PALM BEACH, Florida, February 9, 2017 /PRNewswire/ --
With the recent activity of OPEC production cuts of 1.14 million bpd (compared to eventual planned cuts of 1.2 million bpd) coupled with President Trump's revival of pipeline projects are contributing to Oil & Gas Industry's positive outlook in 2017. Production from American shale oil producers appears poised to increase over the next 24 months while Oil production in the Gulf of Mexico recently reached record levels, and several companies have opened new areas of production this year. Although there is a tendency among investors to consider well-known names during an upturn simply because it is the easiest route, there are plenty of emerging Oil & Gas companies worth the look today as optimism for the future builds. Oil and Gas companies with recent developments in the industry include: Petro River Oil Corp. (OTC: PTRC), PBF Energy Inc. (NYSE: PBF), Whiting Petroleum Corporation (NYSE: WLL), Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) and SeaDrill Limited (NYSE: SDRL)
Petro River Oil Corp. (OTC: PTRC), an independent oil and gas exploration company utilizing the latest 3-D seismic technology, announced this week that recently acquired and re-processed 3-D seismic data has shown positive results in three of the Company's project areas located in California and Oklahoma. Given these positive results, the Company now intends to move forward with drilling four wells on these three core assets during the second quarter of this year.
Stephen Brunner, President of Petro River and a member of the Board of Managers of Horizon Energy commented, "The 3-D seismic surveys have allowed Petro River to confirm viable prospects in three of our active project areas. This data improves our understanding of structure, trap type and reservoir characteristics enabling our exploration effort to move forward with more precision and lower exploration risks. If any of the initial wells are successful, numerous additional opportunities for reserve additions and substantial production will be available to Petro River."
Read the full summary of Petro River's three core projects that were subject to the 3-D seismic mapping at http://marketnewsupdates.com/news/ptrc.html
In other industry related performances and developments:
PBF Energy Inc. (NYSE: PBF) closed up at $24.36 on Wednesday trading over 3.6 Million shares by the market close. PBF Energy Inc., together with its subsidiaries, engages in the refining and supply of petroleum products. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products.
Whiting Petroleum Corporation (NYSE: WLL) closed up at $10.69 on Wednesday trading over 11.7 million shares by the market close. Whiting Petroleum Corporation (NYSE: WLL) will release its fourth quarter 2016 financial and operating results on Tuesday, February 21, 2017 after the market closes. A conference call with investors, analysts and other interested parties is scheduled for 11:00 a.m. EST (10:00 a.m. CST, 9:00 a.m. MST) on Wednesday, February 22, 2017 to discuss Whiting's fourth quarter 2016 financial and operating results. Participants are encouraged to pre-register for the conference call by clicking on the following link: http://dpregister.com/10097021. Callers who pre-register will be given a unique telephone number and PIN to gain immediate access on the day of the call.
Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) closed up on Wednesday at $10.24 trading over 25.3 Million shares by the market close. Petróleo Brasileiro S.A. -– Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
SeaDrill Limited (NYSE: SDRL) closed down at $1.68 on Wednesday trading over 20 Million shares by the market close. Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments. The Floaters segment provides drilling, completion, and maintenance services for offshore exploration and production wells.
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