Oil & Gas Exploration and Production

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RH Petrogas Ltd announces member’s voluntary liquidation of Tri-M Technologies (Philippines) Inc

Monday, 30 Dec 2013 04:06am EST

RH Petrogas Ltd:Says its wholly-owned subsidiary, Tri-M Technologies (Philippines) Inc., which has been placed under voluntary liquidation, has been dissolved.

Encana Corporation To Cut 20% Of Workforce, Slash Dividend-Reuters

Tuesday, 5 Nov 2013 06:33am EST

Reuters reported that Encana Corporation will cut about 20% of workforce, slash dividend and invest nearly three-quarters of 2014 capital spending budget in more lucrative oil and liquid gas assets. Encana said it would also close Plano, Texas office and consolidate office locations to Calgary, Alberta and Denver, Colorado, as new Chief Executive Officer (CEO) Doug Suttles looks to boost profits.

Rh Petrogas Ltd Announces Voluntary Liquidation Of Subsidiary

Friday, 31 May 2013 06:59am EDT

Rh Petrogas Ltd announced that with reference to the announcement dated September 30, 2008 and September 14, 2011, its wholly owned subsidiary, TRIM Technologies (M) Sdn Bhd, which has been placed under voluntary liquidation, has been dissolved.

Occidental Petroleum Corp's CEO Discussed Potential Sales of Overseas Assets, Spinoff-WSJ

Thursday, 23 May 2013 02:15pm EDT

The Wall Street Journal reported that Occidental Petroleum Corp may consider selling its overseas assets or splitting into three separate companies in order to fund a stock buyback and improve its share price, Chief Executive Steve Chazen told investors. According to analysts at UBS Securities, during a conference hosted by the bank in New York on May 22, 2013 Mr. Chazen said selling assets to reduce the size of the Company may be necessary for shareholders to realize greater value from the Los Angeles-based oil and gas producer. Among the scenarios Occidental is considering are selling its Middle Eastern business, which includes onshore and offshore oil and gas projects in Qatar and Oman. Mr. Chazen also discussed splitting the Company into three businesses: one focused on the overseas assets, another focused on oil production in California, Colorado and the Bakken oil fields, and a third focused on the Company's 1.7 million acres in Texas and New Mexico's Permian Basin.

North Energy ASA Reorganizes Corporate Structure

Tuesday, 8 Jan 2013 06:45am EST

North Energy ASA announced that it has acquired holdings, with economic effect from December 31, 2012, in production licenses (PLs) 498, 503 and 503B on the Norwegian continental shelf from its wholly owned subsidiary 4 sea energy AS for a sale price of NOK 37 million. The Norwegian government has approved this transfer. All relevant contracts will accompany the takeover. Such a reorganization will provide a more appropriate structure and be advantageous for risk management, financing, capital flow and tax considerations. Following the transaction, the 4 sea energy subsidiary is a company without employees, licenses and operations. This means that it has liquidated its direct petroleum activities, which have been subject to the special petroleum tax regime. As a result of the change, 4 sea energy expects to secure the tax value of losses carried forward from the Norwegian government pursuant to the provisions in section 3c, sub-section 4 of the Petroleum Taxation Act. This tax value is estimated to total NOK 17 million, and is expected to be paid to the company in December 2013.

Rocksource ASA Completes Reorganization of Group Structure

Wednesday, 2 Jan 2013 03:00am EST

Rocksource ASA (Rocksource) announced that with reference to the stock exchange announcements dated October 18, 2012 and October 30, 2012 regarding a reorganization of the Rocksource Group structure, on December 31, 2012 Rocksource completed the planned and announced reorganization. All related assets, contracts and personnel have been transferred to the subsidiary Rocksource Exploration Norway AS. Rocksource Exploration Norway AS thereby becomes the owner of all the Group's licenses on the Norwegian Continental Shelf, and the parent company has discontinued its direct petroleum activities.

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