Oil prices are skyrocketing and small-cap energy stocks have been major beneficiaries.

OIL HITS RECORD HIGHS

Oil prices have hit a 14 year high causing gas prices to push past $4 which is close to a national record.  Supply fears persist as the United States and European allies considered banning Russian oil imports.

Brent crude has reached as high as $139.13 per barrel and WTI crude hit $130.50, the highest levels for the benchmarks since July 2008.  Overall, global oil prices have risen about 60% since the start of the year.  There is reason to believe these prices will continue to rise.  

Analysts at Bank of America said, if most of Russia’s oil exports were cut off, there could be a shortfall of 5 million barrels per day or more, pushing prices as high as $200.

While economic pain is coming in the form of higher gas prices, savvy investors have grabbed shares of highly volatile oil & gas stocks seeing massive interest based on skyrocketing crude prices. 

Many of these high-potential energy stocks are releasing fiscal 2021 earnings reports soon, which given the trajectory of energy prices, figure to be quite promising.

OIL & GAS STOCKS WITH Q4 EARNINGS ON THE HORIZON

Viking Energy Group, Inc. (OTCMKTS: VKIN), for instance, is an ESG energy play with approximately 72 wells in Texas and approximately 55 wells in Louisiana.   The company announced record revenues in 2020, however, experienced a loss due to a drop in oil prices.  That shouldn’t be the case this year.With oil prices on a steady rise over 2021 and VKIN’s year-end financials expected by the end of the month, this may be one of the best options for investors seeking a high potential oil & gas play.  

Viking Energy Group, Inc. (OTCMKTS: VKIN) is a domestic producer in a time when even Elon Musk is calling for more US oil production.  The stock hit a high of $0.94 on Monday, almost doubling its February low.    Heavy buying pressure continues to come into the stock as it follows the path its majority owner Camber Energy (NYSE: CEI) has taken.  VKIN’s 52 week high is $2.12, which it reached in September.  If momentum continues it could retest the highs.

VAALCO Energy (NYSE: EGY) is also releasing its fourth-quarter and full-year numbers this month.  The company announced eye-popping numbers last week, increasing its proved reserves 250% to 11.2 million barrels of oil.  With the official numbers coming Wednesday, have the bulls already factored EGY’s financials into the price?

Aemetis, Inc. (Nasdaq: AMTX) will announce its year-end numbers on Thursday, March 10th.   In its latest release, AMTX announced the closing of two low-interest rate credit facilities with an aggregate availability of up to $100 million.  Among other initiatives it allowed Aemetis to repay $16 million of higher interest rate debt.  

Another oil & gas play with capital raising news, Reconnaissance Energy Africa Ltd. (OTCMKTS: RECAF), announced the completion of a C$47.4 million private placement deal.  

Petrogress, Inc. (OTCMKTS: PGAS) another African resource company, announced its expansion into Greece.  Borr Drilling Limited (NYSE: BORR) is another low-priced oil & gas play to watch.

KEY TAKEAWAY

With oil prices on a steady rise, investors should keep a close eye on high potential value plays in the sector.  Several of these plays are releasing 2021 year-end numbers in the coming weeks.  Make sure companies like EGY, AMTX, and Viking Energy Group (OTCMKTS: VKIN) are on top of your watchlist.

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