4 Energy Stock Stories To Spark Tuesday Investment Chatter

ConocoPhillips (NYSE:COP): Closing price $61.82

The Kazakh government will exercise its option of first refusal, and purchase the interest held by ConocoPhillips in that country’s largest oil field, squeezing out Oil & Natural Gas Corp. The Kazakh Oil and Gas Ministry has advised ConocoPhillips that it will acquire its 8.4 percent interest in the Caspian Sea oil project, according to a statement emailed on Tuesday. KazMunaiGaz National Co. will conduct the purchase on behalf of the government. Laws of Kazakhstan allow the country to exercise an option to move in and acquire that stake in place of the Indian company.

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COP

 ZaZa Energy Corporation (NASDAQ:ZAZA): Closing price $1.31

ZaZa Energy Corporation’s wholly-owned subsidiary ZaZa Energy announced Tuesday that it will divest to an independent third party some 10,300 net acres of  properties in Fayette, Gonzalez and Lavaca Counties, Texas, which it calls its Moulton properties in the Eagle Ford. The aggregate cash purchase price for the approximately 10,300 net acres is about $28.8 million and ZaZa has already received a down payment of $1.4 million.  The closing should occur on or before July 31st, and is subject to the usual closing conditions.

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ZAZA

BP (NYSE:BP): Closing price $41.37

BP has agreed to a $7 million resolution through which to settle lawsuits filed in 2012, after the oil major recalled roughly 4.7 million gallons of tainted gasoline in four Midwestern states. A number of law firms had sued BP Products North America on behalf of thousands of consumers who purchased the incorrectly formulated gas in August, 2012 in Indiana, Illinois, Ohio and Wisconsin. Some vehicles saw hard starting, stalling, and mechanical-component damage. On Monday, BP reported that it has agreed to “compensate consumers with legitimate claims” up to a total of $5 million under an agreement filed in June. In addition, the company will not oppose a request for attorney fees of up to $2 million through the proposed settlement.

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BP

Magnum Hunter Resources Corporation (NYSE:MHR): Closing price $3.88

On Tuesday, Magnum Hunter said it has spud its first well on the Stalder Pad site located in eastern Monroe County, Ohio. This pad has been created and allowed to drill as much as 18 gross wells (10 Marcellus and 8 Utica), and will be drilled using the firm’s new Schramm T500XD robotic drilling rig. The first well drilled on this multi-well pad site will examine the Marcellus formation and the second well on this pad will test the Utica formation. Triad Hunter, a wholly-owned subsidiary of the corporation, is the operator of the well and owns a 50 percent working interest in this drilling unit.

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MHR

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