MegaWest Energy Corp., an independent oil and gas company (OTCBB: MGWSF), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, on Tuesday December 11, 2007 announced that GLJ Petroleum Consultants, has completed an independent engineering report of the reserves and resources associated with certain of its key projects. The combined GLJ and Management high estimate of combined recoverable Reserves, Contingent Resource and Prospective Resource is 332 million barrels out of a high estimate of Gross Original Resource of over 2 Billion barrels. GLJ has independently estimated the oil reserves and resources attributable to MegaWest's interests in its Chetopa Kansas Project, the Upper Warner Sand at its Deerfield Missouri Project and the Big Clifty Sand at its Kentucky Reserves Project, encompassing only 43,982 of the total 111,514 mineral acres leased by MegaWest
Enterra Energy Trust (NYSE: ENT) on Tuesday December 11, 2007 announces that the maturity date for its credit arrangements has been extended, subject to formal documentation, from December 11, 2007 to December 18, 2007. Enterra is in active discussion with its lenders and believes that the one week extension should provide sufficient time for the negotiation and finalization of longer term arrangements with Enterra's lenders. Enterra's management made a comprehensive presentation regarding its go-forward business plan to the lenders' syndicate on December 4, 2007.
Pioneer Drilling Company (AMEX: PDC) on Wednesday December 12, 2007 announced that its Board of Directors approved a change of its fiscal year-end from March 31 to December 31. This change was implemented to align the Company's U.S. reporting period with the required Colombian statutory reporting period as well as the reporting periods of its peer companies. The change will be effective for the current fiscal year, which will represent a 9-month period from April 1, 2007 through December 31, 2007.
Universal Energy Corp. (OTCBB: UVSE), an emerging domestic oil and gas exploration and production company, on Wednesday December 12, 2007 announced that oil production has now begun at its Amberjack prospect. "Our first revenues from production are a historic event," commented Billy Raley, CEO of Universal Energy Corp. Raley continued, "Production estimates have been right on track and our previous estimates of profitability for the first quarter of 2008 are solid". Universal Energy will update its stockholders each month on its production numbers for each of its prospects.
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