Anadarko Petroleum announced a massive $5 billion share buy back on Monday. The oil and gas exploration and production company's shares are beginning to look compellingly valued at present as management continues to pare back debt and ramp up capital spending.

China North East Petroleum Holdings, Limited (CNEH.OB), a producer of crude oil in Northern China, announced second quarter financial results this afternoon after the close of regular trading. Revenues surged 246% year-over-year to $14.2 million, compared to $4.1 million. This represents a sequential increase of 31% from $10.8 million in the first quarter.

China North East Petroleum Holdings Limited, a rapidly growing oil producer in Northern China, today announced preliminary crude oil production figures for the second quarter. Crude oil production increased 119% to 135,193 barrels, compared to 61,732 barrels for the same period in 2007. This also represents an 18% sequential increase over 1Q 2008.

"It is getting much more expensive to find Oil these days."

While it is true that it is getting more expensive to find oil, one has to examine whether that increase is of a permanent nature as many argue.

The investing environment for oil & gas producers remains bullish in 2008, as record oil prices headline the news almost daily… and analysts see a lot more coming. Since Goldman Sachs predicted a two-year move to $200 in the commodity, people have had renewed confidence in buying up companies that deal with oil, and its cleaner alternative, natural gas.