Markets

Energy Sector Update for 09/30/2015: TRCH,MNGA,CJES

Top Energy Stocks

XOM +1.36%

CVX +2.90%

COP +2.43%

SLB -0.90%

OXY +2.13%

Energy stocks were finishing mostly higher today, with the NYSE Energy Sector Index climbing nearly 01.5% while shares of energy companies in the S&P 500 were ahead 1.5% as a group. Crude oil for November delivery settled 14 cents lower, giving back earlier gains, at $45.15 per barrel. November natural gas futures fell 6 cents to finish at $2.53 per 1 million BTU.

In company news, Torchlight Energy Resources ( TRCH ) shares fell Wednesday after the crude oil and natural gas producer today closed on a $3.7 million private placement of 3,700 shares of its Series B convertible preferred stock at $1,00 apiece.

The convertible shares will pay 12% annual interest and are required to convert in Torchlight common stock after one year at $2.03 a share, according to regulatory filing. Investors participating in the transaction also received five-year warrants to buy up 911,300 additional shares with an exercise price of $2.33 a share.

The company expects to use the net cash proceeds from the deal to bolster its liquidity and for working capital.

TRCH shares were down almost 8% at $1.74 apiece, or just a penny above their session low.

In other sector news,

(+) MNGA, Signs new gas distribution agreement with AWISCO Corp., which becomes the exclusive supplier of MagneGas2 fuel in New York, New Jersey and Connecticut, including the New York Fire Department and several utilities.

(-) CJES, Sees Q3 financial results falling short of its guidance provided during Q2 earnings conference call, blaming slower-than-anticipated activity and pricing levels along with sustained weakness in commodity prices.

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

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

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