Xcite Energy dropped as low as 59p and Gulf Keystone Petroleum fell to 90p this morning as fear swirls around the bulletin boards.

I originally invested in US focused oil and gas explorer Nighthawk Energy (HAWK) in 2009 with much anticipation given the potential of its Jolly Ranch non conventional oil and gas assets in the United States But a series of delays and broken promises by its management team led by David Bramhill (later of Wessex Exploration) meant I sold in February 2010 at 28p with a losing trade. Today the shares sit at around 9.8p.

Just when I was thinking it was only AIM oil and gas that was cursed by bad news and lack of transparency, the turmoil at Berkeley Mineral Resources (BMR) caught my eye. BMR is focused on developing the extraction of Lead and Zinc from tailings deposits at former mines in Northern Zambia.

Well what can I say! Holding shares in North sea focused oil explorer Xcite Energy has always been associated with a roller coaster of emotions but this morning’s RNS detailing the company’s results for the year ending 2013 and updating the market on the company’s progress on the development of its 257 million barrel North Sea Bentley Heavy oil field certainly left me with a sinking feeling in the stomach at 7am!

AIM favourite, Caza Oil and Gas (CAZA) published its annual results for 2013 today. The shares are 3% higher today at 8.25p to buy.

It has been quite a week or two for shareholders in Gulf Keystone Petroleum. After a disappointing reserves report last week which saw the company’s share plummet there were more shocks in store yesterday as the company prepares for its main LSE listing on March 25.

Yesterday Range Resources issued its half year report for the period ending December 31st 2013. It wasn’t good news for long suffering shareholders. The real sting the tail was the issue of yet more shares with another 126,346,484 new shares to be admitted to trading on ASX and AIM on 21 March 2014.

All hell broke loose on Thursday morning in the AIM oil and gas sector after Kurdistan focused oil explorer/producer, Gulf Keystone Petroleum (GKP), issued an operational update and a competent persons report (CPR), prepared by ERC Equipoise, quantifying the company’s oil reserves which unfortunately came in below expectations.

It’s been a disappointing start to the year to say he least for investors in AIM oil and gas companies, with many favourites like Gulf Keystone Petroleum, Bowleven, Xcite Energy, Rockhopper Exploration at rock bottom.

The Falklands Islands oil campaign has always been controversial for all sorts of reasons. First there’s the agitation of the Argentinian government who argue that companies have no right to produce oil since sovereignty of the Falklands should be Argentine not British. Then there was all the drilling ups and downs with Desire Petroleum (now part of Falkland Oil and Gas), and Rockhopper Exploration.