--(www.USEquityNews.com)-- 07/17/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Oil services company Natco Group Inc. (NYSE: NTG) said Wednesday is has received a $24.9 million contract to provide membrane technology for an oil field off the Libyan coast. As part of the deal awarded in May, the company will supply a Cynara membrane system to capture carbon dioxide for re-injection into Bouri, Libya's largest offshore oil field. Shares fell 27 cents to $46.64 in after-hours trading after closing Wednesday at $37.25.
Royal Energy Resources, Inc. (OTCBB: ROYE) announced recently that the initial natural gas flow rate on its Washington County, Oklahoma well project exceeded 500,000 cubic feet of natural gas and 10 barrels of oil per day. This represents the second of a two-well project in Washington County, Oklahoma intended to increase the proven reserves and profitability of the company. Royal Energy owns a 25% working interest in both the well and second developmental wells. Jacob Roth, CEO of Royal Energy stated, "We are pleased with the initial results of both test wells and expect to participate in an additional 8 wells in the area over the next 6 months. We expect both wells that have been drilled to be online and producing revenue for the company by July 1, 2008."
Bonanza Oil and Gas, Inc. (OTCBB: BGOI), a Nevada Corporation and an independent oil and gas company, is pleased to provide an update on its Apclark project located in Borden County, TX. The Everett # 7 well, the second in a series of fourteen (14) horizontal and fifty three (53) vertical wells planned for the Apclark project, reached final horizontal TD, and is currently being rigged up for completion. The work-over rig was moved from the Jackson #1 well on July 3rd, and is preparing for the fracture stimulus in the Jo Mill Spraberry Zone on July 17th and 18th. "The Company is very pleased with the performance and promptness of the drilling and preparedness of the drilling contractor and all the other service contractors involved. We are also excited about getting these wells drilled and completed in a timely fashion to take advantage of the current oil and gas price," said Bill Wiseman, President and CEO.
Universal Energy Corp. (OTCBB: UVSE), an emerging U.S. oil and gas exploration and production company, announced recently an update on drilling operations at its Lone Oak prospect in Galveston Bay, Texas. As of this morning, drilling at Lone Oak has reached a measured depth of 11,975 feet. Drilling is scheduled to be complete later this week to the target measured depth of 12,615 feet. After drilling is complete, the well will be logged and analyzed. "We look forward to drilling being completed later this week," commented Billy Raley, Chief Executive Officer of Universal Energy Corp. Raley continued, "Drilling operations are going well and the data we are receiving is matching up to what we expected."
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