Mr. Chris England, President of International Arimex Resources Inc., (”Arimex”) is pleased to announce the Company has staked an additional 5,682 hectare block of land, contiguous to claims held by JNR Resources Inc. and International Uranium Corp., in the southeastern part of the Athabasca Basin of Northern Saskatchewan. The claims were recorded by the Mining Recorder’s Office in La Ronge, Saskatchewan and have been submitted to Saskatchewan Mines and Minerals offices in Regina, for final registration. The acquisition brings Arimex’s land holdings in the Athabasca Basin up to a total of 24,540 hectares. Canalaska Uranium Ltd. has been granted a 2% Yellowcake Royalty for arranging the staking on Arimex’s behalf.
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Pele Mountain Resources Inc. announced today that the ongoing drill program at its Elliot Lake Uranium Project has been expanded from 11 holes to at least 25 holes totalling at least 4,000 metres. Pele is focused on its objective of developing a world-class mine at Elliot Lake where an inferred resource of over 33 million pounds of U3O8 has been outlined, with the potential for significant upgrade and expansion.
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Iran’s top nuclear negotiator has ruled out halting Tehran’s uranium enrichment work, saying that “suspension is not a way” to resolve Iran’s nuclear standoff with the West.

Ali Larijani spoke to reporters at Tehran airport Wednesday, before departing for Spain for another round of nuclear talks with European Union foreign policy chief Javier Solana. They are to meet in Madrid on Thursday.
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Crude oil fell more than $2 a barrel Tuesday on signs that U.S. gasoline supplies would be adequate to meet summer demand, and after Nigerian oil workers ended a strike.

A government report is expected to show that U.S. gasoline stockpiles rose 1.43 million barrels last week, according to the median of 10 responses in a Bloomberg News survey. U.S. gasoline consumption peaks during the summer driving season, which began this past weekend.
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In Colorado and Utah, there is as much oil as in Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined, according to estimates.

Trapped in limestone up to 200 feet, or 61 meters, thick in the two Rocky Mountain states is enough so-called shale oil to rival the Organization of Petroleum Exporting Countries and supply the United States for a century. Read more » »

Pacific Energy Resources Ltd. (TSX: PFE) has agreed to buy Forest Oil Corp. and Forest Alaska Holding LLC’s oil and gas properties in Alaska for $448 million (U.S.) and 5.5 million shares.

Pacific Energy, based in Long Beach, Calif., but trading its shares on the Toronto stock market, said $380 million of the purchase price will be used to pay down debt encumbering the properties.
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China National Offshore Oil Corporation (CNOOC), the country’s top offshore oil company, is increasing overseas oil and gas assets and LNG imports to meet its bold 2010 energy supply target, the firm’s chairman said yesterday.

“Rather than buying oil companies, we will look for more oil and gas assets, in terms of mergers and acquisitions, in the future,” Fu Chengyu, CNOOC’s chairman, told China Daily yesterday.

By 2010, CNOOC is determined to raise its energy supply to the local market to 100 million tons of oil equivalent, up from the 40 million tons today.
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Paramount Energy Trust (TSX:PMT.UN), has struck a major deal to acquire natural gas producing properties in east central Alberta for $392 million, increasing its reserve base by 100 per cent, the trust said Tuesday.

The properties, acquired from Virginia-based energy company Dominion, will boost Paramount’s natural gas production by 29 per cent to 207 million cubic feet of gas equivalent per day.

The buy also will expand Paramount’s proven plus probable reserves by 269.1 billion cubic feet equivalent of natural gas. Read more » »

Asia-Pacific Economic Cooperation countries agreed to seek closer cooperation between oil and gas companies to improve energy trade flows and supply security.

All companies, not just national oil companies, need to cooperate to improve transparency in the market and free up trade, Ian Macfarlane, Australia’s industry minister, said at a media briefing during the APEC energy ministers meeting in Darwin, Australia. An earlier draft communique referred specifically to the impact in the market of state-owned oil companies.
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A multi-stakeholder team assembled by STRONGER, Inc. has set June 4-6 as the dates for the voluntary review of Tennessee’s oil and natural gas environmental regulations. STRONGER is a non-profit organization formed in 1999 to reinvigorate and carry forward the state review process begun cooperatively in 1988 by the U.S. Environmental Protection Agency and the Interstate Oil and Gas Compact Commission.
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