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PORTLAND, Ore., June 22, 2018 (GLOBE NEWSWIRE) -- NW Natural (NYSE:NWN) today announced that NW Natural Gas Storage has entered into an agreement to sell its wholly-owned subsidiary Gill Ranch Storage LLC to SENSA Holdings LLC (SENSA), an investment partnership led by eCorp Storage.
Gill Ranch Storage owns a 75% undivided interest in the Gill Ranch facility, located outside of Fresno, California, amounting to approximately 15 Bcf of underground natural gas storage capacity. The remaining interest in the facility is owned by Pacific Gas & Electric (NYSE:PCG).
The transaction follows a comprehensive review process that concluded Gill Ranch was no longer core to the company’s strategy. “This sale is consistent with our strategy of focusing on predictable, low‑risk cash flows for our investors through primarily regulated utility businesses,” said David H. Anderson, NW Natural president and CEO. “We look forward to working with SENSA and the eCorp team through the transition period.”
NW Natural Gas Storage will continue to provide management services to the Gill Ranch facility for up to 18 months after the transaction closes under a transition services agreement. All Gill Ranch facility personnel are expected to remain in their current capacity.
ECorp Storage and its affiliates have been involved in the development and operations of 13 natural gas storage facilities in the U.S. and globally since 1985. “We look forward to continuing NW Natural’s excellent track record of safety and reliability at the Gill Ranch facility,” said John Thrash, chairman and co-founder of eCorp.
The sale is subject to certain closing conditions, including approval by the California Public Utility Commission, a right of first refusal that can be exercised by PG&E until August 4, 2018, and other usual and customary closing conditions. The sale is expected to be final in 2019.
BofA Merrill Lynch served as exclusive financial advisor and Stoel Rives LLP served as legal advisor to NW Natural Gas Storage on the transaction. Orrick, Herrington & Sutcliffe LLP served as legal advisor to SENSA.
ABOUT NW NATURAL
CONTACT: Investor Contact: Nikki Sparley, 503-721-2530, email@example.com Media Contact: Melissa Moore, 503-220-2436, Melissa.firstname.lastname@example.org
FORT WORTH, Texas, June 22, 2018 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (GWTI: OTCQB), and its wholly-owned subsidiary Greenway Innovative Energy announces a shareholder conference call to update investors on recent management changes and other company developments. The call will be at 3 p.m. Central Daylight Time, 4 p.m. Eastern Daylight Time on Thursday, June 28, 2018.
Shareholder Conference Call Details
Telephone Number: 319-527-2480
Date: Thursday, June 28, 2018
Time: 3 p.m. CDT, 4 p.m. EDT
Speakers: President of GWTI, John Olynick, President of GIE, Raymond Wright, and Vice President of Operations, Tom Phillips.
About Greenway Technologies, Inc.
Based in Fort Worth, Texas, Greenway Technologies through its wholly owned subsidiary, Greenway Innovative Energy is engaged in the research and development of small-scale gas-to-liquids (GTL) syngas conversion systems that can be scaled to meet individual field requirements. The Company’s proprietary and patented technology is realized in the Company’s recently completed first generation commercial G-Reformer® unit, a unique and critical component to the Company’s GTL technology solution for converting natural gas to diesel and jet fuels. The Company also owns 1,440 acres of placer mining claims on federal Bureau of Land Management land located in Mohave County, Arizona. The company was formerly known as UMED Holdings, Inc. and changed its name to Greenway Technologies, Inc. in June 2017.
Safe Harbor Statement: All statements from Greenway Technologies, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the PSLRA of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, among others, statements regarding ability of the Company to secure new investment and financial relationships, business and operational partnerships and other activities that meet our commercialization, market and research and development investment strategies. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
CONTACT: Investors & Analysts Contact: Greenway Investor Relations 817-346-6900 email@example.com
Prosafe acting as commercial managers for the Axis Offshore owned Safe Swift has won a contract to support activities in the Central Mediterranean Sea.
Upon demobilisation from her existing contract in mid-June, the Safe Swift mobilised to conduct gangway connected accommodation duties for a period of up to two months.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS.
For more information, please refer to www.prosafe.com
Stavanger, 22 June 2018
Jesper K. Andresen, CEO
CALGARY, Alberta, June 22, 2018 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) (“TransGlobe” or the “Company”) announces a mid-second quarter 2018 update. All dollar values are expressed in US dollars unless otherwise stated.
Corporate production averaged ~14.3 MBoepd during April, ~12.4 MBoepd during May and has averaged ~14.8 MBoepd to date in June. May production was impacted by a planned shut in of Canadian production associated with a turnaround at a third party operated gas plant in the Harmattan area.
Note: In addition to the planned May turnaround at Harmattan, the Company shut in an additional 80 Boepd of natural gas production on May 11th due to low gas prices.
In Egypt, the Company completed two crude oil cargo sales during the quarter. The first cargo was lifted in April (452,000 barrels) for proceeds of ~$26.5 million and the second cargo was lifted in June (~450,000 barrels) with proceeds due in mid-July.
In addition, the Company sold an additional ~82,000 barrels of entitlement oil directly to EGPC during April for proceeds of $4.6 million to offset local expenses.
The Company is scheduled to lift a third cargo in mid-July, and expects to finalize the timing of the fourth cargo with EGPC in Q3/Q4.
ARAB REPUBLIC OF EGYPT
In West Bakr the K-45 well was the second South K-field well this year, targeting the main Asl A sand in a crestal position in South K-field. The well was drilled to a total depth of 5,831 feet and encountered the main Asl A sand approximately 66 feet structurally higher than the K-46 well and is structurally the highest well in South K-field Asl A & B pools. The K-45 well encountered an internally estimated 195 feet of net oil pay comprising 120 feet of net oil pay in the Asl A pool (A1, A2 and A3) and 75 feet of net oil pay in the Asl B pool. The K-45 well was completed during May in the Asl B formation and is currently producing at a rate of 380 Bopd.
In West Gharib the Arta 54 well was the second well drilled this year in the boundary area between the Arta pool and the offsetting NWG development lease #3. Arta 54 was drilled to a total depth of 3,711 feet and encountered approximately 128 feet of Nukhul/Red Bed formation with an internally estimated 24.5 feet of net oil pay. The well was completed and placed on production at a pre-frac rate of 60+ Bopd. Arta 54 was facture stimulated and will be placed back on production this week.
In NorthWest Gharib (“NWG”) the NWG 38A-Inj well was planned as a water injector to provide reservoir pressure support to enhance recovery for the pool. The well was drilled to a total depth of 5,552 feet and encountered 92 feet of Red Bed with an internally estimated net oil pay of approximately 34 feet (scheduled for completion as an oil well prior to the end of June). This well has extended the NWG 38 pool red bed zone to the South by 0.4 kilometers and is approximately 83 feet structurally lower than the NWG 38A-2 well which was the previous lowest known oil in the pool. With the NWG 38A-Inj well results, the current known oil column in the NWG 38A pool is approximately 575 feet. The Company will now drill NWG 38A-7, located approximately 0.4 kilometers southeast of NWG 38A-Inj, targeting the same red bed pool in a structurally lower position. Should the NWG 38A-7 well also encounter additional oil column, the Company has planned an additional well further south at NWG 38A-8 as a contingency for reservoir pressure support.
The drilling rig has been temporarily stacked at NWG 38A-Inj pending military approvals of the NWG 38A-7 well and two wells in M field at West Bakr which are expected by end of June. It is expected that the three well drilling program will be completed in early Q3.
The Company also completed a four well (Arta 48, Arta 54, NWG 1AX, NWG 5X) stimulation program during May/June targeting Nukhul and tight Red Bed conglomerate wells. The wells have all been fraced and are being placed on production for post frac clean up. It is expected that each of the wells will produce at an initial 30 day average rate of 120 to 150 Bopd after recovering frac fluid based on offsetting producers.
NWS 9 is targeting a stacked Cretaceous prospect with a planned drilling time of approximately 30 days. NWS 12 is targeting a deeper stacked Cretaceous/Jurassic prospect with a planned drilling time of approximately 60 days.
In addition, well site preparation is underway on South Ghazalat (“SG”) for the planned SG 1 and SG 2 exploration wells. SG 1 and SG 2 are targeting multi-stacked Cretaceous prospects.
The 1,000 HP drilling rig (currently on NWS 9) will be used to drill SG 1 and 2, following drilling/testing of
In South Alamein, the Company has received a seven month extension to the PSC to allow further time for military approvals of drilling locations.
During the scheduled May shut down period, the Company completed inspection/maintenance work on the main oil processing battery and the main natural gas compressor for the Harmattan area.
Concurrently the Company is finalizing the 2018 Cardium drilling program, which is scheduled to commence in August. The 2018 Cardium development program of up to six horizontal wells is planned to be drilled from a common pad to improve efficiencies and reduce costs. The Company is planning to drill one two-mile extended reach horizontal (“ERH”) well to evaluate the performance of ERH wells in the Harmattan area. The remainder of the 2018 program will be one-mile horizontal wells.
Also, during 2018 the Company has acquired 100% working interest in 16 sections (10,240 acres) of Cardium rights at Crown land sales (March and May) on a Cardium prospect south/south west of the Harmattan pool. Based on historical well logs and core data on the lands and offsetting lands, the Company believes that a significant portion of the acreage is prospective for Cardium oil development utilizing the horizontal well multi-stage frac technology employed in the adjacent Harmattan pool. The Harmattan pool has been developed by drilling four wells per section. The Company is evaluating the merits of drilling an exploratory horizontal well on the new lands as part of the 2018 development drilling program or the 2019 program.
TransGlobe Energy Corporation is a Calgary-based, growth-oriented oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.
Advisory on Forward-Looking Information and Statements
Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an outlook. In particular, forward-looking information and statements contained in this document include, but are not limited to, the Company's intention to seek a listing on AIM to enhance liquidity for the Company’s shareholders and provide more direct access to the London capital markets; the date that Admission is expected to become effective and dealings will commence; the Company's strategy to grow its annual cash flow; expectations regarding its acquisition efforts; the suitability of the Company for the London capital markets; anticipated drilling, completion and testing plans, including, the anticipated timing thereof, prospects being targeted by the Company, and rig mobilization plans; expected future production from certain of the Company's drilling locations; TransGlobe's plans to drill additional wells, including the types of wells, anticipated number of locations and the timing of drilling thereof; the timing of rig movement and mobilization and drilling activity; the Company's plans to file development lease applications for certain of its discoveries, including the expected timing of filing of such applications and the expected timing of receipt of regulatory approvals; anticipated production and ultimate recoveries from wells; the Company’s plans at South Alamein, to negotiate future military access (including the expected timing thereof) the Company's drilling program at Harmattan, including the anticipated timing of wells on production; TransGlobe's plans to continue exploration, development and completion programs in respect of various discoveries; future requirements necessary to determine well performance and estimated recoveries; and other matters.
In making the forward-looking statements contained in this document, the Company has made assumptions regarding, but not limited to: the process and requirements to list on AIM; assumptions regarding expected liquidity for the Company’s shareholders; access to, and receptivity of, the London capital markets; the date that Admission is expected to become effective and dealings will commence. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information, including uncertainty in obtaining required approvals from TransGlobe's nominated advisor; uncertainty in obtaining required approvals from the London Stock Exchange; failure to achieve the perceived benefits of the AIM market; general economic and financial conditions of the AIM market; and other factors beyond the Company's control.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransGlobe.
In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, anticipated production volumes; the timing of drilling wells and mobilizing drilling rigs; the number of wells to be drilled; the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; geological and engineering estimates in respect of the Company's reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities; current commodity prices and royalty regimes; availability of skilled labour; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future operating costs; uninterrupted access to areas of TransGlobe's operations and infrastructure; recoverability of reserves and future production rates; that TransGlobe will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that TransGlobe's conduct and results of operations will be consistent with its expectations; that TransGlobe will have the ability to develop its properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of TransGlobe's reserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; and other matters.
Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward-looking statements or information include, among other things, operating and/or drilling costs are higher than anticipated; unforeseen changes in the rate of production from TransGlobe's oil and gas properties; changes in price of crude oil and natural gas; adverse technical factors associated with exploration, development, production or transportation of TransGlobe's crude oil reserves; changes or disruptions in the political or fiscal regimes in TransGlobe's areas of activity; changes in tax, energy or other laws or regulations; changes in significant capital expenditures; delays or disruptions in production due to shortages of skilled manpower equipment or materials; economic fluctuations; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; ability to access sufficient capital from internal and external sources; failure to negotiate the terms of contracts with counterparties; failure of counterparties to perform under the terms of their contracts; and other factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. Please consult TransGlobe’s public filings at www.sedar.com and www.sec.gov/edgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business.
The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Oil and Gas Advisories
Mr. Brett Norris, M.Sc., P Geo, - Vice President Exploration for TransGlobe Energy Corporation, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Norris obtained a Master’s of Science Degree in Geology from the University of Western Ontario. He is a Registered Professional Geoscientist in the province of Alberta and has of 30 years’ experience in oil and gas.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
References in this press release to production test rates, are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for TransGlobe. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the production test results should be considered to be preliminary.
Certain type curve information included in this news release, represents estimates of the production decline and ultimate volumes expected to be recovered from wells over the life of the well. This information is based on management-generated type curves based on a combination of historical performance of older wells and management's expectation of what might be achieved from future wells. The information represents what management thinks an average well will achieve. Individual wells may be higher or lower but over a larger number of wells management expects the average to come out to the type curve. Over time type curves can and will change based on achieving more production history on older wells or more recent completion information on newer wells.
The following abbreviations used in this press release have the meanings set forth below:
HAMILTON, Bermuda, June 21, 2018 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE American:TAT) (the “Company” or “TransAtlantic”) today announced the final results of the voting at its 2018 Annual Meeting of Shareholders (“Annual Meeting”), which was held on June 19, 2018.
Annual Meeting Final Voting Results
The Company held its Annual Meeting on June 19, 2018 to (i) elect six directors to the board of directors, each for a one-year term (“Proposal 1”), and (ii) appoint PMB Helin Donovan, LLP (“PMB”) to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2018 (“Proposal 2”). For more information about the foregoing proposals, see the Company’s definitive proxy statement, filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2018 (the “Proxy Statement”), and the Company’s definitive additional materials, filed with the SEC on June 13, 2018 (the “Additional Proxy Materials”).
The table below show the final results of the voting at the Annual Meeting:
As described in the Additional Proxy Materials, on June 12, 2018, PMB notified the Company that, because of reasons unrelated to the Company, PMB decided that it will no longer provide audit services to public companies, including the Company, and will no longer seek re-appointment as the Company’s independent registered public accounting firm for the year ending December 31, 2018. As a result of this notification, Proposal 2 became moot. The audit committee of the board of directors (the “Audit Committee”) is currently in the process of selecting a replacement independent registered accounting firm for the year ending December 31, 2018. The Audit Committee is working to appoint a new independent registered accounting firm as soon as possible.
Audio Recording of Annual Meeting
An audio recording of the Annual Meeting has been uploaded and is available on the Company’s website at www.transatlanticpetroleum.com. To access the audio recording, click on “Investors”, select “Events and Presentations”, and click on “Listen” under the event listing.
The Company is an international oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey and Bulgaria.
(NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains statements concerning the appointment of a new independent registered accounting firm as well as other expectations, plans, goals, objectives, assumptions, and information about future events, conditions, results of operations, and performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.
Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates, and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, access to sufficient capital; market prices for natural gas, natural gas liquids, and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids, and oil products; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities; receipt of required approvals; increases in taxes; legislative and regulatory initiatives relating to fracture stimulation activities; changes in environmental and other regulations; renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; and other risks described in the Company’s filings with the SEC.
The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise, unless so required by applicable securities laws.
Chad D. Burkhardt
TransAtlantic Petroleum Ltd.
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