LeTourneau Technologies and Lamprell Energy Contract for Newbuild Jack-up Kit and Arena Resources, Inc. Adds an Estimated Eight Million Barrels of Oil Equivalent of Proved Reserves in West Texas

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City of Industry, CA --(www.USEquityNews.com)-- 12/14/2007 - Oil and Gas Exploration industry alert provided by U.S. Equity News. LeTourneau Technologies, Inc. ("LTI"), a subsidiary of Rowan Companies, Inc. (NYSE: RDC), has announced the sale of a second LeTourneau Super 116E Class jack-up rig kit to Lamprell Energy, Ltd. ("Lamprell"), with final delivery expected by the end of 2008. The rig is to be built at Lamprell's Hamriyah facility located in the United Arab Emirates for Scorpion Offshore Ltd. Lamprell is currently building an initial Super 116E Class jack-up at the same location, also for Scorpion Offshore, under a license from LTI. This order is the 18th for the popular LeTourneau Super 116 series of jack-ups.


Gastar Exploration Ltd. (AMEX: GST) announced that Thomas L. Crow had advised the Company's Board of Directors that he will resign from the Board of Directors effective January 1, 2008 for family health reasons. Mr. Crow, age 76, has served as a director of Gastar since April 2002, and is a member of the Governance, Audit, Reserve, Remuneration and Nomination Committees of the Board of Directors. There have been no disagreements or disputes between Mr. Crow and the Company that led to his resignation.

Arena Resources, Inc. (NYSE: ARD) announced today that it has acquired two properties located in Andrews County, Texas for a purchase price of $49 million. The purchase price was financed by existing cash reserves and drawing on the Company's $150 million credit facility. The closing date was December 11, 2007 with an effective date of December 1, 2007. The properties consist of approximately 5,000 acres.

MegaWest Energy Corp., an independent oil and gas company (OTCBB: MGWSF), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, today announced that GLJ Petroleum Consultants, has completed an independent engineering report of the reserves and resources associated with certain of its key projects. The combined GLJ and Management high estimate of combined recoverable Reserves, Contingent Resource and Prospective Resource is 332 million barrels out of a high estimate of Gross Original Resource of over 2 Billion barrels. GLJ has independently estimated the oil reserves and resources attributable to MegaWest's interests in its Chetopa Kansas Project, the Upper Warner Sand at its Deerfield Missouri Project and the Big Clifty Sand at its Kentucky Reserves Project, encompassing only 43,982 of the total 111,514 mineral acres leased by MegaWest

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