Encana (NYSE:ECA), Petrohawk (NYSE:HK), Valero Energy (NYSE:VLO) all moved up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the broader commodity market up, along with commodity companies within each sector, including the oil and gas producers.
Commodity prices increased in general, including silver, which rose to over $26 an ounce. Gold prices surged to all-time record highs as well, moving toward the $1,400 an ounce mark. Aluminum soared to its highest levels since April.
Light, sweet crude for December delivery settled the trading session increasing $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Encana Corp. closed at $29.31 Thursday, rising $0.97, or 3.42 percent. Petrohawk surged to close at $16.84, gaining $0.35, or 2.12 percent. Valero Energy was up to $18.93 at the end of the trading day, rising by $0.79, or 4.36 percent.
Showing posts with label Petrohawk Energy. Show all posts
Showing posts with label Petrohawk Energy. Show all posts
Friday, November 5, 2010
Thursday, November 4, 2010
Petrohawk Energy's (NYSE:HK) Margins, Debt Will Keep Company Under Pressure
Petrohawk Energy (NYSE:HK) has problems in the short term because of their high debt and margins being pressured, according to FBR Capital.
HBP drilling will continue to cause the company to struggle as a result in the short term.
FBR said, "We continue to remain fans of significant long-term asset value embedded within the Haynesville and Eagle Ford franchises. Near term, though, continued Haynesville drilling for HBP reasons despite margin squeeze and high (though manageable debt position) continues to give investors heartburn. Also, the Eagle Ford position, though highly prospective, still needs to mature, thereby exacerbating the funding gap issue. As such, we are reiterating our rating but are lowering our 12-month price target to $23/share to reflect a larger-than-expected funding gap."
Petrohawk closed Wednesday at 16.49, dropping $0.71, or 4.13 percent.
FBR maintains their "Outperform" rating on them, while Lazard Capital downgraded Petrohawk from "Buy" to "Hold." FBR has a price target of $20 on the energy company, dropping them from $23.
HBP drilling will continue to cause the company to struggle as a result in the short term.
FBR said, "We continue to remain fans of significant long-term asset value embedded within the Haynesville and Eagle Ford franchises. Near term, though, continued Haynesville drilling for HBP reasons despite margin squeeze and high (though manageable debt position) continues to give investors heartburn. Also, the Eagle Ford position, though highly prospective, still needs to mature, thereby exacerbating the funding gap issue. As such, we are reiterating our rating but are lowering our 12-month price target to $23/share to reflect a larger-than-expected funding gap."
Petrohawk closed Wednesday at 16.49, dropping $0.71, or 4.13 percent.
FBR maintains their "Outperform" rating on them, while Lazard Capital downgraded Petrohawk from "Buy" to "Hold." FBR has a price target of $20 on the energy company, dropping them from $23.
Thursday, October 30, 2008
Sharon announces acquisition of oil and gas leases on the Eagleford Shale trend in Texas
CALGARY, Oct 30, 2008 /PRNewswire-FirstCall via COMTEX/ ----Sharon Energy Ltd. (TSXV:SHY) today reported that the Company has acquired, over the last three months, approximately 5,400 gross acres in the Eagleford Shale play, located in Texas. Sharon and its partner have 4,250 net acres. Sharon has a 50 % working interest in the net acres and is the Operator of the project.
Sharon's acreage is on trend with the recently announced gas discovery by Petrohawk Energy Corporation and a large development program, operated by Apache Corporation.
On October 21, 2008, Petrohawk announced the successful completion of the STS #241-1H well that had an initial production of 7.6 MMcfd and 250 Bbls condensate per day.
Apache's investor presentation, released on October 23, 2008, which can be found on Apache's web site, confirmed that it has an ongoing program to evaluate the play and had drilled and completed four horizontal oil wells to date, with initial production rates of 170 to 345 bopd.
Sharon's acreage has numerous existing wellbores which Sharon believes can be re-entered, drilled horizontally and stage frac'd within the Eagleford Shale. The use of existing wellbores will significantly reduce the capital expenditures required for Sharon's development program.
Sharon is continuing to acquire additional acreage in the area and a development plan for the area is being prepared.
Sharon is an oil and gas exploration and production company based in Calgary, Alberta. Sharon's current focus is on gas and oil development and exploration in Texas.
ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations, drilling and completion plans and the timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.sharonenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. SOURCE Sharon Energy Ltd.
Copyright (C) 2008 PR Newswire. All rights reserved
Sharon's acreage is on trend with the recently announced gas discovery by Petrohawk Energy Corporation and a large development program, operated by Apache Corporation.
On October 21, 2008, Petrohawk announced the successful completion of the STS #241-1H well that had an initial production of 7.6 MMcfd and 250 Bbls condensate per day.
Apache's investor presentation, released on October 23, 2008, which can be found on Apache's web site, confirmed that it has an ongoing program to evaluate the play and had drilled and completed four horizontal oil wells to date, with initial production rates of 170 to 345 bopd.
Sharon's acreage has numerous existing wellbores which Sharon believes can be re-entered, drilled horizontally and stage frac'd within the Eagleford Shale. The use of existing wellbores will significantly reduce the capital expenditures required for Sharon's development program.
Sharon is continuing to acquire additional acreage in the area and a development plan for the area is being prepared.
Sharon is an oil and gas exploration and production company based in Calgary, Alberta. Sharon's current focus is on gas and oil development and exploration in Texas.
ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations, drilling and completion plans and the timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.sharonenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. SOURCE Sharon Energy Ltd.
Copyright (C) 2008 PR Newswire. All rights reserved
Subscribe to:
Posts (Atom)
