Nitro Petroleum Incorporated (OTC.BB:NTRO.OB)
The Quinlan #1, Quinlan #2, and Quinlan #3 wells are located in the Northeast Shawnee Field in Pottawatomie County, Oklahoma. NTRO is the operator on this field and chose to upgrade these 3 wells first which includes re-works on mechanical equipment down hole and chemical treatments which will happen within the next thirty days on the Quinlan #1 and Quinlan #2 wells. Furthermore, the Ward-McNeil well located in Section 27, T3N, R1W, Garvin County, Oklahoma is now ready for a fracture treatment. NTRO is the Operator on this project and their Geologist has identified a potential pay zone in the Viola Limestone formation.
* Oklahoma is one of the major oil-producing States in the Country, with an annual production typically accounting for more than 3% of total U.S. production in recent years. Crude oil wells and pipeline systems are concentrated in Central Oklahoma, although drilling activity takes place in the panhandle. Oklahoma's prominent place in the oil industry happened by chance, the result of encompassing the bulk of the hydrocarbon-
With the potential of offshore drilling having catastrophic consequences, as the oil spill currently releasing 250,000 gallons a day, it raises the question of land drilling vs. offshore drilling, and which is the more feasible form of drilling.
Alon USA Energy, Inc. (NYSE: ALJ) ("Alon") recently announced results for the first quarter of 2010. Net loss for the first quarter of 2010 was ($52.9) million, or ($0.98) per share, compared to net income of $17.4 million, or $0.37 per share, for the same period last year. Excluding special items, Alon recorded net loss of ($49.1) million, or ($0.91) per share, for the first quarter of 2010, compared to net income of $19.3 million, or $0.41 per share, for the same period last year.
Devon Energy Corporation (NYSE: DVN) recently reported net earnings of $1.2 billion for the quarter ended March 31, 2010, or $2.67 per common share ($2.66 per diluted common share). This compares with a first-quarter 2009 net loss of $4.0 billion, or $8.92 per common share ($8.92 per diluted common share).
Devon also announced that its board of directors has authorized the repurchase of up to $3.5 billion of the company’s common stock. Devon plans to begin purchasing shares immediately. The shares will be acquired in the open market, and the timing of purchases may depend upon market conditions.
Hess (NYSE: HES) and Toreador (NASDAQ: TRGL) jointly announced that they have signed a definitive agreement, under which Hess may become co-holder of Toreador’s exploration permits in the Paris Basin, France, which represent approximately 1 million gross acres (of which 680,000 acres awarded and 360,000 acres pending).
The partnership combines Toreador’s position covering the Paris Basin shale oil resource with Hess’ position as a leading shale oil producer in the United States along with its international operating and financial strengths.
Marathon Oil Corporation (NYSE:MRO) announced recently that Howard J. Thill, Marathon vice president of Investor Relations and Public Affairs, will present at the UBS Global Oil and Gas Conference on Wednesday, May 26, 2010, at 7:30 a.m. CDT.
A live audio webcast of these remarks will be accessible via Marathon's website at http://www.marathon.com. This presentation and associated question-and-
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