Victory Energy Corporation announced in its world wide press release today that the Corporation has satisfactorily completed the on-site due diligence of the five (5) options on the shallow gas wells located in the Adams Ranch, Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
Victory Energy Corporation announced in its world wide press release today that the Corporation's advisory team spent several days this past week performing an on-site inspection of the natural gas field located on the Adams Ranch approximately 25 miles south of Ozona, Texas. This was the last stage in the due diligence process. The team conducted an evaluation of existing natural gas producing wells and an inspection of the contiguous locations currently under natural gas options to the Corporation.
"This last step in the due-diligence process verifies the potential of the opportunity offered to Victory. The Corporation can now progress to close on the options and begin drilling later this year," stated Jon Fullenkamp, President of Victory Energy Corporation.
Victory Energy Corporation announced in its world wide press release today that the "Canyon Sandstone" gas wells located on this ranch are part of the large prolific Adams-Baggett Canyon Sandstone field. Victory Energy Corporation announced in its world wide press release today that the Canyon Sandstone formation is found at a depth of 4,300 feet to 4,900 feet.
Thursday, October 18, 2007
Wednesday, October 17, 2007
Japan Natural Gas
It was reported today by Bloomberg.com news that Japan will spend as much as $77 million U.S. dollars to find oil and natural gas in its continental shelf next year 2008, using the country's first state-owned oil and gas exploration ship, a Japanese government official said.
The oil and gas survey will cover areas along both the Pacific Coast and Sea of Japan, the Japan trade ministry official said on condition of anonymity. A $213 million vessel that conducts three- dimensional seismic surveys will be delivered in the next few months by Norway's Petroleum Geo-Services ASA.
The nation of Japan is accelerating oil and gas drilling at home and overseas to secure long term supplies. The Japanese national budget for natural- resource development may rise 12 percent to $1.5 Billion U.S. dollars in the 2008 year starting April 1. The trade ministry in March announced the discovery of a Pacific field holding 40 trillion cubic feet of frozen natural gas, equivalent to Japan's natural gas demand for about 14 years.
``The private sector just can't afford exploration work in such vast areas surrounding Japan,'' said Shigeyoshi Hasegawa, a spokesman for Japan Petroleum Exploration Co., the country's second-biggest oil and gas explorer. ``The government's survey data would be very beneficial.''
The oil and gas survey will cover areas along both the Pacific Coast and Sea of Japan, the Japan trade ministry official said on condition of anonymity. A $213 million vessel that conducts three- dimensional seismic surveys will be delivered in the next few months by Norway's Petroleum Geo-Services ASA.
The nation of Japan is accelerating oil and gas drilling at home and overseas to secure long term supplies. The Japanese national budget for natural- resource development may rise 12 percent to $1.5 Billion U.S. dollars in the 2008 year starting April 1. The trade ministry in March announced the discovery of a Pacific field holding 40 trillion cubic feet of frozen natural gas, equivalent to Japan's natural gas demand for about 14 years.
``The private sector just can't afford exploration work in such vast areas surrounding Japan,'' said Shigeyoshi Hasegawa, a spokesman for Japan Petroleum Exploration Co., the country's second-biggest oil and gas explorer. ``The government's survey data would be very beneficial.''
Tuesday, October 16, 2007
Gazprom is No Microsoft
Eurpean Union Energy Commissioner Andris Piebalgs struck a more conciliatory tone in regards to Gazprom and its competition at a news conference today, "Do we treat Gazprom as we treat Microsoft? Yes we do. The difference is that Microsoft has 100 percent of the market," Piebalgs told a news conference in the Latvian capital Riga. "That is why we do not take measures against Gazprom, there is no need. They do not play a big enough role in the market." These comments are in contrast to his comments made earlier during the unveiling of the new European Union energy policy package.
LNG - India - Natural Gas
India began securing its future natural gas supplies by purchasing LNG in 2004 with its first LNG Terminal set up by Petronet at Dahej on the west coast side of the country. India, anticipating the fact that its dependence on oil and natural gas will increase in the coming years, India is emphasizing on techniques for efficient use of all energy sources and is developing alternative energy sources as fast as it is able.
With the expansion of new LNG facilities at Dahej and the setting up of new Terminals at Kochi, Dabhol and Mangalore, India is preparing itself for a significant increase of natural gas in its energy sector. At the same time, maintaining the imports from the countries like Oman and Qatar ensures that India does not lag behind in the race for securing long term energy supplies. India believes that it is taking strides to becoming a powerful competitor in the energy sector and the development of its country through a strategically planned infrastructure, balance of geographical and political concerns and co-operative policies that are able to pave the way for India to develop a powerhouse future.
With the expansion of new LNG facilities at Dahej and the setting up of new Terminals at Kochi, Dabhol and Mangalore, India is preparing itself for a significant increase of natural gas in its energy sector. At the same time, maintaining the imports from the countries like Oman and Qatar ensures that India does not lag behind in the race for securing long term energy supplies. India believes that it is taking strides to becoming a powerful competitor in the energy sector and the development of its country through a strategically planned infrastructure, balance of geographical and political concerns and co-operative policies that are able to pave the way for India to develop a powerhouse future.
Monday, October 15, 2007
Crude Oil Prices Up - Turkey Ready to Fight?
The price of crude oil rose above $85 a barrel for the first time this year in New York on speculation that Turkish forces may pursue Kurdish militants in Iraq, stopping or curbing oil shipments as refiners prepare for the peak-demand heating-season.
Crude oil rose as much as 1.9 percent because Turkey's government appears ready to allow its military to attack Kurdish bases in Iraq, which has the world's third-largest oil reserves. Crude oil prices also rose after the Organization of Petroleum Exporting Countries – OPEC - said crude oil production outside the group will be lower than previously forecast.
Crude oil rose as much as 1.9 percent because Turkey's government appears ready to allow its military to attack Kurdish bases in Iraq, which has the world's third-largest oil reserves. Crude oil prices also rose after the Organization of Petroleum Exporting Countries – OPEC - said crude oil production outside the group will be lower than previously forecast.
Australian Natural Gas - A Go!
A massive natural gas project in north-west WA has been given the environmental go-ahead by the Federal Government.
The Pluto project is worth an estimated $12 billion, and includes an liquefied natural gas plant on the Burrup Peninsula to process gas from the field, almost 200km offshore from Karratha.
It's the second major gas project to win federal approval in the past week.
The Pluto project will face strict environmental criteria, including the protection of snakes and turtles, and waste management strategies.
The decision has angered environmental and aboriginal groups.
The Pluto project is worth an estimated $12 billion, and includes an liquefied natural gas plant on the Burrup Peninsula to process gas from the field, almost 200km offshore from Karratha.
It's the second major gas project to win federal approval in the past week.
The Pluto project will face strict environmental criteria, including the protection of snakes and turtles, and waste management strategies.
The decision has angered environmental and aboriginal groups.
Natural Gas Prices - October 15, 2007
As we begin the week of October 15, 2007, let us be aware of the natural gas prices from last week:
Nymex Henry Hub Futures: $7.15/mmbtu
Henry Hub spot market: $6.45/mmbtu
New York City Gate spot market: $6.81/mmbut
Nymex Henry Hub Futures: $7.15/mmbtu
Henry Hub spot market: $6.45/mmbtu
New York City Gate spot market: $6.81/mmbut
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