PALM BEACH, Florida, March 13, 2017 /PRNewswire/ --
As the new Trump administration has acted more friendly to the Oil and Gas sector and the Energy Industry as a whole, Oil and Gas Companies remain cautiously optismtic moving forward over the next few years. The industry is looking for deregulation moves that may turn out to be very beneficial for Companies such as: Molori Energy Inc. (OTC: MOLOF)(TSX-V: MOL), Canadian Natural Resources Limited (NYSE: CNQ), Marathon Oil Corporation (NYSE: MRO), Chesapeake Energy Corporation (NYSE: CHK) and Transocean Ltd. (NYSE: RIG)
Molori Energy Inc. (OTCQB: MOLOF)(TSXV: MOL) Publishes Updated NI 51-101 Report and Demonstrates 420% Increase in Reserves - Molori currently owns a 25 percent working interest in certain leases located in the bifurcated Texas panhandle owned by Texas-based independent oil and gas producer Ponderosa Energy, LLC ("Ponderosa"). This latest NI 51-101 reserve report covers 66 of the leases in which Molori holds a working interest. Work is ongoing in a further 13 leases owned by Molori and Ponderosa, but not covered by this report. It is anticipated that the leases not covered by this report will constitute part of the next NI 51-101 report presently being prepared on behalf of Ponderosa. Read this and more news for Molori Energy at: http://marketnewsupdates.com/news/molof.html
In summary, the initial projected average production was 40 barrels of oil equivalent per day ("BOEPD")* in June 2016, when Molori made its first investment into Ponderosa. For the month of January 2017, production averaged 280 BOEPD, a 600% increase in daily average production. This production increase is due primarily to an aggressive work-over plan employing working capital committed by Molori to return non-producing wells to production, while keeping Lease Operating Expenses low due to tight cost controls and already established management.
Further, the initial NI 51-101 reserve report dated April 1, 2016 resulted in US$5.15 million of 1P (Total Proven Reserves) consisting of US$1.25 million PDP (Proved Developed Producing) and US$2.89 million PDNP (Proved Developed non-Producing). The new updated NI 51-101 reserve report dated March 08, 2017, effective January 2017 and prepared by Amiel David, Ph.D of PeTech Enterprises Inc, has resulted in US$26.9 million 1P (Total Proven Reserves), a 420% increase, including USD$16.26 million in PDP and US$10.65 million PDNP. The resulting increase is a result of a successful work-over plan, and the fact that Ponderosa had as many as 10 work-over rigs employed during much of that time.
In other energy industry related developments in the markets:
Canadian Natural Resources Limited (NYSE: CNQ) announced recently that it entered into agreements, subject to regulatory approvals, to acquire 70% of the Athabasca Oil Sands Project ("AOSP"), including 70% of the Scotford upgrader, as well as additional working interests in other producing and non-producing oil sands leases. Canadian Natural has agreed with Shell Canada Limited and certain subsidiaries ("Shell") to acquire its 60% working interest in the AOSP including an interest in the mining and extraction operations, north of Fort McMurray, Alberta; the Scotford Upgrader and the Quest Carbon Capture and Storage (CCS) project located north of Edmonton, Alberta; and its 100% working interest in its Peace River/Carmon Creek thermal in situ operations, its 100% working interest in the Cliffdale heavy oil field as well as other oil sands leases. Canadian Natural and Shell have also agreed with Marathon Oil Corporation (NYSE: MRO) to jointly acquire its 20% share in AOSP and related oil sands investments. The acquisitions do not include any interest in the 100% Shell owned Scotford refinery or chemical plants. The total purchase price of the transactions accumulates to $12.74 billion as of the effective date.
In recent quarterly report filings of note:
Chesapeake Energy Corporation (NYSE: CHK) late last month reported financial and operational results for the 2016 full year and fourth quarter plus other recent developments. Doug Lawler, Chesapeake's Chief Executive Officer, commented, "During 2016, we made significant progress in improving our capital efficiency, decreasing cash costs and future midstream commitments while improving our liquidity and leverage profile, which resulted in a much stronger foundation for Chesapeake going forward. Read the full report at http://finance.yahoo.com/news/chesapeake-energy-corporation-reports-2016-120000996.html
Transocean Ltd. (NYSE: RIG) also reported in late February net income attributable to controlling interest of $226 million, $0.60 per diluted share, for the three months ended December 31, 2016. Other income included $39 million of royalties associated with the company`s patented dual-activity technology. Fourth quarter 2016 results included net unfavorable items of $13 million, or $0.03 per diluted share can be seen in its entirety at http://finance.yahoo.com/news/transocean-ltd-reports-fourth-quarter-061701822.html
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