--(www.USEquityNews.com)-- 09/08/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. FX Energy, Inc. (NASDAQ: FXEN) recently reported that the Kromolice-1 well has been completed as a commercial discovery. The well underwent extensive production testing prior to completion. Test and reservoir data are currently being analyzed by the production division of the Polish Oil and Gas Company (POGC) to determine the daily allowable production rate. POGC owns 51% and operates the well; FX Energy owns 49%. The Kromolice-1 well tested gas in the Rotliegend sandstone, the same productive horizon found in the Company's two 2007 discoveries: Roszkow-1 and Winna Gora-1. Kromolice-1 is located some 5 kilometers northeast and on the same fault trend as the Company's 2005 Sroda-4 discovery well. This is the third consecutive Rotliegend discovery for FX and POGC on the Fences concession during the last two years.
Hercules Offshore, Inc. (NASDAQ: HERO) reported recently that all of its drilling rigs, liftboats and marine vessels located in the U.S. Gulf of Mexico have been accounted for and appear to have sustained no damage as a result of Hurricane Gustav. The Company conducted an aerial inspection of the rigs, liftboats and vessels on September 2, 2008. In addition, all of the evacuated drilling rigs located in the U.S. Gulf of Mexico and inland waterways have been boarded and surveyed by offshore personnel. As of recently, all of the Company's contracted drilling rigs have resumed operations, except for three drilling rigs on stand-by and one drilling rig that was recently re-evacuated as the Company takes precautions as it monitors Hurricane Ike.
NATCO Group Inc. (NYSE: NTG) announced recently that, effective August 31, 2008, its subsidiary acquired Connor Sales Company, Inc., a provider of oil field equipment and services to customers in the Williston Basin and Bakken Oil Shale of North Dakota, for approximately $37 million in cash consideration, subject to certain adjustments. Chairman and Chief Executive Officer of NATCO, John U. Clarke, said, "Connor and its founders have been good customers of NATCO for many years. The acquisition provides NATCO with an opportunity to expand our presence in the growing Bakken oil shale play. Connor complements our current sales and services operations in Williston, N. D. and will give us the added capabilities to manufacture, package and service equipment locally."
Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."
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