Forest Oil reported 2010 annual results; Average liquids net sales volumes up 33% over 2009; Plan to spend 80% of 2011 capital to liquids-rich prospects

Forest's 2010 average net sales volumes up 5% to 453 mmcfpd over 2009. The company’s average oil and natural gas liquids (NGLs) net sales volumes for the year ended December 31, 2010 organically increased 33% to 18.9 MBbls/d, compared to the corresponding 2009 period, pro forma for divestitures. The company reported 2011 production guidance of 470 mmcfpd.

Forest oil plan to Spend US$600-US$650 million in 2011, of which 50% is allocated to Texas Panhandle. The company also reported to invest 80% of its total capital expenditures to liquids-rich prospects.

The company continue to allocate about 50% of our capital budget to the Granite Wash play, including testing new zones; expect organic growth focusing on high-return, liquids-rich locations during 2011 and beyond from the Texas Panhandle - Granite Wash play.

For more information on Forest Oil, visit:http://docsearch.derrickpetroleum.com/research/cmp/225/Forest%20Oil.html

Bankers Petroleum reveals 2010 annual results; Production up 49% over 2009; Plan to achieve exit production target of 20,000 bopd for 2011

Bankers Petroleum’s 2010 average production increased 49% to 9,597 bopd from 6,438 bopd in 2009. The company increased production through annual capital investment in Albania, of US$122 million, which includes the effective implementation of the Patos-Marinza development plan as well as applying EOR and secondary extraction techniques to increase the field's recoverable reserves.

Bankers Petroleum 2011 capital program budgeted at US$ 215 million and projected 2012-2014 capital programs to average $200mm/year.

As part of 2011, the company plan to drill 66 horizontal and vertical wells and complete 120 well         reactivations and work-overs at the Patos-Marinza oilfield to increase production facilities to handle our target exit production rate of 20,000 bopd

CNOOC reported 2010 Annual Results; Production up 44.4% over 2009; Plan to invest US $5.05 billion for Development projects in 2011

CNOOC’s 2010 net production reached 328.8 mmboe, reached 2010 production guidance of 327-329 mmboe. The production growth is mainly attributable to production from new fields brought on stream since 2009, outstanding performance of the producing fields and the production contribution from newly acquired projects. In 2010, the Company’s reserve replacement ratio amounted to 202%.

In 2010, the Company achieved 12 independent discoveries and successfully appraised 12 oil and gas structures by 18 appraisal wells in offshore China. In respect of exploration under production sharing contracts, besides the deepwater discovery of Liuhua 29-1, 3 oil and gas structures were successfully appraised by 5 appraisal wells.

CNOOC plan to invest US $8.77 billion in 2011, in which US$5.05 billion allocated for development projects.

CNOOC’s 2010 overseas acquisitions and JV’s:

Source: Derrick Petroleum E&P Transactions Database

The company projected 6-10% production growth for 2011-2015

Tullow oil reported 2010 annual results; Reported 2010 annual production of 58,100 boepd surpassing initial 2010 guidance of 55-57 kboepd; Plan to invest for exploration led value growth in Mauri-Tano trend , South America and East Africa

Tullow reported 2010 annual production of 58,100 boepd surpassed 2010 guidance. The company achieved 82% exploration and appraisal success rate and three year reserves replacement ratio of 250%. Tullow plan to invest $1,500 million in 2011 and is planning to produce 86-92 kboepd in 2011.

Highlights:

-- 2010 annual production of 58,100 boepd surpassing initial 2010 guidance of 55-57 kboepd

-- 83% Exploration and Appraisal success rate in 2010

Plan to invest $1,500 million in 2011

-- Frontier exploration to open new basins in 2011

JSC КаzМunaiGas Exploration Production (KMG EP) reported 2010 annual results; Production up 16% over 2009; Plan to invest $709 million in 2011

KMG EP’s 2010 production was 270 kbopd of crude oil including the Company’s stakes in LLP Kazgermunai JV (KGM), JSC Karazhanbasmunai (CCEL) and PetroKazakhstan Inc. (PKI). The consolidated production for the year is 16% higher than for the same period of 2009 mainly due to the acquisition of a 33% stake in PKI in December 2009. In 2010 the Company produced 177kbopd of oil at Uzenmunaigas and Embamunaigas production facilities, which is 2% less than for the same period of last year.

KeyPoints:

-- Production (Including share in JV’s) – 270 kbopd, 16% higher YoY

-- KMG EP’s proved plus probable (2P) reserves excluding the stakes in JV’s were 1,707 mmboe. The reserves replacement ratio at Uzen and Emba fields in 2010 was 73%, while in 2009 this figure was 25%.

-- Plan to invest $709 millon in 2011, up 10% over 2010

MOL Hungarian Oil and Gas Plc (MOL) reported 2010 annual results; Production up 33% over 2009; Plan to focus on field development in Syria, Pakistan, Russia, Hungary and Croatia for 2011-2013

In FY 2010, MOL’s average total hydrocarbon production was 143,500 boepd, Crude oil production up 13%, gas production up 49% over 2009. This is due to result of recent years’ major developments turning into production in Syria, Pakistan and the Adriatic offshore area while keeping onshore production at a stable level with enhanced and intensified oil and gas recovery technologies.

Keypoints:

--Production activities in 7 countries

-- Exploration activities in 12 countries

-- $1.7 billion CAPEX for 2011