Energy Companies' Expansion Fuels Industry's Growth: PetroTech Oil & Gas, Chesapeake Energy, Cabot Oil & Gas, Exxon Mobile, BP
CORAL SPRINGS, Florida, October 25, 2013 /PRNewswire/ --
A quick glance at the latest news and notes of the leaders in the mineral sector: PetroTech Oil and Gas (OTCQB: PTOG), Chesapeake Energy Corproration (NYSE: CHK), Cabot Oil & Gas Corporation (NYSE: COG), Exxon Mobile Corporation (NYSE: XOM) and BP plc (NYSE:BP)
PetroTech Oil and Gas, Inc. (OTC:PTOG) announces they have scheduled to move their rigs onto the new Nowata lease in Oklahoma, to begin set up for testing and swabbing on the first of the five wells, along with evaluation of production levels based on the results. They have ordered new pump jacks and lines for installation. "We are excited about moving this project ahead of schedule to bring production in before the end of year; we expect immediate results on the reworked wells. We will complete testing an in the Mississippi and Woodford zones. These wells could initial flow 50 to 60 barrels a day with at least 6 drilling locations spotted on our lease. We will post the results of tests next week and expect that the minimum oil produced from existing wells to be 20 barrels a day with another 300mcf of gas a day" Stated Eddie Schilb, President.
To read the full press release, please click here:http://www.fnmprofiles.com/profiles-ptog.php
Chesapeake Energy Corporation (NYSE: CHK) has scheduled to release its 2013 third quarter operational update and financial results before market open on Wednesday, November 6, 2013. A conference call to discuss the results has been scheduled for the same day at 9:00 am EST. The telephone number to access the conference call is 913-312-0713 or toll-free 888-778-9069. The passcode for the call is 5588965. We encourage those who would like to participate in the call to place calls between 8:50 and 9:00 am EST.
Cabot Oil & Gas Corporation (NYSE: COG) today reported its financial and operating results for the third quarter of 2013. Highlights for the quarter include: Production of 107.1 billion cubic feet equivalent (Bcfe), an increase of 61 percent over last year's comparable quarter. Cash flow from operations of $276.7 million and discretionary cash flow of $282.3 million. Net income of $69.9 million, or $0.17 per share. Net income excluding selected items of $74.6 million, or $0.18 per share. Total per unit costs (including financing) of $2.97 per thousand cubic feet equivalent (Mcfe), a 15 percent decline over last year's comparable quarter.
UOP LLC (UOP), a Honeywell company (NYSE: HON), and ExxonMobil Research (NYSE: XOM) and Engineering Company (EMRE) have finalized a technology licensing agreement with a subsidiary of Gazprom Neft under Honeywell's UOP and EMRE's joint marketing alliance. The new technology will enable Gazprom to improve its production of refined distillates at its subsidiary, the Moscow Oil Refinery Plant. The refiner will combine UOP Distillate Unionfining™ hydroprocessing solutions with EMRE's distillate de-waxing technology to produce low-sulfur diesel.
Kosmos Energy (NYSE: KOS) recently announced that it has entered into three farm-out agreements with BP plc (NYSE: BP), covering three blocks in the Agadir Basin, offshore Morocco. Under the terms of the agreements, BP will acquire a non-operating interest in each of the Essaouira Offshore, Foum Assaka Offshore and Tarhazoute Offshore blocks. BP will fund Kosmos' share of the cost of one exploration well in each of the three blocks, subject to a maximum cost per well. In the event a second exploration well is drilled in any block, BP shall pay a disproportionate share of the well cost subject to a maximum cost per well. BP shall also pay its proportionate share of past costs. Completion of the transactions is subject to customary closing conditions, including Moroccan Government approvals..
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