Go abroad, young company

The high cost of oil production in Canada has meant that Canadian oil and gas producers, especially juniors, are looking overseas for new opportunities. They do so, free of the relentless competition common in Alberta, hefty land costs, government regulations, farmers and environmentalists. For example, Trans-Dominion Energy has ongoing exploration in Senegal, Africa, Epic Energy is running tests on drill cores from the Aktash field in Ukraine, and Eagle Energy has completed a horizontal well in the Belli oil field in Tunisia. Seven Seas Petroleum purchased 35% in the Dindal and Rio Seco Association contracts in Columbia, while Cordex Petroleum acquired a 50% interest in the Laguna Los Capones field in Argentina. Another company, Canadian Occidental Petroleum Ltd. (CanOxy), has been drilling in Yemen since 1990 with complete success. Production tops 185,000 barrels per day, of which CanOxy holds a 52% interest. The company has since focused on prospects in the Ejulebe field offshore Nigeria, the Turan basin in Kazakhstan, offshore Vietnam in the Nam Con Son basin, offshore Thailand and onshore Columbia. Gulf Canada Resources and Talisman Energy have also had impressive results in Indonesia