Endeavour Schedules 2010 Second Quarter Earnings Conference Call and Web Cast

July 30, 2010 By Leave a Comment

HOUSTON, July 29 /PRNewswire-FirstCall/ — Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) will host a conference call and web cast to discuss its 2010 second quarter financial and operating results on Thursday, August 5, 2010 at 9 a.m. Central Daylight Time, 3 p.m. British Summer Time.

To participate and ask questions during the conference call, dial the local country telephone number and the confirmation code 9904628. The toll-free numbers are 888-663-2241 in the United States and 0-808-101-1402 in the United Kingdom. Other international callers should dial 913-312-0416 (tolls apply).

To listen only to the live audio web cast access Endeavour’s home page at http://www.endeavourcorp.com. A replay will be available beginning at 12:00 p.m. Central Daylight Time on August 5 through 12:00 p.m. on August 12 by dialing toll free 888-203-1112 (U.S.) or 719-457-0820 (international), confirmation code 9904628.

Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States. For more information, visit http://www.endeavourcorp.com.

SOURCE Endeavour International Corporation

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Thailand to sign Myanmar natural gas purchase deal

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Thailand will sign on Friday an agreement to buy natural gas from the Zawtika field at the offshore Block M9 in the Gulf of Martaban in Myanmar from late 2013, Energy Minister Wannarat Charnnukul said.

State-controlled PTT PCL (PTT.BK), as a buyer, will sign the gas deal with sellers, which include state-owned Myanmar Oil and Gas Enterprise and PTTEP International, a unit of PTT Exploration and Production (PTTEP) (PTTE.BK), he told a news conference.

PTTEP’s subsidiary owns 100 percent of Block M9, located about 300 km (185 miles) south of Yangon.

PTTEP is expected to supply an initial 300 million cubic feet per day (mmcfd) from M9, of which 240 mmcfd would be delivered to Thailand and the rest to Myanmar. It is expected to have petroleum reserves of 1.4 trillion cubic feet per day.

Myanmar natural gas accounts for about 30 percent of Thailand’s consumption, mostly in power generation.

About 965 mmcfd of gas from the nearby Yetagun and Yadana fields is exported to Thailand.

The output from the Zawtika field will raise Thailand’s natural gas import from Myanmar to 1.2 billion cubic feet per day, sufficient to meet rising power demand in Thailand, Wannarat said. (Reporting by Khettiya Jittapong; Editing by Jason Szep)

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BP in talks over sale of oil projects to TNK: BP

July 30, 2010 By Leave a Comment

(Reuters) – BP is in talks with its Russian venture TNK-BP over the sale of a $1 billion package of oil projects in Venezuela, the Times newspaper said on Thursday.

The newspaper said, without citing sources, that the talks revolve around BP’s minority stakes in two exploration and production joint ventures in Venezuela with Petroleos de Venezuela, the country’s state-owned oil producer.

A BP spokesman dismissed the report as “rumors and speculation.”

Morgan Stanley and Royal Bank of Scotland are thought to be involved in the discussions with TNK-BP, the Times said, adding that no announcement is expected imminently and rival bidders could emerge for the assets.

BP’s outgoing chief Tony Hayward told the Times on Tuesday that TNK-BP “may well be looking” to acquire some of BP’s assets as part of a disposal program, but did not give details.

(Reporting by Karolina Tagaris; editing by Dhara Ranasinghe)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Factbox: BP’s next steps on killing Gulf leak

July 28, 2010 By Leave a Comment

(Reuters) – BP Plc was working to ready the first of two relief wells to bore into its blown-out Gulf of Mexico well about 13,000 feet under the seabed and permanently plug and seal the leak.

Along the way, the company aims to begin the kill process with a “static kill,” which involves pumping heavy drilling mud and cement in the well from the top.

The well remains capped, having shut in all oil flow since July 15.

Here is an explanation of BP’s next steps, according to retired Coast Guard Admiral Thad Allen, the top official overseeing the spill response, and Kent Wells, BP’s senior vice president of exploration and production:

THE RELIEF WELLS

* On July 25 a rig that had been drilling the first of two relief wells was reconnecting its riser and drillpipe after shutting down operations to move out of the path of bad weather.

* Once reconnected, a plug that had been placed in the well to keep it stable will be removed, and the well will be cleaned.

* BP will then insert and cement in place the last piece of pipe, called casing, at the bottom of the relief well prior to boring into the Macondo well.

* After the casing is in place but before drilling resumes, BP aims to begin a static kill.

* The relief well has drilled 12,864 feet beneath the seabed and remains on target to intercept and kill the leak in August. The weather-related shutdown has likely pushed the finish date to the second half of August from the middle of the month.

* The finish date depends on how well the static kill works, how deep the relief well must bore into the stricken well, and how many times BP must pump in heavy drilling fluid and cement.

* The second relief well, a backup to the first, bored 10,961 feet beneath the seabed by July 12, when drilling was suspended to avoid disturbing the first relief well’s use of sensors to find its right intercept target.

THE STATIC KILL:

* The static kill resembles BP’s failed “top kill” in May, except that the well is capped and sealed.

* The top kill failed because heavy mud shot out the top of the leak along with crude and couldn’t smother the leak.

* As with the top kill, heavy mud will be pumped into the well from surface vessels through pipes and hoses connected to a failed blowout preventer at the seabed.

* Because oil no longer has an escape route, the mud is expected to push it back down to the reservoir.

* Cement can then be pumped into the well to plug and kill the leak at the bottom.

* The first relief well will then drill into the space between the well’s pipe and the strata, called the annulus. If oil is flowing there, more mud and cement will be pumped in through the relief well.

* Once that cement dries, the relief well will bore into the well pipe to ensure that the static kill plugged it. If not, more mud and cement will be pumped in at the bottom to finish the job.

* The static kill could accelerate the entire kill process if it works as intended.

WELL PRESSURE

* BP has monitored pressure in the well since it was sealed shut on July 15 for signs of leaks or problems.

* Pressure has slowly risen from 6,700 pounds per square inch on July 16 to 6,904 psi on July 25.

* Rising pressure indicates the pipe and cement in the well remain intact after the April 20 blowout. Lower or falling pressure would be a sign the well is damaged, allowing oil to leak out the sides and possibly breach the seafloor.

* Pressure above 7,500 psi would show the well is intact, while pressure that falls or fails to rise above 6,000 psi would indicate a problem. The slowly rising pressure could be a sign that the reservoir is largely depleted from the leak.

BACKUP OIL-CAPTURE VESSELS

* BP still aims to assemble a surface oil-capture system of four vessels that can siphon up to 80,000 barrels a day from the wellhead.

* That system will include a rig, the Helix Producer; a well-testing ship, the Toisa Pisces; and two Transocean Ltd. drillships, the Discoverer Enterprise and the Discoverer Clear Leader.

* Each would be connected to wellhead equipment via hoses and pipes that allow for a quick disconnect if a hurricane approaches.

* The system remains on tap as a backup if any problems arise with the static kill and the first relief well.

(Reporting by Kristen Hays in Houston; Editing by Paul Simao)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

American Natural Energy Corporation Announces Intention to Complete a Reverse Stock Split

July 24, 2010 By Leave a Comment

TULSA, Okla., July 23 /PRNewswire-FirstCall/ — American Natural Energy Corporation (“ANEC”) (TSX Venture: ANR.U) announced that its Board of Directors has authorized its management to proceed to obtain the required stockholder and other approvals and to prepare and file the necessary corporate and other documents to effect a one-for-ten reverse split of its outstanding shares of common stock. If completed as proposed, ANEC’s outstanding shares of common stock will be reduced to approximately 13,430,600 from 134,306,080 shares.

Completion of the reverse split is subject to obtaining all required stockholder, TSX Venture Exchange and other required approvals. This press release is issued in compliance with the requirements of the TSX Venture Exchange and is not a solicitation of stockholders or their votes on the proposed reverse split which would be effected by an amendment to ANEC’s Certificate of Incorporation. In compliance with the regulations of the U.S. Securities and Exchange Commission, stockholders will be provided with further information regarding the proposed reverse split before the action is effected. The principal reason for effecting the reverse spit is management’s belief that the public market for ANEC’s common stock will be improved, however, there can be no assurance that this will occur. There will be no change in ANEC’s corporate name in connection with the reverse split.

ANEC is a Tulsa, Oklahoma based independent exploration and production company with operations in St. Charles Parish, Louisiana. For further information please contact Michael Paulk, CEO at 918-481-1440 or Steven P. Ensz, CFO at 281-367-5588.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This Press Release may contain statements which constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs and current expectations of ANEC, its directors, or its officers with respect to the future business, well drilling and operating activities and performance of ANEC. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The actual results and outcome of events may differ materially from those in the forward-looking statements as a result of various factors. The levels of and fluctuations in the prices for natural gas and oil and the demand for those commodities, the outcome of ANEC’s development and exploration activities, including the success of its current and proposed well drilling activities and the availability of capital to pursue those activities could affect ANEC and its future prospects. Important additional factors that could cause such differences are described in ANEC’s periodic reports and other filings made with the Securities and Exchange Commission and may be viewed at the Commission’s Website at http://www.sec.gov.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

CORRECTED – WRAPUP 1-BP runs crucial test on Gulf oil leak

July 16, 2010 By Leave a Comment

HOUSTON, July 15 (Reuters) – BP Plc (BP.L) (BP.N) was running a crucial test on Thursday on its ruptured Gulf of Mexico oil well that could stanch the flow of crude that has polluted the ocean and shoreline since April.

BP began the process on Wednesday night, which could stretch up to 48 hours. The British energy giant began the tests after getting the green light from top U.S. government officials who had delayed the plan by 24 hours on concerns the process could irreparably damage the well.

If tests, which will be assessed every six hours, show that closing the cap might cause further damage to the well, the capping device could instead be used as part of a complex system to capture the oil and siphon it to ships on the surface.

Kent Wells, BP’s senior vice president of exploration and production, said undersea robots working a mile (1.6 km) below the surface had started shutting a series of three valves designed to ultimately stop the oil flow completely.

Critically, BP has closed the main valve in the middle of the cap, “and we no longer have flow out the top,” Wells said.

BP said late on Wednesday it had isolated a leak it detected in a line connected to one of the valves and was repairing it before proceeding with the test.

The developments will be watched by investors on Thursday as BP’s ultimate costs may hinge on how much oil is judged to have flown freely into the Gulf. The disaster is the largest offshore oil spill in U.S. history.

On Wednesday, shares in BP ended 2.3 percent down in London in slow trading and were off about 1.9 percent in New York, with some analysts saying investors were likely cashing in profits ahead of further news on the new cap.

After losing over half of its market value at one point in the wake of the April 20 rig explosion that killed 11 workers and unleashed a flow of crude, its share price had been staging a rally, spurred by talk that company executives were seeking investors and optimism of a turning point in the spill. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For full spill coverage link.reuters.com/hed87k Breakingviews [ID:nN14132617] Insider TV link.reuters.com/qyk76m Graphics link.reuters.com/dyp37m Graphic on BP shares r.reuters.com/dez27m ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

The decision to go ahead with the tests was taken after a day of intense deliberation that reached the level of President Barack Obama and his Cabinet, reflecting the stakes involved.

Retired Coast Guard Admiral Thad Allen, who is overseeing the U.S. response to the spill, has said if tests show the well can withstand certain pressures, odds are good it could be “shut in” indefinitely.

The disaster has soiled hundreds of miles (km) of shoreline, shut down about a third of Gulf fisheries, put BP on the hook for billions of dollars in cleanup costs and legal liabilities and prompted Obama to temporarily halt deepwater drilling.

ANGER OVER SPILL

Anger among Americans over the failure to halt the spill added to Obama’s political problems, distracting him from his legislative agenda and denting his popularity as his Democratic Party faces tough congressional elections in November.

In Buras, Louisiana, crabber Larry Tew said he was hopeful about the cap tests. “I think it’s going to work. … I mean, they don’t have any other choice,” he said.

At least some of the oil from the well has been siphoned off to ships in the past few weeks, but that operation was halted while the tests are undertaken. BP has said by the end of July four vessels can be hooked up and collect up to 80,000 barrels (3.34 million gallons/12.7 million liters) per day.

That should be more than enough to capture the whole well output, as estimates put the spill rate between 35,000 barrels and 60,000 barrels a day.

The only proven way to kill the leak lies in the drilling of relief wells to intercept the ruptured one. The first of two such wells started in May is expected to intercept it by the end of July and plug by mid-August. (Additional reporting by Alexandria Sage in Buras, Louisiana, Chris Baltimore in Houston and Matthew Lynley in New York; Writing by Ed Stoddard; Editing by Todd Eastham)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

BP runs crucial test on Gulf oil leak

July 16, 2010 By Leave a Comment

HOUSTON, July 15 (Reuters) – BP Plc (BP.L) (BP.N) was running a crucial test on Thursday on its ruptured Gulf of Mexico oil well that could stanch the flow of crude that has polluted the ocean and shoreline since April.

BP began the process on Wednesday night, which could stretch up to 48 hours. The British energy giant began the tests after getting the green light from top U.S. government officials who had delayed the plan by 24 hours on concerns the process could irreparably damage the well.

If tests, which will be assessed every six hours, show that closing the cap might cause further damage to the well, the capping device could instead be used as part of a complex system to capture the oil and siphon it to ships on the surface.

Kent Wells, BP’s senior vice president of exploration and production, said undersea robots working a mile (1.6 km) below the surface had started shutting a series of three valves designed to ultimately stop the oil flow completely.

Critically, BP has closed the main valve in the middle of the cap, “and we no longer have flow out the top,” Wells said.

BP said late on Wednesday it had isolated a leak it detected in a line connected to one of the valves and was repairing it before proceeding with the test.

The developments will be watched by investors on Thursday as BP’s ultimate costs may hinge on how much oil is judged to have flown freely into the Gulf. The disaster is the largest offshore oil spill in U.S. history.

On Wednesday, shares in BP ended 2.3 percent down in London in slow trading and were off about 1.9 percent in New York, with some analysts saying investors were likely cashing in profits ahead of further news on the new cap.

After losing over half of its market value at one point in the wake of the April 20 rig explosion that killed 11 workers and unleashed a flow of crude, its share price had been staging a rally, spurred by talk that company executives were seeking investors and optimism of a turning point in the spill. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For full spill coverage link.reuters.com/hed87k Breakingviews [ID:nN14132617] Insider TV link.reuters.com/qyk76m Graphics link.reuters.com/dyp37m Graphic on BP shares r.reuters.com/dez27m ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

The decision to go ahead with the tests was taken after a day of intense deliberation that reached the level of President Barack Obama and his Cabinet, reflecting the stakes involved.

Retired Coast Guard Admiral Thad Allen, who is overseeing the U.S. response to the spill, has said if tests show the well can withstand certain pressures, odds are good it could be “shut in” indefinitely.

The disaster has soiled hundreds of miles (km) of shoreline, shut down about a third of Gulf fisheries, put BP on the hook for billions of dollars in cleanup costs and legal liabilities and prompted Obama to temporarily halt deepwater drilling.

ANGER OVER SPILL

Anger among Americans over the failure to halt the spill added to Obama’s political problems, distracting him from his legislative agenda and denting his popularity as his Democratic Party faces tough congressional elections in November.

In Buras, Louisiana, crabber Larry Tew said he was hopeful about the cap tests. “I think it’s going to work. … I mean, they don’t have any other choice,” he said.

At least some of the oil from the well has been siphoned off to ships in the past few weeks, but that operation was halted while the tests are undertaken. BP has said by the end of July four vessels can be hooked up and collect up to 80,000 barrels (3.34 million gallons/12.7 million liters) per day.

That should be more than enough to capture the whole well output, as estimates put the spill rate between 35,000 barrels and 60,000 barrels a day.

The only proven way to kill the leak lies in the drilling of relief wells to intercept the ruptured one. The first of two such wells started in May is expected to intercept it by the end of July and plug by mid-August. (Additional reporting by Alexandria Sage in Buras, Louisiana, Chris Baltimore in Houston and Matthew Lynley in New York; Writing by Ed Stoddard; Editing by Todd Eastham)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Interoil Exploration & Production ASA: Production update June 2010

July 13, 2010 By Leave a Comment

The average production in June 2010, compared to the average production in May 2010,
was:

Production* June 2010 May 2010
Peru 3’197 3’392
Colombia 1’861 2’100
Total 5’058 5’492

*The production is average daily production (bopd) and is working interest before
royalty

The production in Colombia in May includes test production from Altair-1. Juni
production does not include any production from Altair.

Oil has been sold at average sales price of USD 73.47 in Peru and USD 68.89 in Colombia
per barrel during May.

For more information please contact:

Fredrik von Zernichow

Investor Relation Manager

Tel: +47 6751 8661

Mob: +47 9927 3843

Fax: +47 6751 8660

E-mail: f.zernichow@interoil.no mailto:f.zernichow@interoil.no

www.interoil.no

***************************

InterOil Exploration & Production ASA is a Norwegian based exploration and production
company – listed on the Oslo Stock Exchange – with focus on Latin-America. The company
is operator of several production and exploration assets in Peru and Colombia, and is an
active license partner in Angola and Ghana. InterOil currently employs approximately 250
people and is headquartered in Oslo.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

BP preparing to switch seabed oil-capture caps

July 11, 2010 By Leave a Comment

HOUSTON, July 10 (Reuters) – BP Plc (BP.L) (BP.N) prepared on Saturday to remove a containment cap atop its gushing Gulf of Mexico oil leak and replace it with a bigger cap and seal that could fully contain the crude, the company said.

BP said in a statement that the process would take four to seven days. In the time between the current cap’s removal and before the new cap is bolted on, crude will gush unchecked from the leak, BP said.

But once the new cap is installed, it could ensure no more crude leaks from the seabed. Oil captured by the cap would be funneled to vessels on the surface.

At the same time, the company was hooking up and testing a third vessel in hopes that it could begin siphoning crude late on Sunday.

The two procedures are part of BP’s overall effort to set up an upgraded oil-capture system with four vessels that can handle up to 80,000 barrels a day and disconnect and move quickly if a hurricane approaches.

Kent Wells, BP’s senior vice president of exploration and production, was slated to explain the complicated processes later on Saturday.

The cap switch is a critical step in increasing BP’s oil-collection capability with a hurricane-ready system until a relief well intercepts the blown-out Macondo well and kills the leak by early to mid-August.

Retired Coast Guard Admiral Thad Allen, the top U.S. official overseeing the oil spill response, approved the cap switch late on Friday.

The current cap is on the jagged remnant of a pipe atop failed blowout preventer equipment. It has a seal that doesn’t capture all the crude, and a live video feet of the seabed shows oil billowing out from under it and from open vents on top.

That remnant will be removed along with the current cap, so the new cap and seal will be bolted on a larger surface with no jagged edges. That is expected to ensure all or most leaking crude is captured, Allen has said.

BP’s current oil containment system involves two vessels, Transocean Ltd’s (RIG.N) RIGN.S Discoverer Enterprise drillship, and Helix Energy Solutions’ (HLX.N) Q4000 rig.

The Enterprise is connected to the current containment cap by a fixed pipe, and needs at least five days’ lead time to disconnect and get out of a hurricane’s path. Its collected oil is processed and shipped to shore by a tanker.

The Q4000 is connected to a failed blowout preventer at the seabed via a hose and pipe. It cannot process oil, so the rig burns off collected crude.

The combined system can handle up to 28,000 barrels a day of oil. On Friday, the system collected or burned off 24,790 barrels.

BP originally intended to add the third vessel, a rig called the Helix Producer, by June 30 but rough seas caused by Hurricane Alex delayed its hookup. The Producer can handle up to 25,000 barrels a day, and was hooked up to the blowout preventer by a second hose and pipe.

An eight-day window of good weather prompted BP to hook up the Producer this week and begin the cap switch, the company said.

Once the new cap is installed, BP will be able to move toward the 80,000 barrel-per-day collection system later in July. The Producer will stay in place, but another vessel will replace the Q4000. A pair of drillships will be hooked up to the new cap by drillpipes, according to BP’s plan. (Reporting by Kristen Hays, editing by Vicki Allen)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Cougar Oil and Gas Canada Inc. Production Update

July 7, 2010 By Leave a Comment

CALGARY, ALBERTA, Jul 06 (MARKET WIRE) —
Cougar Oil and Gas Canada Inc. (“Cougar Canada” or the
“Corporation”) (OTCBB: COUGF) is pleased to announce that as of
June 30, 2010, the Corporation’s gross production was approximately 305
barrels of oil per day which resulted in a net production rate of
approximately 215 barrels of oil per day. This increase was added through
optimizations of surface pumping equipment.

Mr. William Tighe, Chief Executive Officer for Cougar Canada, stated,
“We are pleased that Cougar Canada continues to show consistent
production growth and increasing cash flow and adding value to the
corporation and our shareholders. This growth continues along our planned
model of executing efficient work programs in our core Trout area.”

About Cougar Oil and Gas Canada Inc.:

Cougar Oil and Gas Canada Inc. (OTCBB: COUGF) is based in Calgary,
Alberta, Canada and a publicly traded oil and gas exploration and
production company. The focus is on the exploration and development of
Canadian based onshore oil and gas properties. The current projects are
Lucy in the Horn River Basin in northeast British Columbia and CREEnergy
Joint Venture and area projects located in north central Alberta.

Additional information is at

http://www.cougarenergyoilandgascanadainc.com.

Forward-looking Statements: This press release contains forward-looking
statements. The words or phrases “would be,” “will”
“intends to,” “will likely result,” “are
expected to,” “will continue,” “is anticipated,”
“estimate,” or similar expressions are intended to identify
“forward-looking statements”. The Company’s business is subject
to various other risks and uncertainties, which may be described in its
corporate filings (www.sec.gov). Statements made herein are as of the
date of this press release and should not be relied upon as of any
subsequent date. The Company cautions readers not to place reliance on
such statements. Cougar Oil and Gas Canada Inc. undertakes no obligation
to update or publicly revise forward looking statements or information
unless so required by applicable securities laws.

Contacts:
Cougar Oil and Gas Canada Inc.
Investor Relations: TC Capital
(403) 238-8813 (during market hours)
info@cougarenergyoilandgascanadainc.com
www.cougarenergyoilandgascanadainc.com
www.cougarenergyinc.com

Copyright 2010, Market Wire, All rights reserved.

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Providence Resources plc: Operational Update – Dunquin Site Survey Underway

July 7, 2010 By Leave a Comment

Providence Resources P.l.c., (‘Providence’) the London (AIM) and Dublin (ESM) listed oil
and gas exploration and production company, is pleased to confirm that site survey
operations are underway on the Dunquin acreage (FEL 3/04), Porcupine Basin, off the west
coast of Ireland. The work is being carried out by ExxonMobil on behalf of the Dunquin
co-venturers and is to assess the site for the drilling of an exploration well.

ExxonMobil is the licence Operator. Providence holds a non-operated 16% interest in FEL
3/04 with its partners ExxonMobil (40%), ENI (40%) and Sosina Exploration (4%).

Contacts:

Providence Resources P.l.c. Tel: +353 (0)1 219 4074
Tony O’Reilly/John O’Sullivan
Powerscourt Tel: +44 (0)207 250 1446
Rob Greening/Lisa Kavanagh
Murray Consultants Tel: +353 (0)1 498 0300
Pauline McAlester
Cenkos Securities Plc Tel: +44 (0)207 397 8900
Joe Nally/ Nick Wells
Davy Tel: + 353 (0)1 679 6363
Eugenée Mulhern/ Stephen Barry

Tel: + 353 (0)1 679 6363

Notes to Editors

About Providence
Providence Resources Plc is an independent oil and gas exploration company listed on the
AIM market in London and on Dublin’s ESM market. Providence’s active oil and gas
portfolio includes interests in Ireland (offshore), the United Kingdom (onshore and
offshore), the United States (offshore) and West Africa (offshore Nigeria). Providence’s
portfolio is balanced between production, appraisal and exploration assets, as well as
being diversified geographically. Comprehensive information on Providence and its oil
and gas portfolio, including all press releases, annual reports and interim reports are
available from Providence’s website at www.providenceresources.com
http://www.providenceresources.com/ .

About FEL 3/04
Providence holds a non-operated 16% interest in FEL 3/04 with its partners ExxonMobil
Exploration and Production Ireland (Offshore) Limited (40%), Eni (40%) and Sosina
Exploration (4%). Located in the Porcupine Basin off the west coast of Ireland, FEL 3/04
covers an area of 5 blocks. In August 2009, ExxonMobil Exploration and Production
Ireland (Offshore) Limited, that the Frontier Exploration Licence 3/04 (‘Dunquin’)
partners (ExxonMobil Exploration and Production Ireland (Offshore) Limited, Eni,
Providence and Sosina) notified the Irish Department of Communications, Energy and
Natural Resources that they had elected to enter the second phase of the licence. The
second phase carries a firm well commitment within the Dunquin licence.

HUG#1429744

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Energy Group Launches Project to Promote Energy Jobs

July 7, 2010 By Leave a Comment

WASHINGTON, July 6 /PRNewswire-USNewswire/ — Today, the American Energy Alliance (AEA) launches Save U.S. Energy Jobs, a project to promote jobs in the U.S. energy sector, to ensure that citizens are informed about the importance of energy jobs to the American economy and American consumers, and to educate citizens about how the U.S. energy industry addresses safety and health issues.

AEA President Thomas J. Pyle says, “The BP oil spill is a disaster that will have significant social and economic consequences. The accident was and is tragic. We need to ensure that its effects are mitigated as much as possible. We need to ensure that the environment is restored. We need to make sure that those affected are assisted in their efforts to recover.

“We also need to make sure that we do not overreact. The accident, while unfortunate, should not provide an excuse for those who want to cut off access to our domestic energy resources. The accident should also not provide an excuse to drive significant, widespread, and ill-considered changes to our energy policies. The focus of our efforts should be on mitigating the damage caused by the spill, not using it as a political prop to advertise for poorly-constructed energy policies which will increase the price of energy and other goods and cost American jobs.

“Our energy industry helps fuel every aspect of our lives, from powering our businesses to heating our homes. Offshore energy exploration and production means good jobs and lower energy prices for consumers. A growing America needs the energy produced by the men and women who work in the oil, gas, and coal industries.”

Save U.S. Energy Jobs will also help educate voters about the unfortunate divergence in safety and health approaches between BP and the remainder of the industry. The record shows that BP has operated outside industry-accepted, standard operating procedures. To tarnish an entire industry because of the continuing incompetence of one company is not only wholly unfair, it is a misrepresentation of the facts.

The numbers speak for themselves – 760 ‘egregious, willful’ safety violations administered to BP by OSHA compared to Sunoco’s eight, two for Conoco-Phillips and CITGO and one for ExxonMobil, the industry’s safety leader. Other companies maintained these impeccable records while drilling over 50,000 wells safely in federal waters. This is not an industry problem. This is a BP problem.

To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.

Founded in May, 2008, The American Energy Alliance (“AEA”) is a not-for-profit organization that engages in grassroots public policy advocacy and debate concerning energy and environmental policies. AEA is the advocacy arm of the Institute for Energy Research (IER), a not-for-profit organization – founded in 1989 – that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.

SOURCE American Energy Alliance

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

S.Korea SK Group says to invest $14.3 bln by 2020

July 2, 2010 By Leave a Comment

SEOUL, July 1 (Reuters) – South Korea’s SK Group, whose major businesses are crude oil refining and telecom via SK Energy (096770.KS) and SK Telecom (017670.KS), said on Thursday it would invest 17.5 trillion won ($14.32 billion) by 2020 to develop energy resources and technologies.

The group also said in a statement that it would strengthen its global businesses mainly in China, South America, Middle East and Southeast Asia.

Of the total investment, the group would spend 4.5 trillion won to secure low-carbon energy, including solar, bio fuel and rechargeable battery, along with overseas natural resources such as oil, gas, iron ore and rubber, it said.

The group, via this overseas resource development, aims to raise its contribution to energy independency rates of South Korea, the world’s No.5 crude oil and No.2 liquefied natural gas

(LNG) buyer, to 13 percent by 2013 from 6 percent in 2008.

SK Energy said last month it would focus on exploration and production (E&P) of oil, and research and development (R&D) of energy by doubling the success rate of exploration to 20 percent and enhancing E&P business through various strategies, while enhancing its Chinese businesses. [nSGE65K026]

According to Thursday’s statement, SK Group would focus on developing crude oil, LNG and iron ore in South America, and petroleum, coal, rubber along with enhancing its telecom infrastructure business in Southeast Asia.

In the Middle East, the group said it would work on construction business of power-generating facilities and plants.

Of the total investment, 4.2 trillion won would be to establish “smart” environment, like a smart grid to raise energy efficiency via computerised monitoring of electricity flowing through a power grid, the statement said.

It added the remainder of the investment would go for developing innovative technologies, such as for bio businesses.

($1=1222.1 Won)

(Reporting by Cho Mee-young; Editing by Muralikumar Anantharaman)

((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net))

((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: SKGROUP KOREA/

(C) Reuters 2010. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nTOE66003F

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Uganda oil finds trigger land grab near fields-mps

June 26, 2010 By Leave a Comment

June 25 (Reuters) – The discovery of oil in western Uganda has prompted a land grab around the oil fields, dispossessing impoverished local communities and providing a potential trigger for conflict, members of parliament from the area said on Friday.

Energy

East Africa’s third largest economy is basking in a fresh wave of economic vitality as global investors rush in to tap opportunities in its budding oil industry.

Commercial hydrocarbon deposits were discovered in the Albertine Rift Basin close to the country’s border with the Democratic Republic of Congo in 2006 and reserves are estimated at 2 billion barrels.

Member of parliament Stephen Biraahwa Mukitale told Reuters there was a rush by powerful and influential individuals to acquire large tracts of land in the area.

“Land in the whole of the Albertine Graben is mostly customarily owned but powerful individuals speculating on its value are trying to survey and register large chunks of it in their names,” he said.

“I have warned the government that this is a recipe for conflict. The government must formally and openly survey and demarcate land in the whole area and give titles to the communities.”

The scramble for land, he said, is consolidating ownership in a few individuals and could provoke landless and impoverished people in the region to sabotage oil exploration and production activity in future.

“The land that is being registered for freehold ownership has owners already, these are the local communities and you can’t guarantee what these people will do once they discover they no longer own the land,” he said.

Tomson Kyahurwenda, another legislator from the region, told Reuters the land grab could unsettle the region.

“People go to Kampala and acquire individual titles and you find one person with nearly ten titles and I think this is not only unacceptable but criminal,” he said.

“The government policy is that land in that area belongs to the communities,” Matia Kasaija, junior internal affairs minister, told Reuters. Kasaija did mention any possible government action against grabbers.

Tullow Oil (TLW.L), which has made the most discoveries in the region, expects to start limited commercial petroleum production in the last quarter of 2011. Daily crude output is forecast to peak at about 200,000 barrels by 2015.

Tullow is awaiting approval of its proposed purchase of Heritage Oil’s (HOIL.L) exploration assets in Uganda. Heritage is selling its half-share stakes in exploration areas 1 and 3A for a total of $1.5 billion.

Approval of the deal, though, has stalled over a tax dispute pitting Heritage against the Ugandan government. (Reporting by Elias Biryabarema; Editing by Giles Elgood)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Providence Resources plc: Providence Announces 2010 Singleton Drilling Programme

June 26, 2010 By Leave a Comment

PROVIDENCE ANNOUNCES 2010 SINGLETON DRILLING PROGRAMME

*
TWO WELL DRILLING PROGRAMME CONFIRMED

*
BDF-28 DRILLING RIG SECURED FOR Q3 2010 SPUD DATE

*
WELLS EXPECTED TO PROVIDE c. 350 BOEPD OF ADDITIONAL PRODUCTION

Providence Resources P.l.c., (‘Providence’) the Irish oil and gas exploration and
production company, whose shares are listed in London (AIM) and Dublin (ESM), is pleased
to confirm its 2010 drilling programme at the Singleton field, onshore UK. The Singleton
field is located in the Weald Basin and currently produces c. 800 BOEPD from seven
production wells. The field is operated by Providence (99.125%) with partner Noble
Energy (0.8725%).

The 2010 drilling programme comprises the sidetracking of the X9 well to a new and more
optimal location together with the addition of two new lateral sections to the currently
producing X8x well, potentially providing c. 350 BOEPD of additional cumulative
production. In addition, the new X9 sidetrack well has been designed for future acid
fracture stimulation, thereby providing further incremental production potential.
Providence has secured the BDF-28 drilling rig with a planned spud date during Q3 2010.

Speaking today, Tony O’Reilly, Chief Executive of Providence, said:

“Following our highly successful 2009 Singleton drilling programme, the 2010 activity is
again aimed at materially increasing production rates as well as evaluating the
potential of fracture stimulation and multi-lateral well technology. This drilling
programme should not only boost daily production rates by over 40%, but it should also
allow us to assess the impact of new production technologies at Singleton which are
expected to form the cornerstone of our field redevelopment activities during the coming
years.

Separately, despite recent events in the Gulf of Mexico, I can confirm that normal
production rates continue from our portfolio of producing interests in that region”.

Contacts:

Providence Resources P.l.c. Tel: +353 (0)1 219 4074
Tony O’Reilly/John O’Sullivan
Powerscourt Tel: +44 (0) 207 250 1446
Rob Greening/Lisa Kavanagh
Murray Consultants Tel: +353 (0)1 498 0300
Pauline McAlester
Cenkos Securities Plc Tel: +44 (0)207 387 8900
Joe Nally/ Nick Wells
Davy Tel: + 353 (0)1 679 6363
Eugenée Mulhern/ Stephen Barry

Tel: + 353 (0)1 679 6363

NOTES TO EDITORS

ABOUT PROVIDENCE
Providence Resources Plc is an independent oil and gas exploration company listed on the
AIM market in London and on Dublin’s ESM market. Providence’s active oil and gas
portfolio includes interests in Ireland (offshore), the United Kingdom (onshore and
offshore), the United States (offshore) and West Africa (offshore Nigeria). Providence’s
portfolio is balanced between production, appraisal and exploration assets, as well as
being diversified geographically. Comprehensive information on Providence and its oil
and gas portfolio, including all press releases, annual reports and interim reports are
available from Providence’s website at www.providenceresources.com
http://www.providenceresources.com/ .

ABOUT SINGLETON
The Singleton oil field is located 7 km north of Chichester in onshore licence PL 240 in
the Weald Basin, South of England. The field consists of two east west trending elongate
horst blocks divided by a narrow graben. The wells produce from the Jurassic-aged Great
Oolite formation, consisting predominantly of oolitic grainstones deposited during
transgressive/regressive episodes. Since production commenced in 1989, the field has
produced c. 3.7 MMBO, which represents a recovery factor to date of c. 3.5%. Published
data from similar fields in the area suggest an ultimate recovery factor of up to c.10%
should be achievable. Recent studies (2008) suggested an original oil in-place resource
of up to c.107 MMBO, a 50% increase over previous estimates which indicates that there
is up to c. 7 MMBO of potential remaining reserves. The produced oil is a 37o API
gravity crude and is trucked to the Holybourne rail terminal.

GLOSSARY OF TERMS USED
All figures quoted are gross figures, unless otherwise stated
BOE Barrels of Oil Equivalent
BOPD Barrels of Oil per Day
BOEPD Barrels of Oil Equivalent per Day
MMBO Millions of Barrels of Oil
STOIIP Stock Tank Oil Initially In Place

ANNOUNCEMENT
This announcement has been reviewed by John O’Sullivan, Technical Director, Providence
Resources P.l.c. John holds a B.Sc. in Geology from University College Cork, Ireland, an
M.Sc. in Applied Geophysics from the National University of Ireland, Galway and a
M.Sc.in Technology Management from The Smurfit School of Business at University College
Dublin. John is presently working part-time on a PhD dissertation at Trinity College,
Dublin. John has worked in the offshore business for 20 years and is a fellow of the
Geological Society of London and the Petroleum Exploration Society of Great Britain.
Definitions in this press release are consistent with SPE guidelines.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Ameron Reports Solid Profits on Higher Second-Quarter Sales

June 25, 2010 By Leave a Comment

PASADENA, Calif.–(Business Wire)–
Ameron International Corporation (NYSE:AMN) today reported net income of $9.5
million, or $1.03 per diluted share, in the quarter ended May 30, 2010, compared
to net income of $9.4 million, or $1.02 per diluted share, in the quarter ended
May 31, 2009. Consolidated sales increased to $136.5 million in the second
quarter of 2010, compared to $132.9 million in the second quarter of 2009 and
$109.0 million in the first quarter of 2010.

James S. Marlen, Ameron`s Chairman, Chief Executive Officer and President,
stated, “We are encouraged by the second-quarter sales increase and the level of
profitability, especially given the difficult market conditions and the weakness
of the first quarter. Overall, improvements by Fiberglass-Composite Pipe and
TAMCO, the Company`s 50%-owned steel mini mill in Southern California, were
offset by declines of the other construction-related businesses, which continued
to be affected by cyclically weak markets. Second-quarter net income was flat in
2010, compared to 2009, due partly to unprofitable wind tower operations and the
lack of income from affiliates.”

Year-to-date net income totaled $10.6 million, or $1.15 per diluted share, in
2010, compared to $13.3 million, or $1.43 per diluted share, in 2009. Sales for
the first six months of 2010 totaled $245.6 million, compared to $278.9 million
in 2009.

The Fiberglass-Composite Pipe Group`s second-quarter sales of $64.7 million and
segment income of $17.8 million were up 16% and 8%, respectively, higher in 2010
than in 2009. Second-quarter sales increased in key oilfield and mining markets
in North and South America. Marine and offshore energy exploration and
production markets remained strong, sustained by new vessel construction at
Asian shipyards. In Brazil, sales growth came from the municipal water markets
and from the new Centron operation which began production of oil field piping in
the latter part of 2009. Most of the Group`s worldwide, consolidated operations
had higher profits. Income related to dividends from an affiliated company in
Saudi Arabia of $2.2 million in 2009 did not repeat in 2010. Looking forward,
the Fiberglass-Composite Pipe Group is on track with the prior year and
continues to see signs of improvement due primarily to higher energy-related
demand.

The Infrastructure Products Group had lower sales and segment income in the
second quarter of 2010 due to the impact of continued soft economic conditions
on residential and commercial construction markets. The Hawaii Division`s sales
and segment income were lower in 2010, compared to 2009; Pole Products` segment
income improved on flat sales. The Group`s combined sales declined $4.5 million,
or 13%; while combined segment income declined $.7 million, or 23%. Pole
Products benefitted from lower costs and higher sales of concrete poles for the
replacement market. Sales of steel poles and concrete poles for new construction
projects remained sluggish. Demand for aggregates and ready-mix on both Oahu and
Maui fell as construction spending in Hawaii continued to soften due to the
recessionary economy. Military and governmental spending in Hawaii provided a
stable base of business; however, residential and commercial construction,
including construction of timeshare units, resorts and high-rise condominium
projects, was down. The State of Hawaii`s fiscal challenges and the lower level
of tourism are expected to delay a recovery in Hawaiian construction. Demand for
Pole Products Division`s decorative concrete poles for residential lighting
applications is stable. However, significant recovery of the Infrastructure
Products Group is not expected in the short term.

The Water Transmission Group was slightly profitable in the second quarter of
2010. The profitability of the water pipe business improved, while the wind
tower business turned unprofitable. The Group`s combined sales declined $1.0
million, or 2%, due to lower pipe sales than in the second quarter of 2009. As
anticipated, water pipe sales improved in the second quarter, compared to the
first quarter when rainy weather impacted pipe production. Wind tower sales were
flat in the second quarter of 2010, compared to the second quarter of 2009. New
tower orders remain elusive due to weak wind energy markets and the inability of
wind farm developers to obtain project financing. Wind tower backlog fell to
$11.5 million at the end of the second quarter, from $28.9 million at November
30, 2009. The wind tower business is not expected to recover in the near term.
The water pipe business was also affected by the low bid activity in the water
and wastewater markets in the western U.S. The lack of bid activity was due to
tight municipal and state budgets, the lack of available project financing and
the timing of construction of major water transmission pipelines. While a number
of wind tower and pipe projects are being followed and planning activities have
increased, it remains uncertain when owners, water agencies and municipalities
will proceed with these projects.

TAMCO`s sales increased in the second quarter of 2010, compared to the same
period in 2009, primarily due to inventory restocking by customers and higher
market pricing. Shipments in 2010 remained well below TAMCO`s production
capacity. TAMCO`s net loss in the second quarter of 2010 totaled $.8 million,
compared to a loss of $3.4 million in 2009. Ameron`s share of TAMCO`s net loss
was $.4 million after taxes in 2010, compared to a loss of $1.6 million in 2009.
While steel markets have generally firmed in the U.S., demand for steel rebar in
TAMCO`s key markets in the western states remains depressed due to sluggishness
in the construction industry.

“We are pleased with second-quarter results. As expected, 2010 continues to be
challenging. The seasonal decline of the first quarter was partially offset in
the second quarter, and some markets are showing signs of improvement. Although
difficult market conditions are expected to continue, we are cautiously
optimistic for the balance of the year. The Company will continue to be led by
the Fiberglass-Composite Pipe Group and constrained by the cyclical,
construction-related businesses. We continue to focus on controlling costs to
maximize profits in spite of weak markets and are actively reviewing all
operations for improvements. Likewise, we are continuing to invest in expanding
and enhancing the Company`s capabilities and markets and are seeking
opportunities for growth. We remain optimistic that as the global economy
recovers and stabilizes, the Company will capitalize on its strong market
positions and achieve superior long-term results,” James S. Marlen concluded.

About Ameron International

Ameron International Corporation is a multinational manufacturer of
highly-engineered products and materials for the chemical, industrial, energy,
transportation and infrastructure markets. Traded on the New York Stock Exchange
(AMN), Ameron is a leading producer of water transmission lines and fabricated
steel products, such as wind towers; fiberglass-composite pipe for transporting
oil, chemicals and corrosive fluids and specialized materials; and products used
in infrastructure projects. The Company`s businesses operate in North America,
South America, Europe and Asia. The Company also has partial ownership in
several unconsolidated affiliates in the U.S. and the Middle East.

All statements in this press release and in all future press releases that do
not directly and exclusively relate to historical facts constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements represent the intentions, plans,
expectations and beliefs of Ameron International Corporation (the “Company” or
“Ameron”), and are subject to risks, uncertainties and other factors, many of
which are outside the Company`s control. These factors could cause actual
results to differ materially from such forward-looking statements. For a written
description of these factors, see the section titled “Risk Factors” in the
Company`s Annual Report on Form 10-K for the period ended November 30, 2009. The
Company disclaims any intention or obligation to update these forward-looking
statements whether as a result of subsequent events or otherwise except as
required by law.

AMERON INTERNATIONAL CORPORATION AND SUBSIDIARIES

FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended Six Months Ended
May 30, May 31, May 30, May 31,
(Dollars in thousands, except per share data) 2010 2009 2010 2009
Sales $ 136,544 $ 132,920 $ 245,562 $ 278,922
Cost of sales (101,213 ) (96,370 ) (180,785 ) (207,451 )
Gross profit 35,331 36,550 64,777 71,471

Selling, general and administrative expenses (24,138 ) (25,877 ) (51,400 ) (52,285 )
Other income, net 969 2,431 1,511 2,902
Income before interest, income taxes and equity in loss of affiliate 12,162 13,104 14,888 22,088
Interest expense, net (305 ) (148 ) (412 ) (319 )
Income before income taxes and equity in loss of affiliate 11,857 12,956 14,476 21,769
Provision for income taxes (1,899 ) (1,975 ) (2,659 ) (4,619 )
Income before equity in loss of affiliate 9,958 10,981 11,817 17,150
Equity in loss of affiliate, net of taxes (409 ) (1,555 ) (1,185 ) (3,898 )
Net income $ 9,549 $ 9,426 $ 10,632 $ 13,252

Net income per share allocated to Common Stock
Basic $ 1.03 $ 1.02 $ 1.15 $ 1.44

Diluted $ 1.03 $ 1.02 $ 1.15 $ 1.43

Weighted-average shares (basic) 9,205,970 9,171,645 9,191,676 9,159,161
Weighted-average shares (diluted) 9,218,234 9,185,143 9,209,129 9,172,470

Cash dividends per share $ .30 $ .30 $ .60 $ .60

AMERON INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS – ASSETS (UNAUDITED)

May 30, November 30,
(Dollars in thousands) 2010 2009
ASSETS

Current assets
Cash and cash equivalents $ 153,351 $ 181,114
Receivables, less allowances of $4,589 in 2010 and $5,351 in 2009 155,171 151,210
Inventories 70,865 62,700
Deferred income taxes 18,814 19,795
Prepaid expenses and other current assets 12,870 11,585

Total current assets 411,071 426,404

Investments
Equity method affiliate 27,841 30,626
Cost method affiliates 3,784 3,784

Property, plant and equipment
Land 45,662 46,029
Buildings 100,856 100,583
Machinery and equipment 348,573 345,604
Construction in progress 36,958 32,306

Total property, plant and equipment at cost 532,049 524,522
Accumulated depreciation (291,440 ) (286,014 )

Total property, plant and equipment, net 240,609 238,508
Deferred income taxes 14,320 14,321
Goodwill and intangible assets, net of accumulated amortization of $1,269 in 2010 and $1,257 in 2009 2,070 2,088
Other assets 46,521 46,818

Total assets $ 746,216 $ 762,549

AMERON INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS – LIABILITIES AND STOCKHOLDERS’ EQUITY (UNAUDITED)

May 30, November 30,
(Dollars in thousands, except per share data) 2010 2009
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Current portion of long-term debt $ 7,263 $ 7,366
Trade payables 45,933 44,052
Accrued liabilities 69,614 77,515
Income taxes payable 9,038 10,004

Total current liabilities 131,848 138,937

Long-term debt, less current portion 31,874 30,933
Deferred income taxes 1,709 1,710
Other long-term liabilities 90,764 99,379

Total liabilities 256,195 270,959

Commitments and contingencies

Stockholders’ equity
Common Stock, par value $2.50 per share, authorized 24,000,000 shares, outstanding 9,246,355 shares in 2010 and 9,209,836 shares in 2009 30,045 29,920
Additional paid-in capital 60,395 59,531
Retained earnings 505,299 500,224
Accumulated other comprehensive loss (48,649 ) (42,036 )
Treasury Stock (2,771,637 shares in 2010 and 2,758,356 shares in 2009) (57,069 ) (56,049 )

Total stockholders’ equity 490,021 491,590

Total liabilities and stockholders’ equity $ 746,216 $ 762,549

AMERON INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended
May 30, May 31,
(Dollars in thousands) 2010 2009
OPERATING ACTIVITIES
Net income $ 10,632 $ 13,252
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Depreciation 12,714 10,657
Amortization 17 19
Loss from affiliate 1,285 4,313
(Gain)/loss from sale of property, plant and equipment (11) 16
Stock compensation expense 1,433 2,362
Changes in operating assets and liabilities:
Receivables, net (5,394) 45,120
Inventories (9,356) 15,873
Prepaid expenses and other current assets (1,339) (246)
Other assets 64 (87)
Trade payables 2,377 (7,675)
Accrued liabilities and income taxes payable (8,226) (3,637)
Other long-term liabilities and deferred income taxes (8,325) (1,221)
Net cash (used in)/provided by operating activities (4,129) 78,746

INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 180 431
Additions to property, plant and equipment (16,756) (26,471)
Investment in affiliate – (10,000)
Loan to affiliate, net 1,500 –
Net cash used in investing activities (15,076) (36,040)

FINANCING ACTIVITIES
Issuance of debt 1,150 427
Dividends on Common Stock (5,557) (5,521)
Issuance of Common Stock 306 (1)
Excess tax benefits related to stock-based compensation – 819
Purchase of treasury stock (1,081) (992)
Net cash used in financing activities (5,182) (5,268)

Effect of exchange rate changes on cash and cash equivalents (3,376) 4,581
Net change in cash and cash equivalents (27,763) 42,019
Cash and cash equivalents at beginning of period 181,114 143,561

Cash and cash equivalents at end of period $ 153,351 $ 185,580

AMERON INTERNATIONAL CORPORATION AND SUBSIDIARIES

SEGMENT INFORMATION (UNAUDITED)

Three Months Ended Six Months Ended
May 30, May 31, May 30, May 31,
(In thousands) 2010 2009 2010 2009
Sales
Fiberglass-Composite Pipe $ 64,668 $ 55,532 $ 119,174 $ 112,273
Water Transmission 41,288 42,251 67,100 93,794
Infrastructure Products 30,612 35,147 59,318 72,866
Eliminations (24 ) (10 ) (30 ) (11 )
Total Sales $ 136,544 $ 132,920 $ 245,562 $ 278,922

Income Before Interest, Income Taxes and Equity in Loss of Affiliate
Fiberglass-Composite Pipe $ 17,779 $ 16,490 $ 31,830 $ 31,136
Water Transmission 252 2,182 (1,630 ) 2,695
Infrastructure Products 2,370 3,059 3,584 6,843
Corporate and unallocated (8,239 ) (8,627 ) (18,896 ) (18,586 )
Total Income Before Interest, Income Taxes and Equity in Loss of Affiliate $ 12,162 $ 13,104 $ 14,888 $ 22,088

Ameron International Corporation
James S. Marlen, Chairman, Chief Executive Officer and President
Gary Wagner, Senior Vice President, Finance and Administration & Chief Financial
Officer
James R. McLaughlin, Senior Vice President, Corporate Development & Treasurer
Telephone: 626-683-4000

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

EMGS: EMGS: Mandatory notification of trade

June 23, 2010 By Leave a Comment

Oslo, 22 June 2010: Electromagnetic Geoservices ASA (“EMGS” or the “Company” – OSE:
EMGS)

Reference is made to the stock exchange release dated 22 June 2010 regarding a
successful private placement of new shares in the Company (“Private Placement”). The
following primary insiders were allocated shares in the private placement at a share
price of NOK 7.00 per share:

Roar Bekker (CEO) was allocated 30,000 shares. Following this subscription, Roar Bekker
holds a total of 130,000 shares in the Company.

Svein Knudsen (CFO) was allocated 5,000 shares. Following this subscription, Svein
Knudsen holds a total of 207 694 shares in the Company.

Dag Reynolds (Executive Vice President) was allocated 20,000 shares. Following this
subscription, Dag Reynolds holds a total of 220,000 shares in the Company.

Anette Mellbye (Chief Legal Counsel) was allocated 5,000 shares. Following this
subscription, Anette Mellbye holds a total of 15,000 shares in the Company.

Stig Eide Sivertsen (Board Member) was allocated 14,200 shares. Following this
subscription, Stig Eide Sivertsen holds a total of 14,200 shares in the Company.

Cecilie Arentz (Board Member) was allocated 14,250 shares. Following this subscription,
Cecilie Arentz holds a total of 39,724 shares in the Company.

Contact
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00

About EMGS
EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas
companies in their search for offshore hydrocarbons. The company is the EM market
leader, and provides Clearplay, the world’s first fully integrated EM system.

Three service offerings – Clearplay Find, Test and Evaluate – have been designed to
assist operators in the exploration and production phase. Clearplay supports each stage
in the workflow, from survey design and data acquisition to processing and
interpretation. The services enable integration of EM data with seismic and other
geophysical and geological information to give explorationists a clearer and more
complete understanding of the subsurface. This improves exploration efficiency, and
reduces risks and the finding
costs per barrel.

EMGS operates the world’s first purpose-built 3D EM vessel fleet and has conducted more
than 450 surveys to improve drilling success rates across the world’s mature and
frontier offshore basins. The company operates on a worldwide basis with main offices in
Trondheim and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit
www.emgs.com for more information.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

HUG#1426005

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Factbox: How a relief well works

June 21, 2010 By Leave a Comment

Here is an explanation of how a relief well works, as explained by industry and academic experts as well as Kent Wells, BP’s senior vice president of exploration and production.

* A relief well provides access to a blown-out well far beneath the seabed, at or close to the bottom of the problem well.

* Typically, it is drilled parallel to the problem well through multiple layers of rock and sometimes salt. Then the drillbit curves to intersect with the problem well. This is how BP’s relief wells are being drilled.

* The first relief well began drilling on May 2, and the second began on May 16.

* As of June 18, the first well had been drilled to 10,677 feet, or 2 miles, beneath the seabed. The second well had reached 4,662 feet, or eight-tenths of a mile.

* The first well also was within 200 feet of the side of the blown-out well, but had to continue drilling down to find the right intersect point.

* The Macondo well was drilled to 13,000 feet, or 2.4 miles, beneath the seabed.

* The drilling process is lengthy because it must stop at points along the way. That allows drillers to insert piping, called casing, to hold the well open and prevent a cave-in.

* The diameter of the well shrinks as it drills deeper to maintain control and integrity of the wellbore. BP’s target will be about 8.5 inches across, or about the size of a large dinner plate.

* BP is slowing the pace of drilling for the first relief well so electromagnetic sensors can be used to detect the blown-out well and gradually move closer.

* BP has detailed information on the Macondo well that is helping it choose the right path for the relief wells.

* BP intends to first pierce the space between the wellbore and the casing in the blown-out well, and then pierce the casing. That will ensure the well connects with the flow path of gushing oil and gas.

* Once intersected, BP can pump heavy drilling fluid down the relief well into the blown-out well.

* The weight of the mud reduces high pressures in the reservoir that send crude billowing up to the leak.

* As pressure is reduced, the flow of oil slows.

* Once sufficiently slowed, BP can pump cement into the Macondo wellbore and plug the leak at or near the source.

* A relief well can still work if it doesn’t precisely intersect with a blown-out well.

* In that case, if a relief well gets close enough, holes can be punched through its casing to allow drilling mud to flow through fissures and fractures in the reservoir rock to reach the blown-out well.

* Once the leak is plugged, BP can possibly return to the Macondo well at some point to try to produce oil from it. BP Chief Executive Tony Hayward told Congress the company estimated the reservoir holds up to 50 million barrels of oil, and the well would have produced 15,000 to 25,000 barrels a day had it been completed.

* If the Macondo well is too damaged to revisit, it is possible the company could turn one of the relief wells into a producing well.

(Reporting by Kristen Hays; Editing by Xavier Briand)

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Factbox: Candidates who could become BP CEO

June 18, 2010 By Leave a Comment

(Reuters) – BP Chief Executive Tony Hayward has come under increasing pressure since a Gulf of Mexico well blew out on April 20, killing 11 workers and starting a 60,000 barrels per day crude spill.

Green Business | Barack Obama | Gulf Oil Spill

Investors and analysts have backed his response and his stewardship of BP since he took office in 2007.

But U.S. President Barack Obama said he would have sacked Hayward, if he worked for the President, for comments that appeared to play down the damage of the spill, and for saying he wanted his life back.

The following are the candidates seen as most likely to succeed Hayward if he goes. The list is limited to internal candidates, because BP and its peers tend to hire internally. All the CEOs of the five biggest Western oil companies — Exxon Mobil, Chevron, France’s Total and Royal Dutch Shell — spent all or almost all of their careers at their current employer.

Andy Inglis – the Engineer

Inglis (pronounced Ingalls), head of BP’s core exploration and production division, might under normal circumstances be the favorite to replace Tony Hayward.

The division is responsible for the vast majority of BP’s earnings and the last two people to head it went on to become

CEO.

Inglis, 50 was considered for the top job back in 2006 when, as deputy head of E&P, he lost out to his then boss, Hayward.

However, the oil spill could play against him this time — especially if it is found that, as some lawmakers have claimed, corners were cut to expedite the drilling of the well.

Inglis is from the North of England and has an accent to match, although his many years living in the U.S. also come across in his voice.

Colleagues say Inglis has a love of the nuts and bolts of the oil business. He joined BP from the prestigious Cambridge University and, like his father before him, he has been made a fellow of both the Institute of Mechanical Engineers and of the Royal Academy of Engineering.

Inglis is married, with five children — three with his current wife, and two by his first wife, who died in 1994.

Iain Conn – the Trader

Iain Conn, the head of BP’s refining and marketing unit and another BP lifer, is seen by many as the favorite to succeed Hayward. Of all the candidates, bookie Paddy Power is offering the shortest odds on his elevation.

Although also an engineering graduate, Conn speaks more frequently about, and is better known for, his time as a trader.

He spent the first eight years of his career with BP in the oil trading department, where he pioneered the use of technical analysis.

Conn, 47, was also on the 2006 shortlist as possible successors to former CEO John Browne.

Conn has bolstered his reputation in recent years, successfully turning around BP’s troubled refining unit, improving performance at facilities and cutting costs.

He also has experience in exploration and production gleaned from roles in the United States and Colombia.

However, continued regulatory criticism of safety at BP’s U.S. refineries could play against him too, given bolstering its reputation in the U.S. will be a key focus for BP in future.

The always smartly attired Conn is married with three children and, like Hayward, he met his wife at BP, where she worked in the trading department.

He likes playing jazz and blues music on the piano and saxophone and is a passionate fisherman who travels to the West of Ireland most summers to catch salmon.

Bob Dudley – the Diplomat

Bob Dudley has the ill-defined role of “Managing Director” with responsibility for oversight of the Americas and Asia.

Hayward has described Dudley as “the management team’s Foreign Secretary — or perhaps Secretary of State in American terms.”

These diplomatic skills are currently being employed on U.S. TV networks, acting as a more palatable, U.S. face of the oil giant’s oil spill response.

Dudley has also been named to head a unit that will be responsible for managing the aftermath of the oil spill, when the leak is capped.

However, some think he has the skills to manage BP itself.

Dudley is best known for his role as head of BP’s Russian joint venture, TNK-BP, from its formation in 2003 until 2008.

Supporters say this shows he knows how to run a big oil company. Under Dudley, TNK-BP, which BP formed by merging assets with a group of billionaire oligarchs, grew oil output 33 percent to 1.6 million barrels per day.

His time there also gave him considerable experience of the political risks involved in the industry. BP fell out with its partners when they tried to exercise more control over TNK-BP. Things got ugly, and Dudley was forced to flee the country as BP accused the government of doing nothing to defend its interests.

Dudley was born in New York, which would help offset some of the anti-British sentiment that has stuck to the company many U.S. politicians insist on calling “British Petroleum,” the name the company ditched over a decade ago.

Dudley joined BP through its takeover of Amoco, which he had joined as a field engineer in Texas. He has also worked in the field in China and Scotland.

With his thinning grey hair and calm manner, Dudley seems a little older than his 54 years — a factor that may play against him in a company where executives are expected to retire at 60.

Dudley is married with two children at university. (Reporting by Tom Bergin; Editing by Andrew Callus)

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OpenSpirit Brings Geoscience Interoperability to Upstream Reference Architecture Initiative

June 15, 2010 By Leave a Comment

STAFFORD, Texas–(Business Wire)–
OpenSpirit announces its participation in a widespread industry initiative to
bring enhanced integration and interoperability to geoscientists working in the
oil and gas upstream sector. OpenSpirit has a decade-long track record of
providing open integration and interoperability solutions to the energy
industry, enabling collaborative workflows and multi-vendor data accessibility
for the diverse and complex environments used in today’s exploration and
production (E&P) workflows.

OpenSpirit joins Microsoft Corp. and other solution providers as part of the
newly announced Microsoft Upstream Reference Architecture Initiative. Microsoft
launched this initiative in an ongoing effort to enable collaborative workflows
and multi-vendor data accessibility across the full E&P business. The project
leverages technologies from several partners to bring together data, systems,
and workflows from geoscience, production, operations, finance, and other
critical business areas.

“Management of the oilfield lifecycle demands complete integration from
subsurface interpretation to production,” says Ali Ferling, Managing Director of
Worldwide Oil and Gas Industries at Microsoft. “A flexible and open IT
foundation is critical in delivering a common, integrated approach to digital
oilfield operations. With its sole focus on providing integration and
interoperability across multiple platforms, systems and complex geology and
geophysical data types, OpenSpirit will play a unique role in the realization of
the Microsoft Upstream Reference Architecture Initiative, bringing the
subsurface together with operations and production systems.”

“OpenSpirit is pleased to provide a key piece of the technology supporting the
vision of the Microsoft Upstream Reference Architecture Initiative,” says Dan
Piette, President & CEO of OpenSpirit. “The diversity of platforms and
technology used in the complex world of upstream exploration and production
requires cross-discipline interoperability, collaboration, and data management.
With our decade-long business model of providing open interoperability and
workflow solutions in this area, it is a natural fit to team with Microsoft and
its industry partners as part of the Upstream Reference Architecture Initiative
in the realization of the digital oilfield vision.”

The efforts of this initiative will provide organizations a real roadmap for
designing and implementing a true smart field encompassing all aspects
integrated operations out to a single presentation layer.

About OpenSpirit

The OpenSpirit Corporation, based near Houston in Stafford, Texas, began
operations in July 2000 as an independent software company focused on providing
integration solutions for upstream applications and data. The OpenSpirit
application integration framework is installed worldwide in more than 450 sites
and 300 companies. With a growing partner network of more than 55 partners with
more than 40 OpenSpirit-enabled applications, OpenSpirit allows interoperability
between multiple vendors’ applications and data, enabling oil company end users
in 65 countries to speed up critical workflows and enhance analysis in the
geotechnical space. www.openspirit.com or info@openspirit.com.

OpenSpirit Corporation
Director of Marketing
Kathy Ashmore, +1 281 295 1420
kathy.ashmore@openspirit.com

Copyright Business Wire 2010

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