Cuyano formation, confirming the discovery made by the El Calden X-1 well. The well EC XS-4 has tested 220 bopd by natural flow on a 10 mm choke and will be put into production during the next couple of weeks for a long term production test. The well also tested the Centenario shallow formations and discovered some oil and gas with water but this particular formation is not considered of commercial interest in this well. However the presence of hydrocarbons in the shallow Centenario formation is very encouraging for future exploration activities in the area.

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Click here to access Americas Petrogas Inc. Corporate Site

A few months back, we started moving heavily into natural gas companies as the commodity began rebounding from its panic levels in the $3 range. In December, we began taking positions in refiners as the crack spread has continued to widen. Oil and its refined products (gasoline, jet fuel, etc) can only diverge so far for so long before something gives – either oil falls or the refined products rise, both of which improve the future profits of the refiners.

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The press release is quoted as saying:

Xtreme Oil & Gas, Inc. is a rapidly growing Dallas-based independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas with operations producing commercial quantities of oil and gas from properties it owns and operates in Texas and Oklahoma.

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Click here to access Xtreme Oil & Gas, Inc. Corporate Site

The press release is quoted as saying:

WestFire also announces that Mr. Paul Colborne has resigned from the board of directors of the Company in order to focus on his other business ventures. Mr. Colborne has been a director since the first quarter of 2008 and his dedication, services and vision have been considerable and material to the success of Company to date. On behalf of the board of directors, management team, staff and shareholders of WestFire, we sincerely thank Mr. Colborne for his significant contributions and wish him continued success in the future.

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Click here to access WestFire Energy Ltd. Corporate Site

The press release is quoted as saying:

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Somalia and Ethiopia. Africa Oil’s East African holdings are in what is considered a truly world-class exploration play fairway.

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Click here to access Africa Oil Corp Corporate Site

The press release is quoted as saying:

Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 295km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 300,000 hectares in the Quėbec Lowlands; a 15% participating interest in two off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 4 Colombian blocks in the Llanos basin.

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Click here to access Brownstone Ventures Corporate Site

The press release is quoted as saying:

Bridas Corp had proven reserves of 636 million barrels of oil equivalent (BOE) and an average daily production of 92,000 boe at the end of 2009, CNOOC said in its statement. The new joint venture company will have exploration and production activities in Argentina, Bolivia and Chile. The partners expect to complete the deal in the first half of this year.

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Click here to access Bridas Corporation Corporate Site

The press release is quoted as saying:

If Morgan Stanley’s forecast is correct, Green Oasis Environmental Inc. would experience a significant increase in per barrel and overall revenue. Green Oasis is currently providing a Year End 2010 revenue forecast of $8.5 million based on $60 per barrel of oil.

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