"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 MarathonOil Corporation (NYSE: MRO) continuing a strong rally of about 23% since the beginning of August, and HessCorp. (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.
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR branding, marketing and advertising for third parties for disseminating news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.