--(www.USEquityNews.com)-- 11/19/2007 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Contract drilling company Helmerich & Payne Inc. (NYSE: HP) said recently its fiscal fourth-quarter profit rose 18 percent due in part to higher gains from insurance settlements as well as portfolio securities and drilling equipment sales. The company reported earnings increased to $116.4 million, or $1.10 per share, compared with $98.5 million, or 93 cents per share, in the prior-year period. Analysts surveyed by Thomson Financial expected a profit of 87 cents per share.
Bronco Drilling Company, Inc., (Nasdaq/GM:BRNC), announced recently operational results for the month ended as of October 31, 2007. Utilization for the Company's drilling fleet was 75% for the month of October compared to 74% for the previous month and 76% for the third quarter of 2007. The Company had an average of 50 marketed rigs in October compared to 54 in the previous month and 53 for the third quarter of 2007.
Shares of Transocean Inc. (NYSE: GSF) rose recently after Bear Stearns lifted its price target and profit estimates on the offshore oil drilling contractor. Analyst Robin Shoemaker, who rates the stock "Outperform," boosted his target price to $150 from $140, because of what he sees as additional potential from Transocean's pending acquisition of GlobalSantaFe Corp. Last week, the two companies said their shareholders approved the $53 billion combination, which will significantly enhance Transocean's position as the world's largest offshore drilling contractor.
MegaWest Energy Corp. (OTCBB: MGWSF), an independent oil and gas company (Cusip: #585168 107), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, announces that MegaWest Energy's presentation at the Houston Energy Financial Forum, presented by the Oil and Gas Financial Journal, in Houston, Texas on Thursday, November 15, 2007 has been rescheduled to 3:05 PM. President and CEO, George Stapleton will be presenting a corporate overview to investors. The conference is being held at Hotel ZaZa, 5701 Main Street, Houston, TX 77005. For the full StocksJournal CFA report, please visit, http://www.stocksjournal.com
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