CAODC announces its 2016 Drilling Forecast • Projected 2016 wells drilled: 4,728—a decrease of 58% from 2014 (11,226) • Projected operating days: 56,260—a decrease of 57% from 2014 (131,021) • Rig fleet expected to contract by 62 (758 drilling rigs to 696 drilling rigs) • 57% decrease in employment from 2014 levels (-28,485 jobs)

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce the acquisition of the entire issued share capital of two private Russian companies, RK-Oil Limited (“RK”) and BVN Oil Limited (“BVN”), from Mr Ilya Glebov. These companies were formed in 2014 in order to participate in public auctions for oil exploration and production licenses in Russia’s Komi region. Following these auctions both RK and BVN hold licenses in the Komi region.

International and U.S. upstream oil companies wrote down $38 billion in assets in the third quarter of 2015, the largest for any quarter since at least 2008 for this set of 46 companies. Low oil prices continue to have a significant effect on the value of companies' assets and future prospects as well as on current revenue.

Statoil ASA announced that it will vacate leases it holds in the Chukchi Sea off Alaska and close its office in Anchorage because they are no longer competitive. Its Nov. 17 action came after Shell Offshore Co. made a similar move with its Alaska federal offshore leases for the same reason.

OPEC’s board of governors was unable to agree on the group’s long-term strategy plan and won’t present it to oil ministers when they meet on Dec. 4 in Vienna, two OPEC delegates with knowledge of the matter said.

“The drop in prices won’t be a concern for us,” Zanganeh said. “It should be a concern for those who have replaced Iran.” Iran doesn’t expect difficulties selling the additional barrels, and “the market has taken into account our return,” he said.

Credit crunch was expected to hit many independent U.S. oil producers, starving the industry of billions of dollars and further denting company budgets and drilling plans.

Iran said in September it had approved a draft of international oil and gas contracts to attract foreign investors and oil buyers once international sanctions are lifted but has not provided details so far.

Tehran has recently strengthened ties with Moscow, which is considering providing two loans worth a total of $7 billion to Iran.

U.S. Rig Count is down 4 rigs from last week to 767, with oil rigs up 2 to 574, and gas rigs down 6 to 193. U.S. Rig Count is down 1,161 rigs from last year at 1,928, with oil rigs down 1,004, and gas rigs down 157. The U.S. Offshore rig count is 33, up 1 rig from last week, and down 19 rigs year over year.