Oil Industry Poised for Growth Heading Into Summer Thanks to Rising Oil Prices and Seasonal Trends

PALM BEACH, Florida, April 25, 2018 /PRNewswire/ --

MarketNewsUpdates.com News Commentary 

The United States is continuing to assert itself as a significant force in the global fossil fuel landscape as exports of crude and liquefied gas continue to rise. A barrel of West Texas Intermediate crude reached $69.42 last week before slipping below $68 to end the week. On Monday, the price closed at $68.92 on the New York Mercantile Exchange. As the oil industry matures and develops in America, the EIA projects production levels to reach record highs in 2018 and 2019, soaring as high as 75 quadrillion British Thermal Units (BTU) by the end of 2019. This increase in production and favorable forecast is largely due to enhanced extraction methods such as hydraulic fracturing, as well as leaders in the industry acquiring new mining territory and resources. Additionally, the EIA projects crude oil to reach 10.3 million barrels per day by the end of 2018, which is a 10% increase from 2017. Active energy stocks in the markets include: Molori Energy Inc. (OTC: MOLOF) (TSX-V: MOL), Ensco plc (NYSE: ESV), Denbury Resources Inc. (NYSE: DNR), Southwestern Energy Company (NYSE: SWN), Gulfport Energy Corporation (NASDAQ: GPOR).

Molori Energy Inc. (OTCQB: MOLOF) (TSX-V: MOL.V) BREAKING NEWS: Molori announces today that the Company has completed upon a trade with its former operating partner Ponderosa Energy, LLC of certain marginally-productive leases in Hutchinson County, Texas whereby Molori will now have broad operatorship and hold a 100% interest in all of its Red Cave oil and gas development in nearby Moore County, Texas.

With oil prices ("WTI") nearing $70 per barrel, Molori has made the decision to focus the majority of its monetary and human resources on development of the Red Cave. With the successful discovery on the recently drilled 23-1R well, Molori has validated its thesis by drilling into the Red Cave and discovering oil on its existing acreage. As a result, Molori's management has elected to accelerate its development of the Red Cave where large-scale frac technology has proven to successfully unlock the 'virgin pressure' within the oil prone Red Cave formation.