Akita just got work for another of their rig in Canada.
Today, they have 11 rigs drilling and 2 on the move.
Rig number 14 is moving to work for CNQ as of today.
They are also running 12 of their 15 rigs in the USA.
In this duldrums environment, Akita as most of it's rig working.
This is a testament to the quality of their work.
Also the new pipeline(See below)in the Permian will be a positive going foreward
since Akita rigs are all located in the Permian.
In Q2, Akita was running 5 rigs in Canada,they will probably show 7 or 8 in Q3
but watch out in Q4.
Reactivation cost in Q3 for all those rig coming back will prevent Akita to reduced it's debt
in Q3 but with all those rigs running in Q4 and with the association reactivation cost behind
them,we should see VERY, VERY GOOD RESULTS in Q4.
With all of these rigs working,it gives me even more confidence in my prediction of this
stock to more than double in 2025.
When this tiny small cap stock starts to move, it will move fast.The float is less than $40 million.
any buying interest will propel the stock
MIDLAND, Texas (Reuters) - A new pipeline carrying shale natural gas from west Texas toward export hubs on the U.S. Gulf Coast has eased constraints that crashed local prices this year, and will help pave the way for higher U.S. oil production, energy executives said.
Pipeline companies largely quit adding new capacity following the pandemic, when shale production dried up and pipeline utilization plummeted. The 580-mile (933-km) Matterhorn Express pipeline is the first new natural-gas pipeline built in the Permian basin in three years.
The line, a joint venture between WhiteWater Midstream, EnLink Midstream, Devon Energy and MPLX, can carry up to 2.5 billion cubic feet of gas per day, adding 14% in new regional capacity as it ramps up this year.
The Permian basin, which straddles Texas and New Mexico, accounts for half of U.S. crude output and is the second-largest shale-gas producing region.
"Matterhorn has freed up space, and the price we are getting for gas now has been positive for almost a month," said Mike Oestmann, CEO of Midland producer Tall City Exploration. "We produced a lot of gas that we not only didn’t get paid for, we paid for it to be taken away,” he added.
Gas prices at the Waha hub in west Texas have been broadly pricing above zero since mid-September, after Matterhorn started operating. Last week, Waha prices reached their highest level since mid-June, at $2.35 per million British thermal units.
For oil and gas producers, the pipeline is helping drive up profits with gas fetching higher prices, allowing them to increase crude production growth with less gas flaring, analysts said. Natural gas is a byproduct of oil production.