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CORAL SPRINGS, Florida, October 23, 2013 /PRNewswire/ --
Leading energy sector news updates for today's market movers in the news: PetroTech Oil and Gas, Inc. (OTC: PTOG), Transocean Ltd. (NYSE: RIG), Chesapeake Energy Corporation (NYSE:CHK), Kodiak Oil & Gas Corp. (NYSE: KOG) and Halliburton (NYSE: HAL).
PetroTech Oil and Gas, Inc. (OTC: PTOG) Headline: PetroTech Oil and Gas Acquires Oil and Gas Lease in Nowata Oklahoma. PetroTech Oil and Gas, Inc. (OTC: PTOG) Announces the acquisition of an 80-acre lease in Nowata, Oklahoma along with their partner CAVU Resources Inc. The lease know as the Brown lease has 12 existing oil and gas wells and one disposal well that PetroTech and Cavu Resources, has begun reworking. The project is an expected $400,000 investment with over $175,000 committed to date, with an expected first five wells on line within 30 days, and the balance of the 7 wells online by mid December, and a plan to have all wells producing anywhere from 270 Barrels per month to 600 Barrels per month, with revenue of $27,000.00 to $60,000.00 per month. Added with 4 gas wells, which will bring in an additional $4000.00 a month. Located in Nowata County, Oklahoma, this project is situated on the Northeastern edge of the Northeast Oklahoma Shelf, which has proven to be prolific in coal bed methane gas since it was developed beginning in the early 1990's. PETROTECH OIL AND GAS properties are surrounded by leases operated by some of the major players in the field such as Newfield Exploration, Mid-Continent, Inc. (NYSE: NFX), Energy Quest Resources and Endeavor Energy. This area of northeastern Oklahoma has an extensive drilling history extending back to the early 1900's.
Read the full press release at http://www.fnmprofiles.com/profiles-ptog.php
PTOG Commentary: "We are excited having acquired this initial 80 acre project with another 480 acres targeted on the area. We expect immediate results on the reworked wells. We also plan to test an opportunity in the Mississippi and Woodford zones. These well could initial flow 50 to 60 barrels a day with at least 6 drilling locations spotted on our lease. We estimate the minimum oil produced from existing wells to be 20 barrels a day with another 300mcf of gas a day. We continue to look for undervalued opportunities to increase PETROTECH OIL AND GAS assets and income base." Stated Eddie Schilb, President.
Transocean Ltd. (NYSE: RIG) will replace Dell Inc. (DELL) in the S&P 500 after the close of trading on Monday, October 28. Founder Michael Dell and Silver Lake Partners are acquiring Dell in a deal expected to be completed soon pending final conditions. RIG provides offshore contract drilling services for oil and gas wells. Headquartered in Zug, Switzerland, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Oil & Gas Drilling Sub-Industry index. RIG closed up over 5% on heavy volume of 17.3 Million shares traded by market close on Monday (10/22/13)
Chesapeake Energy Corporation (NYSE: CHK) engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. The company also offers marketing, midstream, drilling, and other oilfield services. RIG closed up slightly volume of 10.8 Million shares traded by market close on Monday (10/22/13)
Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, announced preliminary unaudited operational and financial results for the third quarter ended September 30, 2013 and provided a Williston Basin operations update. To read the full report please go to: http://finance.yahoo.com/news/kodiak-oil-gas-corp-announces-120000420.html
Halliburton (NYSE: HAL) announced that income from continuing operations for the third quarter of 2013 was $745 million, or $0.83 per diluted share, excluding restructuring charges of $38 million, after-tax, or $0.04 per diluted share. This compares to income from continuing operations for the second quarter of 2013 of $677 million, or $0.73 per diluted share, excluding a $35 million charge, after-tax, or $0.04 per diluted share, related to a charitable contribution to the National Fish and Wildlife Foundation. Reported income from continuing operations for the third quarter of 2013 was $707 million, or $0.79 per diluted share. Reported income from continuing operations for the second quarter of 2013 was $642 million, or $0.69 per diluted share. Read the full release at http://finance.yahoo.com/news/halliburton-announces-third-quarter-income-110000032.html
In other energy sector news, Energy XXI (NASDAQ: EXXI) provided an operations update, including production and recent exploration and development results. During the company's fiscal first quarter ended Sept. 30, 2013, production averaged approximately 46,600 barrels of oil equivalent per day (BOE/d), with oil production averaging approximately 29,700 barrels per day (Bbl/d). QEP Resources, Inc. (NYSE: QEP) was another energy play leading the way by closing up over 5% on above average volume trading 7.2Million shares.
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