Newly formed, San Antonio-based Baseline Oil & Gas Corp., Houston, (OTCBB: BOGA) plans to acquire producing properties in South Texas from Corpus Christi, Texas-based DSX Energy Ltd. LLP for $100 million.

The assets include 100% working interest in 12 wells on assets offset to Blessing Field in Matagorda County. The field has established production in five separate fault blocks with proved and probable reserves in 20 different sands. Baseline will be operator.

Pro forma, Baseline will have 100% working interest in both its Blessing and North Texas Eliasville properties and proved reserves of approximately 60 billion cubic feet of gas equivalent (50% gas; 35% proved developed producing).

Baseline has hired an independent evaluation of proved reserves as of June 1. If total proved net reserves are fewer than 40 billion cubic feet equivalent, Baseline will terminate the deal by Aug. 27.

If closing, Baseline will fund the deal with debt and a convertible instrument.

Baseline chairman and chief executive Thomas Kaetzer says, "The company will become a substantial and focused E&P company, with the ability to materially increase our pro forma production via the development of our Gulf Coast and North Texas assets, as well as the huge upside regarding the exploitation of our New Albany shale project."

The deal is expected to close by Oct. 30.

BlueStone Natural Resources LLC, Tulsa, Okla., has acquired Columbus Energy LLC for an undisclosed price.

Columbus operates more than 140 wells in South Texas and the Rockies. Production is more than 17.8 million cubic feet of gas equivalent per day.

Columbus is now a subsidiary of BlueStone.

In a separate transaction, Bluestone acquired certain additional interests in South Texas properties operated by Columbus from a subsidiary of Tulsa-based Samson.

The acquisitions were funded by a $100-million credit facility with Bank of America.

Buccaneer Resources LLC, Houston, has entered a participation agreement with Houston-based AnaTexas Offshore Inc. and Cottesloe Oil and Gas, a U.S.-based subsidiary of Gawler Resources, Perth, Australia, (Australia: GRL) for the Pompano project in the shallow-water Gulf of Mexico.

Buccaneer acquired 65% interest, with Cottesloe holding 25% and AnaTexas operating the prospect.

A six-well drilling program will commence in the fourth quarter, with first production coming online shortly thereafter. Unrisked potential reserves are 200 billion cubic feet of gas. The combined companies will commit more than $55 million to fully drill and develop the project.

Redevelopment on AnaTexas' leases of the Brazos Block 446-L SE/4 Field offshore Matagorda County, Texas, known as the Pompano prospect, will take up to 12 months if drilling progresses as expected.

Buccaneer chief executive Curtis Burton says, "Pompano is exactly the type of low-risk, potentially high-reward property that our strategy targets and is a continuation of our successful two-well effort on High Island 268 with some of these same partners."

Gawler and Cottesloe CEO Jon Stewart says, "This is our second teaming with Buccaneer, and we look forward to similar success to that which we've enjoyed at our High Island property. This is obviously a much larger opportunity with significantly greater upside."

Catlin Oil and Gas Inc., a subsidiary of Universal Property Development and Acquisition Corp. (UPDA), Jacksboro, Texas, (OTCBB: UPDA) plans to acquire several leases and wells in Palo Pinto County, Texas, from an undisclosed seller for $4.6 million in cash and stock.

The assets include approximately 94% working interest (72% net revenue interest) in more than 10 producing wells. Production is 1 million cubic feet of gas per day.

UPDA partially funded the cash portion with a three-year loan provided by Sheridan Asset Management LLC, White Plains, N.Y.

Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) plans to sell a portion of its Appalachian assets in West Virginia and eastern Kentucky, including an approximate 35% nonoperated working interest in some 4,300 wells.

Net production is approximately 30 million cubic feet of gas equivalent per day, approximately 1.5% of the company's total production. Proved reserves are approximately 235 billion cubic feet equivalent.

Sources say this Chesapeake package is targeted for bids from upstream MLPs. Reportedly, Chesapeake will consider "leasing" the assets. EV Energy Partners LP and Linn Energy LLC are expected to be leading bidders for the package.

Constellation Energy Partners LLC, Baltimore, (NYSE: CEP) has closed its acquisition of Amvest Osage Inc., a subsidiary of privately held,

Charlottesville, Va.-based Amvest Corp., for $240 million.

Amvest Osage owns producing and undeveloped properties in the Cherokee Basin in Oklahoma, including a 560,000-net-acre concession for coalbed-methane and shale rights from the Osage native American Nation. The assets feature 370 producing wells with a general 100% working interest. Amvest Osage is now a subsidiary of Constellation.

Net production is approximately 16 million cubic feet of gas equivalent per day. Proved reserves as of March 31 were 93 billion cubic feet equivalent.

Constellation chief executive Felix Dawson says, "These acquired properties, combined with our previous acquisition in the Cherokee Basin, expand our ownership and further establish us as one of the leading producers in the basin. The acquisition also provides potential opportunities for operational synergies and better positions us for further acquisition growth. Our Cherokee Basin properties are an excellent fit with both CEP and Constellation Energy's existing asset portfolios."

Constellation funded the deal with a $210-million private placement and its revolving credit facility.

Constellation Energy Partners LLC, Baltimore, (NYSE: CEP) plans to acquire certain coalbed-methane properties in the Cherokee Basin in Oklahoma from

Newfield Exploration Mid-Continent Inc., a subsidiary of Newfield Exploration Co., Houston, (NYSE: NFX) for $128 million.

The assets include an average 94% working interest in more than 650 producing wells on approximately 80,000 net acres. Net production is 10 million cubic feet of gas equivalent. Proved reserves are 45 billion cubic feet of gas equivalent. The assets also include a 350-mile gas-gathering system.

Constellation chief executive Felix Dawson says, "This acquisition complements and enhances our two previous acquisitions of coalbed-methane properties in the Cherokee Basin. The execution of these three acquisitions demonstrates our commitment to two of our key acquisition strategies-consolidation and competitive positioning within the basins in which we operate-as well as expansion of our focus in coalbed-methane. The Newfield properties are strategically located relative to our existing assets and provide further opportunities for operational synergies."

The acquisition will make Constellation the second-largest producer in the basin.

Simmons & Co. International and Griffis & Associates LLC are financial advisors to Newfield.

The deal is expected to close by the end of September.

Dune Energy Inc., Houston, (Amex: DNE) has acquired Barnett shale assets in the Fort Worth Basin in North Texas in three deals with undisclosed sellers for an undisclosed price.

The assets include more than 8,000 gross acres, increasing Dune's acreage from some 2,900 gross acres. Covering three drill-to-earn deals, Dune subsidiary Dune Properties Inc. has the right to earn approximately 5,000 additional gross acres in Wise, Denton and Montague counties.

Dune also acquired three new wellbores for costs incurred to date to complete all three wells. Dune will carry the original investors in future wells for between 6% and 10% working interest through production. Dune currently has production of 4 million net cubic feet of gas equivalent per day from the shale.

Dune president and chief executive James A. Watt says, "Our Barnett shale drilling program provides consistent, low-risk, long-life production, cash flow and reserve additions. With these new agreements, Dune will have access to numerous additional locations with a multi-year drilling inventory."

Eagle Rock Energy Partners LP, Houston, (Nasdaq: EROC) has closed its acquisition of Houston-based Escambia Asset Co. LLC and privately held Houston-based Redman Energy Holdings LP for a total $400 million in cash and equity.

Eagle Rock paid $203.5 million in cash and $16.5 million in units for Escambia for a total $220 million and $74.1 million in cash and $105.9 million in units for Redman for a total $180 million.

The Escambia assets include 33 operated wells in Escambia County, Alabama. The assets include two treating facilities, a gas-processing plant and related gathering systems. Net production is 3,300 barrels of oil equivalent per day. Proved reserves are 12.2 million barrels equivalent (89% proved developed producing).

The Redman assets include Redman Energy Holdings LP and Redman Energy Holdings II LP and certain assets owned by affiliate NGP Income Co-Investment

Opportunities Fund II LP that include 76 operated and 95 nonoperated wells mainly in East and South Texas. Production is 1,810 barrels equivalent per day. Proved reserves are 8.3 million barrels equivalent (78% proved developed producing).

Eagle Rock chairman and chief executive Joseph A. Mills says, "The EAC and Redman transactions solidify Eagle Rock's presence in the upstream sector, enabling us to expand our focus on acquisitions of operated properties. Our upstream management team has extensive experience in operating oil and gas producing properties including the operation of assets similar to those acquired in the EAC and Redman transactions."

He adds that the midstream assets fit the company's dual upstream/midstream model.

Eagle Rock partially funded the deal with a $204-million private placement led by Lehman Brothers MLP Opportunity Fund LP.

EnergyQuest II LLC has acquired certain southwestern and central Louisiana assets from Houston-based Hilcorp Energy Co. for approximately $135 million.

The assets include interest and operations in the Colgrade, Crowley North, Neale, and White Lake West fields.

EnergyQuest II is funded by its management team and Houston-based investment firm Quantum Energy Partners IV LP.

Epic Exploration and Production LLC, a subsidiary of Epic Energy Resources Inc., Houston, (OTCBB: EPCC) plans to acquire five oil and gas leases in Fort Bend and Brazoria counties in South Texas from an undisclosed seller for an undisclosed price.

The deal is to close before completion of a four-well workover program currently being conducted by the seller.

Fox Petroleum Inc., London, (OTCBB: FXPE) has acquired approximately 32,000 acres in Alaska's North Slope region from an undisclosed seller for an undisclosed price.

The assets are in and near Prudhoe Bay, with the East Prudhoe Bay prospect representing 26,789 acres. The Arco pipeline prospect features 5,701 acres near the transportation infrastructure of the Trans Alaskan Pipeline and Alaska's all-weather Dalton highway.

GeoMet Inc., Houston, (Nasdaq: GMET) has acquired the Garden City prospect in north-central Alabama from an undisclosed seller for an undisclosed price.

The assets include 100% working interest in approximately 58,500 gross leasehold acres in Blount and Cullman counties, targeting the Chattanooga shale.

GeoMet is the operator and has to date drilled four core holes and plans to drill as many as three production test wells and a fifth core hole during the second half of the year.

Heartland Oil and Gas Corp., Houston, (OTCBB: HTOG) plans to acquire all of the oil and gas wells and leases from Catlin Oil and Gas Inc., a subsidiary of Universal Property Development and Acquisition Corp. (UPDA), Houston, (OTCBB: UPDA) in exchange for assuming UPDA's obligations on its loan from Sheridan Asset Management LLC, White Plains, N.Y.

The assets include approximately 65 wells on 3,000 acres in Jack County, Texas, plus the company's recent acquisition of approximately 94% working interest (72% net revenue interest) in more than 10 producing wells in Palo Pinto County, Texas, for $4.6 million. Production from the Palo Pinto assets is 1 million cubic feet of gas per day.

UPDA recently acquired a controlling interest in Heartland. UPDA plans to streamline all E&P operations into Heartland, which will in turn increase Heartland's proved reserves and provide it with production of more than 2 million cubic feet per day. The Sheridan loan was used to acquire the Palo Pinto assets.

Infinity Energy Resources Inc., Denver, (Nasdaq: IFNY) plans to sell its assets in Colorado to an undisclosed buyer for an undisclosed price.

The assets include 36,000 gross acres in the Sand Wash Basin and 8,000 gross acres in the Piceance Basin. The Sand Wash assets feature two producing wells and five shut-in wells. Production at year-end 2006 was approximately 200 gross barrels (159 net) of oil per day.

The Piceance assets are not producing.

Jayhawk Energy Inc., Broomfield, Colo., (OTCBB: JYHW) has acquired the Uniontown shallow-gas project in southeastern Kansas for $2.2 million.

The project covers mineral leases on more than 35,000 gross acres in Bourbon County within the Cherokee Basin. Four wells within the leased area were drilled by previous operators and identified at least 11 gas-bearing coals within the Cherokee group.

No production tests have been conducted.

Houston-based Layline Petroleum I LLC has acquired assets in Texas and Oklahoma from Houston-based EnergyQuest Resources LP for approximately $17 million.

The assets include production and other assets in Bosco Field, Acadia and St. Landry parishes, Louisiana; Odem Field, San Patricio County, Texas; NE IAB

Field, Coke County, Texas; and Woodlawn Field, Marion and Harrison counties, Texas. Net production is approximately 285 barrels of oil equivalent per day. All properties other than Odem Field will be operated by Layline.

Lantana Oil & Gas Partners marketed the items for EnergyQuest.

Layline president Chris Lewis says, "This acquisition provides a solid foundation upon which Layline will build a first-class exploration and production company. EnergyQuest's team was very professional in helping us launch our new company.

CIT Energy, a unit of CIT, provided financing for Layline.

Linn Energy LLC, Houston, (Nasdaq: LINE) plans to acquire certain properties in the Texas Panhandle from an undisclosed seller for $22.5 million.

The assets include more than 100 producing wells on more than 10,300 gross acres. Net proved reserves are approximately 11 billion cubic feet of gas equivalent.

The deal will be funded from an existing credit facility.

The deal is expected to close by Sept. 30.

Majestic Oil & Gas Inc., Cut Bank., Mont., (OTCBB: MJOG) plans to acquire 50% working interest in 18 producing gas wells in Pondera County, Montana, from privately held, Cut Bank-based Altamont Oil & Gas Inc. and Edmonton, Alberta-based Numbers Inc. for US$421,000.

The assets include 13,440 acres of proven undeveloped gas reserves in the Williams gas field.

McMoRan Exploration Co., New Orleans, (NYSE: MMR) has closed the acquisition of Gulf of Mexico shallow-water producing properties of Newfield Exploration Co., Houston, (NYSE: NFX) for $1.1 billion in cash and assumed abandonment liabilities of wells and platforms.

The deal values the production at $4,074 per average daily thousand cubic feet of gas equivalent and proved reserves at approximately $3.36 per thousand cubic feet equivalent, according to Merrill Lynch Petrie Divestiture Advisors.

The assets include 124 fields on 148 offshore blocks on 1.3 million gross lease acres on the Gulf shelf. Newfield will retain a working interest ranging from 10% to 25% in the Treasure Island and Treasure Bay acreage, which encompasses 85 lease blocks. Also, McMoRan has joined Newfield in a 50-50 joint venture on primary shelf acreage that covers approximately 100,000 gross acres on 19 lease blocks, including an undivided interest in Newfield's ultradeep acreage in its Treasure Island and Treasure Bay exploration program. McMoRan is now operator of the Treasure Island leasehold.

Net production is approximately 270 million cubic feet of gas equivalent per day. Proved reserves are approximately 323 billion cubic feet of gas equivalent (70% gas).

McMoRan co-chairmen James R. Moffett and Richard C. Adkerson report, "The acquisition of Newfield's Gulf of Mexico shelf properties provides us with significant reserves and production together with expanded exploration opportunities in our focused area of operations. The substantial cash flow being generated from these properties will allow us to deliver rapidly and invest in high-potential exploration and development opportunities."

Newfield chairman and chief executive David A. Trice says, "The sale of our shelf properties is the first in a series of planned divestitures that also include our assets in Bohai Bay, China, and the North Sea; and select properties in Texas and Oklahoma."

Trice adds that pro forma, Newfield's reserve life should increase to approximately 11 years. The company plans to focus on growing its deepwater portfolio.

McMoRan funded the deal with a $1.6-billion financing commitment from JPMorgan and Merrill Lynch. Newfield plans to use the proceeds to fund the acquisition of Rockies assets from Stone Energy Corp., Lafayette, La., (NYSE: SGY) pay existing debt and fund the remainder of its 2007 capex.

Jefferies Randall & Dewey and Morgan Stanley & Co. Inc. were financial advisors to Newfield, and JPMorgan and Merrill Lynch were financial advisors to McMoRan.

A subsidiary of privately owned NFR Energy LLC has entered the Riverbend project in Utah with Gasco Energy Inc., Denver, (Amex: GSX) for $19 million.

The deal includes participating in drilling 30 wells in the 1,200-gross-acre project in Unitah County in exchange for NFR earning 66.67% of Gasco's interest in each 40-acre drilling location. The agreement covers substantially all of Gasco's 2007 drilling program, retroactive for certain wells drilled year-to-date, and includes 13 gross operated wells spudded (3.5 net to Gasco, 6.9 net to NFR).

Excluded are the Federal #14-31 Mancos test and two Wilkin Ridge-area wells.

Orbit Petroleum Inc., Oklahoma City, (Pink Sheets: OBPT) has acquired an additional 50% interest in the Artesia Metex Unit in New Mexico from fellow working-interest-owner Lovington, N.M.-based Tipton Oil and Gas Enterprises for an undisclosed amount of restricted Orbit stock and certain assumed debt.

The unit includes 65 wells on 4,040 acres. Orbit now has 100% interest in the unit.

Pacific Energy Resources Ltd., Long Beach, Calif., (Toronto: PFE) has amended its plans to acquire all of the Alaska assets of Forest Oil Corp., Denver,

(NYSE: FST) and will now pay $490.8 million. (All figures are in US$.)

The deal includes $268 million in cash to pay the full balance of Forest Alaska Operating LLC's term loans, $132 million in cash to Forest, 10 million Pacific Energy shares valued at approximately $30 million and a $60.75-million zero-coupon senior subordinated note due 2014.

The deal was previously for $448 million in cash and $16 million in stock in a total value of $464 million.

The assets include Forest subsidiary Forest Alaska Holding LLC and remaining assets not held by Forest Alaska, including an equity interest in Cook Inlet Pipeline Co. Properties include nine fields in the Cook Inlet area, with the major fields of McArthur River, Redoubt Shoal, West McArthur River and Trading Bay, and the minor fields of West Foreland, Three Mile Creek, Sabre, Kustatan and Cosmopolitan.

Net production is approximately 5,900 barrels of oil equivalent per day (80% oil). Proved reserves are 15.8 million barrels equivalent (181 billion cubic feet equivalent), of which 13.2 million barrels are proved producing, and possible and probable reserves of 44.7 million barrels for total proved, probable and possible reserves of 60.6 million barrels.

The assets also include nearly 1 million net undeveloped acres covering three offshore fields (Corsair, Raptor and Valkyrie), the onshore Susitina Basin and other onshore fields.

Pacific Energy president Darren Katic says, "These large legacy assets have exactly the kind of characteristics we look for when pursuing acquisition opportunities. The established production, with long-life reserves, generates strong predictable cash flow. The multiple infill drilling opportunities provide a low-risk means to grow production through redevelopment."

Forest president and chief executive H. Craig Clark says, "Our equity ownership in Pacific indicates our confidence in their plan for further developing these assets based on their work in similar fields in the U.S."

Pacific Energy will fund the deal with a financing commitment of up to $465 million.

Energy Capital Solutions LP is financial advisor to Pacific Energy and Scotia Waterous is financial advisor to Forest.

The deal was expected to close on Aug. 24.

Petrohawk Energy Corp., Houston, (NYSE: HK) has acquired working interest in Arkansas from Blaze Energy Corp., Boise, Idaho, (Pink Sheets: BLZE) for $15.2 million.

The assets include various working interest in approximately 45,000 acres in Fayetteville shale in Van Buren and Cleburne counties. Blaze estimates 3,000 wells can be drilled in the acreage.

Blaze will use proceeds for drilling, payment of overriding royalties and for general corporate purposes.

Blaze chairman and chief executive A. Leon Blaser says, "We are very excited about the introduction of a well-capitalized firm like Petrohawk into the Fayetteville shale, especially given the ambitious drilling schedule it has planned. And, raising over $16 million will enable us to move forward while we seek additional funding to meet our share of drilling capital expenditures...."

Pioneer Natural Resources Co., Dallas, (NYSE: PXD) plans to acquire an expanded interest in the Raton Basin in Colorado from privately held, Denver-based Petrogulf Corp. for $205 million.

The interests are in approximately 30,000 net acres, with the majority of the value from approximately 9,800 net acres immediately south of Pioneer's Sangre de Cristo Unit. Net production is 10 million cubic feet of gas per day. Proved reserves are 95 billion cubic feet and potential reserves are 29 billion cubic feet. The assets include more than 110 potential coalbed-methane drilling areas.

Pioneer chairman and chief executive Scott Sheffield says, "This acquisition further enhances our strong position in the Raton Basin at an attractive cost and with significant upside to expand the proved reserves through additional step-out drilling."

The deal is expected to close during the fourth quarter.

Pioneer plans to IPO its Raton Basin assets next year as an MLP.

Dallas-based RTF Realty Inc. plans to acquire all of the U.S. oil and gas properties of Toreador Resources Corp., Dallas, (Nasdaq: TRGL) for approximately $19.1 million in cash.

The assets primarily consist of nonoperated working interests in approximately 700 wells in five states. Proved reserves at year-end 2006 were approximately 700,000 barrels of oil and 4.1 billion cubic feet of gas totaling 1.4 million barrels of oil equivalent.

Toreador president and chief executive Nigel Lovett says, "The sale of these mature, nonoperated properties with no exploration or development potential completes the divestiture of the company's noncore, domestic assets and allows us to focus exclusively on our international operations."

Net proceeds will fund debt payment, development in the South Akcakoca sub-basin offshore Turkey and other strategic initiatives.

The deal was expected to close by Aug. 31.

Saxon Oil Co. Ltd., Dallas, (Toronto Venture: SXN; Pink Sheets: SXNOF) plans to acquire working interests in 17 oil and gas leases in north-central Kansas from an undisclosed seller for US$2.2 million in cash.

The assets include working interests varying from 59% to 89% in 21 producing wells. Production is 94 barrels of oil per day (58 barrels net). Saxon will take over the operatorship from Schoenchen, Kan.-based Castle Resources Inc.

The deal is considered a related-party transaction because family members of Saxon chief executive and president Richard G. Green own some of the interests being acquired.

The deal was expected to close on Aug. 30.

St. Mary Land & Exploration Co., Denver, (NYSE: SM) plans to acquire assets in South Texas from an undisclosed seller for $153.1 million.

The assets include 98% average working interest (77% average net revenue interest) in 259 wells on 56,799 net acres in the Olmos formation that is adjacent to the company's Catarina field assets in Webb and Dimmit counties. Production is 9.2 million cubic feet of gas equivalent per day (97% gas).

Proved reserves are 94.8 billion cubic feet equivalent (37.8 billion proved developed) and proved, probable and possible reserves are 160.8 billion cubic feet equivalent.

The deal is expected to close in early October.

Stonebridge Resources Exploration Ltd., Houston, (Pink Sheets: SBRX) has acquired assets in northeastern Oklahoma from an undisclosed buyer for an undisclosed price.

The Langley-Levine assets include two leases on two parcels in Rogers County in the Bartlesville sand. Undeveloped proved reserves are 2 million barrels of oil. Stonebridge plans to rework 16 wells by the end of the year and another 24 by the end of the second quarter of 2008.

Sun Cal Energy Inc., San Francisco, (OTCBB: SCEY) plans to acquire assets in the Greater Green River Basin in Wyoming from an undisclosed seller for an undisclosed price.

The assets include 100% working interest in 6,000 acres in Jonah Field, with 2,477.68 acres in South Jonah and 3,546.89 acres in West Jonah. Sun Cal can drill up to 37 wells on this acreage.

Tatonka Oil & Gas Inc., Denver, (Pink Sheets: TTKA) has entered a participation agreement with an undisclosed private investor to join with Tatonka and its partners American Oil and Gas Inc., Denver, (Amex: AEZ) and Casper, Wyo.-based North Finn LLC in the Mowry shale prospect in the Powder River Basin in Wyoming for approximately $9.3 million.

The investor will pay $339,000 to Tatonka as an acquisition fee and $9 million to the prospect operator representing Tatonka's 60% portion of the exploration and development agreement (EDA) to drill and complete the commitment wells.

This area includes approximately 37,000 acres, with at least 230 locations in the prospect on 160-acre spacing, targeting the Mowry formation with both vertical and horizontal wells at depths ranging from 7,000 feet to 10,000 feet.

The investor will receive 50% of Tatonka's interest in its leasehold interests in the project and 50% interest in its EDA with American and North Finn. Before payout, the investor will receive 45% net revenues and Tatonka will receive 15%. Following payout, Tatonka and the investor will each receive 30% net revenues.

Each party will be responsible for 30% of operating costs before and after payout.

Terax Energy (Westar Oil and Gas Inc.), Dallas, (OTCBB: TEXG) plans to acquire the working interest and operatorship of Dallas-based Eagle Oil and Gas oil leases in Texas from Truestar Petroleum, Vancouver, (Toronto Venture: TPC) for US$6.3 million in cash.

Westar will become the operator and substantially reduce operating expenses. Westar is already a major shareholder in Truestar.

Westar has executed a final purchase and sale agreement to acquire the interests being sold by Eagle.

The deal is expected to close Aug. 11, subject to the approval of Truestar for the change of operator from Eagle to Westar.

Thunderbird Energy Corp., Vancouver, (Toronto Venture: TBD) has closed its acquisition of assets in Utah from joint-venture partner Fellows Energy Ltd.,

Broomfield, Colo., (OTCBB: FLWE) for US$1.65 million in cash and US$1.35 million in assumed debt for a total US$3 million.

The deal includes the remaining 50% interest in the Carbon County gas project (aka Gordon Creek project) for US$3 million. The project comprises eight wells (four producing) on 5,953 gross acres (4,879 net). The gas is transported in a Questar Gas Resources-operated pipeline that crosses the acreage.

Fellows will retain its interests in the adjacent 5,242-acre Gordon Creek project.

Triangle Petroleum Corp., Calgary, (OTCBB: TPLM) has sold 27% interest in 12,100 gross acres in northeast Hill County in Texas to an undisclosed buyer for approximately US$1 million.

The undeveloped assets do not include Triangle's ownership in eight lower-working-interest Barnett Shale wells that are in various stages of production and completion.

Walter G. Mize, former chief executive and chairman of United Heritage Corp., Midland, Texas, (Nasdaq: UHCP) has acquired Midland-based Lothian Oil Inc.'s shares of United Heritage for an undisclosed price and paid approximately $1.8 million in United Heritage debt owed to Lothian.

Mize now owns approximately 58% of United Heritage's voting shares. The board has agreed to name five directors of his choosing.

Lothian Oil will receive any funds in excess of $100,000 that United Heritage receives from Cano Petro of New Mexico Inc., a subsidiary of Cano Petroleum Inc., Fort Worth, Texas, (Amex: CFW) in connection with the sale of the assets of UHC New Mexico Corp. Cano Petro held back $800,000 from the cash portion of the purchase to satisfy potential environmental and title claims. United Heritage does not anticipate it will receive any remaining portion of the held-back amount.

The Lothian agreement required execution of a settlement agreement between Lothian and Mize, in which Mize would pay $250,000 and forgive $5.3 million in debt. Lothian owned 3.8 million shares and warrants to purchase an additional 2.9 million shares. United Heritage was previously a subsidiary of Lothian.

United Heritage, through its subsidiaries, holds two leaseholds in Wardlaw Field comprising 10,360 gross acres of land and 130 wellbores near Rocksprings in Edwards County, Texas.

Houston-based USA Superior Energy Holdings Inc. plans to acquire operating leases in northeastern Oklahoma from Well Renewal Inc., Tulsa, Okla., (Pink Sheets: WRNW) for $1.8 million. The deal is expected to close before the end of the third quarter.

Westar Oil Inc., Beverly Hills, Calif., has acquired approximately 18 million shares of TrueStar Petroleum Corp., Vancouver, (Toronto Venture: TPC) for approximately C$2.1 million.

The deal represents 19.8% of TrueStar's outstanding capital. Westar plans to develop TrueStar's acreage position in Texas, which is to Westar operations in the area.

TrueStar has interests in 33 producing gas wells in the Barnett shale play in Texas and a 10% interest in a development license on 554,000 acres in Guatemala. Proved reserves at year-end 2006 were 33.1 million cubic feet of gas equivalent.