Energy Stocks Gaining in Afternoon Trade; Samson Oil Slumps 24% after Update Fails to Wow Traders

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Energy stocks are broadly higher this afternoon with the NYSE Energy Sector Index rising 1.76% and the S&P Energy Index gaining 1.61%.

Crude oil for July delivery is up 30 cents to $83.57 a barrel. July natural gas is down 5 cents at $2.582 per 1 million BTU.

In company news, Samson Oil & Gas ( SSN ) is down nearly 20% this afternoon after earlier hitting a year low $1.15 a share after providing updates on four of its wells in eastern Montana's Bakken play that failed to impress investors.

The company's wholly owned Australia II well is its best producer at this time, pumping between 48 and 244 barrels per day during its first 16 days of operation. SSN said Australia II is producing at comparable volumes typically seen elsewhere in the area.

SSN also said its Spirit of America #2 well has produced an oil cut of about 20% during the swabbing process. The oil also contains a very low sulphur content. A jet pump test on the company's Defender well successfully achieved bottom hole pressure, generating an average of 26 barrels of oil per day during testing.

Its Gretel II has been on pump for seven days and has recovered about 15,300 barrels of fluid during flow back operations. SSN did not provide any hydrocarbon levels for Gretel II.

Also today, shares of Penn Virginia Resource Partners LP ( PVR ) are up about 2.5% after its pipeline subsidiary agreed to sell its Crossroads natural gas gathering system and processing plant in east Texas to DCP Midstream Partners ( DPM ) for about $63 million. The deal is expected to close July 2, with PVR expecting a gain of between $30 million to $33 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: DPM , PVR , SSN

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