--(www.USEquityNews.com)-- 11/27/2007 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Hercules Offshore, Inc. (NASDAQ: HERO) recently announced that it has entered into agreements with Petrex Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e Construcoes Petroliferas Lda. (collectively, "Saipem") for the sale of its nine land rigs and related assets ("Land Assets"). The Land Assets include six land rigs in Venezuela, one in Trinidad and two in the United States. The purchase price is approximately $107 million and the transaction is expected to close late in the fourth quarter of 2007.
Comstock Resources, Inc. (NYSE: CRK) announced recently that it has agreed to purchase certain oil and gas properties from SWEPI LP, an affiliate of Shell Exploration & Production for $170.0 million, effective October 1, 2007. With the acquisition, Comstock will acquire producing properties in the Dinn Ranch, Fandango, Rosita, and Rosita East fields in Duval and Zapata counties in South Texas on 11,500 (7,600 net) acres. The properties being acquired include 70 (43.3 net) producing wells that are currently producing approximately 21.9 million cubic feet of natural gas per day. Comstock estimates that these properties have net proved reserves of approximately 57.8 billion cubic feet ("Bcf") of natural gas. All of the proved reserves are in the developed category.
he Office of Fair Trading for the United Kingdom (OFT) recently announced that, subject to satisfactory undertakings from the parties, it has decided not to refer the proposed merger of Transocean Inc. and GlobalSantaFe Corporation (NYSE: GSF) to the U.K. Competition Commission for further investigation. Instead, the OFT considers that the undertakings offered by the parties to divest the GlobalSantaFe floaters that would be working in the U.K. sector of the North Sea absent the merger will remedy the possible antitrust concerns identified in the course of its first stage review. The parties' offer of divestiture includes the GSF Arctic II and the GSF Arctic IV but does not include any jackup rigs.
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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