NEW YORK, October 1, 2018 /PRNewswire/ --

Oil price rose to a four-year high on Friday as investor concern grew that the U.S. sanctions on Iran could tighten the oil market. International benchmark Brent crude oil futures for November delivery were up USD 0.97 to USD 82.69 per barrel during Friday's trading session, marking its fifth straight quarterly advance, while the U.S. West Texas Intermediate (WTI) crude futures for November delivery rose USD 1.48 to USD 73.19 per barrel, the highest level since July 11^th. U.S. sanctions on Iran will take effect on November 4^th. Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries. According to Reuters, Iran exported 2.71 Million barrels per day in May. Fortem Resources Inc. FTMR, Northern Oil and Gas, Inc. NOG, Sanchez Energy Corporation SN, TransGlobe Energy Corporation TGA, Abraxas Petroleum Corporation AXAS

Brent crude has gained nearly 30% this year. According to CNBC, Tamas Varga, Senior Analyst at PVM Oil Associates, "The unwillingness of the 25 producing nations to declare their intention to ramp up production in their effort to replace Iranian barrels all of the sudden produced a very tight supply and demand balance for the fourth quarter of this year. As a result, the talk is now (of) Brent reaching $100 a barrel this year."

Fortem Resources Inc. FTMR just announced this morning that it, "has entered into an asset purchase agreement (the "Agreement") with a major Canadian oil and gas company to purchase a 100% working interest in three Oil leases (the "Oil Leases") covering a total of 20,719 hectares (51,200 acres) of heavy oil in north central Alberta (the "Transaction"). The rights to the Heavy Oil Leases, cover heavy oil of 12-16 API located near the top of the Viking formation to the base of the Woodbend Group.

The acquisition of the Heavy Oil Leases compliments the Company's existing land holdings of 12,800 acres directly adjacent to and to the south of the Oil Leases. Upon completion of the Transaction, the Company will own over 62,000 acres of which 48,000 is contiguous land containing extensive heavy oil deposits within the main producing horizon, the Wabiskaw formation, along with a secondary horizon, namely the McMurray formation.

Mr. Marc Bruner, CEO of the company, stated: "we are pleased to enter into this agreement, which builds great relationships with major companies and enhances the size of one of our lucrative assets. We look forward to upcoming development."

The Transaction - As consideration for the Oil Sand Leases, the Company has agreed to pay a purchase price of $3,000,000 plus applicable GST (the "Purchase Price"), $200,000 of which was paid as an initial deposit upon the execution of the Agreement. The closing of the Transaction is November 15, 2018 with an option to extend 60 days upon payment of an additional deposit of $100,000. The Company anticipates that the transaction will constitute an Exempt Acquisition in accordance with the policies of the TSX Venture Exchange. The Agreement was entered into on September 26, 2018 but is effective as of August 1, 2018.

In addition to the Oil Leases, the Company will also obtain all rights, titles and interests to certain wells and facilities (as set out in the Agreement) located on the Oil Leases. The expire dates for the three Oil Leases are as follows; September 29, 2028 - January 26, 2029 - March 09, 2029

The Oil Leases - Canadian Natural Resources Inc., has extensive development and production being realized from the Wabiskaw formation, approximately 15 kilometers east of the Oil Leases, producing in excess of 50,000 barrels of heavy crude oil from over 650 wells. The Company has commenced the 'consultation process' with the the Alberta Energy Regulator (AER) and other Alberta government agencies, along with Bigstone Cree Nation, a First Nations band party to Treaty Eight and other interested stakeholders. Accordingly, participation in the consultation process is a pre-requisite to commencing operations on the Oil Leases. Assuming closing of the Transaction, the Company hopes to commence initial drilling and work in the first quarter of 2019, once the consultation process has been completed.

Northern Oil and Gas, Inc. NOG is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. The Copmany recently announced that it has closed on the previously announced Pivotal Petroleum Partners acquisition. Northern Oil and Gas, Inc. previously announced that it entered into a definitive agreement to acquire significant production in North Dakota, currently producing over 4,100 barrels of oil equivalent ("boe") per day. The asset, primarily a large package of producing wells, is being acquired from Pivotal Petroleum Partners, a portfolio company of funds managed by Tailwater Capital LLC. Total consideration at closing will consist of USD 68.4 Million in cash (subject to customary adjustments) and 25.75 Million shares of Northern common stock. Pivotal will be subject to a lock-up on the shares over a 13-month post-closing period. The agreement contains a mechanism for potential additional consideration to be paid during the 13-month lock-up period if Northern's common stock trades below certain price targets. "Closing this highly accretive acquisition will drive free cash flow generation and strengthen our production base," commented Northern's Chief Executive Officer, Brandon Elliott. "This transaction serves to benefit all stakeholders by simultaneously growing cash flow per share and improving our credit metrics."

Sanchez Energy Corporation SN is an independent exploration and production company focused on the acquisition and development of U.S. onshore unconventional oil and natural gas resources, with a current focus on the Eagle Ford Shale in South Texas where the Company has assembled approximately 283,000 net acres. Sanchez Energy Corporation recently announced financial and operating results for the second quarter 2018. "A proactive effort to stabilize and improve production performance is already underway, including shifting back to a more conservative choke flowback plan which began at the start of the second quarter. The positive production results from the latest wells on restrictive chokes gives us confidence that we will return to organically growing production in the coming months. Additionally, we have implemented an optimization strategy to adjust completion designs based on well spacing and geological characteristics in specific areas at Comanche. The asset, which encompasses a large and complex acreage position, consists of approximately 318,000 gross acres and spans both the volatile oil and the gas condensate windows of the Eagle Ford shale trend. With a year of operating experience at Comanche, Sanchez Energy is significantly better positioned to tailor completion methods and designs optimally to the different areas of the asset." said Tony Sanchez, III, Chief Executive Officer of Sanchez Energy.

TransGlobe Energy Corporation TGA is a Calgary-based, cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe Energy Corporation recently announced an operations update. Corporate production averaged ~14.8 MBoepd during July, ~13.5 MBoepd during August and has averaged ~14.4 MBoepd to date in September. August production was lower due to routine well servicing in Egypt. In Canada, the Company shut in 80 Boepd of natural gas production on May 11^th due to low gas prices. The Company completed its third lifting of 2018 of approximately 501,000 barrels of entitlement crude oil on July 19th for proceeds of approximately USD 2 Million, received in August. The Company expects the final lifting of the year to occur in Q4 2018.

Abraxas Petroleum Corporation AXAS is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and South Texas regions of the United States. Abraxas Petroleum Corporation recently provided the following operational update. Due to continued successful leasing efforts, Abraxas now owns approximately 10,700 net acres in the Southern Delaware Basin of West Texas prospective for Wolfcamp and Bone Springs development. This acreage total excludes approximately 2,200 acres of perpetual mineral acres near the Alpine High area in Pecos County. The Company's recent transactions continue to be consummated at attractive costs per acre relative to recent transactions reported by others in the area. In total, they can be characterized as consolidating its acreage into contiguous operated blocks with high working interests. After detailed geologic interpretation of its acreage, the Company has concluded that its existing acreage contains approximately 361 gross and 272 net future locations for 5,000' laterals that it would consider highly prospective from its development results or from offset operator results on 1,320' spacing. This number would approximately double if optimum spacing is determined to be 660' between wells in the same zone. This future location count considers as many as 6 landing zones, not all of which are considered currently prospective on its acreage. Approximately 32% of its locations for 5,000' laterals could be combined for future 10,000' laterals should conditions warrant. Approximately 95% of its leasehold is operated, and 88% is HBP.

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