--(www.USEquityNews.com)-- 11/14/2007 - Oil and Gas Exploration industry alert provided by U.S. Equity News. MegaWest Energy Corp., an independent oil and gas company (OTCBB: MGWSF), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, is pleased to announce the start of facilities construction and the drilling of development wells at its Deerfield Project. MegaWest is embarking on the first phase of commercial production of heavy oil from the Warner sandstone in Vernon County, southwest Missouri. The Company's existing land position exceeds 7,000 acres and will support multiple projects in the Deerfield Project area, so this project will be referred to as the Marmaton River Project - Phase I. Construction has been initiated on the Marmaton River Project with the completion of commissioning and start-up of Phase I expected within 3-4 months. For the full StocksJournal CFA report, please visit, http://www.stocksjournal.com
The merger between the oil and gas activities in Norsk Hydro ASA (Hydro) and Statoil ASA was effective on 1 October under the name StatoilHydro ASA (NYSE: STO). On 29 October, StatoilHydro presented its 3rd quarter 2007 results, excluding the oil and gas activities from Hydro. On 30 October, Hydro presented its 3rd quarter 2007 results, including the oil and gas activity. Recently, StatoilHydro is publishing the consolidated pro forma financial information per 30 September for the combined company.
GlobalSantaFe Corp. and Transocean Inc. (NYSE: GSF) said recently their shareholders approved a proposed $53 billion combination of the two offshore drilling contractors. The deal, announced in July, includes a $15 billion cash payout to both companies' shareholders. Transocean and GlobalSantaFe shareholders will also get shares in the new company, which will retain the Transocean name and trade on the New York Stock Exchange under Transocean's symbol "RIG."
Kodiak Oil & Gas Corp. (AMEX: KOG), an oil and gas exploration and production company with assets in the Green River Basin of Wyoming and the Williston Basin of North Dakota and Montana, recently provided early results for the HB Unit #5-3 in the Vermillion Basin in Wyoming. Following fracture stimulation of the final three stages in the Baxter shale on November 9th and 10th, the initial twenty-four hour flowback rate was estimated at 3.0 million cubic feet (MMcf) of natural gas. This flowback rate was with a 16/64" choke with 3,500 psia of flowing casing pressure.
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