WorldOil Billionaire seeks to replace 40% of Occidental’s board of directors Carl Icahn formally asked Occidental Petroleum Corp. investors to help him replace four of the company’s 10 board members and potentially push for a sale. Range announces Appalachian asset sales of $634 million Range Resources has agreed to sell a 2% proportionately reduced overriding royalty interest in 350,000 net surface acres in southwest Appalachia for gross proceeds totaling $600 million. Vanguard emerges from Chapter 11 bankruptcy as Grizzly Energy Vanguard Natural Resources successfully completed financial restructuring, emerging bankruptcy as a new limited liability company. Oil extends loss as U.S. and Iran signal return to negotiations Oil extended losses below $60/bbl on the prospect of easing tensions between the U.S. and OPEC member Iran, and as Gulf of Mexico producers began resuming operations after a storm. Britain raises Gulf shipping threat to highest level possible Britain raised the threat level to the highest possible for ships operating in the Persian Gulf as tensions escalate in a region accounting for a third of seaborne petroleum trade. Cracks in Permian promise slowing shale boom The promise of the Permian is shrinking. Activists take control of EQT board in proxy fight The activist investors at EQT Corp are poised to take control of the largest U.S. natural gas producer’s board. EU mulls cutting funds to Turkey as drilling feud escalates The European Union may suspend most high-level contact with Turkey and cut the flow of funds in protest at its drilling activities off the coast of Cyprus. PetroChina worth less than its energy reserves in the ground PetroChina looks cheap on many levels, perhaps none more so than comparing it to the value of its reserves beneath the Earth’s surface. Mozambique delays raising $2.3 billion for Anadarko gas project Mozambique has put on hold plans to raise funds for its portion of Anadarko Petroleum’s $20 billion gas project, as the government limits its debt sales following a default three years ago.