Pangea Petroleum Announces Successful Completion of Lavaca County, Texas, Well Wednesday February 23, 9:01 am ET
HOUSTON--(BUSINESS WIRE)--Feb. 23, 2005--Pangea Petroleum Corp. (OTCBB:PAPO - News) announced today the successful completion of the well in which the Company recently purchased a working interest, in Lavaca County, Texas. This well is a 3500' Frio well that was drilled in January. The well had an extended production test at pipeline conditions and produced at the rate of 260 mcf per day. The well is operated by Everest Resource Co. of Corpus Christi, and Pangea has a 2.0% working interest and a 1.5% net interest in the operation.
"This well will be connected to the pipeline and go on production in the next few weeks," notes Mark Weller, president of Pangea. "We are pleased to be able to make our second successful completion announcement at this early date in 2005."
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i wish i had some funds available right now...although i'm new to chart reading this looks sweet...macd is getting rediculous and it's not overbought yet...oil is at $56/barrell, all over the news...seems like that is the fuel, no pun intended, behind this fire...JMHO
Oil Rises to a Record on Concern Demand Is Outpacing Supply
March 17 (Bloomberg) -- Crude oil rose to a record $56.69 a barrel as a promise of increased output from OPEC failed to ease concern that demand for gasoline and other fuels is rising faster than supply.
The Organization of Petroleum Exporting Countries, which is already pumping near capacity, said yesterday's agreement to raise the group's output quota by 500,000 barrels a day won't immediately increase supply. U.S. gasoline prices rose to a record after the government reported stockpiles had their biggest decline since September.
``What the market is thinking is that demand is very strong and will continue to be strong,'' said Dennis Kongsiri, a risk manager at Concord Energy Pte, a Singapore-based crude-oil trading company. ``There's this expectation that we could run out of supplies in the future.''
Crude oil for April rose as much as 23 cents, or 0.4 percent, in after-hours electronic trading on the New York Mercantile Exchange to the highest intraday price since the contract was introduced in 1983. It was at $56.63 at 10:19 a.m. Singapore time.
Yesterday, the April contract rose $1.41, or 2.6 percent, to $56.46 a barrel, a record closing price.
Record-high prices turned PetroChina Co., the nation's biggest oil producer, into Asia's most profitable publicly traded company in the six months ended December, ahead of Toyota Motor Corp. Beijing-based PetroChina's net income rose to a record 102.9 billion yuan ($12.4 billion).
OPEC
OPEC will hold talks on another 500,000 barrels a day increase in the output quota starting from May 1, OPEC President Sheikh Ahmad Fahd al-Sabah told reporters in Isfahan, Iran, where the group met yesterday. Because members are already supplying more than planned, additional barrels may not come until May, he said.
``There is little OPEC can do to get more on the market,'' said John Kilduff, senior vice president of energy risk management with Fimat USA in New York. ``OPEC has ended up marginalizing themselves. The increase in quotas only highlights their lack of spare capacity.''
In New York yesterday, crude oil futures jumped more than $1.50 in 15 minutes after the Energy Department's weekly report showed U.S. gasoline supplies fell by 2.9 million barrels last week, almost three times the decline expected by analysts in a Bloomberg survey.
Gasoline supplies fell for a second week to 221.4 million barrels, the report showed. Supplies remained 9.4 percent higher than a year earlier.
`Gasoline Spooked Market'
``It was the gasoline number that spooked the market,'' said David Thurtell, commodity strategist at Commonwealth Bank of Australia in Sydney.
Gasoline for April delivery rose 4.1 cents, or 2.7 percent, to $1.5483 a gallon in New York, the highest closing price since the contract was introduced in 1984. It was at $1.5505 in after- hours trading.
U.S. crude-oil supplies gained 2.6 million barrels to 305.2 million last week, the highest since June, and 8.2 percent higher than a year earlier, according to Energy Department data. Analysts surveyed by Bloomberg forecast a 2 million barrel increase.
```U.S. crude supplies rose last week but with the growth of China there's going to be more competition for barrels in the months ahead,'' said Phil Flynn, vice president of risk management with Alaron Trading Corp. in Chicago. `We're worried about the high-demand period this summer and our ability to keep up with gasoline consumption.''
China's Demand
China's fuel use will rise 7.9 percent this year, or 500,000 barrels a day, to 6.88 million barrels a day, according to the Paris-based International Energy Agency. China is the second-biggest oil consumer after the U.S.
Global supply is sufficient to boost inventories now, Saudi Oil Minister Ali al-Naimi said yesterday in Isfahan.
``When we project into the fourth quarter, we see a substantial rise between the third quarter and the fourth,'' he said. ``We believe additional crude is needed. How much, we don't know.''
OPEC pumped 29.85 million barrels of oil a day in February, according to a Bloomberg survey of oil companies, producers and analysts. The 10 members with quotas, all except Iraq, have a production ceiling of 27 million barrels a day and exceeded that by almost a million barrels last month.
``Traders know that there is very little ability for a big increase'' in OPEC's output, Tom James, managing partner in London of energy and commodity consultant Global Risk Partners, said in an e-mail. ``This year we're not looking to see any major drop in oil demand.''
IEA
The International Energy Agency, an adviser on energy policy to 26 industrialized nations, forecast in a report last week that oil consumption will climb by 1.81 million barrels, or 2.2 percent, to 84.3 million barrels a day this year. It was 330,000 barrels more than the agency forecast last month.
Prices rose in 1974 after an oil embargo that followed the Arab-Israeli war and from 1979 through 1981 after Iran cut oil exports. The average cost of oil used by U.S. refiners was $35.24 a barrel in 1981, according to the Energy Department, or $75.71 in today's dollars.
To contact the reporter on this story: Sri Jegarajah in Singapore at sjegarajah@bloomberg.net. Gavin Evans in Wellington, New Zealand at gavinevans@bloomberg.net
To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net
Last Updated: March 16, 2005 21:27 EST
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Justplayin, Im gonna get more papo at the open.
Associated Press Oil Futures Prices Leap Above $57 a Barrel Thursday March 17, 7:17 am ET By Beth Gardiner, Associated Press Writer Oil Futures Prices Surge Above $57 a Barrel After OPEC's Output Pledge Fails to Assure Traders
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