Oil prices soared nearly 10% on news that OPEC has reached a much anticipated agreement to reduce output by 1.2M barrels per day, bringing the total daily production to 32.5M bpd. The agreement, which was announced Wednesday at 11:00am EST, is contingent on a reduction of production by 600,000 bpd from non-OPEC countries, with Russia …
New York, New York – May 4, 2016. Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) is pleased to announce that it has completed its acquisition of Horizon I Investments, LLC (“Horizon Investments”) in an all-stock transaction. As previously disclosed, as a result of the closing, Petro River acquired $5.0 million in cash …
Oil futures ended sharply lower Tuesday as renewed fears of a global glut hit investor confidence ahead of weekly inventory data that are expected to show an increase in crude supplies. West Texas Intermediate crude oil CLM6, +0.23% lost $1.13, or 2.5%, to end at $43.65 a barrel on the New York Mercantile Exchange, while …
Summary Petro River Oil Corp. is focused on lower-risk conventional drilling in Osage County, Oklahoma, that does not require costly horizontal drilling or hydraulic fracturing techniques. The company is building a portfolio of assets that can withstand swings in commodity prices and generate returns regardless of the current macro environment. Its 20% ownership in Horizon …
Oil prices rose as much as 5 percent on Friday, lifted by fresh hopes over a proposed freeze in oil production and firm economic indicators from the United States and Germany that cast a positive light on growth in fuel demand. Russia’s oil production could fall in April, sources said, while the country’s energy minister …
A young, opportunistic E&P is now on the radar of industry experts. Today, Seeking Alpha published a post by prestigious energy watchers Oil & Gas 360. The topic? Petro River (OTCPK: PTRC). Unlike legacy companies held back by debt, lower oil prices and unconventional drilling, Petro River carries no such baggage. What it does have …
It is Pharrell’s 43rd birthday, and the crude complex appears happy to edge lower once again as production freeze hopes wane. Here are six things to consider on this fifth day of the fourth month: 1) On the economic data front, we have had PMI services data, hot on the heels of the recent deluge …
Any way you look at it, the oil trade has been a tough one. Needless to say, a huge price decrease in the commodity that drives the industry will always separate the good companies from those that are over-leveraged. Plus, rather than trying to grab the proverbial falling knife, it’s often better to see if …
Oil prices rose about 1 percent on Monday after data showed crude inventories at the Cushing, Oklahoma delivery hub for U.S. futures fell for the first time since January, and ahead of the expiration of the U.S. front-month contract. Oil’s upside, however, was limited by concerns that U.S. energy companies could ramp up drilling again …
Crude oil prices edged closer to $40 per barrel Monday, extending a monthlong rally, on hopes of lower supply and improving global outlook. Prices surged during morning trade in Asia, as U.S. drillers cut the number of active rigs to a six-year low. Brent crude futures, the global oil benchmark, were trading at $39.13 per barrel Monday, up …