Energy Business Roundup: Houston Energy ABANDONED By Partners, Encana Catches A WAVE

Houston American Energy (NYSE:HUSA) will have to go it alone, if it wishes to continue the testing of its Cachirre #1 well, as its partners have chosen to shut down the procedure and have proposed that it be abandoned. The firm’s shares fell sharply on the operational update, then came back a bit on the day.

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Malaysia’s state oil company has made an offer to purchase Progress Energy Resources (PRQNF.PK), which shares went into orbit. The firm’s rival Encana’s (NYSE:ECA) stocks gained significantly, in sympathy, in response to the bid, which was in “multiples above where most of the gas names were trading”. In turn, investors might be reconsidering the values given to ECA and other companies which control vast shale gas fields in western Canada.

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