NEW YORK, May 7, 2018 /PRNewswire/ --
Oil price rose last Friday due to potential new sanctions against Iran. Brent crude oil
futures for July delivery were up $1.28 at $74.90 per barrel during
Friday's trading session, while U.S. West Texas Intermediate (WTI) crude futures for June delivery rose 2.1 percent to
$69.88 per barrel. Oil price have gained more than 10 percent since the beginning of this year due
to geopolitical uncertainty and production cut by major producers. Expectations that the U.S. may reimpose new sanctions against
Iran increased after Iran's foreign minister said on Thursday
that U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable. Iran
is one of the major oil exporters of the Organization of the Petroleum Exporting Countries. International Frontier Resources
Corp. (OTC: IFRTF), Approach Resources Inc. (NASDAQ: AREX), Eclipse Resources Corporation (NYSE: ECR), Ultra Petroleum Corp.
(NASDAQ: UPL), Abraxas Petroleum Corporation (NASDAQ: AXAS)
Oil price is also boosted by the falling oil production from OPEC and its allies. According to the latest Reuters survey, OPEC
produced around 32 million barrels per day in April, below its target of 32,5 million bpd. Oil price rose on Wednesday as U.S.
dollar weakened after the Federal Reserve remained its benchmark interest rate unchanged. Oil price is sensitive to the U.S.
dollar as a weaker dollar makes other currencies holders cheaper to buy dollar-denominated commodities, including crude oil.
International Frontier Resources Corp. (OTCQB: IFRTF) is also listed on the TSX Venture Exchange under the ticker
(TSX-V: IFR). announce that its joint venture Tonalli Energia ("Tonalli") has safely reached total depth at its first evaluation
well, TEC-10, on its onshore Tecolutla block, in partnership with Mexican petrochemical leader
Grupo IDESA.
The TEC-10 directional evaluation well was successfully and safely drilled to the target depth of 2453m Total Vertical Depth TVD (2490m measured depth) and production casing has
been set.
TEC-10 Highlights include:
• The TEC-10 well encountered the top of the El Abra reef at 2315m TVD and drilled 138m of gross reef thickness.
• Wireline logs indicate 57 meters of the penetrated El Abra reef has above 3% porosity with
an average porosity of 5.7%.
• There are multiple prospective intervals including a primary target interval in the upper El
Abra with 13m of net reservoir with a porosity range of 6-18% (average 10.7% porosity).
Tonalli is encouraged by the high porosity identified in the Tec-10 wireline logs. Furthermore, a visual inspection
of the core taken from within this primary target interval has visible porosity and oil staining.
• Three intervals in the lower El Abra had indications of oil while drilling and porosity
values indicated on wireline logs of between 3-6%. The lowest identified interval is at 2408m TVD
which is 70m below the lowest produced interval at Tecolutla. It
is encouraging to encounter oil indications deeper than originally expected in the El Abra reef.
Ongoing completion operations are expected to determine the presence and deliverability of hydrocarbons at these deeper
depths.
• Data indicates the TEC-10 well encountered the top of El Abra reef near the edge of the
high porosity reef margin. This positioning resulted in the top of the El Abra at TEC-10 being
approximately 20m below the top of the El Abra in the offset
wells. The primary target interval is above intervals produced in offset wells. The modern information gathered from
TEC-10 will allow Tonalli to predict the El Abra reef edge and potential highs with more
accuracy."
Commencement of completion and production testing of the TEC-10 well is expected in mid May and will determine production
rates and recovered fluid properties. "The successful drilling of the Tec-10 well is a major milestone combining the efforts of
our Mexican and Canadian team members, service contractors and partners." said Steve Hanson,
President and CEO of IFR and Director of Tonalli Energia. Continuing analysis of wireline, imaging logs and core analysis will be
utilized to verify the above interpretations, characterize the El Abra reservoir, refine the 3D
seismic model, and identify the further potential of the Tecolutla block. IFR will provide
an update on the results of the production tests when they become available.
The Tecolutla field is located within the Tampico-Misantla Basin, which has multiple
reservoirs with diverse play types and access to existing infrastructure, market, service sector providers and an established
supply chain. IFR was one of the first foreign companies to participate in the historic reform of Mexico's oil and gas sector when Tonalli was granted the right to operate, develop and produce hydrocarbons
at Tecolutla through a licensing contract with the Mexican government."
Approach Resources Inc. (NASDAQ: AREX) is an independent energy company focused on the exploration, development,
production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in
West Texas. Recently, the company reported first quarter 2018 financial and operational results.
Production for first quarter 2018 totaled 1,020 Mboe, or 11.3 MBoe/d, made up of 27% oil, 34% NGLs and 39% natural gas. Average
realized commodity prices for first quarter 2018, before the effect of commodity derivatives, were $60.04 per Bbl of oil, $20.84 per Bbl of NGLs and $2.15 per Mcf of natural gas. During the second half of the first quarter 2018, the company completed four
horizontal wells: two wells in the Wolfcamp A bench, one well in the Wolfcamp B bench and one well in the Wolfcamp C bench. The
two wells completed in our Pangea area are tracking above our 700 MBoe type curve. The two wells completed in our Pangea West
area are currently in the post-frac flowback and clean up stages.
Eclipse Resources Corporation (NYSE: ECR) is an oil and gas exploration and production company focused on applying
state of the art technologies and constant innovation to the unconventional resources in the Appalachian region of the United States. Recently, the company announced its first quarter 2018 financial and operational results,
along with updated guidance for the second quarter and full year 2018. Average net daily production was 315.2 MMcfe per day,
consisting of 72% natural gas and 28% liquids.Realized an average natural gas price, before the impact of cash settled
derivatives and firm transportation expenses, of $2.87 per Mcf, a $0.13 per Mcf discount to the average monthly NYMEX settled natural gas price during the quarter. Realized an
average oil price, before the impact of cash settled derivatives, of $56.52 per barrel, a
$6.39 per barrel discount to the average daily NYMEX WTI oil price during the quarter.
Ultra Petroleum Corp. (NASDAQ: UPL) is an independent energy company engaged in domestic natural gas and oil
exploration, development and production. On March 12, 2018, the company announced 54.5 MMcfe/d
Initial Test Rate on Most Recent Lower Lance Horizontal Well and provided Update on Horizontal Program. The Company's Warbonnet
(WB) 9-23 A-2H well achieved a 24-hour initial production (IP) rate of 54.5 million cubic feet equivalent per day (MMcfe/d) on
March 3, 2018. The WB 9-23 A-2H is the Company's second two-mile horizontal well targeting the
Lower Lance A interval. Initial production included a gas rate of 49.2 million cubic feet per day (MMcf/d) and an oil rate of 873
barrels per day. At least two additional horizontal wells are expected to be online in April with results available to report
during the Company's next quarterly earnings release in early May 2018. The Company has
identified 700 net horizontal locations along the immediate flanks of Pinedale, with 350 of these locations within the Lower
Lance interval.
Abraxas Petroleum Corporation (NASDAQ: AXAS) is a publicly traded independent exploration and production company
founded in 1977 and based in San Antonio, Texas. On February 20,
2018, the company provided operational update. As of December 31, 2017, Abraxas' proved oil
and natural gas reserves consisted of approximately 65.9 MMBoe, a net increase of 21.2 MMBoe or 47.5% over 2016 year-end reserves
of 44.7 MMBoe. December 31, 2017 reserves consisted of approximately 37.6 million barrels of oil,
12.0 million barrels of NGLs and 97.8 billion cubic feet of natural gas. PDP reserves were 20.7 MMBoe an increase of 48.5% over
2016 PDP reserves and comprised 31.4% of proved reserves as of December 31, 2017. In Ward County, Texas, the Caprito 82-101H, a 4,820 foot lateral and the Company's first Third Bone Spring
test, averaged 1,122 Boepd (878 barrels of oil per day, 1,463 mcf of natural gas per day) over the well's first 30 days of
production. The Caprito 82-202H, a 4,820 foot lateral targeting the Wolfcamp A1 zone, averaged 1,134 Boepd (863 barrels of oil
per day, 1,626 mcf of natural gas per day) over the well's first 30 days of production. Abraxas owns a 100% and 57.1% working
interest in the Caprito 82-101H and 82-202H, respectively.
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