W&T Offshore has successfully drilled the Main Pass 108 No. 8 well. The well reached TD 12,878 feet and found seven pay sands. The company owns a 100% working interest in this well and is currently in the process of completing this conventional shelf development well.

Plains Exploration & Production Company (PXP) has executed a securities purchase agreement with EIG Global Energy Partners in which PXP will receive $450 million of cash proceeds in exchange for a 20% equity interest in Plains Offshore Operations, Inc., a wholly owned subsidiary of PXP established to hold all of PXP’s Gulf of Mexico assets. Included in the assets is the Lucius oil development project, a discovery with first production anticipated in 2014.

Williams Partners, LP has signed multiple agreements with Hess Corporation and Chevron to provide production handling, export pipeline, oil and gas gathering and gas processing services in the Tubular Bells field development. Hess and Chevron will utilize Williams Partners’ proprietary floating production system, Gulfstar FPS™.

Contango Oil & Gas Company has drilled a successful exploratory well at its Swimmy prospect on Vermilion 170. The company estimates this well to have 48 BCF of natural gas and 1.2 mmbbls of condensate.

Plains Exploration & Production Company (PXP) is evaluating alternatives to separate its deepwater and onshore businesses, which include separately capitalizing its deepwater business through a joint venture or outside capital and then either spinning-off or divesting these assets.

Plains Exploration & Production Co. (PXP) has completed the divestment of its Gulf of Mexico shallow water shelf properties to McMoRan Exploration Company. The transaction was approved by McMoRan shareholders at a special stockholders meeting held last week. At closing and after preliminary closing adjustments, PXP received about $86 million in cash, including $11 million in working capital adjustments, and 51 million shares of McMoRan common stock in exchange for all of PXP’s interests in its Gulf of Mexico leaseholds located in less than 500 feet of water. PXP has designated James C. Flores, chairman of the board, president, and chief executive officer, and John F. Wombwell, executive vice president, general counsel, and secretary to McMoRan’s board of directors.

Noble Energy, Inc. announced a significant natural gas discovery at the Leviathan exploration prospect offshore Israel. Drilled in the Rachel license, the well encountered a minimum of 220 ft of net natural gas pay in several subsalt Miocene intervals. Leviathan-1, located in about 5,400 ft of water, is about 29 miles southwest of the Tamar discovery.

Plains Exploration & Production Co. (PXP) executed an agreement with McMoRan Exploration Co. to divest PXP’s interests in properties located in the Gulf of Mexico’s shallow water for a combination of cash and stock. PXP will receive $75 million in cash and 51 million shares of McMoRan common stock in exchange for PXP’s interests in all of its Gulf of Mexico leasehold located in less than 500 feet of water. These properties are currently producing approximately 45 MMcfed net to PXP and include estimated proved reserves of approximately 63.9 Bcfe as of June 30.

In a September 13, 2010, filing, Anadarko Petroleum Corp. stated it is seeking to cancel its drilling contract on Diamond Offshore Drilling Inc.’s semi Ocean Monarch. The operator said the actions of the U.S. government related to the ongoing deepwater drilling moratorium constitute a condition of force majeure under the drilling contract. In a filing with U.S. Securities and Exchange Commission, Diamond said it does not believe the events cited by the operator fall within the definition of force majeure and that it intends to “vigorously defend” the litigation. The rig’s contract with Anadarko is not due to expire until March, 2013 at a day ...

BP has been authorized by the National Incident Commander, Thad Allen, to cease fishing operations at the Macondo well site to remove sections of pipe that have settled in the blowout preventer (BOP)  and to prepare for the removal of the well’s existing capping stack and BOP.  The equipment will be replaced with a BOP taken from the backup relief well being drilled by the Development Driller II.

Mainland Resources, Inc. announced the appointment of leading exploration and production executive, Nicholas W. Atencio, as Chief Executive and Director of the company.  Atencio previously held the positions of Vice President of Operations Gulf of Mexico and Vice President of International Exploration and Production for Kerr McGee Oil & Gas Corporation.

Plains Exploration & Production (PXP) plans to reduce its Gulf of Mexico (GOM) exposure and related capital spending.  PXP’s goals are to secure $1 billion to $2 billion of value from its GOM assets through third party joint ventures and/or asset sales and to align capital spending with operating cash flow.

Pemex has awarded CGGVeritas a contract to acquire a 3D wide–azimuth (WAZ) program in the Mexican waters of the Gulf of Mexico. The survey, valued at more ...

Stone Energy reported prices realized during the second quarter of 2010 averaged $72.14 per barrel of oil and $5.46 per  thousand cubic feet (Mcf) of natural gas, which represents a 7% decrease, on an Mcfe basis, over second quarter 2009. Average realized prices during the first six months of 2010 were $71.43 per Bbl of oil and $5.71 per Mcf of natural gas, representing a 1% decrease on a Mcfe basis compared to $63.01 per Bbl of oil and $6.73 per Mcf of natural gas realized during the first six months of 2009.

W&T Offshore completed the acquisition of all of the interest of Total E&P USA, Inc. in three federal offshore lease blocks located in the Gulf of Mexico with an effective date of January 1, 2010.  The purchase price, after adjustments, was $116.6 million.  The properties acquired from Total are producing interests with future development potential and include a 100% working interest in Mississippi Canyon 243 (Matterhorn) and a 64% working interest in Viosca Knoll 822 and 823 (Virgo).   The reserves acquired were estimated as 64% oil and 36% natural gas. 

ATP Oil & Gas reported production for the second quarter 2010 averaged 21.3 mmbbls/day, an ...