NEW YORK, August 30, 2016 /PRNewswire/ --
Despite the recent fall in oil prices there are positive news that suggest a stabilized market is in the near future. Recently in the news, Iran has promised to work with OPEC members to help in the stabilization process of the global oil market, as long as others respect Iran's right to become an efficient part of the market. Iran's oil minister, Bijan Namdar Zanganeh, confirmed that Iran will participate in a meeting of OPEC members next month in Algiers, which is expected to be the first meeting in hopes of normalize relations. International Western Petroleum, Inc. (OTCQB: INWP), Approach Resources Inc. (NASDAQ: AREX), Marathon Oil Corporation (NYSE: MRO), Hess Corp. (NYSE: HES), Pioneer Natural Resources (NYSE: PXD)
"Iran will cooperate with OPEC to help the oil market recover, but expects others to respect its rights to regain its lost share of the market," Bijan Namdar Zanganeh said. As for American oil producers, fracking has been an important component, keeping the local companies relatively resilient to global market instability. It is through fracking American companies learned how to extract more for less.
American companies are consistently looking to increase fracking production levels. Smaller companies like International Western Petroleum, Inc. (OTCQB: INWP), which focuses on the acquisition, development and exploration of crude oil and natural gas properties in Texas. The company recently announced that it has completed its application to up-list to NASDAQ Capital Markets, to increase the company's recognition and value.
Chairman of International Western Petroleum, Inc., Dr. Benjamin Tran stated, "… management believes that we are ready to take on the new challenge and responsibility of moving up to a very reputable national exchange where we will fully utilize NASDAQ's visibility assets and global network to transform intelligence into action through NASDAQ Corporate Solutions. We look forward to becoming a trading member of the NASDAQ exchange in the near future after having achieved additional corporate milestones. A move to NASDAQ will increase our company's investor recognition, visibility, and value."
Small cap companies like Approach Resources Inc. (NASDAQ: AREX) for example has risen from their 52 week lows on February 26th this year at $.60, all the way to this year's high of $3.55 on August 29th, rebounding a whopping 433% in a short period of time.
Small-cap companies are the first to take a hit and usually the first that rally back up, larger companies have seen volatile moves as well but on a smaller percentage scale. Shares of companies like Marathon Oil Corporation (NYSE: MRO) continuing a strong rally of about 23% since the beginning of August, and Hess Corp. (NYSE: HES) increased in value 10% in a month.
Some of the larger companies were excited recently about their fracking capabilities at low costs. For example, CEO of Pioneer Natural Resources (NYSE: PXD), Scott Sheffield recently said that improved methods of hydraulic fracturing have reduced production costs in certain areas of Taxes.
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