Helix Energy Solutions Group Inc.has closed the previously announced sale of Energy Resource Technology GOM Inc. (ERT), the company’s oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company.

Revenues for the group of publicly-traded US-based companies tracked by Oil & Gas Journal and Oil & Gas Financial Journal continued their decline in the third quarter of 2012. They dropped $23.4 billion (8%) from the previous quarter and were down $77 billion (24%) from the third quarter of 2011.

Tulsa, OK-based oil and gas exploration and production company WPX Energy said January 22 that a recent Niobrara gas discovery in western Colorado has the potential more than double the company’s current 18 trillion cubic feet equivalent of 3P reserves.

International offshore energy company Helix Energy Solutions Group Inc. has agreed to sell its oil and gas subsidiary to privately-held upstream oil and gas company Talos for roughly $700 million.

Revenues in the second quarter of 2012 dropped sharply from the same quarter in 2011 – down $62.5 billion, or 20%, for the group of publicly-traded US-based companies track by Oil & Gas Journal and Oil & Gas Financial Journal.

Revenues in the first quarter of 2012 rose just 1% from the previous quarter and fell by 1% over the same quarter in 2011 for the group of publicly-traded, US-based companies tracked by Oil & Gas Journal and Oil & Gas Financial Journal.

Revenues in the fourth quarter of 2011 fell 6% from the previous quarter but increased by 12% over the same quarter in 2010 for the group of publicly-traded, US-based companies tracked by Oil & Gas Journal and Oil & Gas Financial Journal.

The primary determinants of the value of an oil and gas company are its reserves, level of production, and commodity price at the time of assessment.

Revenues in the third quarter of 2011 dipped 3% over the second quarter but were still up 23% over the same quarter in 2010 for the group of publicly-traded, US-based companies tracked by Oil & Gas Journal and Oil & Gas Financial Journal.