--(www.USEquityNews.com)-- 07/02/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Dynamic Resources Corp. ("Dynamic") (OTC: DYRFF) announced recently that four of the five wells drilled to the Cotton Valley Formation in its Sentell Field in Bossier Parish, Louisiana are currently flowing to sales. Final completion and hook-up activities are in progress on the fifth well and are expected to be finished within the next week. Dynamic owns a 20% interest in each of these wells. Dynamic also announced that it has formed an advisory board, on which it will ask qualified and experienced individuals to sit, for the purpose of providing the Company with operational and strategic advice as both its corporate strategy and development program progress. Dynamic is pleased that James Robby Robson and Timothy Jurek have agreed to join the advisory board as its initial members.
Goodrich Petroleum Corporation (NYSE: GDP) recently announced that John T. Callaghan has resigned from its board of directors. Mr. Callaghan has served as a member of the Company's board of directors since June 2003. As a result of the recent appointment of Ernst & Young LLP as auditors of the Company, Mr. Callaghan no longer qualified as an independent director under New York Stock Exchange rules due to family relationships with persons associated with that firm. In his letter of resignation, Mr. Callaghan stated, "It is with regret that I resign from the Board of Directors of Goodrich Petroleum. I have enjoyed my association with the company, the board and management. I remain enthusiastic about the future of the company."
Shares of Chesapeake Energy Corp. (NYSE: CHK), the nation's second-largest independent natural gas producer, hit an all-time high recently after it agreed to work with Plains Exploration & Production Co. to develop a promising natural gas deposit. Oklahoma City-based Chesapeake said Tuesday it will sell a part of its leasehold in the Haynesville shale, a formation that lies in parts of Texas, Oklahoma and Louisiana. Plains agreed to buy a 20 percent interest in Chesapeake's leasehold for $1.65 billion in cash. Chesapeake owned about 550,000 acres of the shale, in northwest Louisiana, as of Monday. Chesapeake plans to keep acquiring leasehold and Plains Exploration will have the right to a 20 percent participation.
Shares of Petrohawk Energy Corp. (NYSE: HK) advanced in premarket trading recently after an analyst hiked his price target on the oil and gas producer, saying its oil fields are increasingly more valuable. Friedman, Billings, Ramsey analyst Rehan Rashid raised his price target on Petrohawk to $60 from $45 in a note to investors early Wednesday. The new target represents a 25 percent rate of return on the stock over Tuesday's close of $48. Rashid said the recent purchase by Plains Exploration & Production Co. of a portion of land owned by Chesapeake Energy Corp. in northwest Louisiana implies Petrohawk's portion of the same oil field is more valuable than originally expected. Late Tuesday, Chesapeake said Plains agreed to buy 110,000 acres of its Haynesville Shale tract in northwest Louisiana. By Rashid's calculation, that purchase came to a price tag of $25,600 per acre.
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