Oil & Gas Penny Stocks to Watch: AGYP, FTXP, GENGF, EEENF
In the past year, the oil and gas industry has been the subject of intense attention from investors, and for good reason too. The geopolitical climate created the conditions for soaring oil prices and many companies ended up making record profits. The situation may not be as extreme now but the industry continues to thrive and hence, it is only natural that investors are still interested in many of these stocks. Here is a quick look at some oil and gas companies which may be worth tracking.
1 Allied Energy Corp (OTCMKTS:AGYP) – Energy production and development company Allied Energy Corp is involved in the acquisitions of oil and gas reserves in some of the more prolific hydrocarbon-rich regions in the United States. It is mainly focussed on re-completing and reworking existing oil and gas wells that are available in some of the established oil and gas producing fields. Allied Energy has the knowledge and its own well remediation technologies which help it in achieving higher levels of production, more efficient recovery, and greater well life.
Yesterday, the Allied Energy stock was in considerable focus and clocked a gain of 95% amidst heavy interest. The rally ensued after the company announced yesterday that it had gone into a Gas Offtake Agreement with the firm Sloan Petroleum, based out of Midland, Texas. It is part of the company’s current efforts with Enerhash to get a 20 MW flare gas Bitcoin mining project online.
Essentially, this deal is going to help Allied Energy in adding natural gas well with higher MCF to its pool of resources. It would be the primary natural gas solution for the company’s project for completing the Bitcoin mining project. Sloan also has considerable resources to eventually help in expanding the project to 100 MWs.
Foothills Exploration Inc (OTCMKTS:FTXP) – Oil and gas exploration and development firm Foothills Exploration Inc is involved in providing for the energy needs of today and tomorrow. The company is focused on the development of a balanced portfolio of assets by way of two main initiatives. The first of those initiatives is to create oil and gas exploration projects which have a significant impact.
Recently the company provided the annual review of its financial performance for the fiscal year that ended on December 31, 2022. One of the major updates was about the extinguishing of a significant amount of its fixed-rate and variable-rate convertible debt. The company announced that it had managed to reduce those debts by 90%.
Gear Energy Ltd (OTCMKTS:GENGF) – Gear Energy Ltd is an exploration and development firm that is involved in the acquisition and development of natural gas and petroleum properties in Canada. The company announced its financial results for the period that ended on March 31, 2023, recently. The company produced 5952 boe per day which reflected a 4% rise year on year.
The company also invested $18.4 million in capital during the first quarter. The funds generated from operations stood at $13 million, which reflected a year-on-year drop of 31%. The drop had largely been a function of lower commodity prices. In the prior year’s quarter, the WTI pricing had been $94.29 a barrel but in the first quarter, it had dropped to $76.13 a barrel.
88 Energy Limited (OTCMKTS: EEENF) – 88 Energy Ltd is involved in oil and gas exploration activities in the United States. Not too long ago the company had announced that it had successfully completed the Hickory-1 wireline logging suite and sidewall coring initiative. The advanced initiative undertaken by the company was made up of a total of 5 runs.
The aim of the initiative had been to validate the initial petrophysical interpretation of a number of pay zones that had been identified when the drilling from LWD logs had been done. The company had managed to accomplish both its goals. The company noted at the time that it was excited at the results from the initiative and was looking to return during the winter season of 2023-24 for flow testing at Hickory-1.
