Palm Beach, FL – (October 18, 2018) – Times are changing as today’s miners are learning how to reignite growth within their operations by assessing the problems that plagued oil and gas and implementing technological advancements that have the potential to turn efforts around. Top technologies include Robotics which are automating the dangerous and repetitive tasks of connecting drill pipes on oil rigs. Also Artificial Intelligence is allowing miners to uncover trends that pinpoint and predict inefficiencies. Leveraging AI to improve performance operations from C-level to field worker, automate processes, streamline manual business operations, and connect with IoT devices, makes every arm of the company more efficient and profitable. Emerging miners, large and small, are finding technology is easily implemented and impactful almost immediately. Active miners from around the market with current developments this week include: Oracle Energy Corp. (TSX-V:OEC) (OTC:OECCF), Ultra Petroleum Corp. (NASDAQ:UPL), Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR), Cabot Oil & Gas Corporation (NYSE:COG), Resolute Energy Corporation (NYSE:REN).
Oracle Energy Corp. (TSX-V:OEC) (OTC:OECCF) BREAKING NEWS: Oracle Energy announces that it has engaged Blade Energy Partners of Dallas and Houston to provide design work for their planned Eagle Ford wells.
Blade Energy Partners is an independent technical petroleum consultancy firm with deep experience in geophysics, petrophysics, geology, reservoir engineering, reservoir simulation, drilling, completions and production. Blade has significant experience in the Eagle Ford having worked on projects in the play for public and private operators. The scope of work Blade is performing for Oracle Oil and Gas includes reservoir modeling, spacing evaluation, frac design and well design.
Blade has been working on the Oracle Eagle Ford project since early July 2018 and a final report is expected this month. This work will maximize the opportunity for early success and maximum recovery.
Chairman and CEO, Darrell McKenna commented “I have known the people of Blade for much of my career and I am very comfortable that we are getting the best Eagle Ford engineering work available. We will have the design work necessary to drill, complete and produce successful wells and we look forward to spudding Oracle’s first Eagle Ford well in the first quarter of 2019.” Read this and more news for Oracle Energy at: https://financialnewsmedia.com/news-oec
In other industry developments and happenings and miners to keep close watch in the market this week include:
Ultra Petroleum Corp. (NASDAQ:UPL) recently announced that it has entered into an agreement (the “Exchange Agreement”) with holders (the “Supporting Noteholders”) of approximately $556.4 million aggregate principal amount, or 79.5%, of its 6.875% Senior Notes due 2022 (the “2022 Notes”) and approximately $267.1 million aggregate principal amount, or 53.4%, of its 7.125% Senior Notes due 2025 (the “2025 Notes” and, together with the 2022 Notes, the “Old Notes”) to exchange all of the Old Notes held by each Supporting Noteholder for new 9.00% Cash / 2.00% PIK Senior Secured Second Lien Notes due July 2024 (the “New Notes”) and new warrants (the “Warrants”) of the Company entitling each holder thereof to purchase one common share of the Company. Under the terms of the Exchange Agreement, the Company is permitted to exchange up to 80% of the 2022 Notes and 55% of the 2025 Notes. Pro forma for the Exchange Agreement, Ultra Petroleum anticipates that its long-term debt will be reduced by approximately $250 million. In addition to the reduction in debt, approximately $560 million, or 80% of the Company’s debt maturing in 2022, will be extended to July 2024, and its cash interest expense for the notes exchanged will be reduced by approximately $14 million through the life of the New Notes.
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) closed up slightly on Wednesday with a volume north of 28 million shares traded by the market close. PetrÃ³leo Brasileiro S.A. – Petrobras operates in the oil, natural gas, and energy industries. The company’s Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of surplus crude oil and oil products produced in the natural gas processing plants to the domestic and international markets. Its Refining, Transportation and Marketing segment is involved in refining, logistics, transport, and trading of crude oil and oil products; exportation of ethanol; and extraction and processing of shale, as well as holding interests in petrochemical companies.
Cabot Oil & Gas Corporation (NYSE:COG) recently provided an operational update on the heels of the in-service of the Atlantic Sunrise project on October 6, 2018 and announced the execution of a binding precedent agreement for new pipeline takeaway capacity on Transco’s Leidy South expansion project. Due to the delay of the Atlantic Sunrise project’s in-service date from the second-half of August 2018 to October 6, 2018 and a modest change in the timing of the Company’s third-quarter pads being placed-on-production, Cabot preliminarily expects net production for the third-quarter of 2018 to be approximately 2,029 million cubic feet equivalent (Mmcfe) per day, representing a seven percent sequential increase in daily net production relative to the second-quarter of 2018 and a 19 percent increase relative to the prior-year comparable quarter on a divestiture-adjusted basis. Cabot’s current gross operated production volumes are above 2.6 billion cubic feet (Bcf) per day, representing an increase of over 400 million cubic feet (Mmcf) per day, or 19 percent, relative to the Company’s average daily gross volumes during the second-quarter of 2018. “We are excited to finally see the Atlantic Sunrise project placed in-service almost five years after the project was initially announced,” stated Dan O. Dinges, Chairman, President and Chief Executive Officer. “This project will help alleviate the infrastructure bottlenecks that we have been operating through in Northeast Pennsylvania since the summer of 2013, resulting in an improvement in basis differentials and providing a significant opportunity to deliver a combination of returns-focused growth and free cash flow generation from our Marcellus Shale assets.”
Resolute Energy Corporation (NYSE:REN) last week provided preliminary third quarter 2018 production results and an operations update. Aggregate third quarter 2018 production averaged approximately 34,750 barrel of oil equivalent (“Boe”) per day, an increase of 45 percent from the second quarter. Third quarter 2018 oil production averaged approximately 15,740 barrels of oil per day, an increase of approximately 47 percent over second quarter 2018. Year over year, third quarter Boe production increased 54 percent and oil production increased approximately 40 percent, both pro forma for the divestiture of the Aneth Field assets. Growth in production is being driven by the Company’s successful ongoing development program. During the quarter, the Company spud six wells, reached total depth on thirteen wells and placed eighteen wells on production. Third quarter 2018 net loss is expected to increase compared to the second quarter net loss of $3.7 million due in large part to the effect of non-cash mark-to-market derivative losses. Third quarter 2018 Adjusted EBITDA is expected to be nearly double second quarter 2018 Adjusted EBITDA of $33.7 million (a non-GAAP measure as defined and reconciled below). This significant increase in expected Adjusted EBIDTA is being driven by stronger production volumes, as well as lower unit operating and overhead costs.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM 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. FNM’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. FNM 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 forty nine hundred dollars for news coverage of the current press release issued by Oracle Energy Corp. by a non-affiliated third party. FNM 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 FNM undertakes no obligation to update such statements.
Media Contact email: email@example.com – +1(561)325-8757