Norway declares crisis in oil industry as devaluation continues

STAVANGER, Norway (Bloomberg) — With oil dropping below $30/bbl, producers in western Europe’s biggest crude exporting nation are now considerably worse off than they were in the darkest hours of 2008. Norway’s oil “industry is in a crisis now, we can’t deny that,” Bente Nyland, director general of the Norwegian Petroleum Directorate, told Bloomberg. Nyland …

President May Have Exaggerated Role of Stimulus in Clean Energy, Experts Say

WASHINGTON — President Obama, in his final State of the Union address on Tuesday night, boldly proclaimed the successes of what he called “the single biggest investment in clean energy in our history,” the 2009 economic stimulus that pumped $80 billion into clean and renewable energy projects. “In fields from Iowa to Texas, wind power …

Overseas Stakes – Statoil buys stake in Lundin Petroleum

Statoil (NYSE:STO) has increased its exposure to its home market by buying a big stake in Lundin Petroleum (OTCPK:LNDNY), boosting its presence in the Johan Sverdrup field, Norway’s biggest offshore project in decades. The Norwegian state-controlled oil major bought 11.9% in the Swedish company for SEK4.6B ($539M) making the acquisition Statoil’s first big deal since …

Stephen R. Brunner Interview – PTRC Micro Cap E&P Company

We are pleased to announce a new audio interview with Stephen R. Brunner, President of Petro River Oil Corp. OTCPink: PTRC Mr. Brunner has over 30 years of experience in domestic and international operations in the exploration and production industry as well as extensive public company management experience. Since 2008, Mr. Brunner has served as …

E&P ‘Bottom Of The Barrel Club’ Issue #2: Of Stocks And Bondage

Summary Since its introduction a month ago, Bottom of the Barrel Club members have seen significant equity and debt price declines. Already, two members declared bankruptcy, so additional companies are added and the list is expanded. Comparative equity price performance, as well as selected debt, enterprise and EBITDA figures are presented and analyzed. Comparative bond …

EXCLUSIVE: Lucas Energy CEO Dishes On Next Steps After New Deal Pushes Stock Up 300%

Lucas Energy, Inc. LEI 8.49% shares had a huge finish to last week — up more than 300 percent on Thursday — after the company unveiled a purchase agreement to acquire underdeveloped land from 21 different entities, including two large blocks in the “liquids-rich” Mid-Continent region. Investors cheered the development as a sign the company …