Talks on an informal OPEC meeting concerning potential supply cuts could lift the oil penny stocks on our list
SmallCapPower | August 9, 2016: Oil prices rose yesterday following news of a potential supply cut from the world’s largest production entity – OPEC. The WTI crude price has fallen over 10% in the past month. A supply cut could lift prices, which should boost the oil penny stocks on our list.
Daily story:
Granite Oil Corp. (TSE:GXO) – $7.20
Oil & Gas Exploration and Production
Granite Oil Corp., formerly DeeThree Exploration Ltd., is a Canada-based oil producer based in Calgary, Alberta with lands and operations located in southern Alberta. The Company is engaged in the exploration for and exploitation, development and production of oil and natural gas. Its Alberta Bakken Properties are located in southern Alberta, approximately 70 kilometers south of Lethbridge. This property consists of an average working interest of approximately 100% in over 393,453 gross (391,633 net) undeveloped acres and approximately 54,434 gross (52,140) net developed acres.
- Market Cap: 240,635,237
- Revenues: 51,083,000
- Operating Income: 143,647,000
- Debt: 39,014,000
Perpetual Energy Inc. (TSE:PMT) – $2.05
Oil & Gas Exploration and Production
Perpetual Energy Inc. (Perpetual) is a Canada-based oil and natural gas exploration and production company. The Company is engaged in finding, developing, producing and marketing natural gas, natural gas liquids (NGL), oil and bitumen. Perpetual’s business consists of operations in Alberta focused on exploring and developing the natural gas and NGL resource opportunities in the deep basin in west central Alberta; the exploration for and extraction of heavy oil in eastern Alberta; the development and production of shallow natural gas from mature producing regions in eastern Alberta; bitumen opportunities in northeast Alberta, and interest in a commercial gas storage business through the operation and ownership in a gas storage facility at Warwick in east central Alberta.
- Market Cap: 108,809,815
- Revenues: 130,364,000
- Operating Income: 73,829,000
- Debt: 321,704,000
Orca Exploration Group Inc. (CVE:ORC.B) – $3.53
Oil & Gas Exploration and Production
Orca Exploration Group Inc. is a Canada-based company, which is engaged in the hydrocarbon exploration, development and supply of gas in Tanzania, and oil appraisal and gas exploration in Italy. The Company operates through international exploration, development and production of petroleum and natural gas segment. The Company has interests in a Production Sharing Agreement (PSA) with the Tanzania Petroleum Development Corporation (TPDC) and the Government of Tanzania in the United Republic of Tanzania. This PSA covers the production and marketing of a gas from the Songo Block offshore Tanzania.
- Market Cap: 215,285,203.21
- Revenues: 79,427,859
- Operating Income: 39,827,423
- Debt: 75,878,340
Yangarra Resources Ltd. (TSE:YGR) – $1.04
Oil & Gas Exploration and Production
Yangarra Resources Ltd. is an exploration focused oil and natural gas company that is engaged in production, exploration and development of resource properties in the central Alberta, Medicine Hat and Jaslan areas of Alberta. It produces oil and gas assets of approximately 2,390 barrel of oil equivalent per day (boe/d) of oil, natural gas and natural gas liquids (NGLs).
- Market Cap: 114,570,744.63
- Revenues: 23,244,560
- Operating Income: 6,452,250
- Debt: 68,905,800
Valeura Energy Inc. (TSE:VLE) – $0.955
Oil & Gas Exploration and Production
Valeura Energy Inc. is a Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey. The Company is focused on its natural gas operations in the Thrace Basin in northwest Turkey. The Thrace Basin is located in an area west of Istanbul and extending to the borders with Greece and Bulgaria.
- Market Cap: 56,534,340
- Revenues: 16,181,000
- Operating Income: -1,087,000
- Debt: 0
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