PALM BEACH, Florida, December 13, 2017 /PRNewswire/ --
A wave of oil-supply disruptions, rising demand and OPEC's recent production cuts has raised hopes among producers that global oil supplies are showing signs of falling back in line with demand further fueling the belief by industry professionals a recovery is taking foothold heading into 2018. The current oil and gas activity is in line to remain at a steady level in coming years, with the annual number of wells drilled expected to increase in 2018. U.S. companies last week added oil rigs for a third week in a row, the longest string of increases since the summer, as higher crude prices prompt drillers to return to the well pad after a break in the fall. The increase in U.S. drilling lasted 14 months before stalling in last summer, early fall as some producers trimmed their 2017 spending plans after prices turned softer. Energy firms started adding rigs again in November as crude prices increased. Active companies today in the industry include: Torchlight Energy Resources, Inc. (NASDAQ : TRCH ), Occidental Petroleum Corporation (NYSE : OXY ), Petroleo Brasileiro S.A. - Petrobras (NYSE : PBR ), Marathon Oil Corporation (NYSE : MRO ), Ensco plc (NYSE : ESV ).
Torchlight Energy Resources, Inc. (NASDAQ : TRCH ), provided an operational update on its projects.
Flying B Ranch #3: To date the Flying B Ranch #3 has attained a highest measured production rate of 465 BOPD and 248 MCFPD of gas as the well continues to clean up with 45% of load water recovered. Torchlight reports continually improving oil cuts as high as 30% and over 12,000 barrels of oil produced thus far. The recent production rates are comparable to other Midland Basin Wolfcamp A wells with 5,000 foot Laterals and on par with Torchlight's expectations for the well. Permanent production facilities are being installed and the Company is negotiating to market any gas not used for operations.
Flying B Ranch #4: A new well in the Hazel Project, named the Flying B Ranch #4, was permitted, drilled and reached vertical total depth as outlined under the Company's lease requirements. Torchlight plans to continue to weigh the production data from the Flying B #3 before deciding on which zone to target for a horizontal objective in the well. The well configuration is set up for a 7,500' or 10,000' lateral to be drilled after evaluation.
Torchlight confirmed that its horizontal development thesis has been proven in the Hazel asset and is planning to enter the next phase for the project. Along with operational planning, the Company will be considering reserve potential and multiple scenarios for entering development at the lowest available cost of capital.
University Founders A25H: Torchlight's next Orogrande Basin Project well, the University Founders A25 #1H has been spud and the Company is currently preparing to drill below intermediate casing at ~3,000 feet. The wellbore design is such that the casing size is sufficient to allow Project Geologist Rich Masterson to acquire all necessary scientific data, cores and sophisticated well logs to identify an entry point for the lateral section and proper isolation of zones behind pipe. Management recently documented progress during a field visit to the Orogrande Basin Project and that media is available from the Company website at http://www.torchlightenergy.com .
Torchlight and McCabe Ventures continue to hold discussions with potential industry partners suitable to move the project into development. Torchlight currently holds a 67.75% working interest in the highly prospective 133,000-acre play.
Delaware Basin Project:
The Company expects that its recently announced Delaware Basin Project with McCabe Ventures and MECO IV, LLC will provide for 20 new, 10,000-foot extended reach lateral well locations in an area of Winkler County, Texas close to significant peer group activity. The lease is well situated for long laterals and nearby wells have produced significant total reserves per lateral well bore. Torchlight expects to begin operations on this Project by Second Quarter 2018 and is carried for the first well by MECO IV, LLC under the terms of the purchase and sale agreement.
Read this and more news for Torchlight Energy Resources at: http://www.marketnewsupdates.com/news/trch.html
To get an in-depth look into Torchlight Energy Resources provided by Streetwise Reports, Wall Street's leading and authoritative industry expert, please go to: https://www.streetwisereports.com/article/2017/12/13/micro-cap-oil-gas-explorer-releases-high-production-numbers-from-initial-well-in-permian-basin.html
In other industry news and developments:
Occidental Petroleum Corporation (NYSE : OXY ) closed up slightly on Tuesday at $70.03 trading over 6.2 million shares by the market close. A recent article published on NASDAQ.com by BNK Invest, in recent trading, shares of Occidental Petroleum Corp (Symbol: OXY) have crossed above the average analyst 12-month target price of $68.69, changing hands for $68.86/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher - if things are looking up for the company, perhaps it is time for that target price to be raised.
Petroleo Brasileiro S.A. - Petrobras (NYSE : PBR ) closed up 2.05% Tuesday at $9.94 trading over 22.7 million shares traded by the market close. Zacks.com recently reported Petroleo Brasileiro S.A. is set to re-evaluate the fuel pricing policies for liquefied petroleum gas. The company will review the international markets closely which will enable Petrobras to compete efficiently. Petrobras will revise the parameters used to calculate the international parity price. In October 2016, Brazilian oil giant Petrobras outlined a pricing formula for petrol and diesel sales to bring about transparency. It was based on international market prices plus a margin for operational risks, profits and taxes. Per the policy, a monthly review of fuel prices was undertaken. Prior to that, the company used to review pricing occasionally and kept fuel prices low despite the high international fuel costs caused by subsidizing local consumption. This resulted in the company losing market share to imports.
Marathon Oil Corporation (NYSE : MRO ) closed up slightly on Tuesday at $15.18 trading over 10.8 million shares by the market close. The company announced recently announced that it has entered into a transaction to redeem at par the outstanding $1 billion of 5.125 percent municipal revenue bonds due in 2037. This transaction will reduce gross debt by $1 billion and annual cash interest expense by $51 million while preserving the ability to remarket up to $1 billion of the tax-exempt municipal bonds to third parties between closing and the maturity date of 2037.When combined with the Company's previous refinancing transaction in third quarter 2017, Marathon Oil's gross debt has been reduced by approximately $1.75 billion, and annual cash interest expense has been reduced by approximately $115 million.
Ensco plc (NYSE : ESV ) close up slightly on Tuesday at $5.73 on trading over 10.7 million shares by the market close. Ensco plc (ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. For more than 30 years, the company has focused on operating safely and going beyond customer expectations. Ensco is ranked first in total customer satisfaction in the latest independent survey by EnergyPoint Research - the seventh consecutive year that Ensco has earned this distinction. Operating one of the newest ultra-deepwater rig fleets and a leading premium jackup fleet, Ensco has a major presence in the most strategic offshore basins across six continents.
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