NEW YORK, September 19, 2016 /PRNewswire/ --
Bank of America and Merrill Lynch are very optimistic that oil
prices will soon reach a bottom and begin to head towards a bullish
move up through June 2017 due to
equities branching out, increase in demand, and decrease in
production of oil. As noted by the US equity and quantitative
strategist at Bank of America Merrill Lynch, Savita Subramanian, said the bank upgraded its
rating performance of energy sector from "Market weight" to
"Overweight" and that it will outperform the S&P 500.
International Western Petroleum, Inc. (OTCQB: INWP),
Exxon Mobil Corporation (NYSE: XOM), ,
Approach Resources Inc. (NASDAQ: AREX), Range
Resources Corp. (NYSE: RRC), Marathon Oil
Corporation (NYSE: MRO).
What's charming investors back into the energy sector is the
decline in capital spending. Subramanian forecasts that West Texas
Intermediate oil futures will rally to $54 a barrel (+17%) by the end of the year, and
as much as $69 a barrel (+49%) by
June of next year.
Texas-based E&P company,
International Western Petroleum, Inc. (OTCQB: INWP) has
completed an acquisition of an oil producing field in Kilgore, Texas in the heart of the famous
Woodbine formation. The deal was made through a joint venture with
Marshall Walden, partnering with
Odyssey Enterprises, LLC.
The acquisition involves 8 wellbores. Currently, 4 of them are
producing, and the other 4 are inactive. All 8 wellbores are to be
active in the near future in order to increase the levels of
production. The Woodbine Sand formation exists 120 miles east of
downtown Dallas in the heart of
East Texas. In that area, the
Woodbine Sand is typically found at a depth of approximately 6,000
feet and is frequently oil bearing in East Texas.
International Western Petroleum, Inc. (INWP) CEO
Ross Ramsey stated, "This is an
acquisition that now puts a solid foundation in place for
International Western Petroleum in the East Texas region. This area has wellbores
that have been producing since the late 1920s. I am honored to have
Odyssey teamed up with us for acquisition opportunities with such a
deep route of Texas oil
history,"
The world's largest publicly traded international oil and gas
company, Exxon Mobil Corporation (NYSE: XOM) had
recently pulled out of its multi-billion dollar Liquefied Natural
Gas Alaska project and refused to continue working on the next
phase of the Liquefied Natural Gas terminal. Exxon believes that
it's "one of the least competitive" projects worldwide and has
close to no economic logic at current Crude oil and Liquefied
Natural Gas prices.
Small cap companies such as Approach Resources Inc.
(NASDAQ: AREX) has ascended from their 52 week lows in February at
$0.60, all the way to this year's
high of $4.35 in September. This
rebound was a massive 524% increase in a short matter of time.
In Addition, small cap companies are the ones that generally get
hit first and are the first to rally back up stronger. Much bigger
companies have made volatile moves as well, but on a much smaller
percentage scale. Shares of companies such as Range Resources
Corp. (NYSE: RRC) have continued to rally since late
February, and Marathon Oil Corporation (NYSE: MRO)
increased by 10% since August.
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