NEW YORK, November 4, 2016 /PRNewswire/ --
http://www.Financialbuzz.com - Oil prices stimulated abruptly
lower during the earlier session after the United States EIA stated
a build in crude oil inventories that surpassed expectations. An
October rally in oil was maintained in part by data displaying
declining inventory levels, adding leverage signaling that the
market was rebounding. Olivier Jakob
of Swiss oil-market research group Petromatrix, said his models
indicated oil prices may have bottomed out for the near term and
this might be a possible sign that it will direct back upwards.
International Western Petroleum Inc. (OTC: INWP), Exxon Mobil
Corporation (NYSE: XOM), Range Resources Corp. (NYSE: RRC),
Marathon Oil Corporation (NYSE: MRO), Pioneer Natural Resources
(NYSE: PXD).
Saudi Aramco's Chief Executive Officer, Amin Nasser, said that crude oil prices will
soon upswing during the first half of 2017 as the commodity's
essentials return to balance. Without providing details about what
he was basing this optimistic prediction on, the executive added
that after this rebound, demand for the commodity will remain
stable.
International Western Petroleum, Inc. (OTCQB: INWP)
announced the engage with a technology company that provides an
advanced Organic Oil Recovery process which allows trapped oil to
be released with no exploration risks. INWP has begun using its new
technology starting with East and Central
West Texas regions. The Company plans to improve its
portfolio by incorporating this technology in order to provide
growth in established productions without added drilling or
fracking. Initial assessments from this technology company shows
the Organic Oil Recovery process has a chance to surge current
production at specific production wells by nearly 50 percent to 300
percent and may increase crucial recovery of the
original-oil-in-place by 5 percent to 20 percent.
Functional through current water-flood procedures, having this
new technology works completely within the natural ecology of the
oil reservoir by selectively stimulating notable types of oil
reservoir formation's resident microbes with custom-formulated,
biodegradable and organic nutrients. So far, with well over 300
well submissions on 48 commercial oil fields and 4 onshore and
offshore continents, this procedure has a remarkable record with
quick outcomes and a production rate of 92 percent on in-situ test
wells, producer wells and injector wells that met its screening
standards. Organic Oil Recovery development has never had any
experienced with reduced production, nor has it damaged a reservoir
or well.
"With 65% oil being trapped underground in the world today, our
management team believes that this proprietary technology is one of
the most important oil recovery breakthroughs in decades. Its
performance records show extraordinary results in production
increase and the super low cost of this process is a major benefit
for us in this low oil price environment," commented Dr.
Benjamin Tran, INWP Chairman.
Exxon Mobil Corporation (NYSE: XOM) announced a
noteworthy discovery with a potential recoverable resource of
between 500 million to a billion barrels of oil on the Owowo field
just offshore of Nigeria. The
Owowo-3 well, that was spud in late September, met roughly 460 feet
of oil-bearing sandstone reservoir. Owowo-3 lengthens the resource
revealed by the Owowo-2 well, which come across about 515 feet of
oil-bearing sandstone reservoir. "We are encouraged by the results
and will work with our partners and the government on future
development plans," said President of ExxonMobil, Stephen M. Greenlee.
Range Resources Corp. (NYSE: RRC) third quarter 2016
results highlights include Gulf Markets Expansion pipeline on line
in early October improves natural gas netbacks by moving 150,000
MMBtu daily of Range natural gas from markets of Appalachia to Gulf
Coast. The company's North
Louisiana production growth and additional takeaway projects
result in better natural gas differentials going forward.
Furthermore, its third quarter production averaged a record 1,508
net MMcfe per day and unit costs improved by 3%, or $0.09 per mcfe, compared to prior-year
quarter.
Marathon Oil Corporation (NYSE: MRO) has signed an
agreement for the sale of certain non-operated CO2 and waterflood
properties in West Texas and
New Mexico for $235 million, without closing adjustments. The
assets averaged roughly 4,000 barrels of daily oil in the first
half of 2016. The effective date of the transaction is Sept. 1, 2016, and closing is likely to be by the
end of the year. Since August 2015,
Marathon Oil has proclaimed or closed non-core asset sales in
excess of $1.5 billion.
Pioneer Natural Resources (NYSE: PXD) reported financial
and operating results for its third quarter, which its net income
attributable to common stockholders of $22
million, or $0.13 per diluted
share. Noncash mark-to-market derivative damages were offset by an
income tax benefit attributable to tax credits for research and
experimental expenditures associated to horizontal drilling and
completions innovations, causing its adjusted income also being
$22 million after tax, or
$0.13 per diluted share.
Subscribe Now! Watch us report from NYSE
https://www.youtube.com/FinancialBuzzMedia
For "The Latest Buzz in Financial News", SIGN UP & Visit:
http://www.FinancialBuzz.com
Follow us on Twitter for real time Financial News Updates:
https://twitter.com/financialbuzz
Follow and talk to us on Instagram:
https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds:
https://www.facebook.com/Financialbuzz/
About FinancialBuzz.com
FinancialBuzz.com, a leading financial news informational web
portal designed to provide the latest trends in Market News,
Investing News, Personal Finance, Politics, Entertainment, in-depth
broadcasts on Stock News, Market Analysis and Company Interviews. A
pioneer in the financially driven digital space, video production
and integration of social media, FinancialBuzz.com creates 100%
unique original content. FinancialBuzz.com also provides financial
news PR branding, marketing and advertising for third parties for
disseminating news and original content through our unique media
platform that includes Newswire Delivery, Digital Advertising,
Social Media Relations, Video Production, Broadcasting, and
Financial Publications.
Please Note: FinancialBuzz.com is not a financial advisory or
advisor, investment advisor or broker-dealer and do not undertake
any activities that would require such registration. The
information provided on http://www.FinancialBuzz.com (the "Site")
is either original financial news or paid advertisements provided
[exclusively] by our affiliates (sponsored content),
FinancialBuzz.com, a financial news media and pr marketing firm
enters into service agreements with the companies which are the
subject to the articles posted on the Site for advertising such
companies. Financialbuzz.com was previously compensated for a
three-month financial news dissemination and pr services agreement
directly from international western petroleum inc. We are not an
independent news media provider and therefore do not represent or
warrant that the information posted on the Site is accurate,
unbiased or complete. FinancialBuzz.com receives fees for producing
and presenting high quality and sophisticated content on this site
along with other financial news pr media services. Our fees may be
either a flat cash sum or negotiated number of securities of the
companies featured on this site, or a combination thereof. The
securities are commonly paid in segments, of which a portion is
received upon engagement and the balance is paid on or near the
conclusion of the engagement. FinancialBuzz.com was previously
compensated to a three-month financial news dissemination and pr
services agreement for twenty-five thousand restricted common
shares directly from international western petroleum inc.
FinancialBuzz.com does not undertake to update any of the
information on the Site or continue to post information about any
companies the information contained herein is not intended to be
used as the basis for investment decisions and should not be
considered as investment advice or a recommendation. The
information contained herein is not an offer or solicitation to
buy, hold or sell any security. FinancialBuzz.com, members and
affiliates are not responsible for any gains or losses that result
from the opinions expressed on the Site, company profiles,
quotations or in other materials or presentations that it publishes
electronically or in print. Investors accept full responsibility
for any and all of their investment decisions based on their own
independent research and evaluation of their own investment goals,
risk tolerance, and financial condition. FinancialBuzz.com. By
accessing this website and any pages thereof, you agree to be bound
by the Terms of Use and Privacy Policy, as may be amended from time
to time. None of the content issued by FinancialBuzz.com
constitutes a recommendation for any investor to purchase, hold or
sell any particular security, pursue a particular investment
strategy or that any security is suitable for any investor. This
publication is provided by FinancialBuzz.com. Each investor is
solely responsible for determining whether a particular security or
investment strategy is suitable based on their objectives, other
securities holdings, financial situation needs, and tax status. You
agree to consult with your investment advisor, tax and legal
consultant before making any investment decisions. We make no
representations as to the completeness, accuracy or timeless of the
material provided. All materials are subject to change without
notice. Information is obtained from sources believed to be
reliable, but its accuracy and completeness are not guaranteed. For
our full disclaimer, disclosure and Terms of Use. Please visit:
http://www.financialbuzz.com
For further information:
Media Contact: Danny A, info@financialbuzz.com ,
+1-877-601-1879
Url: http://www.FinancialBuzz.com
SOURCE FinancialBuzz.com