Heavy Oil

Crown Point Ventures Ltd. (TSX VENTURE:CWV) reported that it has completed the drilling of the first of three onshore oil wells to be drilled in sequence at El Valle in the Golfo San Jorge basin of Argentina.

Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) provided an update of its operations at Maxhamish, in northeast British Columbia.

Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX:PGF.UN)(NYSE:PGH) and Monterey Exploration Ltd. (TSX:MXL)announced that they have entered into an arrangement agreement pursuant to which Pengrowth Corp. will acquire all of the issued and outstanding common shares of Monterey not presently owned by Pengrowth.

Africa Oil Corp. (TSX VENTURE:AOI) reported that it has agreed to sell on a non-brokered, private placement basis, an aggregate of up to 20 million common shares of the Company at a price of Cdn $1.00 per share for gross proceeds of up to Cdn $20 million.

Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) reported that the Board of Directors of the Corporation has completed a review of compensation levels for the Corporation’s officers and has consequently approved the grant of incentive stock options to such individuals for 2010.

WesternZagros Resources Ltd. (TSX VENTURE:WZR)reported that the company has successfully retrieved the upper 450 metres portion of the parted drill string at the Kurdamir-1 well.

Canacol Energy Ltd. (TSX VENTURE:CNE) announced that it has received approval from the Colombian Financial Superintendence to list shares of the Corporation on the Colombian Stock Exchange.

Daylight Energy Ltd. (TSX:DAY) announced it has reached an agreement with a private company, Gear Energy Ltd., to sell certain of Daylight’s oil and natural gas assets in Eastern Alberta for aggregate consideration of $125 million, consisting of $100 million in cash and $25 million in equity.