NEW YORK, August 30, 2016 /PRNewswire/ --
Despite the recent fall in oil prices there are positive news
that suggest a stabilized market is in the near future. Recently in
the news, Iran has promised to
work with OPEC members to help in the stabilization process of the
global oil market, as long as others respect Iran's right to become an efficient part of
the market. Iran's oil minister,
Bijan Namdar Zanganeh, confirmed
that Iran will participate in
a meeting of OPEC members next month in Algiers, which is expected to be the first
meeting in hopes of normalize relations. International Western
Petroleum, Inc. (OTCQB: INWP), Approach Resources Inc.
(NASDAQ: AREX), Marathon Oil Corporation
(NYSE: MRO), Hess Corp. (NYSE: HES),
Pioneer Natural Resources (NYSE: PXD)
"Iran will cooperate with OPEC to help the oil market
recover, but expects others to respect its rights to regain its
lost share of the market," Bijan Namdar
Zanganeh said. As for American oil producers, fracking has
been an important component, keeping the local companies relatively
resilient to global market instability. It is through fracking
American companies learned how to extract more for less.
American companies are consistently looking to increase fracking
production levels. Smaller companies like International Western
Petroleum, Inc. (OTCQB: INWP), which focuses on the
acquisition, development and exploration of crude oil and natural
gas properties in Texas. The company recently announced that
it has completed its application to up-list to NASDAQ Capital
Markets, to increase the company's recognition and value.
Chairman of International Western Petroleum,
Inc., Dr. Benjamin
Tran stated, "… management believes that we are ready to
take on the new challenge and responsibility of moving up to a very
reputable national exchange where we will fully utilize NASDAQ's
visibility assets and global network to transform intelligence into
action through NASDAQ Corporate Solutions. We look forward to
becoming a trading member of the NASDAQ exchange in the near future
after having achieved additional corporate milestones. A move to
NASDAQ will increase our company's investor recognition,
visibility, and value."
Small cap companies like Approach Resources
Inc. (NASDAQ: AREX) for example has risen from their
52 week lows on February 26th this year
at $.60, all the way to this year's high
of $3.55 on August 29th, rebounding a
whopping 433% in a short period of time.
Small-cap companies are the first to take a hit and usually the
first that rally back up, larger companies have seen volatile moves
as well but on a smaller percentage scale. Shares of companies
like Marathon Oil
Corporation (NYSE: MRO) continuing a strong rally of
about 23% since the beginning of August, and Hess
Corp. (NYSE: HES) increased in value 10% in a
month.
Some of the larger companies were excited recently about their
fracking capabilities at low costs. For example, CEO of Pioneer
Natural Resources (NYSE: PXD), Scott
Sheffield recently said that improved methods of hydraulic
fracturing have reduced production costs in certain areas of
Taxes.
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