Energy stocks are broadly higher this afternoon with the NYSE
Energy Sector Index rising 1.62% and the S&P Energy Index
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 (
) is down 20% and has hit new year lows this afternoon 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
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
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 (
) 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 (
) for about $63 million. The deal is expected to close July 2, with
PVR expecting a gain of between $30 million to $33 million.
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