PALM BEACH, Florida, May 30, 2017 /PRNewswire/ --
Crude-oil prices rebounded Friday before the extended Memorial Day weekend while investors downplayed the notion that OPEC didn't take more aggressive measures to cut production. Oil prices had risen sharply in the days and weeks before the latest OPEC meeting fueling the belief of an extension of current production cuts. Energy and independent Oil & Gas companies with the latest developments and news this week include: Petro River Oil Corp. (OTC: PTRC), Occidental Petroleum Corporation (NYSE: OXY), Exxon Mobil Corporation (NYSE: XOM), Chesapeake Energy Corporation (NYSE: CHK), Resolute Energy Corporation (NYSE: REN)
Petro River Oil Corp. (OTC: PTRC) an independent oil and gas exploration company, announced today the discovery of a second oil field in its 106,500 acre concession in Osage County, OK following the successful drilling of the Red Fork 1-3 exploration well. The Red Fork 1-3 well was spud May 15th, 2017 and was drilled to a depth of approximately 2,820 feet. Initial results indicate up to 30 feet of oil productive formation. Following flow and fracking tests, the Company plans to confirm IP rates. Read this and more news for Petro River Oil Corp at: http://www.marketnewsupdates.com/news/ptrc.html
The Red Fork 1-3 well tested multiple zones, which resulted in the discovery of a separate chat field, potentially larger than the 20 feet of oil productive formation in the Chat 2-11 discovery announced on May 15, 2017. This discovery continues to validate the Company's use of modern 3D seismic technology to identify oil structures that were overlooked in historically prolific areas. The 3D seismic identified structures containing potentially over 2.5 million barrels of oil on 1,610 acres of the 4,480 acres of structural closure.
The Company plans to announce a development program following further results from both the Red Fork 1-3 and Chat 2-11. "This is a significant 2nd discovery for Petro River and we are excited with the initial results," said Petro River president Stephen Brunner.
In other industry developments of note in markets:
Occidental Petroleum Corporation (NYSE: OXY) announced this month that its Board of Directors has declared a regular quarterly dividend of $.76 per share on common stock payable on July 14, 2017, to stockholders of record as of June 9, 2017. Occidental has paid quarterly dividends continuously since 1975 and has increased its dividend each year since 2002. The current annual rate is $3.04 per share.
Exxon Mobil Corporation (NYSE: XOM) News: To commemorate the 20th anniversary of the UTeach program, ExxonMobil has provided a grant of more than $275,000 to DonorsChoose.org that will provide each public school UTeach alumnus with funding for classroom projects. The UTeach program is an innovative, university-based teacher preparation initiative that has significantly increased the number of qualified science, technology, engineering and math (STEM) teachers in U.S. secondary schools.
Chesapeake Energy Corporation (NYSE: CHK) announced this month that it has priced its private placement to eligible purchasers of $750,000,000 aggregate principal amount of 8.00% senior notes due 2027 (the "notes"). The notes will bear interest at a rate of 8.00% per annum, payable semi-annually on June 15 and December 15 of each year, beginning on December 15, 2017. The notes will mature on June 15, 2027. Chesapeake may redeem some or all of the notes at any time prior to June 15, 2022 at a price equal to 100% of the principal amount of the notes to be redeemed plus a 'make-whole' premium. In addition, Chesapeake may redeem some or all of the notes at any time on or after June 15, 2022 at the applicable redemption price in accordance with the terms of the notes and the indenture and supplemental indenture governing the notes.
Resolute Energy Corporation (NYSE: REN) announced this month the closing of its previously announced Bronco acquisition of certain oil and gas properties located in Reeves County, Texas, for an aggregate purchase price of $160 million, adjusted for normal closing purchase price adjustments. The acquisition was financed in substantial part with proceeds received from the previously announced offering of $125 million of 8.50% Senior Notes due 2020, which closed on May 12, 2017, thereby preserving significant availability under Resolute's revolving credit facility.
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