Gastar Exploration Ltd. announced today completion results for the Donelson #3 and Wagner #1 deep Bossier wells. The Donelson #3 well has been completed in a single Bossier zone and placed on sales at an initial restricted gross rate of approximately 10.6 MMCFD and 11,300 psi flowing casing pressure on a 14/64ths' inch choke. The Wagner #1 well has also been completed in a single Bossier zone and has tested at an initial restricted gross sales rate of 7.25 MMCFD and 5,500 psi flowing casing pressure on a 14/64ths' inch choke. Both wells are producing at restricted rates due to temporarily high pipeline pressures downstream from Gastar's sales point. When these restrictions are removed, well tests indicate that both wells are capable of higher gross sales rates. At the current restricted rates, daily gross sales volumes in the Bossier have increased by approximately 85% with the addition of these two wells to sales. Gastar has a 67% working interest and an approximate 50.0% net revenue interest in the Donelson #3 well and a 50% working interest and an approximate 37.5% net revenue interest in the Wagner #1 well.

Commenting on the results and on-going operations, J. Russell Porter, Gastar's President & CEO, stated, "These are excellent results especially considering that both completions are from single Bossier zones and both wells are currently unable to flow at their full potential due to higher than normal pipeline pressures in the area. We are finalizing plans to add additional Bossier completions to the Donelson #3 well over the course of the next several months as well as additional future completions at a later date in the Wagner #1 well. In addition, we are finalizing initial completion efforts on the John Parker #3 Knowles Limestone well, which has been delayed due to weather."

Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America and Australia. The Company pursues a balanced strategy combining select higher risk, deep natural gas exploration prospects with lower risk coal bed methane (CBM) development. The Company owns and operates exploration and development acreage in the Deep Bossier gas play of East Texas. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and upon the approximate 3.0 million gross acres controlled by Gastar and its joint development partners in Australia's Gunnedah Basin (PEL 238) and Gippsland Basin (EL 4416) located in New South Wales and Victoria, respectively.

Safe Harbor Statement and Disclaimer:

This Press Release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects", "projects", "plans", and certain of the other foregoing statements may be deemed forward-looking statements. Although Gastar believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of natural gas and oil wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in natural gas and oil drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices and other risk factors described in the Company's Annual Report on Form 10-K, as filed on March 27, 2007 with the United States Securities and Exchange Commission at www.sec.gov and on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The American Stock Exchange and Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.


Contact:

Gastar Exploration Ltd.
J. Russell Porter, 713-739-1800
rporter@gastar.com
or
Michael A. Gerlich, 713-739-1800
mgerlich@gastar.com
Fax: 713-739-0458
www.gastar.com

Source: Gastar Exploration Ltd.

Brazil's state-run oil company Petroleo Brasileiro SA will present a new promotion and wage proposal to its workers in an effort to prevent a potentially crippling strike, a union official said Monday.

"Petrobras this morning said it will present a new proposal to us on Tuesday," Jose Maria Rangel, a director of Brazil's main Oil Workers' Federation, told reporters.

Petrobras' press office said it may issue a statement on the proposal later in the day, but had no further information.

Last week federation directors told Petrobras that about 80 percent of the county's oil workers had voted to go on a five-day strike that could threaten the production of 1.85 million barrels of oil a day. The work stoppage is scheduled to start on Thursday.

The oil workers federation wants a new plan to better distribute salaries and positions and is demanding that promotions be based on merit only.

It claims that company employees have been barred from promotions without proper reasons. Petrobras' current system is creating unjust salary discrepancies, according to the federation.

Petrobras, which accounts for more than 95 percent of Brazil's daily oil output, has a near monopoly in refining and is the biggest fuel distributor in the country.

JED Oil Inc. today announced that it has received notice from the American Stock Exchange ("AMEX") that its Listing Qualification Department has reviewed JED's business plan and has given JED the extension through October 13, 2008 to carry out the plan and remove the Company's deficiency under AMEX's continuing listing requirements. During the extension period, the Company's stock will continue to be listed and JED will periodically report to AMEX on its progress in carrying out the business plan. If JED is not in compliance with AMEX's continued listing requirements at the end of the extension, the Company may be subject to delisting proceedings by AMEX.

In April 2007, JED received notice from AMEX that at December 31, 2006, it was not in compliance with Section 1003(a)(i) of the AMEX Company Guide. This section requires that a listed company must have either $2,000,000 in shareholders' equity or not have sustained losses from continuing operations or net losses in two out of three of its most recent fiscal years. (JED started its operations in 2004 and sustained losses in that start-up year, as well as losses and a deficit position in shareholders' equity in 2006 fiscal year due to large write-downs of assets.)

As requested by AMEX, JED submitted its detailed plan in May, assuming completion of the previously announced acquisition of Caribou Resources Corp., and making other assumptions about current negotiations with the holders of its preferred shares and convertible notes and the sale of mature assets. Under this plan, JED would be profitable by the end of 2007 and back in compliance with the continuous listing requirements of AMEX. This plan also provides for JED to be back in compliance with AMEX requirements based on its current drilling opportunities, if the Caribou transaction is not completed.

About JED

Established in September 2003, JED Oil Inc. is an oil and natural gas company that commenced operations in the second quarter of 2004 and has begun to develop and operate oil and natural gas properties principally in western Canada and the United States.

This press release contains forward-looking statements. The words "proposed", "anticipated" and scheduled" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The acquisition of Caribou Resources Corp. is subject to a number of approvals and conditions, which may not be forthcoming, or the assets, production or drilling opportunities anticipated by the acquisition may not be realized. Additional factors that may affect future results are contained in JED's filings with the Securities and Exchange Commission ("SEC"), which are available at the SEC's website (http://www.sec.gov) and JED's filings with the Alberta Securities Commission, which are available at the website (http://www.SEDAR.com). JED is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.


Contact:

JED Oil Inc.
Tom Jacobsen, 403-335-2107
Chief Executive Officer
or
Marcia Johnston, 403-335-2105
V-P Legal & Corporate Affairs
www.jedoil.com
or
Investor Relations Counsel
The Equity Group Inc.
Linda Latman, 212-836-9609
Lena Cati, 212-836-9611
www.theequitygroup.com

Source: JED Oil Inc.

True North Energy Corporation (OTC BB:TNEN.OB - News), an independent oil and gas exploration company, announced today that it has acquired certain oil and gas interests in northwest Colorado for roughly $1.036 million. About 35% of the purchase price was paid in cash. The remaining consideration is payable via the issuance of approximately 1.8 million shares of the Company's restricted common stock. The acquired assets consist of oil and gas rights in more than 17,000 lease acres in size and are within the region of significant oil and gas activity. The Company owns a 100% interest in the acquired assets.

The properties provide True North with a second strategic acreage position in one of the most active and gas rich basins in North America. The Company also has significant undeveloped holdings in Alaska, which it acquired during 2006.

John Folnovic, True North Energy's Chief Executive Officer commented, "The acquisition of these assets is part of our strategy of acquiring assets that can supplement our current Alaska portfolio and contribute both significant resource growth, as well as predictable and sustainable production growth. This acquisition is a "target-rich" opportunity where we can apply our expertise and capital to deliver shareholder value and growth-at-a-reasonable-price."

Further Information

Shareholders and interested parties are encouraged to visit True North Energy's website: www.tnecorp.com and download True North Energy Corporation's Information Package. Please feel free to call shareholder relations toll-free on 1-888-567-0888 to receive a corporate information package. Alternatively, sign up at the website to receive news on the company as it becomes available.

About True North Energy Corporation

True North Energy Corporation is a publicly traded, independent oil and gas exploration company, with headquarters in Houston, Texas. True North Energy Corporation is focused on development of company's core asset in Alaska. The company is strategically located in the Cook Inlet and Beaufort Sea areas of Alaska and has commenced technical evaluation of its 34,850 acres of petroleum land holdings. True North Energy Corporation trades on the NASD OTC BB under the ticker symbol: TNEN.

John Folnovic, President and CEO

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that True North Energy Corporation can identify and successfully negotiate leases for oil and gas properties in Alaska, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.


Contact:

Contacts:
True North Energy Corp.
Anthony Zelen
V.P. Corporate Communications
1-888-567-0888
Email: ir@tnecorp.com
Website: http://www.tnecorp.com


Source: True North Energy Corp.

Buy-rated Norsk Hydro, reporting first quarter 2007 results on May 31, also becomes Hold-rated new Norsk Hydro and Buy-rated Statoil (NYSE: STO - News). By October 1, each share of Norsk Hydro is expected to spawn 0.8622 share of Statoil. Accordingly, we split our analysis of one stock into two parts.

We calculate the stock price for the continuing NHY as the price quoted today minus 0.8622 times the price quoted for STO. Offering Net Present Value [NPV] of $35 a share, STO has strong appeal with other oil and gas buy recommendations. New NHY appears to have a promising outlook as a pure play in aluminum, but our experience in analyzing that industry is limited.

Two More Quarters of Transition
On the quarterly conference call on May 30, Statoil Chief Financial Officer Eldar Saetre explained that after shareholders of both companies vote on July 5, another 60 day waiting period is required, meaning that the transaction would likely close by October 1. In the earnings press release on May 31, NHY Chief Executive Eivind Reiten confirms, “'New Hydro' will start trading as an aluminum and power share from 1 October.” Notwithstanding that likelihood, we have - for convenience in making consistent valuation projections for the next twelve months [NTM] - included all of Norsk Hydro’s oil and gas production with that of Statoil beginning July 1. Similarly we project only non-oil and gas results for Norsk Hydro for the same period.

Raise Industry Present Value Estimates Ten Percent
On May 29 we raised our long-term price assumptions for estimating present value to $66 a barrel for oil from $60, to $11 a million btu for natural gas from $10 and to $11 a barrel for the refining margin from $10. As a result, estimated NPV for Statoil increased to $35 a share from $32. NPV for new Norsk Hydro increased to $11 a share from $8 though it will be an aluminum company, not an oil and gas company.

The Statoil estimate fits our correlation with reserve life and cash flow for some thirty producers. From its dominant position offshore Norway, the company has expanded to offshore Africa and the U.S. Gulf of Mexico among other areas.

Results exceeding expectations reported on May 31 point to a modest NTM unlevered cash flow multiple (EV/Ebitda) of about 7 times for new Hydro. The valuation looks lower than that for industry competitors Alcoa (NYSE: AA - News) and Alcan (NYSE: AL - News), but we have not done a complete independent analysis of those stocks. Moreover, the connection between reported results as part of old Hydro and the actual results that new Hydro will eventually report is complicated and subject to different interpretation.

Changing Ratings and Weights
We keep a Buy rating on old NHY, the existing stock priced at $35.03 at the close on May 30, as a reflection of the combination of Buy for the two-thirds of current stock price that relates to Buy-rated Statoil and Hold for the one third of current stock price that relates to Hold-rated new NHY. Also on May 29 when we increased long-term oil price in present value, we lowered the unlevered weighting of old NHY in the illustrative McDep Energy Portfolio to half from full. The main reason was favorable price performance.

Looking ahead, we replace old NHY with STO at a half weighting in the illustrative portfolio. Investors who had a full weighting in old NHY and reduce that by a fourth would have a half weighting in STO and a residual of new NHY for equity exposure outside oil and gas.

CNX Gas Corporation announced that Nicholas J. DeIuliis, president and chief executive officer, received the Ernst & Young Entrepreneur Of The Year® 2007 Award in the Product Development & Business Services Category in Upstate New York, Western Pennsylvania and West Virginia. According to Ernst & Young, the award recognizes outstanding entrepreneurs who build and lead dynamic, growing businesses. An independent panel of judges selected Nick DeIuliis, and Ernst & Young presented the award at an Entrepreneur Of The Year gala event at the Hilton Pittsburgh on June 29, 2007.

Nick DeIuliis commented, "I am both honored and humbled by this award. This is a direct result and tribute to all of the employees of CNX Gas who have worked tirelessly over the past two years to build one of Pittsburgh's premier companies."

The Ernst & Young Entrepreneur Of The Year awards program celebrates its 21st anniversary this year and continues to honor entrepreneurs who demonstrate excellence in such areas as innovation, financial performance, and personal commitment to their businesses and communities.

"Ernst & Young is honored to recognize extraordinary business leaders, such as Nick, and the companies they have built," said James Marucci, Ernst & Young Entrepreneur Of The Year program director for Upstate New York, Western Pennsylvania and West Virginia.

As a regional award winner, Nick qualifies for consideration for the Ernst & Young Entrepreneur Of The Year 2007 national program. Ernst & Young will announce award winners in several national categories, as well as the overall national Ernst & Young Entrepreneur Of The Year award winner, at the annual awards gala in Palm Springs, Calif., on November 17, 2007. The national Entrepreneur Of The Year celebration is part of Ernst & Young's Strategic Growth Forum. The overall national Entrepreneur Of The Year award recipient then qualifies for consideration for the world event held in Monte Carlo.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are pleased to have Bank of America as the national presenting sponsor, as well as SAP America and the Ewing Marion Kauffman Foundation as national sponsors.

In Upstate New York, Western Pennsylvania and West Virginia, local sponsors include Alpern Rosenthal, Eos Partners, L.P., Pittsburgh Business Times and Pittsburgh Technology Council.

About CNX Gas Corporation

CNX GAS CORPORATION is an independent natural gas exploration, development, production and gathering company operating in the Appalachian and Illinois basins of the United States. In May 2006, Business Week cited CNX Gas in its survey of Hot Growth Companies. Effective June 30, 2006, CNX Gas was added to the membership of companies included in the Russell 3000® Index and the Russell Midcap® Index. In October 2006, CNX Gas was named as a finalist by Platts for its "Hydrocarbon Producer of the Year" award.

About the Ernst & Young Entrepreneur Of The Year Awards

The Entrepreneur Of The Year® awards program was created and is produced by professional services firm Ernst & Young LLP. As the first award of its kind, the Ernst & Young Entrepreneur Of The Year® Award recognizes outstanding entrepreneurs who are building and leading dynamic and growing businesses. The program, which celebrated its 20th anniversary in 2006, honors entrepreneurs through regional, national and global award programs in over 125 cities and 40 countries.

About Ernst & Young

Ernst & Young, a global leader in professional services, is committed to enhancing the public's trust in professional services firms and in the quality of financial reporting. Its 114,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives . Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, a U.K. company limited by guarantee, each of which is a separate legal entity. Ernst & Young Global Limited does not provide services to clients. Ernst & Young LLP is a U.S. client-serving member firm of Ernst & Young Global Limited.

CNX Gas Corporation contact:
Dan Zajdel
Vice President - Investor and Public Relations
(412) 200-6719
danzajdel@cnxgas.com
www.cnxgas.com


Source: CNX Gas Corporation

Chevron Corp. is opening an office in Turkmenistan, following the Turkmen government's invitation last month for the U.S. oil giant to work in the energy-rich Central Asian nation, state-run television reported Friday.

The agreement was reached Thursday at a meeting between President Gurbanguli Berdymukhamedov and Chevron vice president Jay Pryor.

It comes as international competition over access to Turkmenistan's vast oil and gas resources has intensified following the death in December of the country's long-ruling autocrat, Saparmurat Niyazov, who had largely blocked foreign access to the country's energy sector.

State television also reported that senior officials from BP PLC's Russian joint venture met with Berdymukhamedov at the presidential palace, as the company considers opening an office in Ashgabat.

Turkmenistan has the second-biggest gas reserves among all ex-Soviet republics after Russia, and its resources are playing an increasingly important role in regional politics.