Two recent developments in the oil industry have positioned U.S. oil and gas companies for a potential business boom.
One, OPEC and non-OPEC countries have agreed to reduce production by nearly 2 million/bbl per day, raising WTI crude this week to nearly $53/bbl. And two, key appointments in the upcoming Trump Administration - Exxon Mobil Corporation (NYSE: XOM) CEO Rex Tillerson as Secretary of State and outspoken global warming critic Scott Pruitt as head of the Environmental Protection Agency - indicate looser regulations that will open up U.S. producers in both conventional and unconventional plays to break out of the malaise low oil prices have brought upon both major and independent producers.
Shale players like EOG Resources (NYSE: EOG) and Devon Energy (NYSE: DVN) are bullish at $55 oil, as unconventional producers have spent the majority of the past few years reducing costs and innovating with technology in order to be profitable at lower oil prices (historically Shale was profitable at $80 plus oil prices).
Microcap companies like Petro River Oil (OTC: PTRC) - a conventional player with assets in Osage County, OK, Kern County, CA, and in the UK - and Abraxas (NASDAQ: AXAS), with assets in the Permian Basin, Powder River Basin, Rocky Mountains and Texas will likely also benefit from higher oil and looser regulations as conventional production breaks even in the $30-$40 oil range.
With the DOW nearing 20,000 and at a record high, the market shows no indication of slowing down before President-elect Trump takes office in January. Investors are no doubt looking to take advantage of rising stock prices, and oil and gas could be just what the broker ordered.
Petro River Oil Corp. (OTC: PTRC) http://petroriveroil.com/ is an independent energy company with its core holdings in Northeast Oklahoma, the Larne Basin in Northern Ireland, and Mountain View, California. Petro River's strategy is to apply modern technology, such as 3D seismic analysis to exploit hydrocarbon-prone resources in historically prolific plays and underexplored prospective basins to build reserves and to create value for the Company and its shareholders. Read more news for Petro River Oil (PTRC) at: http://marketnewsupdates.com/news/ptrc.html
Disclosure from OTCStockReport.com: I/we have no positions in any stocks mentioned, but may initiate a long position in XOM, EOG, DVN, PTRC, AXAS over the next 72 hours. Additional disclosure: OTC Stock Review and Atlanta Capital Partners, LLC has been compensated in the past, and expects to be compensated in the future, by Petro River Oil Corp. for investor relations services. OTC Stock Review and Atlanta Capital Partners, LLC reserves the right to be compensated for investor relations services by companies mentioned in this article. You are encouraged to read our complete disclaimer here http://www.otcstockreview.com/disclaimer.htm
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