PALM BEACH, Florida, January 16, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The oil industry has enjoyed a considerable upswing since the new administration took office in the United States in 2017. In the past year, exports of crude oil have increased exponentially and the global oil economy has taken notice of the impressive revenue and production levels emerging from America. New horizontal drilling technologies are tapping into vast reserves of oil and gas trapped in shale field as companies are expecting exciting results heading into the new year. The surge in U.S. production is being driven by output from shale fields, where drillers use advanced methods like hydraulic fracturing to squeeze oil and gas from tight rock formations. With favorable policies in place, the American industry is only expected to continue its growth, with experts pinning the latest forecast of production near 11 million barrels per day in just two years. Notable companies in the industry this week include: Jericho Oil Corporation (TSX-V: JCO) (OTC: JROOF), Marathon Oil Corporation (NYSE: MRO), Cabot Oil & Gas Corporation (NYSE: COG), Chesapeake Energy Corporation (NYSE: CHK), Transocean Ltd. (NYSE: RIG).
Jericho Oil Corporation (TSX-V: JCO) (OTC: JROOF), announces that it has entered into an agreement, through its Oklahoma STACK Joint Venture ("STACK JV"), to swap a portion of its undeveloped acreage in Blaine and Major County with Staghorn STACK, LLC ("Staghorn"). The acreage swap will allow the Company to (i) strategically grow its acreage position in areas in or proximate to current horizontal well development; (ii)participate in the drilling of multiple strategic horizontal wells targeting the Meramec and Osage formations within the Company's acreage footprint; (iii) continue to aggregate critical drilling, completion and lateral placement data from a proven, best-inclass STACK operator; (iv) secure tag-along rights for a portion of its Blaine County STACK JV acreage; and (v) cost effectively grow production and potentially reserves. Read this and more news for Jericho at http://www.marketnewsupdates.com/news/jco.html
Accordingly, Jericho has elected to participate in the drilling of the Wardroom well (Section 12-19N13W; 46.87% WI / 37.5% NRI to STACK JV) with Staghorn as the Operator and pay its proportionate working interest share of costs related to drilling and completion. The Wardroom well has been spud and is currently being drilled. It is approximately a 4,500-foot lateral targeting the Meramec formation in the normally-pressured oil window.
Brian Williamson, CEO of Jericho Oil, stated, "With a New Year and oil prices at our back, we are excited about our growing STACK position and to be participating in our first horizontal STACK well targeting the prolific Meramec formation. Our acreage swap agreement ensures Jericho receives critical data for future operated drilling activities, and participation in the drilling of proximate horizontal wells to our footprint, with a proven best-in-class STACK operator. We look forward to updating our shareholders on future growth opportunities as 2018 unfolds." The acreage swap is subject to customary due diligence and is expected to close by the end of January.
To get an in-depth look into Jericho Oil Corporation provided by Streetwise Reports, Wall Street's leading and authoritative industry expert, please go to: https://www.streetwisereports.com/article/2018/01/16/junior-e-p-begins-drilling-in-oklahomas-stack-in-area-with-monster-well-potential.html?utm_source=pg&utm_medium=pr&utm_campaign=jco_jan
In the industry developments and happenings in the market this week include:
Marathon Oil Corporation (NYSE: MRO) closed up on Monday at $18.82 trading over 10.3 million shares by the market close. Marathon Oil Corporation unconventional Oklahoma production increased 18 percent to 58,000 net boed during third quarter 2017, compared to 49,000 net boed in the prior quarter and up more than 40 percent from the year-ago quarter. The Company brought 15 gross Company-operated wells to sales during the quarter predominately focused on leasehold capture and delineation activity. The Landreth, a STACK Meramec leasehold well in the volatile oil window in Blaine County, had an average 30-day IP rate of 2,420 boed (59% oil, 4,600-foot lateral), and an early test of the Osage in Kingfisher County achieved promising results with a 30-day IP of 850 boed (55% oil, 4,700-foot lateral).
Cabot Oil & Gas Corporation (NYSE: COG) closed up Monday at $28.88 trading over 6.9 million shares by the market close. The company recently announced that its Board of Directors declared a 20 percent increase in its regular quarterly dividend to six cents ($0.06) per share on the Company's common stock. The dividend will be paid on February 7, 2018 to all shareholders of record as of the close of business on January 24, 2018. "Today's decision to increase the Company's dividend for the second consecutive year highlights our commitment to increasing our return of capital to shareholders," commented Dan O. Dinges, Chairman, President and Chief Executive Officer. "We firmly believe that our strong balance sheet and our ability to deliver double-digit growth per debt-adjusted share from our Marcellus Shale asset while generating positive free cash flow will allow us to continue to return capital to shareholders through sustainable dividend growth and opportunistic share repurchases."
Chesapeake Energy Corporation (NYSE: CHK) closed up on Monday at $4.28 trading over 33 million shares by the market close. Chesapeake is one of the largest oil and natural gas producers in Oklahoma, with field offices in Woodward, Waynoka, Weatherford, Kingfisher and Lindsay supporting more than 2,000 employees. Chesapeake Energy Corporation produces natural gas, oil and natural gas liquids (NGL) in the United States. It operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. Exploration and production is engaged in finding and producing oil, natural gas and NGL. Marketing, gathering and compression is engaged in marketing, gathering and compression of oil, natural gas and NGL.
Transocean Ltd. (NYSE: RIG) closed up on Monday at $12.20 trading over 12 million shares by the market close. Transocean Ltd. announced in late December that the harsh environment semisubmersible Transocean Spitsbergen was awarded a 22-well contract with an estimated duration of 33 months; plus two one-well options in the Norwegian North Sea with Statoil Petroleum ASA. The estimated firm backlog associated with the contract is approximately $286 million, which excludes opportunities for performance incentives. The contract is expected to commence in the third quarter of 2019. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.
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