How Oil and Gas Industries are Being Transformed by Latest Technology Innovation

How Oil and Gas Industries are Being Transformed by Latest Technology Innovation

PR Newswire

PALM BEACH, Florida, October 18, 2018

PALM BEACH, Florida, October 18, 2018 /PRNewswire/ --

FinancialNewsMedia.com News Commentary 

Times are changing as today's miners are learning how to reignite growth within their operations by assessing the problems that plagued oil and gas and implementing technological advancements that have the potential to turn efforts around. Top technologies include Robotics which are automating the dangerous and repetitive tasks of connecting drill pipes on oil rigs. Also Artificial Intelligence is allowing miners to uncover trends that pinpoint and predict inefficiencies. Leveraging AI to improve performance operations from C-level to field worker, automate processes, streamline manual business operations, and connect with IoT devices, makes every arm of the company more efficient and profitable. Emerging miners, large and small, are finding technology is easily implemented and impactful almost immediately. Active miners from around the market with current developments this week include: Oracle Energy Corp. (TSX-V:OEC) (OTC:OECCF), Ultra Petroleum Corp. (NASDAQ:UPL), Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), Cabot Oil & Gas Corporation (NYSE:COG), Resolute Energy Corporation (NYSE:REN).

Oracle Energy Corp. (TSX-V:OEC) (OTC:OECCF) BREAKING NEWS: Oracle Energy announces that it has engaged Blade Energy Partners of Dallas and Houston to provide design work for their planned Eagle Ford wells.

Blade Energy Partners is an independent technical petroleum consultancy firm with deep experience in geophysics, petrophysics, geology, reservoir engineering, reservoir simulation, drilling, completions and production. Blade has significant experience in the Eagle Ford having worked on projects in the play for public and private operators. The scope of work Blade is performing for Oracle Oil and Gas includes reservoir modeling, spacing evaluation, frac design and well design.

Blade has been working on the Oracle Eagle Ford project since early July 2018 and a final report is expected this month. This work will maximize the opportunity for early success and maximum recovery.

Chairman and CEO, Darrell McKenna commented "I have known the people of Blade for much of my career and I am very comfortable that we are getting the best Eagle Ford engineering work available. We will have the design work necessary to drill, complete and produce successful wells and we look forward to spudding Oracle's first Eagle Ford well in the first quarter of 2019."Read this and more news for Oracle Energy at: http://www.financialnewsmedia.com/news-oec

In other industry developments and happenings and miners to keep close watch in the market this week include:

Ultra Petroleum Corp. (NASDAQ:UPL) recently announced that it has entered into an agreement (the "Exchange Agreement") with holders (the "Supporting Noteholders") of approximately $556.4 million aggregate principal amount, or 79.5%, of its 6.875% Senior Notes due 2022 (the "2022 Notes") and approximately $267.1 million aggregate principal amount, or 53.4%, of its 7.125% Senior Notes due 2025 (the "2025 Notes" and, together with the 2022 Notes, the "Old Notes") to exchange all of the Old Notes held by each Supporting Noteholder for new 9.00% Cash / 2.00% PIK Senior Secured Second Lien Notes due July 2024 (the "New Notes") and new warrants (the "Warrants") of the Company entitling each holder thereof to purchase one common share of the Company. Under the terms of the Exchange Agreement, the Company is permitted to exchange up to 80% of the 2022 Notes and 55% of the 2025 Notes. Pro forma for the Exchange Agreement, Ultra Petroleum anticipates that its long-term debt will be reduced by approximately $250 million. In addition to the reduction in debt, approximately $560 million, or 80% of the Company's debt maturing in 2022, will be extended to July 2024, and its cash interest expense for the notes exchanged will be reduced by approximately $14 million through the life of the New Notes.

Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) closed up slightly on Wednesday with a volume north of 28 million shares traded by the market close. Petróleo Brasileiro S.A. - Petrobras operates in the oil, natural gas, and energy industries. The company's Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of surplus crude oil and oil products produced in the natural gas processing plants to the domestic and international markets. Its Refining, Transportation and Marketing segment is involved in refining, logistics, transport, and trading of crude oil and oil products; exportation of ethanol; and extraction and processing of shale, as well as holding interests in petrochemical companies.

Cabot Oil & Gas Corporation (NYSE:COG) recently provided an operational update on the heels of the in-service of the Atlantic Sunrise project on October 6, 2018 and announced the execution of a binding precedent agreement for new pipeline takeaway capacity on Transco's Leidy South expansion project. Due to the delay of the Atlantic Sunrise project's in-service date from the second-half of August 2018 to October 6, 2018 and a modest change in the timing of the Company's third-quarter pads being placed-on-production, Cabot preliminarily expects net production for the third-quarter of 2018 to be approximately 2,029 million cubic feet equivalent (Mmcfe) per day, representing a seven percent sequential increase in daily net production relative to the second-quarter of 2018 and a 19 percent increase relative to the prior-year comparable quarter on a divestiture-adjusted basis. Cabot's current gross operated production volumes are above 2.6 billion cubic feet (Bcf) per day, representing an increase of over 400 million cubic feet (Mmcf) per day, or 19 percent, relative to the Company's average daily gross volumes during the second-quarter of 2018. "We are excited to finally see the Atlantic Sunrise project placed in-service almost five years after the project was initially announced," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "This project will help alleviate the infrastructure bottlenecks that we have been operating through in Northeast Pennsylvania since the summer of 2013, resulting in an improvement in basis differentials and providing a significant opportunity to deliver a combination of returns-focused growth and free cash flow generation from our Marcellus Shale assets."

Resolute Energy Corporation (NYSE:REN) last week provided preliminary third quarter 2018 production results and an operations update. Aggregate third quarter 2018 production averaged approximately 34,750 barrel of oil equivalent ("Boe") per day, an increase of 45 percent from the second quarter. Third quarter 2018 oil production averaged approximately 15,740 barrels of oil per day, an increase of approximately 47 percent over second quarter 2018. Year over year, third quarter Boe production increased 54 percent and oil production increased approximately 40 percent, both pro forma for the divestiture of the Aneth Field assets. Growth in production is being driven by the Company's successful ongoing development program. During the quarter, the Company spud six wells, reached total depth on thirteen wells and placed eighteen wells on production. Third quarter 2018 net loss is expected to increase compared to the second quarter net loss of $3.7 million due in large part to the effect of non-cash mark-to-market derivative losses. Third quarter 2018 Adjusted EBITDA is expected to be nearly double second quarter 2018 Adjusted EBITDA of $33.7 million (a non-GAAP measure as defined and reconciled below). This significant increase in expected Adjusted EBIDTA is being driven by stronger production volumes, as well as lower unit operating and overhead costs.

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