26Dec 2011

Platts Report: China’s Oil Demand Rises by 2.6% in November

Daily Rate Reaches Second-Highest Level Recorded in 2011

SINGAPORE, Dec. 26, 2011 /Coal Geology-PRNewswire/ – China’s apparent* oil demand in November rose 2.6% year on year to 39.08 million metric tons (mt) or 9.54 million barrels per day (b/d) – the second-highest daily rate recorded this year, according to a just-released Platts analysis of statistics released by the government.

November’s oil demand at 9.54 million b/d, which was just slightly less than February’s 9.58-million-b/d level, was boosted by record-high refinery throughput as the Chinese oil companies ran their plants at full capacity to replenish depleting diesel stocks.

Oil demand in November was also the third-strongest according to Platts records, which date back to 2005. This November’s oil consumption is less than December 2010′s 9.62-million-b/d figure and this February’s 9.58-million-b/d level.

“Local media have reported in recent weeks that widespread diesel shortages have once again affected the country, with long queues for limited supplies of diesel seen at retail stations in several provinces, prompting Beijing to call on the national oil companies to raise output,” said Calvin Lee, Platts senior writer, China.

In November, Chinese refiners processed 37.87 million mt of crude, or an average 9.25 million b/d. This was 3.3% higher year on year, showed data from the country’s National Bureau of Statistics.

Daily refinery throughput reached an all-time high last month as the country’s two national oil companies – PetroChina and Sinopec – operated at full capacity after regular maintenance to replenish fast-depleting inventory, especially diesel.

Chinese companies produced 14.13 million mt of diesel in November, which was 5.2% more than October. Diesel output in November increased for the second straight month, after it dipped in August and September.

The production increase, coupled by an easing in consumption of refined products following the end of seasonal peak demand, resulted in a build-up in refined product stocks for the first time in six months, according to a report by the official Xinhua news agency.

Inventories of gasoline, diesel, and jet fuel climbed 3.6% month on month by end-November, rising for the first time since May, Xinhua said.

In November, China imported 4.8% less refined oil products at 3.35 million mt, compared with a year ago, while oil product exports increased 2.9% to 2.14 million mt.

“The drop in imports is largely attributed to China reducing its reliance on imported diesel. Analysts say that there is a general shift by Chinese companies from importing diesel to importing crude oil to refine it into diesel themselves. Because retail prices are regulated by the government, refiners incur lower losses if they import crude to produce diesel compared with selling the higher priced imported diesel domestically,” said Lee.

Looking ahead, China’s apparent oil demand is expected to remain high in December.

China’s economic planning agency, the National Development and Reform Commission, has in recent days twice tasked state-owned companies with ensuring there is adequate supply of coal, oil and natural gas during the upcoming winter to spring, which would translate into another month of high refinery throughput this month.

MONTHLY TRADE DATA IN MILLION METRIC TONS:

	Nov’11	Nov’10	%Chg	Oct’11	Sep’11	Aug’11	Jul’11
Net crude imports	22.56	20.69	+9.04	20.69	20.12	20.92	19.23
Crude production	16.46	16.67	-1.26	16.67	16.29	17.11	17.3
Apparent demand	39.08	38.09	+2.60	38.42	36.63	38.02	38.29

*Platts calculates China’s apparent or implied oil demand on the basis of crude throughput volumes at the domestic refineries and net oil product imports, as reported by the National Bureau of Statistics and Chinese customs.

The government releases data on imports, exports, domestic crude production and refinery throughput data, but does not give official data on the country’s actual oil consumption figure and oil stockpiles. Official statistics on oil storage are released intermittently.

Platts releases its monthly calculation of China’s apparent demand between the 18th and 26th of every month via press release and via its website. Any use of this information must be appropriately attributed to Platts.

For more information on crude oil, visit the Platts website at www.platts.com. For Chinese-language information on oil and the energy and metals markets, visit http://www.platts.cn/.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets. Platts’ news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts’ coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets. A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com .

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial’s leading brands include Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.

SOURCE Platts

CONTACT: CONTACT: Kathleen Tanzy, +1-212-904-2860, Kathleen_tanzy@platts.com; or Non-U.S. media may contact in the Americas: Elizabeth Catalano, Elizabeth_catalano@platts.com, +1-212-904-4937; in Europe: Shiona Ramage, Shiona_Ramage@platts.com, +44207-1766153; or in Asia, may contact Casey Yew, Casey_Yew@platts.com, +65-653-06552

29Nov 2011

Bering Exploration (OTCQB: BERX) to Install a Gas Pipeline to Serve the Roxanne Field With $35 Million in Potential Reserves

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HOUSTON, Nov. 29, 2011 /Coal Geology-PRNewswire/ — Bering Exploration, Inc. (OTCQB: BERX) announced today that it will begin installation on an approximately 3,500′ gas pipeline to connect its gas production from the Roxanne field located in Victoria County, Texas, to a commercial pipeline. The company’s current leasehold in the Roxanne field consists of approximately 640 acres and has one producing well and multiple drilling locations that will target the Yegua and Frio formations at various depths. The entire Roxanne field, which includes an additional 2,000 targeted un-leased acres, is estimated to have over $35 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful. Bering owns a 50% working interest in this prospect.

“This is another important part of the development of this prospect and will give us the access we need to begin marketing our gas production,” stated Steven Plumb, VP of Finance of Bering. “We expect to have this pipeline completed in the next 30 days at which time we will begin gas production, which should significantly enhance the value of Bering.”

About Bering Exploration, Inc.

Headquartered in Houston, Texas, Bering Exploration, Inc. is an independent oil and natural gas company that focuses on identifying, evaluating, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region. Additional information about Bering can be found on the web atwww.beringexplore.com.

Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements and are based upon assumptions that management believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, leasing of the target acreage, fluctuations in oil and gas prices, access to acquisition and development capital, achieving economically viable wells, and other risk factors described from time to time in the Company’s reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company’s control. For additional information about Bering’s future business and financial results, refer to Bering’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K and other reports, which are on file with the Securities and Exchange Commission. Bering undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.

SOURCE Bering Exploration, Inc.

CONTACT: CONTACT: Steven Plumb of Bering Exploration, Inc., Houston, +1-713-780-0806, Investors@beringexplore.com

Web Site: http://www.beringexplore.com

17Nov 2011

Shell Sets World Record for Deepest Subsea Oil and Gas Well

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Perdido is the world's deepest offshore drilling and production platform

HOUSTON, Nov. 17, 2011 /Coal Geology-PRNewswire/ – Shell Oil Company is now producing oil from the world’s deepest subsea well at its Perdido Development, utilizing advanced technology to lead the way in increasing the company’s ability to produce more domestic oil and gas resources. The well, at 9,627 feet below the water’s surface, is located in the Tobago Field 200 miles southwest of Houston in the ultra-deep water of the Gulf of Mexico. Tobago is jointly owned by Shell (32.5%, as operator), Chevron (57.5%), and Nexen (10.0%) and is one of three fields producing through the Perdido drilling and production platform.

Tobago breaks the world water depth record for subsea production, previously held by another field in the Perdido Development, the Silvertip field at 9,356 feet of water.

“Energy is fundamental to global economic growth. Providing this energy must be met practically, safely and in an environmentally responsible manner,” said Marvin Odum, Upstream Americas Director. “Through our highly skilled workforce and cadre of global geoscientists, Shell has applied its advanced seismic and drilling technologies at Perdido to produce additional sources of oil and gas.”

Moored in about 8,000 feet of water, the Perdido platform is jointly owned by Shell (33.34%), BP (33.33%) and Chevron (33.33%) and is the deepest drilling and production facility in the world with a capacity to handle 100,000 barrels of oil per day and 200 million standard cubic feet of gas per day. From Perdido, Shell accesses the Great White, Tobago, and Silvertip oil and gas fields through subsea wells directly below the facility and from wells up to seven miles away. At its peak, Perdido can produce enough energy to meet the needs of more than two million US households. Shell operates Perdido and its satellite fields on behalf of partners Chevron, Nexen, and BP.

This world-class project began with the 1996 lease sale when the technology to develop hydrocarbons at Perdido’s water depth did not yet exist. By the time the final investment decision for commercial development was made in October 2006, Shell had pioneered several technological firsts which allowed the company to proceed with ultra deepwater oil and gas production. Development drilling began in July 2007, five years after the discovery of hydrocarbons. Perdido produced its first oil and gas on March 31, 2010.

Perdido Technical Facts and Firsts

Deepest water depth record for an offshore oil drilling and production platform.
First water injection in 8,000 feet of water in the Gulf of Mexico (Great White GB001) helps push oil through the reservoir, from the injector wells to the production wells.
First commercial production from the Lower Tertiary geological formation, which many see as the next big opportunity in deep water.
Deployment of an innovative subsea separation and boosting system that compensates for the low-pressure reservoir and about 2,000 psi of backpressure from the wells. The system includes five specially designed 1,500-horsepower electric pumps embedded in the seafloor to boost production to the surface.
First spar with direct vertical access wells and production hardware on the seafloor at a depth of more than 8,000 feet.
Perdido weighs 50,000-tons and sits in water six times deeper than the height of the Empire State Building.
The entire Perdido project has achieved 13 million man-hours without a lost-time injury, testifying to the effectiveness of the safety regimes put in place by the construction and operating teams.

Note to Editors

More information, including an image and video library, can be found here.

Cautionary Note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this press release “Shell,” “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we,” “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ”Subsidiaries,” “Shell subsidiaries” and “Shell companies” as used in this press release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this press release, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 34% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.

This press release may contain forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ”anticipate,” ”believe,” ”could,” ”estimate,” ”expect,” ”intend,” ”may,” ”plan,” ”objectives,” ”outlook,” ”probably,” ”project ,” ”will,” ”seek,” ”target,” ”risks,” ”goals,” ”should” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements that may be included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2010 (available at www.shell.com/investor and www.sec.gov). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, November 17, 2011. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release that SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.

SOURCE Shell Oil Company

CONTACT: Shell US Media Line, +1-713-241-4544

Web Site: http://www.shell.us

10Nov 2011

A. M. Castle & Co. to Expand Presence in Oil & Gas Industry with Acquisition of Tube Supply, Inc.

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OAK BROOK, Ill., Nov. 10, 2011 /Coal Geology- PRNewswire/ — A. M. Castle & Co. (NYSE:CAS; A. M. Castle), a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, has announced today that it has executed a definitive agreement to acquire Houston, TX – based Tube Supply, Inc. (Tube Supply), a leading value-added distributor of specialty tubular and bar products for the oil and gas industry. The purchase price of $165 million is subject to customary adjustments at closing, and the acquisition is expected to be immediately accretive to A. M. Castle’s earnings. A. M. Castle expects to close the transaction by the end of the first quarter of 2012, subject to customary closing conditions and regulatory approvals.

Tube Supply has provided high quality products and services primarily to the North American oilfield equipment manufacturing industry for the past 25 years. Today, Tube Supply has the reputation of being a world-class provider of a broad range of oilfield quality metals with a specific focus on the equipment and tools used in downhole completion and wellhead applications. Tube Supply had unaudited revenues of approximately $208 million for the twelve-month period ended October 31, 2011. Tube Supply operates service centers in Houston, Texas and Edmonton, Alberta and has recently completed construction of a new, 250,000 square foot facility located at its Houston headquarters.

Tube Supply’s management team will remain in place and the combination of the two businesses will be led by Nick Jones, President of A. M. Castle’s Oil & Gas Commercial Unit which is also headquartered inHouston. A. M. Castle & Co. is a global leader in the supply of specialty metals to the oil and gas industry with locations in the United States, Canada, the United Kingdom, France, Singapore and China.

“We are extremely excited to add such a high quality company, experienced management team and dedicated employees to the A. M. Castle family,” said Michael Goldberg, President and CEO of A. M. Castle & Co. “Tube Supply is a strong complement to our existing oil and gas business, and our presence in the oil and gas industry will nearly triple with this acquisition. Tube Supply has a solid track record in the oil and gas market and we anticipate further growth through expanded product offerings to both Tube Supply’s and A. M. Castle’s customers. This partnership is a great long-term strategic fit that will allow us to capitalize on the growing demand and exciting opportunities we see in this sector. We believe that the combination of A. M. Castle and Tube Supply will add value for our shareholders, customers and employees.”

“The entire Tube Supply team is delighted at the prospect of joining A. M. Castle, a highly respected organization that is so well-known for its over 120 years of service within the industry,” noted Paul Sorensen, President of Tube Supply, Inc. “Together, we plan to leverage our product, processing and supply-chain expertise to deliver the best possible solutions to meet our customers’ growing requirements.”

Jefferies & Company, Inc. served as financial advisor to A. M. Castle. In addition, Jefferies Group, Inc. and its affiliates have provided A. M. Castle with a firm commitment for financing of up to $375 million. A. M. Castle & Co. plans to refinance its existing outstanding debt in conjunction with closing the acquisition of Tube Supply.

Tube Supply has been advised by Duff & Phelps.

Management will hold a conference call at 12:00 p.m. EST today, November 10, 2011, to discuss the proposed acquisition. The call can be accessed via the Internet live or as a replay. Those who would like to listen to the call may access the webcast through http://www.amcastle.com.

An archived version of the conference call webcast will be accessible for replay on the above website until the next earnings conference call. A replay of the conference call will also be available for seven days by calling 480-629-9772 (international) or 877-941-2332 and citing code 4488472.

About A. M. Castle & Co.

Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and plastic products and supply chain services, principally serving the producer durable equipment sector of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller-sized firms spread across a variety of industries. Within its core metals business, it specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Through its subsidiary, Total Plastics, Inc., the Company also distributes a broad range of value-added industrial plastics. Together, A. M. Castle operates over 50 locations throughout North America and Europe. Its common stock is traded on the New York Stock Exchange under the ticker symbol “CAS”.

About Tube Supply, Inc.

Founded in 1986, Tube Supply is a leading value-added distributor of high performance steel and alloy products for the high-end and specialty oilfield equipment and downhole tool manufacturing market. Tube Supply is based in Houston, Texas and its wholly owned subsidiary, Tube Supply Canada ULC operates a warehouse facility in Edmonton, Alberta. Tube Supply’s products include highly-engineered prime carbon and alloy mechanical tubing, bars and blocks, which are designed to operate in severe conditions in the oilfield. Tube Supply also provides value-added services including heat-treating, boring, honing, saw cutting, and machine work. Tube Supply was founded by Paul Sorensen and Jerry Willeford and employs approximately 90 people. More information about Tube Supply and its product and service offerings is available on their website at www.tubesupply.com.

Cautionary Statement on Risks Associated with Forward Looking Statements

Information provided and statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy and outlook. These statements often include words such as “may,” “will,” “believe,” “expect,” “anticipate,” “intend,” “predict,” “plan,” or similar expressions. These statements are not guarantees of performance or results, and they involve risks, uncertainties, and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to: the ability to successfully close the transaction by the end of the first quarter of 2012 or at all; the ability to successfully integrate Tube Supply and achieve the expected results or synergies of the transaction; the ability to retain Tube Supply’s management team and Tube Supply’s relationships with customers and suppliers; and general and global business, economic, financial, credit and political conditions. Further information on these and other risks and uncertainties is provided under Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, which disclosure is incorporated herein by reference, and elsewhere in reports that we file or furnish with the SEC. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

SOURCE A. M. Castle & Co.

CONTACT: At The Company: Scott Stephens, Vice President-Finance & CFO, A. M. Castle & Co., +1-847-349-2577, sstephens@amcastle.com; At FTI Consulting: Analyst Contact, Katie Pyra, +1-312-553-6717, katie.pyra@fticonsulting.com

Web Site: http://www.tubesupply.com