Friday, November 19, 2010

Energy Sector Buzz: China North East Petroleum Down In Late Trading

China North East Petroleum reported third quarter results that fell well short of the one analyst estimate on Thomson Reuters. Total oil production plunged 40% on severe flooding. The oilfield services company also said it's working on improving its control environment and has engaged an outside firm to help with it's restatement process. Shares slipped 4.9% to $6.60 in after hours trading.

Exploration and production company Gastar Exploration Ltd. (GST, $4.64, +$0.35, +8.16%) said it has acquired about 59,000 net acres of leasehold in the Marcellus Shale, a natural gas rich rock formation. Terms of the acquisition, which is expected to close in mid-December, weren't disclosed.

Goldman Sachs started coverage on oil service provider RPC Inc. (RES, $26.97, -$1.53, -5.37%) with a sell rating, saying the market for U.S. pressure pumping remains very tight, stocks are near all time highs and Street estimates imply that the cycle goes through 2012.

Northern Oil and Gas Inc. (NOG, $22.07, +$1.29, +6.21%) boosted the size of its planned stock sale as the offering priced at a mere 2.6% discount to Thursday's close.

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