PALM BEACH, Florida, June 20, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The oil and gas industry has typically been subjected to a number of influential factors and is currently enjoying an upswing behind an increased push by the current administration to enhance its status as an exporter. According to Statista, the gross output of the US oil and gas industry stands north of $212 billion dollars. The U.S. Energy Information Administration (EIA) recently raised its 2018 domestic crude production to 10.79 million barrels per day, up 0.6% from the May report. According to the EIA, Brent crude oil prices will average $71 per barrel this year, and $68 in 2019 while the updated 2019 price is $2 per barrel higher than what was projected by the agency just a month ago. Experts believe the industry remains poised for continued growth as leaders in the US continue exploration and production efforts. Active energy companies in the industry today include: Petro River Oil Corp. (OTC:PTRC), Gevo Inc. (NASDAQ: GEVO), Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR), Denbury Resources Inc. (NYSE: DNR), Chesapeake Energy Corporation (NYSE: CHK).
Petro River Oil Corp. (OTCPK:PTRC) BREAKING NEWS: Petro River Oil, an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil & gas reserves in proven oil & gas basins. Petro River is pleased to present recent field results and its oil and gas reserves, as evaluated May 1, 2018, by independent engineering firm, Cawley, Gillespie & Associates.
Recent Corporate Highlights:
- Proved reserves as of May 1, 2018 show 175% increase from the reserve report issued on May 1, 2017.
- BOE production increases 1,053% for fiscal year April 30, 2018 from April 30, 2017 period.
- In May 2018 the Company completed its initial ten well exploration and development program of the West Blackland field in Osage County, Oklahoma. The wells were drilled to a depth of approximately 2,850 feet, and their results are expected to move Petro River into positive cash flow in the quarter ended July 31, 2018. Several wells encountered a combination of both Mississippian Chat and Burgess "pay," which has resulted in increased production rates.
- Before year-end 2018, the Company plans to drill 13 additional wells, which would more than double its current well count. The Company currently anticipates that projected cashflow will be sufficient to fund the drilling expenses for the pending wells.
The Reserve Report Summary - Petro River's oil and gas reserves have been evaluated by Cawley, Gillespie & Associates ("CGA"), an independent petroleum engineering firm. To quantify Petro River's reserves as of May 1, 2018, CGA evaluated 100% of Petro River's crude oil and natural gas reserves in accordance with the definitions, standards and procedures contained in the National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Read this and more news for Petro River Oil at: http://www.marketnewsupdates.com/news/ptrc.html
Additional industry related trading results and development from yesterday include:
Gevo Inc. (NASDAQ: GEVO) closed up over 50% at $19.50 after a previous close the day before at $12.70 trading 17 million shares by the market close on Tuesday. The company also announced it has received a letter from The NASDAQ Stock Market LLC notifying the Company that it has regained compliance with the NASDAQ Capital Market's minimum bid price continued listing requirement. The letter noted that as of June 18, 2018, the Company evidenced a closing bid price of its common stock in excess of the $1.00 minimum requirement for at least ten consecutive trading days. Accordingly, the Company has regained compliance with NASDAQ Marketplace Rule 5550(a)(2) and NASDAQ considers the matter closed.
Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) closed up 2.75% on Tuesday at $9.52 with more than 48.7 million shares traded on the day. The company recently announced the early results of its previously announced debt tender offers. As of 5:00 p.m., New York City time, on June 4, 2018 (the "Early Tender Deadline") holders of: (i) US$4,460,311,000 and €346,132,000 principal amount of the outstanding notes of the series set forth in the table below under the heading "Tender Group 1" (the "Tender Group 1 Notes") and (ii) US$7,970,526,000principal amount of the outstanding notes of the series set forth in the table below under the heading "Tender Group 2" (the "Tender Group 2 Notes" and, together with the Tender Group 1 Notes, the "Notes" and each a "series" of Notes), issued by its wholly-owned subsidiary Petrobras Global Finance B.V. ("PGF"), tendered their Notes, pursuant to PGF's previously announced cash tender offers (the "Tender Offers").
Denbury Resources Inc. (NYSE: DNR) finished Tuesday up 2.49% at $4.12 with over 10.5 million shares traded by the market close. The company recently announced it has sanctioned a CO2 enhanced oil recovery ("EOR") project at Cedar Creek Anticline ("CCA"). CCA is a massive geological feature stretching approximately 125 miles in length across parts of Montana, North Dakota and South Dakota. Denbury's portion of CCA covers approximately 175,000 acres and is estimated to hold up to five billion barrels of original oil in place. Chris Kendall, Denbury's President and CEO, commented, "The decision to sanction this significant project marks a major milestone for the Company and highlights our confidence in the significant long-term oil production and cash flow potential of this key asset. Over the last few years, the Denbury team has worked diligently to prepare this project for execution, capitalizing on our vast EOR experience, and I am proud of all the efforts that made the sanctioning of this project possible."
Chesapeake Energy Corporation (NYSE: CHK) closed up slightly on Tuesday at $4.79 on over 24.3 million shares traded by the market close. CHK was also up slightly in afterhours trading. Chesapeake Energy Corporation engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids (NGL) from underground reservoirs in the United States. The company holds interests in natural gas resource plays, including the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin in Pennsylvania.
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