Oilfield Daily News

When oil crossed $120 a barrel for the first time in May 2008, oil cornucopians knew they were in trouble. Prices had quadrupled in just five years, yet had failed to bring new production online. Regular crude had flatlined around 74 million barrels per day (mbpd). The case for peak oil was looking stronger with every new uptick in crude futures.

Full article at: http://oilprice.com/article-there-will-be-no-economic-recovery-as-the-era-of-cheap-oil-comes-to-an-end.html

Signature’s exploration team believes the multiple Frio sands identified at its South Texas asset could contain significant gas and condensate reserves and proposes to drill one to two wells to test the Frio zones.

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the McMillan WMRU A-415 #1 well commenced drilling on the March 6, 2010 and is currently drilling ahead.

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Statoil has increased its working interest in the Union-operated St. Malo development to 21.5% by exercising its preferential rights on a proposed sale of Devon’s share in the development.

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The BP America A-740 #1 well has reached total depth on the Hercules Prospect in Texas.

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An oil test has successfully confirmed Bijeel-1 as a discovery well on the Akri Bijeel block in the Kurdistan region of Iraq.

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NYMEX crude oil futures maintained a bullish price tag above $81 a barrel Tuesday, despite a stronger dollar and forecasts for an additional build in crude stocks.

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Denbury Resources and Encore Acquisition Company jointly announced that they have received the requisite stockholder approval to merge Encore with and into Denbury.

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