Sacramento, CA, Feb. 22, 2018 (GLOBE NEWSWIRE) -- A new report 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 for 2018.
February IEA Oil Market Report Shows Inventories Down Big From Year Ago
According to International Energy Agency’s February Oil Market Report, global oil inventories are now at 52 million barrels above the five-year average. This compares to a year ago when oil inventories were at a massive surplus of 264 million barrels. “With the surplus having shrunk so dramatically, the success of the output agreement might be close to hand,” detailed the IEA’s report.
The report highlights the fact that OPEC’s output cuts are slowly working, as global demand increases. Furthermore, OPEC is moving forward with plans to extend production cuts through the rest of the year.
Saudi Arabia is one of the key driving forces behind the OPEC output cut, as country needs $70 oil in order to have a successful IPO of Saudi Aramco. “If we have to overbalance the market a little bit, then so be it. Rather than quitting too early and finding out we were dealing with less reliable information,” detailed Saudi Arabia’s oil minister, Khalid al-Falih. It’s better to “stay the course and make sure that inventories are where the industry needs them.”
Advantagewon Oil Drilling Update Shows On Track For Triple Digit Daily Production
Advantagewon Oil Corp. has recently released an update on its first quarter 2018 drilling program, which is set to commence on February 27, 2018. The company recently detailed that it has signed a contract with a Texas-based secondary oilfield services company, which will assist with work on the LaVernia property.
The company will drill two wells on each of their three leases on the LaVernia property. Overall, these six new wells are estimated at initially producing 15 barrels of oil per day (BOPD) each for a total of 90 BOPD. Management notes that additional locations on the LaVernia property are being prepared for future drilling project.
Aside from Advantagewon Oil’s LaVernia property, the company announced that a once shut-in well on its Saratoga property is now producing oil again, after its downhole equipment has been repaired. Management says the formerly shut-in well is expected to produce around five BOPD.
Overall, Advantagewon Oil Corp. could see oil production hit around 140 BOPD, once its first quarter drilling program is completed. Management noted in January 2018 that total oil production was at 45 BOPD. However, this shows that corporate leadership continues to focus on expanding its oil production capabilities. As the oil markets continue to stabilize and OPEC pushes production cuts, companies like Advantagewon Oil Corp. will continue to be major beneficiaries.
For more information on Advantagewon Oil Corp., please visit https://www.aoc-oil.com and http://spotlightgrowth.com/index.php/2018/02/21/advantagewon-oil-corp-otcqb-antgf-cse-aoc-track-dail...
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