Arrow Energy

Wall Street ended lower in light trading on Friday as reports showed weak consumer sentiment in August and an unexpected decline in July retail sales. The weak reports prompted investors to lock in gains from the recent rally.

Wall Street finished higher in choppy trade as the upbeat economic data in Europe offset the news of disappointing retail sales in US. Wal-Mart's second-quarter earnings, above analyst's expectations, also helped to lift the market.

The directors of Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) are pleased to announce that the Company has completed the sale of its entire holding of its shares in Arrow Energy Limited (Arrow). Beach has sold these shares at an average price of $3.7757 per share, thereby generating gross proceeds of $77.8 million, resulting in nearly $8 million in additional gross profit on the transaction.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is in a powerful position with zero corporate debt and a strong balance sheet after generating record annual sales revenue of A$581 million in the year to 30 June 2009. Although June quarter sales were slightly lower at A$118 million, full year oil and gas sales of A$581 million is a record for Beach.

The Australian shares ended slightly lower after rise in early trade. The benchmark S&P/ASX 200 index was down 5.2 points, or 0.1 per cent, at 4000.8 while the broader All Ordinaries lost 5.1 points, or 0.1 per cent, at 3992.9 points. For the week, both indices surged more than 5 per cent, the strongest week in four months. The local market started in positive territory today led by the gains in Wall Street.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) further to the ASX release on 3 April 2009, the directors of Beach Petroleum Limited (Beach) are pleased to announce that the Company has today completed the sale of its 40% interest in the Tipton West Joint Venture coal seam gas ("CSG") asset to Arrow Energy Limited (Arrow), for consideration of up to A$400 million.

The Australian shares ended marginally higher last Friday. The benchmark S&P/ASX200 index was up 3 points, or 0.1%, to 3941.7, while the broader All Ordinaries Index rose 7.5 points, or 0.2%, to 3919.6.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) Announce subsequent to the quarter, on 3 April 2009, Beach announced the sale of its 40% joint venture interest in the producing Tipton West Field and associated tenements in the Surat Basin, 20 km south of Dalby, to Arrow Energy Limited, under a tiered payment structure.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) Announce subsequent to the quarter, on 3 April 2009, Beach announced the sale of its 40% joint venture interest in the producing Tipton West Field and associated tenements in the Surat Basin, 20 km south of Dalby, to Arrow Energy Limited, under a tiered payment structure.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is set to realise proceeds of up to A$400 million from the sale of its non-core coal seam gas (CSG) assets in Queensland to its joint venture partner, Arrow Energy Limited (ASX:AOE).