By Hassan Malik
WTI oil prices surged to its highest level of 2015 in recent days, sparking a rally in many of the energy-related stocks. Accordingly, SmallCapPower has shortlisted four North American oil-based small cap stocks that have powered higher and may continue to do so in the upcoming months.
Resolute Energy Corporation (NYSE:REN):
Resolute Energy is an oil and gas company engaged in the exploitation, development, exploration for and acquisition of oil and gas properties. The Company’s asset base is comprised primarily of properties in Utah, Texas, southeast New Mexico and Wyoming. Its main operational focus is on increasing reserves and production from its properties while improving efficiency and optimizing operating costs. Lately, it has definitely been a great time to be an investor in Resolute. The stock has moved 20.6% higher in the past month, while it is also above its 20 Day SMA as well. This combination of strong price performance and favourable technicals could suggest that the path of least resistance for this stock could be higher.
Warren Resources (NASDAQ: WRES):
Warren is an energy company engaged in the exploration, development and production of domestic onshore crude oil and gas reserves. The Company focuses on the exploration and development of its water flood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, and its coalbed methane (CBM), natural gas properties located in the Rocky Mountain region. During 2013, the Company owned natural gas and oil leasehold interests in approximately 123,943 gross (93,350 net) acres, approximately 80% of which are undeveloped. Shares of the company surged 21.57% to $1.24 recently and set a new 20-day high. In addition, over a five- day period, its stock price has climbed 34.77%.
Legacy Oil + Gas Inc. (TSX: LEG):
Legacy is engaged in the exploration, acquisition, development and production of oil and natural gas reserves. The Company primarily focuses on pursuing profitable per share growth in reserves, production and cash flow, generally in Western Canada and the northern plains of the United States. Legacy’s key oil and natural gas properties are located within two core geographical areas consisting of the Williston Basin and Turner Valley. Legacy shares rallying 13.33% to $2.55 recently, setting a new five-day high. Additionally, over a five-day period, its stock jumped 32.12% and 18.06% year to date.
Pacific Rubiales Energy Corp. (TSX: PRE):
Pacific Rubiales is a producer of natural gas and crude oil. The Company owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea. Shares of the company rallied 15.16% recently to $3.19, crossing above its 20-day moving average.
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