Explorer

Canadian junior explorer Gastem Inc. has begun the first phase of a drilling development program on the New York state side of the emerging Utica Shale natural gas play, which extends from Quebec into New York.

Junior explorer Triangle Petroleum Corp., which has pinned its hopes on the natural gas potential in Nova Scotia, reported last week that a log analysis of two wells in the Windsor Basin yielded an estimated 89-109 Bcf of original gas in place (OGIP) per section from the Horton Bluff formation.

Junior explorer Triangle Petroleum Corp., which has pinned its hopes on the natural gas potential in Nova Scotia, reported Wednesday that a log analysis of two wells in the Windsor Basin yielded an estimated 89-109 Bcf of original gas in place (OGIP) per section from the Horton Bluff formation.

Calgary-based Petrobank Energy and Resources Ltd. agreed to buy cross-town junior explorer Peerless Energy Inc. in a friendly deal valued at about C$334 million.

Jim Buckee, an astrophysicist who helped build Talisman Energy Inc. into Canada’s third-largest explorer, will retire as CEO this fall. John Manzoni, who, like Buckee is a veteran of London-based BP plc, will take over Sept. 1.

Calgary-based Penn West Petroleum Ltd., the fifth largest Canadian explorer and producer, is considering whether to convert to an income trust or put itself up for sale, the CEO said Tuesday.

Calgary-based Penn West Petroleum Ltd., the fifth largest Canadian explorer and producer, is considering whether to convert to an income trust or put itself up for sale, the CEO said Tuesday.

Continuing a quest to grow through the drill bit, Houston-based explorer Cabot Oil & Gas Corp. upped its capital budget for 2003, and has set its sights on drilling 60% more wells by the end of the year.

Continuing a quest to grow through the drill bit, Houston-based explorer Cabot Oil & Gas Corp. upped its capital budget and has set its sights on drilling 60% more wells by the end of the year.