Oil and Gas Prices Shift as a Result of International Policy
NEW YORK, June 11, 2018 /PRNewswire/ --
Oil futures fell 0.3% on Friday, after oil ministers from Saudi Arabia and Russia planed talks this week, causing investors to speculate that two of the largest crude oil exports may change their production limits. According to Bloomberg, the U.S. has appealed to OPEC to raise the output amid a run-up in domestic gasoline prices, even as American crude output surges. Despite recent setbacks, oil prices have been gaining this year. The price of crude has climbed about 12% this year reaching its highest levels since 2014. Water Technologies International, Inc. (OTC: WTII), Renaissance Oil Corp. (OTC: RNSFF), Stamper Oil & Gas Corp. (OTC: STMGF), Genoil Inc, (OTC: GNOLF), Black Ridge Oil & Gas, Inc. (OTC: ANFC)
Even though geopolitical concerns have caused setbacks, a positive view on short-term global economic developments was evident in the latest spring meetings of the International Monetary Fund (IMF) and the World Bank in April. According to a report by OPEC, "the IMF has raised its global growth forecast to 3.9% for 2018 and expects this considerable growth level to remain in 2019. It also confirmed that while US fiscal stimulus will be a very important support factor for near-term global growth appreciation, trade has been and is expected to continue to be an important element for short-term momentum to continue. The appreciation in trade has been considerable in past years and very helpful for the global recovery. It also helped oil-exporting economies."
Water Technologies International, Inc. (OTC: WTII) on May 30th announced that, "it has signed a Licensing agreement with OriginClear, Inc., of Los Angeles, California. OriginClear, Inc. engages in the business of developing, manufacturing and marketing industry-leading products and services in wastewater treatment and water remediation for the oil and gas, algae, and feed industries as well as others rejecting or using large volumes of water. The agreement licenses the technology and allows Water Technologies International, Inc. to sell the equipment for use in the industry. Water Technologies plans to employ the product in existing client projects and will also target clients for water generation equipment with its patented Atmospheric Water Generators.
The United Nations estimates that by 2030, water demand will exceed supply by 40 percent. By combining OriginClear's Electro Water Separation (EWS) wastewater treatment technology with Water Technologies' Atmospheric Water Generators, oil & gas operators facing water scarcity can regain control of their water resources and build water independence for their organization.
Water Technologies International, Inc.'s CEO, William Scott Tudor, said, "I am excited to have OriginClear's new, unique wastewater treatment technology for use in oil & gas industry projects. We can now provide new products and services to oil & gas clients and offer onsite solutions that can clean and remediate contaminated water as well as generate clean water resources with our Atmospheric Water Generators. This partnership opens up an entire new audience for our many products and should lead to more sales for both companies."
OriginClear, Inc's CEO Riggs said, "The whole team at OriginClear is very enthusiastic about entering into this new relationship with Water Technologies. Offering these cutting-edge products to their client base is very exciting and we look forward to being at the forefront of cutting-edge water treatment technology."
Renaissance Oil Corp. (OTCQB: RNSFF) a high quality, diversified shale and mature fields portfolio for development in Mexico, recently announced, in conjunction with its partner, LUKOIL, the Company has finished drilling six wells of the approved 10 Chicontepec well appraisal program for the Amatitlán block. "We are delighted with the initial success of the Chicontepec wells which encountered significant pay zones. The Chicontepec strategy has been to locate wells in areas where multiple stacked sands have been identified on seismic, providing the highest likelihood of maximizing sand quality and thickness" stated Craig Steinke, Chief Executive Officer of Renaissance. Renaissance has now received initial authorization from the relevant Mexican authorities to proceed with the work program on the Company's 100% held producing properties in the state of Chiapas. This drilling program comprises: 1) heavy work-overs on three existing wells, 2) drilling three Cretaceous wells and 3) coring other zones of interest.
Stamper Oil & Gas Corp. (OTCQB: STMGF) is an independent international oil and gas company, engaged in the acquisition, exploration and development of conventional oil and natural gas properties. The Company plans to identify and build out a portfolio of high-impact oil and gas prospects, with a focus on Latin America. Stamper Oil & Gas recently announced Chapman Petroleum Engineering Ltd., independent petroleum consultants of Calgary, Alberta, has completed an update on the Oil & Gas reserves and economics evaluation. The Company's reserves and economics evaluation performed on Block 25D and Block 25E of the Sudan prospect as set forth in the Chapman Report have been updated with Gross Property Reserves of 182 million stock tank barrels, which translate into a 22% increase. The update was undertaken as a result of new positive test information from the recently drilled Rawat C-10 well on Block 25D. Plans are to equip and tie in the six completed and tested wells to production facilities. In addition, the four already drilled wells waiting completion are expected to be on production early 2019. Stamper intends to drill six new infill wells on identified locations along the trend in late 2018 and 2019. As of the new updated Reserve Data, a total of 33 new additional locations will be drilled between 2020 and 2022 in the Rawat and Wateesh areas.
Genoil Inc (OTCQB: GNOLF) is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The company recently announced that high sulfur crude oil samples from Pemex arrived at Genoil's engineering headquarters in Russia and that the demonstration will be conducted soon in the presence of Pemex engineers at our state-of-the-art multipurpose demonstration facility hosted by the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry located in Bashkortostan. The feedstock demonstration will also support the engineering and design of a large-scale commercial GHU facility currently under evaluation by Genoil, to be constructed at the commercial crude center - Palomas in Veracruz Mexico, and additional regions of Mexico as well as other target project locations around the world. Previously, Pemex said it was assessing the possibility of importing light crude oil to increase the efficiency of its refineries, however, issues with regard to compatibility have made this effort difficult. Genoil's Hydroconversion Upgrader (GHU) with its advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulfur oil for a very low cost is the ideal solution for Pemex's heavy oil.
Black Ridge Oil & Gas, Inc. (OTCQB: ANFC) is a company focused on acquiring, investing in, and managing the oil and gas assets for our partners. We continue to pursue distressed asset acquisitions in all major onshore unconventional shale formations that may be acquired with capital from our existing joint venture partners or other capital providers. The Company had distributed, on a pro rata basis, one Right for each share of common stock owned by shareholders at 5:00 p.m., Central Time, on August 2, 2017. Each Right will permit a shareholder to purchase up to nine shares of common stock at a subscription price of $0.012 per share. If all of the shares are sold in the Rights Offering, the Company expects to realize total gross proceeds of approximately $5.182 million. The Company intends to use the net proceeds of the Rights Offering for the sponsorship of a special purpose acquisition company (SPAC) focused on effecting a merger or similar business combination with a target business in the energy industry. Any proceeds from the Rights Offering that remain following the SPAC sponsorship will be used for general corporate purposes which may include other investments and acquisitions.
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