Sector Update: Energy
Energy issues are lower before the bell as oil prices fall on renewed concerns about the global economy. Geopak Holdings Ltd ( GPK ) drilled and tested a new well in Chile. The energy producer said that the projected production rate for the well is between 600 and 800 barrels per day. Abraxas Petroleum Corp ( AXAS ) is down over 5% pre-market on Nasdaq as the company reported a third quarter loss that was worse than expected. Contango Oil & Gas Co. ( MCF ) is one of three companies that will join the S&P SmallCap Index. Brent crude is down nearly 1% at $85.91 on NYMEX.