April 25, 2018 - 8:08 AM EDT
Print Email Article Font Down Font Up Charts






Oil Industry Poised for Growth Heading into Summer Thanks to Rising Oil Prices and Seasonal Trends

Palm Beach, FL – (April 25, 2018) — The United States is continuing to assert itself as a significant force in the global fossil fuel landscape as exports of crude and liquefied gas continue to rise. A barrel of West Texas Intermediate crude reached $69.42 last week before slipping below $68 to end the week. On Monday, the price closed at $68.92 on the New York Mercantile Exchange.  As the oil industry matures and develops in America, the EIA projects production levels to reach record highs in 2018 and 2019, soaring as high as 75 quadrillion British Thermal Units (BTU) by the end of 2019. This increase in production and favorable forecast is largely due to enhanced extraction methods such as hydraulic fracturing, as well as leaders in the industry acquiring new mining territory and resources. Additionally, the EIA projects crude oil to reach 10.3 million barrels per day by the end of 2018, which is a 10% increase from 2017.  Active energy stocks in the markets include:  Molori Energy Inc. (OTC: MOLOF) (TSX-V: MOL), Ensco plc (NYSE: ESV), Denbury Resources Inc. (NYSE: DNR), Southwestern Energy Company (NYSE: SWN), Gulfport Energy Corporation (NASDAQ: GPOR).

Molori Energy Inc. (OTCQB: MOLOF) (TSX-V: MOL.V) BREAKING NEWS:  Molori announces today that the Company has completed upon a trade with its former operating partner Ponderosa Energy, LLC of certain marginally-productive leases in Hutchinson County, Texas whereby Molori will now have broad operatorship and hold a 100% interest in all of its Red Cave oil and gas development in nearby Moore County, Texas.

With oil prices (“WTI”) nearing $70 per barrel, Molori has made the decision to focus the majority of its monetary and human resources on development of the Red Cave.  With the successful discovery on the recently drilled 23-1R well, Molori has validated its thesis by drilling into the Red Cave and discovering oil on its existing acreage.  As a result, Molori’s management has elected to accelerate its development of the Red Cave where large-scale frac technology has proven to successfully unlock the ‘virgin pressure’ within the oil prone Red Cave formation.

Commented Joel Dumaresq, CEO of Molori, “We believe that the Red Cave play is one of the most promising onshore development opportunities in the continental U.S. today, and with oil testing the $70 mark the economics of the play is more than compelling and warrants our capital and attention.”

Molori’s plan is to move as quickly as possible to drill and frac the next well focusing upon a specific series of infill drilling targets which Molori’s technical team have identified and believe offer the opportunity to duplicate the broad success enjoyed by our neighbours at Adams Affiliates.  To that end, Molori’s technical and operational people will now be in position to fully-concentrate their focus upon the next phase of our Red Cave development.

Over the past year, Molori spent over $300,000 and more than 2 man years of analysis completing what the Company believes is the definitive study on the previously poorly-understood Red Cave formation.  The study focused upon the analysis of approximately 370 well logs and cores from wells that were drilled through the Red Cave and down into the now largely-depleted Brown Dolomite formation.  It is from this study, as well as Texas Railway Commission data on Adams Affiliate’s own Red Cave development success, that Molori has established and been active upon an extensive land acquisition campaign in Moore County.   Read this and more news for Molori Energy at:    http://www.marketnewsupdates.com/news/molof.html

Additional industry related developments from around the markets:

Ensco plc (NYSE: ESV) finished Tuesday up 2.83% at $6.16 with over 15.9 million shares traded by the market close. Industry analysts expect good things from the company going forward, with Goldman Sachs recently reinstating coverage on the company with a “buy” rating.  Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. It operates through three segments: Floaters, Jackups, and Other. The company owns and operates an offshore drilling rig fleet of 65 rigs, including 32 located in the Middle East, Africa, and the Asia Pacific, which comprise 3 rigs under construction; 14 located in North and South America, such as Brazil; and 19 located in Europe and the Mediterranean.

Denbury Resources Inc. (NYSE: DNR) closed up slightly on Tuesday at $3.24 with over 11 million shares traded on the day. The company also announced it will host a conference call to review and discuss first quarter 2018 financial and operating results on Tuesday, May 8, 2018 at 10:00 A.M. (Central).  The Company plans to issue its financial and operating results prior to the market opening on the same day.  Individuals who would like to participate should dial the applicable dial-in number listed below ten minutes before the scheduled start time. A live presentation webcast of the conference call will be available on the Company’s website at www.denbury.com.  The webcast will be archived on the website and a telephonic replay will be accessible for at least one month after the call by dialing 800.475.6701 (domestic) or 320.365.3844 (international) and entering the conference ID number: 426559.

Southwestern Energy Company (NYSE: SWN) closed Tuesday up slighly at $4.28 with a volume north of 18.3 million by the market close. As of April 17, 2018, 31 analysts were covering SWN. About 3% of analysts have “strong buy” ratings, and ~13% of analysts have “buy” recommendations. Around 68% of analysts have “hold” recommendations, and ~16% have “sell” recommendations on SWN.  In conjunction with Southwestern Energy Company’s 2018 First Quarter earnings release, you are invited to listen to its conference call that will be broadcast live over the Internet on Friday, April 27, 2018, at 10:00 a.m. EDT with Bill Way, President and Chief Executive Officer of Southwestern Energy Company. Read full details here

Gulfport Energy Corporation (NASDAQ: GPOR) closed up slightly on Tuesday at $9.01 with over 3.9 million shares traded by the market close. Last week, the company announced an update for the quarter ended March 31, 2018. Key information for the first quarter of 2018 includes the following: Net production averaged 1,288.6 MMcfe per day, a 2% increase over the fourth quarter of 2017 and 52% increase versus the first quarter of 2017. Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $2.44 per Mcf, a $0.54 per Mcf differential to the average trade month NYMEX settled price. Realized oil price, before the impact of derivatives and including transportation costs, averaged $60.36 per barrel, a $2.54 per barrel differential to the average WTI oil price. Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $0.71 per gallon, equivalent to $29.92 per barrel, or approximately 48% of the average WTI oil price.

DISCLAIMER:  MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  MNU is NOT affiliated in any manner with any company mentioned herein.  MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  MNU’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  MNU is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed MNU has been compensated twenty three hundred dollars for news coverage of the current press release issued above by Molori Energy Inc. by a non-affiliated third party.  MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

Contact Information:
Media Contact email:  [email protected] – +1(561)325-8757
SOURCE MarketNewsUpdates.com

a:0:{} OTCQB:MOLOF TSXV:MOL NYSE:ESV NYSE:DNR NYSE:SWN NASDAQ:GPOR

Source: MarketNewsUpdates (April 25, 2018 - 8:08 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice