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LONDON, Jan. 22, 2021 /PRNewswire/ -- A three-well drill campaign has just been launched by a small-cap explorer in a massive Permian basin that could end up being the next major conventional onshore oil discovery in the world. And everyone's watching as many names in the oil industry and resource assessment gather around Reconnaissance Energy (RECO; RECAF). Mentioned in today's commentary includes: Exxon Mobil Corporation (NYSE: XOM), Eni S.p.A. (NYSE: E), Halliburton Company (NYSE: HAL), Pioneer Natural Resources Company (NYSE: PXD), Enterprise Products Partners L.P. (NYSE: EPD).
It's exciting for two reasons. First, there's no more potentially lucrative risk-reward setup than a small-cap sitting on a high-risk exploration play. Plays like this that succeeded have netted some investors 1,000-4,000% gains in the past. And this play is in Africa, where we've seen it happen before:
And those gains were for plays that might in the end pale in comparison to the potential of RECO's 8.5-million-acre Kavango basin in Namibia and Botswana. RECO's land package is far bigger and far more consequential, with well-known geoscientists in the industry backing what they think could end up being 120 billion barrels of oil in place.
Haywood, which initiated coverage of RECO in November at a $2.50 price target, has now bumped that up to $7.00 in the short term precisely because it knows potential upside when it sees it.
Big Money Is Looking to Conventional & Loves the Permian
Saudi Arabia's conventional oil wells are extremely cheap to operate. In fact, the Saudis can produce oil for as low as $3 a barrel. American shale costs many times more to extract, and in some cases up to $73 per barrel. It's not as simple as drilling a hole in the ground and watching the oil gush out. And while U.S. shale or "unconventional" oil was all the rage behind the boom that ended up making the United States a top producer to challenge even the Saudis, the new rationale is that the next big discovery will have to be conventional--and huge--in order to make economic sense.
Now, Wood Mackenzie--the most trusted name in resource assessments--says ReconAfrica's (RECO; RECAF) Kavango Basin is analogous to the Midland Basin in Texas, part of the prolific Permian. Not only that, but Woods Mackenzie estimates the overall development value of Midland to be $540 billion.
Texas' Permian basin boasts one of the world's thickest deposits of sedimentary rocks, formed during the Permian geological period. It's a 250-mile-wide, 300-mile-long sedimentary basin housing the Midland Basin, the Delaware Basin, and the Central Basin Platform across West Texas and Southeast New Mexico.
It's produced 28.9 billion barrels of oil and 75 trillion cubic feet of gas, with no sign of letting up. As of the time of writing, the Permian basin is producing over 4 million barrels per day. In 2019, it became the top producer in the world, even outranking the Saudis. And … it's analogous to Kavango, the next potentially huge conventional oil discovery that we're about to find out about in a matter of months.
A 2021 Oil Frenzy Can Only Happen in Africa
It's generally thought that there's almost no oil or gas left to discover on land, except in Africa, which remains massively under explored. There aren't likely to be any more huge discoveries in Nigeria and Angola, Africa's No. 1 and No.2 producers, respectively, and environmental disasters, corruption, and heavy-handed tax regimes are rendering both increasingly toxic.
Namibia hasn't produced a single barrel of oil in its history - onshore or offshore. Offshore, Exxon (XOM) has scooped up 7 million net acres …Onshore, Recon Africa (RECO; RECAF) is the superstar--and the only player with significant acreage in the field. That's because it bought up oil and gas rights to the entire Kavango sedimentary basin from Namibia all the way to Botswana before anyone had time to blink.
Now, the company is setting itself up for an even bigger potential win than Africa Oil did in a stunning discovery that put Kenya on the oil map back in 2010. When small-cap Africa Oil discovered the East Africa Rift oil, investors saw a 10X windfall right off the bat.
World-Famous Geochemist Estimates 120 Billion Barrels
The prospects here are so tantalizing that some of the most renowned geoscientists in the world have chimed in.
Dan Jarvie, one of the original geoscientists that helped locate their claim in Namibia, is a world-renowned geochemist who's analyzed and interpreted petroleum formations the world over. He was one of the primary drivers behind the exploration of the Barnett resource play and former Chief Geochemist for oil and gas major EOG Resources (one of the largest independent oil producers in North America).
Jarvie recently came out with estimates showing the potential for generation of 120 billion barrels of oil equivalent based only on 12% of Recon's holdings. He says he's being conservative. And it's not just 120 billion barrels to Jarvie: "We could even be looking at the last major onshore oil discovery on Earth."
Even better: ReconAfrica (RECO; RECAF) still has plenty of cash on hand to complete their drill program – and with a massive 8.5-million-acre land package, it's also got plenty of promising targets to choose from.
With the first test well already spudded, and drilling operations now underway as of today, by mid-February, we could already see them reach a depth of 12,000 feet. Next comes 2D seismic acquisition and interpretation in Q2 2021, followed by 6-2 well evaluation and drilling of two other back-to-back wells in the same quarter.
By the second half of next year if everything goes to plan, it's likely RECO will already be in JV discussions if drilling goes as planned. RECO just went one step closer to de-risking a "massive potential resource", according to Haywood. In a few weeks, early-in investors will find out, and it will be on everyone's radar.
Big Oil Could Benefit From The Price Rebound
Exxon (XOM) has been desperately pulling on all the levers in a bid to get through the oil slump with its dividend intact but could be running out of options. Exxon has announced that it will cut 15% of its workforce in order to protect its fat dividend (10.6% yield) and also slash capital expenditure--again.
Like many of its peers, ExxonMobil has also shed nearly half of its value since the beginning of 2020. Despite this, Exxon has been making big moves in the energy realm, and is positioning itself perfectly to capitalize on the rebound in oil prices, as well as the global pivot to natural gas, in the coming years.
Italian energy major, Eni (E), described 2020 as a "year of war", regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past. Eni is committing to lower the price of oil at which the company breaks even going into 2021, as a means of tackling the uncertainty of the oil economy in the coming months. Francesco Gattei, CFO at Eni, stated that "Volatility is growing every year.", highlighting the need to be prepared for the energy demand of the future. In fact, Eni has now set out a plan to lower its greenhouse gas emissions by 80% by 2050.
Like other oil majors, Eni's share price took a major beating in 2020, falling by as much as 30% over the course of the year. But thanks to recovering demand and its diversification efforts, Eni is looking more and more appealing to investors.
Halliburton (HAL) is one of the largest oilfield services companies in the world. The company has secured its place as a giant in the oil and gas industry. But it didn't happen overnight. The oilfield services sector is highly competitive and ripe with innovation. In order to stay ahead, companies must be on the absolute cutting edge of technology. And that's exactly what Halliburton has done. And recently, Halliburton increased the heat for its competition. Partnering with Microsoft, Halliburton has become one of the most exciting "tech" plays in the industry.
The oilfield services sector was among the hardest hit in the 2020 oil price disaster, and Halliburton was not immune to its impact. The company saw its share prices crater, falling by 79% from January to March. The hit definitely stung, but Halliburton rose to the challenge. Thanks to its strong management and innovative approach to the industry, the company's stock managed to stage a fairly impressive recovery, climbing from $5 in March to today's price of $20, proving that it's still got what it takes to remain competitive in this industry.
Pioneer Natural Resources (PXD) was one of the big—and few—dealmakers of 2020, acquiring Parsley Energy for about $7.6 billion in an all-stock deal that also included Parsley's debt. The landmark deal helped make Texas-based Pioneer the largest independent oil and gas producer in the Permian Basin. Having worked together previously, the merger expects significant savings and greater pressure on regulators in the region. Working in the Permian Basin, the world's most prolific oilfield with a production of 558,000 bpd equivalent, Pioneer hopes this will ensure it rides out the Covid-19 slump.
But that doesn't mean investors shouldn't keep an eye on the company. Share prices of Pioneer have nearly doubled since November, climbing from $77 per share to today's price of $132. And while outlook for the shale patch isn't particularly inspiring at the moment, Pioneer is an undervalued stock in an industry that will inevitably return to its previous glory.
Enterprise Products Partners (EPD) is the top transporter of natural gas liquids (NGLs) and also owns the most NGL fractionation capacity in the United States, as well as dock space for exports. Enterprise Products is the largest midstream MLP in the country. Enterprise has clearly read the signs of the times and has begun to work with partners to scale back its project backlog. In the past, EP was able to weather the normal industry headwinds thanks to robust cash coverage and manageable leverage. Unfortunately, Covid-19 has been anything but your average downturn, and EP has been forced to seriously cut back on Capex.
Despite the downturn, which saw Enterprise lose as much as 30% of its value in 2020, things are already looking up for the company. Its dividend distribution is still attractive to investors at 8.6%, its cash flow is sustainable, and its fiscal expectations look promising. Altogether, that puts Enterprise in an attractive position for investors looking for potentially undervalued stocks as oil prices stage a comeback.
By. Polly Steele
**IMPORTANT! BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. PLEASE READ CAREFULLY**
Forward-Looking Statements. Statements contained in this document that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Recon. All estimates and statements with respect to Recon's operations, its plans and projections, size of potential oil reserves, comparisons to other oil producing fields, oil prices, recoverable oil, production targets, production and other operating costs and likelihood of oil recoverability are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties including, without limitation: risks associated with oil and gas exploration, timing of reports, development, exploitation and production, geological risks, marketing and transportation, availability of adequate funding, volatility of commodity prices, imprecision of reserve and resource estimates, environmental risks, competition from other producers, government regulation, dates of commencement of production and changes in the regulatory and taxation environment. Actual results may vary materially from the information provided in this document, and there is no representation that the actual results realized in the future will be the same in whole or in part as those presented herein. Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that Recon and its technical analysts have made, We undertake no obligation, except as otherwise required by law, to update these forward-looking statements except as required by law.
Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. Recon's future success will depend on its ability to develop its current properties and on its ability to discover resources that are capable of commercial production. However, there is no assurance that Recon's future exploration and development efforts will result in the discovery or development of commercial accumulations of oil and natural gas. In addition, even if hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if Recon encounters unforeseen geological conditions. Adverse climatic conditions at such properties may also hinder Recon's ability to carry on exploration or production activities continuously throughout any given year.
DISCLAIMERS
ADVERTISEMENT. This communication is not a recommendation to buy or sell securities. Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively "the Company") have been paid by Recon seventy thousand U.S. dollars to write and disseminate this article. As the Company has been paid for this article, there is a major conflict with our ability to be unbiased, more specifically:
This communication is for entertainment purposes only. Never invest purely based on our communication. We have not been compensated but may in the future be compensated to conduct investor awareness advertising and marketing for RECO. Therefore, this communication should be viewed as a commercial advertisement only. We have not investigated the background of the company. Frequently companies profiled in our alerts experience a large increase in volume and share price during the course of investor awareness marketing, which often end as soon as the investor awareness marketing ceases. The information in our communications and on our website has not been independently verified and is not guaranteed to be correct.
SHARE OWNERSHIP. The owner of Oilprice.com owns shares of this featured company and therefore has an additional incentive to see the featured company's stock perform well. The owner of Oilprice.com will not notify the market when it decides to buy more or sell shares of this issuer in the market. The owner of Oilprice.com will be buying and selling shares of this issuer for its own profit. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.
NOT AN INVESTMENT ADVISOR. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
DISCLAIMER: OilPrice.com is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with OilPrice.com or any company mentioned herein. The commentary, views and opinions expressed in this release by OilPrice.com are solely those of OilPrice.com and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Contact Information:
Media Contact e-mail: editor@financialnewsmedia.com U.S. Phone: +1(954)345-0611
LONDON, Jan. 22, 2021 /PRNewswire/ -- A three-well drill campaign has just been launched by a small-cap explorer in a massive Permian basin that could end up being the next major conventional onshore oil discovery in the world. And everyone's watching as many names in the oil industry and resource assessment gather around Reconnaissance Energy (RECO; RECAF). Mentioned in today's commentary includes: Exxon Mobil Corporation (NYSE: XOM), Eni S.p.A. (NYSE: E), Halliburton Company (NYSE: HAL), Pioneer Natural Resources Company (NYSE: PXD), Enterprise Products Partners L.P. (NYSE: EPD).
It's exciting for two reasons. First, there's no more potentially lucrative risk-reward setup than a small-cap sitting on a high-risk exploration play. Plays like this that succeeded have netted some investors 1,000-4,000% gains in the past. And this play is in Africa, where we've seen it happen before:
And those gains were for plays that might in the end pale in comparison to the potential of RECO's 8.5-million-acre Kavango basin in Namibia and Botswana. RECO's land package is far bigger and far more consequential, with well-known geoscientists in the industry backing what they think could end up being 120 billion barrels of oil in place.
Haywood, which initiated coverage of RECO in November at a $2.50 price target, has now bumped that up to $7.00 in the short term precisely because it knows potential upside when it sees it.
Big Money Is Looking to Conventional & Loves the Permian
Saudi Arabia's conventional oil wells are extremely cheap to operate. In fact, the Saudis can produce oil for as low as $3 a barrel. American shale costs many times more to extract, and in some cases up to $73 per barrel. It's not as simple as drilling a hole in the ground and watching the oil gush out. And while U.S. shale or "unconventional" oil was all the rage behind the boom that ended up making the United States a top producer to challenge even the Saudis, the new rationale is that the next big discovery will have to be conventional--and huge--in order to make economic sense.
Now, Wood Mackenzie--the most trusted name in resource assessments--says ReconAfrica's (RECO; RECAF) Kavango Basin is analogous to the Midland Basin in Texas, part of the prolific Permian. Not only that, but Woods Mackenzie estimates the overall development value of Midland to be $540 billion.
Texas' Permian basin boasts one of the world's thickest deposits of sedimentary rocks, formed during the Permian geological period. It's a 250-mile-wide, 300-mile-long sedimentary basin housing the Midland Basin, the Delaware Basin, and the Central Basin Platform across West Texas and Southeast New Mexico.
It's produced 28.9 billion barrels of oil and 75 trillion cubic feet of gas, with no sign of letting up. As of the time of writing, the Permian basin is producing over 4 million barrels per day. In 2019, it became the top producer in the world, even outranking the Saudis. And … it's analogous to Kavango, the next potentially huge conventional oil discovery that we're about to find out about in a matter of months.
A 2021 Oil Frenzy Can Only Happen in Africa
It's generally thought that there's almost no oil or gas left to discover on land, except in Africa, which remains massively under explored. There aren't likely to be any more huge discoveries in Nigeria and Angola, Africa's No. 1 and No.2 producers, respectively, and environmental disasters, corruption, and heavy-handed tax regimes are rendering both increasingly toxic.
Namibia hasn't produced a single barrel of oil in its history - onshore or offshore. Offshore, Exxon (XOM) has scooped up 7 million net acres …Onshore, Recon Africa (RECO; RECAF) is the superstar--and the only player with significant acreage in the field. That's because it bought up oil and gas rights to the entire Kavango sedimentary basin from Namibia all the way to Botswana before anyone had time to blink.
Now, the company is setting itself up for an even bigger potential win than Africa Oil did in a stunning discovery that put Kenya on the oil map back in 2010. When small-cap Africa Oil discovered the East Africa Rift oil, investors saw a 10X windfall right off the bat.
World-Famous Geochemist Estimates 120 Billion Barrels
The prospects here are so tantalizing that some of the most renowned geoscientists in the world have chimed in.
Dan Jarvie, one of the original geoscientists that helped locate their claim in Namibia, is a world-renowned geochemist who's analyzed and interpreted petroleum formations the world over. He was one of the primary drivers behind the exploration of the Barnett resource play and former Chief Geochemist for oil and gas major EOG Resources (one of the largest independent oil producers in North America).
Jarvie recently came out with estimates showing the potential for generation of 120 billion barrels of oil equivalent based only on 12% of Recon's holdings. He says he's being conservative. And it's not just 120 billion barrels to Jarvie: "We could even be looking at the last major onshore oil discovery on Earth."
Even better: ReconAfrica (RECO; RECAF) still has plenty of cash on hand to complete their drill program – and with a massive 8.5-million-acre land package, it's also got plenty of promising targets to choose from.
With the first test well already spudded, and drilling operations now underway as of today, by mid-February, we could already see them reach a depth of 12,000 feet. Next comes 2D seismic acquisition and interpretation in Q2 2021, followed by 6-2 well evaluation and drilling of two other back-to-back wells in the same quarter.
By the second half of next year if everything goes to plan, it's likely RECO will already be in JV discussions if drilling goes as planned. RECO just went one step closer to de-risking a "massive potential resource", according to Haywood. In a few weeks, early-in investors will find out, and it will be on everyone's radar.
Big Oil Could Benefit From The Price Rebound
Exxon (XOM) has been desperately pulling on all the levers in a bid to get through the oil slump with its dividend intact but could be running out of options. Exxon has announced that it will cut 15% of its workforce in order to protect its fat dividend (10.6% yield) and also slash capital expenditure--again.
Like many of its peers, ExxonMobil has also shed nearly half of its value since the beginning of 2020. Despite this, Exxon has been making big moves in the energy realm, and is positioning itself perfectly to capitalize on the rebound in oil prices, as well as the global pivot to natural gas, in the coming years.
Italian energy major, Eni (E), described 2020 as a "year of war", regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past. Eni is committing to lower the price of oil at which the company breaks even going into 2021, as a means of tackling the uncertainty of the oil economy in the coming months. Francesco Gattei, CFO at Eni, stated that "Volatility is growing every year.", highlighting the need to be prepared for the energy demand of the future. In fact, Eni has now set out a plan to lower its greenhouse gas emissions by 80% by 2050.
Like other oil majors, Eni's share price took a major beating in 2020, falling by as much as 30% over the course of the year. But thanks to recovering demand and its diversification efforts, Eni is looking more and more appealing to investors.
Halliburton (HAL) is one of the largest oilfield services companies in the world. The company has secured its place as a giant in the oil and gas industry. But it didn't happen overnight. The oilfield services sector is highly competitive and ripe with innovation. In order to stay ahead, companies must be on the absolute cutting edge of technology. And that's exactly what Halliburton has done. And recently, Halliburton increased the heat for its competition. Partnering with Microsoft, Halliburton has become one of the most exciting "tech" plays in the industry.
The oilfield services sector was among the hardest hit in the 2020 oil price disaster, and Halliburton was not immune to its impact. The company saw its share prices crater, falling by 79% from January to March. The hit definitely stung, but Halliburton rose to the challenge. Thanks to its strong management and innovative approach to the industry, the company's stock managed to stage a fairly impressive recovery, climbing from $5 in March to today's price of $20, proving that it's still got what it takes to remain competitive in this industry.
Pioneer Natural Resources (PXD) was one of the big—and few—dealmakers of 2020, acquiring Parsley Energy for about $7.6 billion in an all-stock deal that also included Parsley's debt. The landmark deal helped make Texas-based Pioneer the largest independent oil and gas producer in the Permian Basin. Having worked together previously, the merger expects significant savings and greater pressure on regulators in the region. Working in the Permian Basin, the world's most prolific oilfield with a production of 558,000 bpd equivalent, Pioneer hopes this will ensure it rides out the Covid-19 slump.
But that doesn't mean investors shouldn't keep an eye on the company. Share prices of Pioneer have nearly doubled since November, climbing from $77 per share to today's price of $132. And while outlook for the shale patch isn't particularly inspiring at the moment, Pioneer is an undervalued stock in an industry that will inevitably return to its previous glory.
Enterprise Products Partners (EPD) is the top transporter of natural gas liquids (NGLs) and also owns the most NGL fractionation capacity in the United States, as well as dock space for exports. Enterprise Products is the largest midstream MLP in the country. Enterprise has clearly read the signs of the times and has begun to work with partners to scale back its project backlog. In the past, EP was able to weather the normal industry headwinds thanks to robust cash coverage and manageable leverage. Unfortunately, Covid-19 has been anything but your average downturn, and EP has been forced to seriously cut back on Capex.
Despite the downturn, which saw Enterprise lose as much as 30% of its value in 2020, things are already looking up for the company. Its dividend distribution is still attractive to investors at 8.6%, its cash flow is sustainable, and its fiscal expectations look promising. Altogether, that puts Enterprise in an attractive position for investors looking for potentially undervalued stocks as oil prices stage a comeback.
By. Polly Steele
**IMPORTANT! BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. PLEASE READ CAREFULLY**
Forward-Looking Statements. Statements contained in this document that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Recon. All estimates and statements with respect to Recon's operations, its plans and projections, size of potential oil reserves, comparisons to other oil producing fields, oil prices, recoverable oil, production targets, production and other operating costs and likelihood of oil recoverability are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties including, without limitation: risks associated with oil and gas exploration, timing of reports, development, exploitation and production, geological risks, marketing and transportation, availability of adequate funding, volatility of commodity prices, imprecision of reserve and resource estimates, environmental risks, competition from other producers, government regulation, dates of commencement of production and changes in the regulatory and taxation environment. Actual results may vary materially from the information provided in this document, and there is no representation that the actual results realized in the future will be the same in whole or in part as those presented herein. Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that Recon and its technical analysts have made, We undertake no obligation, except as otherwise required by law, to update these forward-looking statements except as required by law.
Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. Recon's future success will depend on its ability to develop its current properties and on its ability to discover resources that are capable of commercial production. However, there is no assurance that Recon's future exploration and development efforts will result in the discovery or development of commercial accumulations of oil and natural gas. In addition, even if hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if Recon encounters unforeseen geological conditions. Adverse climatic conditions at such properties may also hinder Recon's ability to carry on exploration or production activities continuously throughout any given year.
DISCLAIMERS
ADVERTISEMENT. This communication is not a recommendation to buy or sell securities. Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively "the Company") have been paid by Recon seventy thousand U.S. dollars to write and disseminate this article. As the Company has been paid for this article, there is a major conflict with our ability to be unbiased, more specifically:
This communication is for entertainment purposes only. Never invest purely based on our communication. We have not been compensated but may in the future be compensated to conduct investor awareness advertising and marketing for RECO. Therefore, this communication should be viewed as a commercial advertisement only. We have not investigated the background of the company. Frequently companies profiled in our alerts experience a large increase in volume and share price during the course of investor awareness marketing, which often end as soon as the investor awareness marketing ceases. The information in our communications and on our website has not been independently verified and is not guaranteed to be correct.
SHARE OWNERSHIP. The owner of Oilprice.com owns shares of this featured company and therefore has an additional incentive to see the featured company's stock perform well. The owner of Oilprice.com will not notify the market when it decides to buy more or sell shares of this issuer in the market. The owner of Oilprice.com will be buying and selling shares of this issuer for its own profit. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.
NOT AN INVESTMENT ADVISOR. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
DISCLAIMER: OilPrice.com is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with OilPrice.com or any company mentioned herein. The commentary, views and opinions expressed in this release by OilPrice.com are solely those of OilPrice.com and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Contact Information:
Media Contact e-mail: editor@financialnewsmedia.com U.S. Phone: +1(954)345-0611
View original content:http://www.prnewswire.com/news-releases/the-worlds-next-great-onshore-oil-discovery-could-be-here-301212961.html
SOURCE Oilprice.com
THE WOODLANDS, Texas, July 2, 2018 /PRNewswire/ -- TETRA Technologies, Inc. (NYSE: TTI) and Halliburton (NYSE: HAL), a global oil services company, today announced they entered into a global joint marketing and development agreement for the sale and distribution of TETRA's proprietary family of TETRA CS Neptune® completion fluids.. The collaborative agreement also fosters and drives further development of other oil and gas drilling and completion fluids based on their respective technologies and resource capabilities.
"We are very pleased to have this agreement in place with a leading global fluids provider such as Halliburton. TETRA CS Neptune completion fluids are unique zinc-free, clear brine completion fluids that have significant potential for growth through global applications and as base fluids for other applications, such as packer and reservoir drill-in fluids. We look forward to working with Halliburton to expand sales and jointly develop new offerings," said Brady Murphy, President and COO of TETRA.
The agreement provides the opportunity for both parties to collaborate and utilize technologies and resources to bring innovative and efficient solutions to the market. A governance team comprised of technical and commercial members from each side will review proposed customer projects and make key decisions on resources and contributing technology to deliver approved projects.
"Halliburton Baroid is excited to add TETRA CS Neptune fluids to our market leading drilling and completion fluids portfolio," said Bradley Brown, vice president of Halliburton Baroid. "We look forward to collaborating closely with TETRA and our clients to utilize this technology in deepwater and complex high-pressure wells that require heavy clear brine solutions to control well pressure during the completion phase. Together we intend to further develop and apply the technology in innovative ways to help our clients maximize asset value."
About TETRA
TETRA is a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, and compression services and equipment. TETRA owns an equity interest, including all of the general partner interest, in CSI Compressco LP (NASDAQ: CCLP), a master limited partnership. Visit the company's website at www.tetratec.com.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With over 55,000 employees, representing 140 nationalities in more than 80 countries, the Company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company's website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram, and YouTube.
View original content with multimedia:http://www.prnewswire.com/news-releases/tetra-technologies-inc-and-halliburton-sign-global-marketing-and-development-agreement-for-tetra-cs-neptune-completion-fluids-300675159.html
SOURCE TETRA Technologies, Inc.
TULSA, Okla., March 14, 2018 /PRNewswire/ -- Williams & Williams, a leader in global live and interactive real estate auctions will hold a live and online auction for oilfield services giant Halliburton (NYSE: HAL), a leading oilfield services company, at 1 p.m. Central Daylight Time on Friday April 27, at the firm's vacant Oak Park Campus, 10200 Bellaire Blvd. Williams & Williams will conduct the auctions in conjunction with strategic broker partner JLL.
The property consists of 48.9 acres and offers 605,261+/- sf of office, meeting and employee common areas such as a cafeteria and conference center. Additional buildings on the property include buildings previously used for daycare and a wellness center with exercise room, full basketball court and men's and women's locker rooms. The property is also served by an onsite central plant and a five-level, 1,500 space parking garage.
An additional 3.3-acre development parcel with visibility from Beltway 8 will be sold separately at the auction.
Fontana Fitzwilson, Executive Vice President of Williams & Williams, says both Oak Park properties are opportunities to expand or redevelop. "Assembling 48.9 contiguous acres for redevelopment would be a challenge," she said. "Conversely, there's room to grow here. The original plan was to build a midrise office tower on the southwest corner of the property. If you are looking for a property of this size, you have options."
The auctions will be open to the public and bids may be placed in person, or online at AuctionNetwork.com, a sister company to Williams & Williams. Public inspections will be held from 11-2pm Friday March 23 & 30 and April 13 & 20.
Fitzwilson said the high bidders will be required to make a non-refundable 10% down payment immediately after the auctions, and close in 30 days. For more information and to request a due diligence package please visit https://www.williamsauction.com/halliburton
About Williams & Williams:
Williams & Williams (www.williamsauction.com) is a worldwide real estate auction firm and the leader in global live and interactive auctions. A full-service brokerage with an operating footprint in all 50 United States and U.S. Territories, Williams & Williams also cooperatively partners with residential, commercial and land brokers to auction properties throughout the United States and abroad.
About Auction Network:
www.AuctionNetwork.com is a subsidiary of Williams, Williams & McKissick, LLC, whose holdings include Williams & Williams and Auction Network™, a 24-hour global broad-band television network that lets bidders participate from anywhere in the world during live and online auctions.
About JLL
www.JLL.com (Jones Land LaSalle Inc.) is a leading global professional services and investment management firm specializing in real estate. Their expert teams provide integrated services to clients seeking increased value by owning, occupying, developing or investing in real estate. JLL is characterized by its growth orientation, operational excellence, financial strength, premium brand, collaborative culture and high ethical standards.
View original content with multimedia:http://www.prnewswire.com/news-releases/houston-corporate-campus-on-489-acres-scheduled-for-auction-300613453.html
SOURCE Williams & Williams
HOUSTON, June 12, 2017 /PRNewswire/ -- Parker Drilling Company (NYSE:PKD) announced today that Christopher Weber, Parker Drilling's Senior Vice President and Chief Financial Officer, is leaving the Company effective June 21, 2017 to become Executive Vice President and Chief Financial Officer at Halliburton Company (NYSE: HAL). Jon-Al Duplantier, Parker Drilling's Senior Vice President, Chief Administrative Officer and General Counsel, has been appointed to serve as interim CFO and will manage the CFO responsibilities in addition to his current responsibilities until a replacement is named. The Company has initiated a comprehensive search to identify its next CFO.
Mr. Duplantier has been with Parker Drilling since September 2009, when he joined the Company as Vice President and General Counsel. In 2012 he was promoted to Senior Vice President, and in 2013 he took on the additional role of Chief Administrative Officer, which currently oversees the Company's legal and compliance; internal audit; human resources; supply chain; quality, health, safety, security and environment; aviation; and risk management organizations. Prior to joining Parker Drilling, Mr. Duplantier served in several U.S. and international legal and management roles of expanding scope and responsibility over a 17-year career at ConocoPhillips.
"We thank Chris for his many contributions to Parker Drilling and wish him and his family well as he continues his career," said Gary Rich, the Company's Chairman, President and CEO. "We appreciate Jon-Al stepping in on an interim basis, and we are confident his 22 years of energy industry experience as a respected and trusted leader, when combined with Parker's strong financial team, will ensure continued execution of our financial objectives and a smooth transition to a permanent CFO."
Company Description
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's Drilling Services business serves operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in select U.S. and international markets and harsh-environment regions utilizing Parker-owned and customer-owned equipment. The Company's Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Contact: Jason Geach, Vice President, Investor Relations & Corporate Development, (+1) (281) 406-2310, jason.geach@parkerdrilling.com.
SOURCE Parker Drilling Company
DALLAS, April 21, 2017 /PRNewswire/ --
SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: ALL PERSONS WHO purchased OR OTHERWISE ACQUIRED THE PUBLICLY-TRADED COMMON STOCK OF HALLIBURTON COMPANY ("HALLIBURTON") (trading symbol NASDAQ:HAL) between AUGUST 16, 1999 and DECEMBER 7, 2001, INCLUSIVE:
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of Texas, that a hearing will be held on July 31, 2017, at 9:00 A.M., before the Honorable Barbara M. G. Lynn at the Earle Cabell Federal Building, 1100 Commerce St., Courtroom 1570, Dallas TX 75242, for the purpose of determining: (1) whether the proposed settlement for the sum of one hundred million dollars ($100,000,000) in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, after the hearing, this Action should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation and Agreement of Settlement dated as of February 21, 2017; (3) whether the Plan of Allocation is fair, reasonable and adequate and should be approved; and (4) whether the application of Class Counsel (or any other counsel) for the payment of attorneys' fees and reimbursement of expenses incurred in this Action should be approved.
If you purchased or otherwise acquired Halliburton common stock (trading symbol NASDAQ:HAL) between August 16, 1999 and December 7, 2001, inclusive, your rights may be affected by the settlement of this Action. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release, you should obtain copies by writing to Halliburton EPJ Fund Securities Litigation, c/o JND Class Action Administration, P.O. Box 6847, Broomfield, CO 80021, or by visiting the website at www.halliburtonepjfundsecuritieslitigation.com. The Notice contains details about this Action and settlement, including what you must do to exclude yourself from the settlement, object to the terms of the settlement, or file a Proof of Claim. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than August 12, 2017, establishing that you are entitled to recovery.
If you desire to be excluded from the Class, you must submit a Request for Exclusion postmarked by July 10, 2017, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation of Settlement. Your objection must be postmarked on or before July 10, 2017 to each of the following (1) the Court; (2) Boies, Schiller & Flexner LLP and Kahn Swick & Foti, LLC, on behalf of the Lead Plaintiff; and (3) Counsel for the Defendants at the following addresses:
COURT: |
Clerk of the Court |
FOR LEAD PLAINTIFF: |
Lewis S. Kahn Carl E. Goldfarb Class Counsel for Lead Plaintiff The Erica P. John Fund, Inc. and the Class |
FOR DEFENDANTS: |
Jessica B. Pulliam Counsel for Defendants Halliburton Co. and David Lesar |
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact Class Counsel for Lead Plaintiff and the Class at the address listed above.
DATED: April 21, 2017 |
BY ORDER OF THE COURT UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF TEXAS |
SOURCE JND Class Action Administration
SAN ANTONIO, Dec. 6, 2016 /PRNewswire/ -- WellAware, the oil and gas industry's only full-stack platform for oilfield monitoring and optimization, announced today the launch of the WellAware Integrated Radio and Controller™ for oil and gas producers as well as a global distribution collaboration with Landmark, a Halliburton (NYSE: HAL) business line and a leading provider of E&P software.
"In today's new norm of oil prices, oil and gas operators are more focused than ever before on streamlining operational costs and reducing downtime," said Matt Harrison, president and CEO for WellAware. "Halliburton's scale and oilfield service expertise, when combined with WellAware's data collection platform, will help operators transform their business processes with real-time data."
The collection of real-time data from remote production sites can help oil and gas operators significantly reduce production costs, increase operating efficiencies and minimize asset downtime, yet is often too complex and cost prohibitive for remote fields due to network, infrastructure or budget constraints. Traditional cellular modems and 900 MHz networks are prone to outages, resulting in insufficient data availability that often leaves operators with incomplete or stranded data and limited ability to optimize operational procedures.
Designed specifically for the oilfield, the Integrated Radio and Controller has a Class 1, Division 2 rating to meet hazardous location safety regulations and includes a "Store & Forward" feature to prevent data loss in the event of network disconnection. This Industrial Internet of Things platform is also available as Data Collection as a Service. Through this combined hardware and network offering, WellAware has further driven down the cost of automation by offering an affordable, subscription-based model that eliminates the need for capital expenditures.
Landmark has formed a relationship with WellAware to offer Data Collection as a Service within its DecisionSpace® Production 365 platform. First unveiled at LIFE2016, the Internet of Things solution "powered by WellAware" offers Landmark customers a complete offering to collect production data from the field and integrate information into the DecisionSpace platform.
Nagaraj Srinivasan, senior vice president of Landmark and Halliburton Digital Solutions, said: "Our collaboration with WellAware extends Landmark's expertise and digital leadership into the field all the way to the wells. With simplified data accessibility and accuracy, operators can now make real-time, data driven decisions either autonomously at the edge, or in their offices with no capital outlay and no startup costs."
For more information about Landmark's DecisionSpace® solutions, go to www.landmark.solutions. For more information about WellAware, go to www.wellaware.us.
About WellAware
WellAware, a data analytics company for the oilfield, enables upstream, midstream, and chemical service companies to reduce operating expenses, minimize downtime and ensure safety and regulatory compliance. Our full-stack solution provides reliable data collection, exception-based monitoring and actionable analytics. Based in San Antonio, the company has secured $61 million in investment funding and built a world-class team of management and advisors from the oil industry. To learn more about WellAware, please visit www.wellaware.us.
CONTACT: |
Danielle Urban |
Pierpont Communications | |
512-448-4950 | |
SOURCE WellAware
Halliburton Oilfield Specialty Chemical Manufacturing Reaction Facility (subscriber access)
Status: (subscriber access)
Parent Entities:
Halliburton Company
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