SACRAMENTO, CA, May 07, 2018 (GLOBE NEWSWIRE) — A new video has been published on Advantagewon Oil Corp. (OTCQB: ANTGF). Advantagewon Oil Corp. is a Toronto, Canada-based company that is engaged within oil exploration and production, which has operations across Texas. The company focuses on low-cost and low-risk oil opportunities that will help build consistent cash flow. Using its enhanced recovery strategy, Advantagewon Oil Corp. seeks to increase oil recovery from 10-15% to as much as 75% for each well.
The report provides an overview of Advantagewon Oil Corp., its oil properties/leases, earnings and first quarter drilling. The content also covers the outlook of the U.S. and global oil markets.
OPEC Production Hits 1-Year Low, Iranian Nuclear Deal In Full Focus
OPEC members continue to stick to the goal of oil cuts, as the group’s production hit a one-year low in April 2018. This show that OPEC members are continuing to be compliant with the group’s vision of cutting production to help work through oil supplies and boost prices.
Venezuela was a key component to OPEC’s 70,000 barrel-per-day (bpd) production dip in April, which brought collective levels to 32.12 million bpd. Venezuela continues to see massive output cuts, as the company’s economy continues to plunge into crisis.
One of biggest catalysts over the short-term for higher oil prices could come from President Trump’s decision to scrap the 2015 Iranian Nuclear Deal. Trump has until May 12th to make a final decision. If Trump was to decide to scrap the deal and reinstate sanctions on Iran, economists expect a sharp rally in oil prices.
Overall, it is estimated that reinstating sanctions on Iran could wipe out 1 million barrels per day of oil production, which has some strategists seeing the action able to “propel oil prices towards $80 a barrel.”
“President Trump’s will-he-or-won’t-he antics over Iran have been dominating the oil headlines of late… (But) any lingering hopes that the agreement will be amended to suit Trump’s demands have now evaporated,” details Stephen Brennock, oil analyst at PVM Oil Associates.
As of this writing, WTI crude oil currently sits at $69 per barrel and is up 15.51% year-to-date. Brent crude oil currently trades at $75 per barrel and is up just over 12% year-to-date.
Advantagewon Oil Receives Updated 51-101 Report, Provides Update On Q1 Drilling Program
Advantagewon Oil Corp. recently announced that it has received an updated 51-101 report on its oil & gas reserves at its LaVernia and Saratoga properties. The 51-101 report showed combined value of undiscounted oil reserves grew 57.45% from $135 million to $212 million. The independent and compliant report was completed by Plano-Texas-based MKM Engineering Oil and Gas Consulting Services.
The company’s LaVernia field accounted for the bulk of the value increase, as its oil reserve values grew 78% in 2017 compared to 2016. On the other hand, the Saratoga property saw its undiscounted reserves increase very slightly from $36.1 million to $36.35 million.
Advantagewon Oil CEO, Charles Dove: “All of us at AOC are extremely pleased with the findings in the LaVernia report. Since my appointment to AOC, both Derek Stonehouse, our Geologic Technologist, and I, have been diligently working on evaluating and identifying existing geological areas on the LaVernia field that could unlock further Oil reserves. Thus far, the work we have put into the LaVernia field has allowed us to increase the known Undiscounted reserves by 78%. We have many other areas on the property that we want to further investigate and we are very optimistic that we will locate further discoveries on the field.”
In other news, the company provided an update on its first quarter 2018 drilling program. As the company previously stated, two new wells were drilled during the first quarter on its LaVernia property. Unfortunately, weather delays and timing conflicts with the contract driller caused the company to temporarily delay its 6-well drilling program. However, management is happy to note that it has all drilling permits in-hand for the remaining wells and that the drilling contractor is scheduled to return as soon as possible.
Advantagewon Oil recently appointed Mr. Roger Harman as Chief Financial Officer of the company. Mr. Harman holds CPA and CMA credentials and has over 40 years’ of experience in the oil & gas industry.
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