Energy stocks have reversed their earlier losses, with the NYSE
Energy Sector Index now up around 0.4% and the S&P Energy Index
climbing around 0.7%. Crude oil is ahead over 2% at close to $80 a
In company news, U.S. Energy Corp. (
) is now up around 10% after announcing initial production rate for
its newest well in the Williston Basin of North Dakota produced a
flow-back rate of 4,182 barrels of oil equivalent per day and 4,473
million cubic feet of natural gas over a 24-hour period earlier
USEG has a 3.64% working interest and and a 2.91% net revenue
interest in the well. The company and Statoil ASA (
), its partner in the Rough Rider program in North Dakota, plan to
drill two more well in Q4.
STO shares are little changed.
Also today, Russian oil and gas giant NK Rosneft' OAO reportedly
is talking with Exxon Mobil Corp. (
) about possibly teaming up with the American company to tap Iraq's
8.7 billion barrel West Qurna-1 oilfield.
Sources told Reuters the talks could conclude within a month.
Neither company responded to requests for comment by the news
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