Oil and Gas Corporate News
Range Resources (LON:RRL) Limited (UNDER REVIEW) (RRL, 10p, ?21.57 %) announced yesterday that its Puntland Joint Venture partner and operator, Africa Oil Corp ("Africa Oil"), through its newly created company Horn Petroleum Corp. ("Horn Petroleum") is currently in final preparations to commence the historic and highly prospective two well drilling campaign in the Dharoor Valley Block in Puntland, with the first well scheduled to spud early in the fourth quarter of 2011. The drilling locations have been selected over two robust prospects and each well is targeting gross best estimate prospective resources of 300 million barrels and 375 million barrels recoverable for the two prospects (with net attributable prospective resources to Range of 60 million barrels and 75 million barrels respectively). Contracts for the drilling rig and third party services are in advanced stages of negotiation and are expected to be executed in early August. Specific milestone target dates have been adjusted by the Puntland Government allowing the Company and partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved.
Resaca Exploitation (LON:RSOX) Inc. (RSOX, 1.52p, ? 0.0%) announced that it has entered into an agreement to purchase Permian Basin oil and gas properties for $4.4 million in cash and 841,308 shares of newly issued Resaca common shares ("Consideration Shares") for total consideration of approximately $5.7 million based on the closing price of the Company's shares on 4 August 2011. The properties comprise the Langlie Jal Unit ("LJU") in Lea County, New Mexico, near city of Jal and the Company's largest property - the Cooper Jal Unit. The properties included in this acquisition cover 3,748 gross acres and contain 112 wells (34 producing wells, 45 water injection wells and 33 inactive wells), all of which will be operated by Resaca. Resaca will acquire a 73% working interest and a 57% net revenue interest in the LJU. The properties are being acquired from Wind River Petroleum, LP, a private company owned by Richard Counts. Resaca estimates net daily production from LJU of 51 barrels of oil and 42 Mcf of natural gas (58 barrel of oil equivalents or "boe"), as well as proved reserves of approximately 1.3 MMboe. The purchase price equates to $4.31…
