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Exxon Mobil (XOM)

Exxon Mobil Corporation announced today that additions to its proved reserves in 2009 totaled 2.0 billion oil-equivalent barrels, replacing 133 percent of production. Excluding the impact of asset sales, reserves additions replaced 134 percent of production.
“ExxonMobil is an industry leader in reserves replacement,” said Rex W. Tillerson, chairman and chief executive officer. “We have replaced more than 100 percent of production for 16 consecutive years, reflecting our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution. Adding new reserves ensures that ExxonMobil will continue to develop new supplies of energy to meet future demand and support economic growth and improved standards of living."

Feb 16 · 2:38:00 PM · Source: Company Press Release
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by Michael Oliveto

Nexen (NXY)

Nomura Holdings plans to buy the European natural gas and power trading businesses of Nexen in a deal reportedly worth about $55 million.

Feb 15 · 7:35:00 PM · Source: Reuters
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by Michael Oliveto

Mexco Energy (MXC)

Mexco Energy today reported net income of $167,145, or $0.09 per diluted share, for the quarter ending December 31, 2009, the Company's third quarter of fiscal 2010.
This was a 27% increase from $131,501 for the same quarter of fiscal 2009. Operating revenues in the third quarter of fiscal 2010 were $865,169, a 7% decrease from $927,644 for the third quarter of fiscal 2009.

Feb 15 · 7:30:00 PM · Source: Your Industry News
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by Michael Oliveto

Geokinetics (GOK)

Geokinetics announced today that it has completed its acquisition of Petroleum Geo-Services' ("PGS") onshore seismic data acquisition and multi-client data library business ("PGS Onshore").
"The combination of PGS Onshore and Geokinetics solidifies our position as the clear leader in the onshore seismic data acquisition business," said Richard F. Miles, President and Chief Executive Officer of Geokinetics. "It not only brings together two strong complementary seismic data acquisition operations, but it also accelerates our strategic initiatives in the multi-client library business."

Feb 15 · 7:24:00 PM · Source: Reuters
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by Michael Oliveto

Cano Petroleum (CFW)

Cano Petroleum announced that production for the quarter ended December 31, 2009 averaged 1,189 net barrels of equivalent oil per day (“BOEPD”). This is 1.2% lower as compared to production of 1,203 net BOEPD for the quarter ended December 31, 2008 (“Prior Year Quarter”) and 2.4% lower as compared to production of 1,218 net BOEPD for the quarter ended September 30, 2009. Production for the six-month period ended December 31, 2009 (“Current Six Months”) of 1,204 net BOEPD was 1.1% lower as compared to the six-month period ended December 31, 2008 (“Prior Year Six months”) of 1,218 net BOEPD.
Factors decreasing production for the Current Quarter include: (i) a 50 BOEPD temporary reduction to redistribute water injection at the Cato waterflood to enlarge the waterflood “footprint”, and (ii) a 22 BOEPD reduction due to curtailed Barnett Shale natural gas production at our Desdemona Properties. Otherwise, normal field declines of production were more than offset by consistent and increasing performance at waterfloods from both our Cato and Panhandle Properties.

Feb 15 · 7:05:00 PM · Source: Your Oil and Gas News
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by Michael Oliveto

BP (BP)

BP is in talks to pay about $1.2 billion for a majority stake in a privately held Canadian company with large reserves of oil-rich sand deposits.
Reliance Industries Ltd is thought to have made a rival $2 billion takeover bid but BP is understood to be the preferred partner, the paper said.

Feb 15 · 7:00:00 PM · Source: Reuters
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by Michael Oliveto

Smith International (SII)

Smith International announced today that it has agreed to acquire @Balance, B.V. from Shell Technology Ventures Fund 1 B.V. At Balance, winner of Hart’s 2008 Special Meritorious Award for Engineering Innovation, provides managed pressure drilling (“MPD”) services using its patented technology.
Smith acquired a minority interest in At Balance in late 2007 and increased its stake to 35% during 2009. While the transaction is subject to completion of a final agreement, the Company anticipates concluding the acquisition of the remaining 65% interest during the first quarter of this year. No financial terms were disclosed.

Feb 12 · 11:10:00 PM · Source: Company Press Release
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by Michael Oliveto

ECO International (ESV)

ECO International Incorporated declared a regular quarterly dividend in the amount of $.025 per share payable March 19, 2010 to shareholders of record on March 8, 2010.
At today''s $40.48 stock price the dividend yield is 0.25%.

Feb 12 · 10:26:00 PM
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by Michael Oliveto

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