- May 03, 2018
- PR Newswire
Oil and gas industry trends are being followed closely with eyes on rising commodity prices, costs and emerging technologies. Geopolitical risks are still at center stage as one of the key drivers of oil prices in recent months, often trumping fundamentals to send prices soaring on concerns about where the next sudden oil supply disruption could take place. With the geopolitical risk factor firmly reinstalled into the market, oil prices have risen to four-year highs. U.S. Oil and Gas production has been soaring to record heights , as many believe it is could be due to the fact that U.S. crude oil production efficiency continues to improve. Active energy stocks in the markets include:Molori Energy Inc. (OTC:MOLOF) (TSX-V:MOL), California Resources Corporation (NYSE: CRC), Parsley Energy, Inc. (NYSE: PE), PDC Energy, Inc. (NASDAQ: PDCE), Murphy Oil Corporation (NYSE: MUR).
Molori Energy Inc. (OTCQB:MOLOF) (TSX-V:MOL.V) BREAKING NEWS: Molori Energy announces today that the Company has signed an LOI ("Letter of Intent") to purchase a 100% working interest of which Molori will be the operator of record in approximately 30,000 gross acres of land in conjunction with its Red Cave oil and gas development play in Moore County, Texas.
Upon closing, which is estimated to occur on or before June 30, 2018, Molori has agreed to pay USD $1,700,000 for a 100% working interest in existing oil and gas wells, salt water disposal wells, together with all interest in properties, facilities and equipment owned by Wolf Energy, LLC.
The approximately 30,000 acres in Moore County, Texas is held by production (HBP). The purchase includes 34 operated Red Cave wells, 1 salt water disposal well, 4 Red Cave wells that have not been fracked, along with 8 wells currently producing.
As a first priority in conjunction with the acquisition of the "Wolf" acreage, Molori has contracted an independent, third party technical report on Wolf's "Baker 39" lease, which comprises 562 net acres of the 30,000 acres
The 16 existing Baker wells were drilled in the early 1990's with initial production (IP's) between 50-100 bopd per well. Furthermore, the Baker Lease is ready for production with a producing tank battery and good existing infrastructure.
Commented Molori CEO Joel Dumaresq, "This land acquisition announcement is the culmination of over a year of work in defining which Red Cave acreage we believe to be most prospective and assembling acreage. Our initial focus is upon the Baker 39 Lease which while only 562 acres of the overall 30,000 acres, provides infill drilling potential for as many as 55 wells upon 10-acre spacing. With 8 wells on this lease demonstrating historical IP's of between 50 and 100 bopd, we are excited to commence the next phase of our development program."Read this and more news for Molori Energy at: http://www.marketnewsupdates.com/news/molof.html
Additional industry related developments from around the markets:
California Resources Corporation (NYSE: CRC), an independent California-based oil and gas exploration and production company, last Friday reported a net loss attributable to common stock (CRC net loss) of $2 million, or $0.05 per diluted share, for the first quarter of 2018. Adjusted net income1 for the first quarter of 2018 was $8 million, or $0.18 per diluted share. Adjusted EBITDAX1 for the first quarter of 2018 was $250 million and cash provided by operating activities was $200 million. Capital investments were $139 million. Todd A. Stevens, CRC's President and Chief Executive Officer, said, "With our midstream joint venture and recent transaction to consolidate our interest in our flagship Elk Hills field, CRC is off to a strong start in 2018. Supported by increasing cash flow and a clear runway to execute, we are well-positioned for a mid-cycle commodity price environment." Read the entire report at:https://finance.yahoo.com/news/california-resources-corporation-announces-first-201500321.html
Parsley Energy, Inc. (NYSE: PE) also announced financial and operating results for the quarter ended March 31, 2018 late last week. The Company has posted to its website a presentation that supplements the information in a release that can be found at:https://finance.yahoo.com/news/parsley-energy-announces-first-quarter-200500849.html . During the first quarter, the Company spud 43 and placed on production 41 gross operated horizontal wells. Parsley's working interest on wells placed on production was approximately 97%, with an average completed lateral length of approximately 9,100 feet. Completion activity was nearly evenly distributed between the Midland Basin and the Delaware Basin, where the Company placed on production 20 and 21 gross operated horizontal wells, respectively.
PDC Energy, Inc. (NASDAQ: PDCE) announced last week that production for the first quarter 2018 was 8.9 MMBoe, or approximately 99,000 Boe per day, an increase of 34 percent from the first quarter of 2017. Oil production of 3.8 MMBbls in the first quarter of 2018 represents 43 percent of total production and was an increase of 51 percent compared to first quarter of 2017 volumes and two percent from the fourth quarter of 2017. The Company's capital investment in the development of oil and natural gas properties and other capital expenditures, before the change in accounts payable, was approximately $250 million in the quarter and includes several Wattenberg wells being turned-in-line approximately two weeks ahead of schedule.
Murphy Oil Corporation (NYSE: MUR) also last week announced its financial and operating results for the first quarter ended March 31, 2018, including income from continuing operations of $169 million, or $0.97 per diluted share. Murphy recorded income from continuing operations of $169 million, or $0.97 per diluted share, for the first quarter 2018. The company reported adjusted income, which excludes both the results of discontinued operations and certain other items that affect comparability of results between periods, of $40 million, or $0.23 per diluted share. The adjusted income excludes the following items: after-tax gain of $120 million associated with 2017 U.S. tax reform and a $12 million after-tax gain on foreign exchange, partially offset by a mark-to-market after-tax loss on crude oil derivative contracts of $11 million. Read more at: https://finance.yahoo.com/news/murphy-oil-corporation-announces-first-211000226.html
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