--(www.USEquityNews.com)-- 03/20/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. . Nabors Industries Ltd. (NYSE: NBR) announced recently that the United States District Court for the Southern District of Texas has granted preliminary approval of the previously disclosed settlement of Karstedt v. Isenberg, et al., Civil Action No. 4:07-cv-00509 (S.D. Tex.), a consolidated shareholder derivative action that alleges various claims for relief in connection with the Company's granting of certain historical stock options. The proposed settlement is subject to final Court approval. The Court has set a final approval hearing for May 14, 2008 at 10:00 a.m. in the courtroom of the Hon. David Hittner, United States District Judge.
Approach Resources Inc. (NASDAQ: AREX) recently reported its fourth quarter and year end 2007 financial and operating results. The company's estimated total proved reserves of natural gas and oil as of December 31, 2007 were 180.4 Bcfe. The 2007 reserves are composed of 89% natural gas and 11% oil, condensate and natural gas liquids.
Hiland Partners LP (NASDAQ: HLND) said recently Chief Financial officer, Ken Maples, is resigning.He will remain an employee at the natural gas company through April 4.Hiland said Maples' resignation is "voluntary and not related to any disputes with management or issues regarding the integrity of Hiland's financial statements." Matthew Harrison, vice president of business development, will serve as interim CFO for the companies beginning April 4. The companies are looking for a permanent replacement.
MegaWest Energy Corp., an independent oil and gas company (OTCBB: MGWSF), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, announced recently that it has completed its continuance into Alberta from British Columbia. The Company had sought and obtained shareholder approval at its annual and general meeting of shareholders on October 29, 2007 to move the Company to Alberta. MegaWest owns or has the right to earn an interest in over 115,000 acres in Kansas, Missouri, Kentucky, Texas and Montana.
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