Energy stocks are fractionally higher, with both the NYSE Energy
Sector Index and the S&P Energy Index rising about 0.1% in
mid-day trade. Crude oil for October delivery is up 33 cents this
afternoon at $95.80 a barrel. September natural gas is flat at
$2.66 per 1 million BTU.
In company news, Sanchez Energy Corporation (
) shares are over 6% higher at around $18.70 apiece with the
exploration and production company saying two wholly owned wells in
the Eagle Ford shale in Texas recently flow-tested at combined
2,489 barrels of oil equivalent per day.
The Prost #1H well was drilled 16,216 feet deep and flowed at
1,120 barrels per day. The Prost #2H well reach a total measured
depth of 17,168 feet and flowed 1,369 barrels over a 24-hour
period. Both wells produced about 90% crude oil and 10% natural
SN owns about 51,000 net acres in the Eagle Ford, with room for
between 420 to 630 wells, based on spacing of 80 to 120 acres
between each well.
In other sector news,
(+) MPET, (+33.7%) Stratex Oil & Gas offers to acquire the
company for $2.30 per share in cash and stock, according to a Dow
Jones Newswire report.
(+) CVX, (+0.5%) Reportedly moving quickly toward a strategic
partnership with Argentina's state oil company, YPF, to increase
production and open the country's Vaca Muerta shale resources to
development, according to the Financial Times.
(-) RGP (-0.4%) Expanding processing facility in northern
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