A Wall Street Journal Market Watch article, released yesterday after market hours, states that crude oil contracts have hit their highest numbers in almost a year. This benefits AER Energy by being able to profit from reworking active, proven wells that were abandoned in times of low oil prices.
Other companies like Lucas Energy (NYSE: LEI) focus on active but abandoned wells like AER Energy. These wells are usually too small for companies like Chesapeake Energy (NYSE: CHK) or BP (NYSE: BP), but still provide opportunity when oil prices are near the levels they are at presently.
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