Markets

Sector Update: Energy

Energy stocks have reversed earlier losses and have turned higher this afternoon, with the NYSE Energy Sector Index rising about 0.1% while shares of energy companies in the S&P 500 were ahead 0.6% as a group. Crude oil for December delivery was down 8 cents at $81.98 per barrel while November natural gas was down 10 cents to $3.67 per 1 million BTU.

In company news, ZaZa Energy Corp ( ZAZA ) was rising in mid-day trade after the oil and gas company said its Toby No. 1, Grisham No. 1 and Laura No. 1 wells in western Texas produced a combined 507,700 barrels of oil equivalent during their first year of operations ended Sept. 30.

ZAZA shares were ahead almost 4% at $1.89 apiece this afternoon, climbing as high as $2.00 a share earlier. The stock has traded within a 52-week range of $1.66 to $14.70 a share, declining nearly 87% over the past year through Friday's close.

On an daily basis, the Toby No. 1 well was the most productive, averaging around 539 barrels per day during its 336 days in operation, consisting 230 barrels per day of liquids and 1.853 billion cubic feet of natural gas per day.

The Grisham No. 1, meanwhile, produced the most overall over the past year with about 190,720 barrels. The well was in operation for 358 days, averaging around 533 barrels of oil equivalent daily and consisting of about 456 barrels of liquids and 460 million cubic feet of natural gas per day.

The Laura well averaged around 382 barrels of oil equivalent per day, consisting of about 293 barrels per day of liquids and around 532 million cubic feet of natural gas daily.

In other sector news,

(+) FST, (+13.8%) Begins mailing proxy statements ahead of the upcoming shareholder vote on proposed merger with privately held Sabine Oil and Gas.

(-) REXX, (-0.7%) Raises FY14 production outlook after Q3 production exceeds the top end of its guidance, rising 72% year over year to 169.7 million cubic feet equivalent per day of natural gas.

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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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