Proper Power & Energy, Inc. (OTC Bulletin Board:PPWE.ob - News) announced today a letter intended to provide shareholders a corporate update.

As the first quarter of 2010 comes to a close, the management team at PPWE wanted to thank you for your continued loyalty and support of the Company.   Since we started this venture, we have been able to secure an 11,000 acre, paid up oil and gas lease in Utah, which provides for a 12.5% royalty to the landowners once oil or gas is recovered.   We have had Thrust Resources Inc. perform a Radiometrics Plus survey of the property.  We subsequently purchased previously drawn raw seismic data of the area.  In the coming months, we intend to have the seismic data we purchased analyzed and compared to the Radiometrics Plus data to determine whether the geographic data bolsters or contradicts the positive Radiometrics Plus findings. [Read the full article]

Blugrass Energy, Inc. (OTC.BB:BLUG - News) is pleased to announce the appointment of Mr. Jeff Dunphy to the board of directors and as Vice-President of the company.

Jeff Dunphy has over 30 years of strategic advisory experience. In addition to his business career, Jeff is a part-time professor at the Haskayne School of Business (University of Calgary) teaching both graduate and undergraduate students in New Venture Finance, Corporate Governance and Mergers and Acquisitions. Prior to joining Bluegrass, Jeff worked at Salman Partners, and Octagon Capital Corporation in Calgary.

Jeff began his career in accounting at Collins Barrow then moved to the Bank of Montreal in commercial oil and gas lending before joining the investment banking community. [Read the full article]

The latest satellite image of the oil slick in the Gulf of Mexico indicates it has shrunk since last week. But scientists say that only means some of the oil has gone underwater.

Hans Graber of the University of Miami Center for Southeastern Tropical Advanced Remote Sensing said Monday the new image found oil covering about 2,000 square miles. The slick was roughly 3,400 square miles last Thursday.

Graber says the apparent shrinkage came about because some of the oil that had been visible at the surface has been mixed into the water, as strong winds have kicked up waves.

The new image also shows that patches of oil have begun to break away from it. But it's not clear when any sizable amount of oil will reach land.

BP PLC has been unable to shut off the undersea well spewing 200,000 gallons a day, but crews have reported progress with a new method for cutting the amount of oil that reaches the surface. [Read the full article]

Whiting Petroleum (WLL) rallied to a 20-month high yesterday, and one trader positioned for a pullback using an unusual three-way trade. The investor bought 1,750 September 85 puts for $5.50, then sold the same number each of September 80 puts for $3.80 and September 70 puts for $1.70. The transaction, which had no net cost, pushed overall options volume in the stock to five times greater than average. WLL rose 2.34 percent to $92.44 yesterday, its highest price since September 2008, and is up 34 percent in the last three months. The oil and natural-gas company reported better-than-expected earnings and revenue on April 28 and raised its full-year production forecast. Yesterday's option strategy is designed to maximize the profit from a limited correction in the share price. It will earn a maximum profit of $5 per put contract if WLL closes between $70 and $80 on expiration. The gains will erode if it falls below $70 and turn to losses under $65. [Read the full article]