Killajoules

Rosneft Signs Agreement to Purchase AAR Consortium’s 50% Stake in TNK-BP
Rosneft today signed in Munich at 7:45 AM local time an agreement to purchase from the AAR Consortium (Alfa Group, Access Industries and Renova) its 50% stake in TNK-BP. The purchase price in the transaction is determined based on the base value of AAR’s stake in TNK-BP of $28 bln. Completion of the transaction is subject to approvals from Russian and European antimonopoly bodies and is expected to occur in the first half of 2013.

Acquisition of major oil exploration portfolio in Norway; Planned disposal of UK and Dutch gas assets
Tullow Oil plc (“Tullow”) announces today that it has entered into an agreement to acquire Spring Energy Norway AS (“Spring”), a Norwegian exploration company, for a purchase price of $372.3 million which will be adjusted for working capital. The purchase has an effective date of 1 September 2012. Tullow is also announcing today that it intends to begin a process to dispose of its exploration, development and production assets in the UK and Dutch Southern North Sea (“SNS”) gas basin. These two transactions follow Tullow's strategy of active portfolio management and monetisation of non-core assets and will enhance the Group’s considerable oil exploration portfolio.

LOTOS Geonafta takes over Lithuanian Manifoldas
November 28th 2012 saw the consummation of an agreement whereby LOTOS Geonafta acquired the remaining 50% interest in Manifoldas. LOTOS Geonafta, which had held a 50% interest prior to the transaction, took full control over the company. Manifoldas is a successful player in Lithuania's hydrocarbon exploration and production sector. The company produces approximately 30 thousand tonnes of crude a year.

ConocoPhillips Announces Intention to Sell Interest in North Caspian Sea Production Sharing Agreement (Kashagan)
ConocoPhillips (NYSE: COP) today announced that it has notified government authorities in Kazakhstan and its co-venturers of the company’s intent to sell its 8.4 percent interest in the North Caspian Sea Production Sharing Agreement (Kashagan) to ONGC Videsh Limited.

Shell to increase participation in the Beryl Area Fields in the North Sea
Shell announced today the signing of an agreement with Hess Corporation to acquire its interests in the Beryl area fields and the Scottish Area Gas Evacuation System (“SAGE”), for US$ 525 million.

BP Agrees Heads of Terms to Sell its TNK-BP Shareholding to Rosneft
BP today announced that it has signed heads of terms to sell its 50 per cent share in TNK-BP to Rosneft, the major Russian integrated oil and gas company. Under the heads of terms Rosneft has agreed in principle to buy BP’s share in TNK-BP.

Acquisition of Non-Operated Interests in Cook and MacCulloch UK North Sea Producing Fields
Ithaca Energy Inc. announces that it has entered into agreements with Noble Energy Capital Limited (a subsidiary of Noble Energy Inc., NYSE: NBL) to acquire two wholly owned UK subsidiary companies that will hold non-operated interests in UK North Sea producing fields; a 12.885% interest in the Cook field and a 14% interest in the MacCulloch field.

Marathon Petroleum to Purchase BP's Texas City Refinery and Related Logistics and Marketing Assets
Marathon Petroleum Corporation (NYSE: MPC) today announced it has signed a definitive agreement to purchase BP's 451,000 barrel per calendar day (475,000 barrel per stream day) Texas City refinery, three intrastate NGL pipelines originating at the refinery, an allocation of BP's Colonial Pipeline Company shipper history, four terminals, retail marketing contract assignments for approximately 1,200 branded sites and a 1,040 megawatt cogeneration (cogen) facility.

Carrizo Oil & Gas, Inc. Announces Entry Into $82.5 Million Niobrara Joint Venture and Completion of Gulf Coast Sale
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) announced today that it has entered into a joint venture agreement with subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., both international energy companies based in Delhi, India. Pursuant to the agreement, OIL and Indian Oil Corp. have together acquired an undivided 30% non-operated interest in substantially all of Carrizo's assets and operations prospective for Niobrara Formation oil development located primarily in Weld and Adams Counties, Colorado for approximately $82.5 million. Included in the transaction is the sale of approximately 18,100 net mineral acres and approximately 555 Boe/day (75% oil) of production from 24 gross currently producing Carrizo operated wells.

W&T Offshore To Acquire Offshore Blocks From Newfield Exploration
W&T Offshore, Inc. (NYSE: WTI) announced today that it has entered into an agreement with Newfield Exploration Company and its subsidiary, Newfield Exploration Gulf Coast LLC ("Newfield") to acquire all of Newfield's exploration and production properties in the Gulf of Mexico. The transaction includes 78 federal offshore lease blocks on approximately 432,700 gross acres. There are 65 blocks in the deepwater, six of which are producing; 10 blocks on the conventional shelf, four of which are producing; and an overriding royalty interest in three deepwater blocks, two of which are producing. Total undeveloped acreage is approximately 312,000 gross acres, 91% of which is in deepwater. The purchase price is $228 million (subject to customary effective date adjustments) and the assumption of future asset retirement obligations. The effective date of the transaction is July 1, 2012. The transaction is estimated to close on or around October 1, 2012. The acquisition will be funded from W&T's available cash on hand and revolving credit facility.