Mass Petroleum, Lei, Exxi: Hey, Canada Has Oil Too!
Mass Petroleum Inc
Mass Petroleum Inc. (OTCBB: MASP)
Canada has oil reserves that are proven to contain more than 178 billion barrels of oil, while Saudi Arabia which is number one has reserves topping 264.3 billion barrels, and Canada is right next door which means a cheaper delivery, and actually makes the mid east wars obsolete.
Mass Petroleum is currently in the process of acquiring several producing oil and gas assets in Western Canada. Alberta which is located in Western Canada has one of the worlds largest reserves of oil and gas; in fact anyone in the oil business should take a serious look at Canada. MASS Petroleum is! Oil stocks can do well, especially when the company has some real and valuable assets, so you should continue to watch Mass Petroleum to see where their stocks go.
With BP selling off some of its Western Canada Natural Gas assets in order to pay for the Gulf Coast clean up they have entered into an agreement with Apache Corp for $3.25 billion.
Mass Petroleum announced this week that it has entered into a non-binding Letter of Intent with JKA Ventures Corp. for the purchase of 100% of JKAs working interest in the Walnut, Southeast Field in Crawford, Kansas for a total purchase price of $800,000. Mass Petroleum is currently in the process of conducting due diligence. Upon the completion of the due diligence period, it will be required to make a 10% deposit. The transaction is expected to close by September 1, 2010, subject to satisfactory due diligence and the successful negotiation of the final form of contract.
This is exciting news for Mass Petroleum , which is an oil and gas production company that has been focusing its efforts on acquiring oil and natural gas wells, interests and leases from existing companies or governmental bodies.
About Mass Petroleum Inc:
Mass Petroleum Inc is engaged in oil and gas exploration and production. The company is expanding its business through acquisitions of exploration stage oil and gas wells by means of leases or buying substantial interest in them. The company has work force of most experienced professional in oil and gas sector. As on November 30th, 2009 the company reported its three exploration properties in Oklahoma with 2.34 percent interest in their ownership. The companys main focus is in oil and gas leases and interest ownership in medium sized oil and natural gas production properties. Mass Petroleum is also looking forward to acquire non operational interests and exploration interests in producing wells.
For More Info Visit: http://www.masspetroleum.com
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Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company based in Houston, Texas, announced that the Company has begun testing the Wall No.1 well, Wilson County, Texas. The well is a re-entry of a plugged and abandoned straight hole well in the Buda formation. On initial test, the well produced 91 bbls of oil in 24 hours, flowing. The Wall No.1 well has Eagle Ford potential behind pipe above the Buda formation.
William A. Sawyer, President and Chief Executive Officer of Lucas Energy, said, The initial test of the Wall No.1 well was above our expectations. The company may test other intervals in this well bore at a later date. The Wall No.1 well is in the new Eagle Ford play developing in the Wilson County, Texas area.
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EXXI, Energy XXI (Bermuda) Limited
EXXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program.
EXXIs properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore.
EXXI has successfully installed and placed in service a bi-directional pipeline lateral between its Main Pass 61 and 73 fields offshore Louisiana, restoring more than 2,000 barrels of oil equivalent (BOE) per day of production that had been shut-in on April 6 by a rupture of the third-party-owned Cypress Pipe Line. The new lateral enhances transportation options to route around any future downstream system outages while helping achieve higher margins on EXXIs sales volumes.
Nearby in the South Pass area, EXXI has acquired additional interests in several properties, adding 2.2 million BOE of proved and probable reserves that are approximately 40 percent oil. The transaction closed with an effective date of March 1, 2010 and is subject to ordinary post-closing adjustments.
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by: Blayne Sheffield
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