Not to be to guick to write Montana off completely recent wells drilled and fracked in 2015 in Roosevelt.. others have been drilled through and late 2014 and also in Sheridan.. unfortunately the only activity in Daniels was the Apache wells Haworth and Lindley the results of which have never been disclosed good or bad, who knows accept Apache, but if good our acreage could be worth a few quid to them..
Dad Frye 2758 24-32B 1/2/15 Montana Roosevelt Oasis Petroleum
Magnolia Petroleum Plc (`Magnolia' or `the Company')
Acquisition of 6,700 Net Acres in Bakken Formation, Montana
Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce that it has agreed to acquire 6,700 net mineral acres in Montana for a cash consideration of US$4 million
Oil prices drop 3 percent as investors retreat from overnight gains By Reuters | Tue, 1st September 2015 - 02:34 By Keith Wallis
SINGAPORE (Reuters) - Oil prices fell 3 percent in Asian trade on Tuesday, with investors covering short positions and taking profits after Brent and U.S. crude soared more than 8 percent in the previous session.
Both Brent and U.S. crude prices dropped nearly $2 a barrel shortly after trading in Brent started on Tuesday before recovering later in the session.
"A lot of the fall was due to short covering," said Ben Le Brun, market analyst at Sydney's OptionsXpress.
"There could be a bit of profit taking for people who have gone long," he added.
The falls also indicated investors may have "gone overboard" in pushing up prices so fast, Le Brun said.
U.S. crude, also known as West Texas Intermediate, climbed 27.5 percent by the end of the previous session after three days of gains, the largest three-day increase in dollar terms since February 2011 and the biggest percentage increase since August 1990.
The surge was fuelled by an OPEC commentary saying the cartel was willing to talk to other producers to achieve reasonable oil prices, as well as by the downward revision of U.S. output data by the U.S. Energy Information Administration (EIA).
"(The OPEC comments) could be just a bit of politicking given the strategy to date looked to be all about market share," ANZ said in a market report on Tuesday.
"But it does suggest that many producers are likely to be hurting at these levels."
Revised EIA data published on Monday showed U.S. domestic oil production peaked at just above 9.6 million barrels per day (bpd) in April before falling by more than 300,000 bpd over the following two months.
U.S. commercial crude stocks fell by 1.5 million barrels to 449.3 million barrels last week, according to a Reuters poll of analysts on Monday taken ahead of U.S. industry and government data.
Despite the fall in U.S. production the global oil market is still over supplied with oil and a decline in U.S. production is increasingly likely in 2016, Morgan Stanley said in a report on Tuesday.
Brent crude for October delivery had dropped $1.47 to $52.68 a barrel, or 2.7 percent, as of 0226 GMT after climbing $4.10, or 8.2 percent, in the previous session. It dropped by $1.99 a barrel earlier in the session.
U.S. crude for October delivery dropped $1.49, or 3 percent, to $47.71 a barrel, after it settled up $3.98, or 8.8 percent in the previous session. It earlier dropped by $1.97 a barrel.
Investors will be watching key U.S. data, including oil stocks, manufacturing and vehicle sales figures, later on Tuesday to give further direction to prices.
That came after official data from China on Tuesday showed its manufacturing sector contracted at its fastest pace in three years in August, reinforcing concern over the health of the world's second-larges
West Texas crude oil surged 8.8% to $49.19/bbl, capping a three-day rally that added more than 27% to the price, after U.S. oil production data showed output falling and OPEC said it would talk with other producers about low prices.
Brent crude rallied 7.4% to $53.80, as the spread between the two benchmarks widened to more than $5 intraday after narrowing to $4.33.
Reserves have been cut due to the falling oil price - this might breach some loan covenants. If so they may need to sell assets, or to raise equity (definitely not the best moment), to improve the capital ratio, as ocurred in May. If managemnt really think they have a great business that is under-valued then they might think about another equity raise and take up more than the share they would need to off-set their own dilution. But I would say the market valuation is about right just now. Surely we will see the $4m Montana write-off in these Sep H1 numbers?
U.S. crude jumps 6 percent in second day of short-covering frenzy By Reuters | Fri, 28th August 2015 - 19:43
By Barani Krishnan
NEW YORK (Reuters) - U.S. crude rose 6 percent on Friday, notching its first weekly gain in two months, after a rally in gasoline from refinery outages and concerns about strife in Yemen fed a second frenzied day of short-covering in oil.
Market players also kept an eye on a storm that appeared to be approaching the oil-rich U.S. Gulf of Mexico.
U.S. crude gained nearly 17 percent over two sessions, ending eight straight weeks of losses. It was also the second largest two-day rise for the market in 25 years, Reuters data showed.
"A severely oversold and shorted oil market is creating a bid for covering in U.S. crude," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.
U.S. crude's front-month contract settled up $2.66, or 6.3 percent, at $45.22 a barrel. At its session high, it was up more than $3, or 7 percent at nearly $46 (30 pounds). For the week, it rose 12 percent.
Brent, the global benchmark , closed up $2.49, or 5 percent, at $50.05 a barrel, after hitting a session peak at $50.98. It gained 10 percent on the week.
Gasoline prices rose about 5 percent after Phillips 66 unexpectedly shut down a 150,000-barrel-per-day fluid catalytic cracker at its 238,000 bpd refinery in Linden, New Jersey, due to a leak.
A chemical leak reported on Friday at PBF Energy Inc's 182,200-barrel-per-day refinery in Delaware City, Delaware, brought renewed focus to that plant also.
Adding to the refinery watch, industry monitor Genscape said Shell's 404,000 bpd crude distillation unit in Pernis, Rotterdam, was offline, a day after experiencing a brief shutdown. Europe's largest refinery had been flaring during the day, typically a sign of production issues or planned maintenance work.
Warplanes from a Saudi-led coalition killed 10 people in air raids over Yemen, local officials said.
Some analysts said U.S. crude also got a boost from concerns that Tropical Storm Erika was headed toward oil and gas installations in the U.S. Gulf.
A global glut of fuel and sluggish demand have cut oil prices in half from a year ago. Worries over China's economy have weighed on in recent weeks. Some analysts said the two-month slump of nearly 30 percent meant a rebound was due.
The rally on Thursday was fed by a stock market rise, strong U.S. growth data and a pipeline outage in Nigeria.
Some traders remained convinced the rally would fizzle and oil prices would head lower again.
Spreads between spot and one-year forward U.S. crude were little changed on Friday, suggesting little improvement in fundamentals of oil.
"This confirms that the spread market doesn't buy this rally," Tariq Zahir, an oil bear at Tyche Caspital Advisors in Laurel Hollow, New York, said.
The oil market shrugged off the weekly reading for the U.S. oil rig count which showed an add
Wall Street stocks were mostly lower, a sign investors were reluctant to take big positions going into the weekend, after a week marked by the worst day for equities in four years on Monday and the biggest two-day gain ended Thursday since the financial crisis.
The Dow Jones industrial average <.DJI> fell 40.32 points, or 0.24 percent, to 16,614.45, the S&P 500 <.SPX> is down 3.07 points, or 0.15 percent, to 1,984.59 and the Nasdaq Composite <.IXIC> added 2.10 points, or 0.04 percent, to 4,814.81.
Major European equity indices finished higher after a late-session rally, helping lift MSCI's all-country stock index <.MIWD00000PUS> 0.3 percent. The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.34 percent to close at 1,435.13. The euro zone's blue-chip Euro STOXX 50 index <.STOXX50E> gained 0.18 percent, but Germany's DAX shed 0.17 percent, putting it nearly 20 percent below a record high in April.
But concerns about a weaker global economic outlook have not dissipated, putting a damper on European equities.
"The problems have not gone away. The movement of currencies is still bubbling away underneath," said Paul Chesterton, a trader at brokerage Peregrine & Black.
U.S. Treasuries prices retreated from a one-week peak. Benchmark 10-year Treasuries notes fell 3/32 in price to yield 2.178 percent.
German bond yields edged lower, defying the sudden surge in oil, as data showed consumer prices in Europe's biggest economy had been weighed down by falling energy costs.
Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S. crude is on track for its first weekly gain in nine weeks, ending its longest losing streak since 1986.
Brent surged $3.16 to $50.72 a barrel on Friday and U.S. crude rose $3.01 $45.57 a barrel.
The U.S. dollar gained for a fourth straight session, buoyed by calmer financial markets and generally positive U.S. economic data that supported the notion that the world's largest economy was on a stable growth path.
The dollar index <.DXY> was up 0.41 percent at 96.002. The euro slipped 0.35 percent to $1.1204 . Against the yen , the dollar rose 0.17 percent to 121.24.
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