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The 9 Best Oil Penny Stocks Under $1 To Buy For December 2021

Noah Edis - November 04, 2021

oil penny stocks featured

Right now, traders are scrambling to invest in companies benefiting from growing oil demand. If you want to jump into this market, check out our picks for the best oil penny stocks to buy now. 

It’s true that penny stocks, including oil stocks, come with a particular set of risks because of factors like low liquidity and volatility.

But if you’re willing to take on these risks, there could be some solid gains to be made in the near future by investing in companies that produce oil and gas products.

Oil prices are taking off, and the spike in price shows no signs of slowing anytime soon.

Take a look at our top picks if you want to trade oil penny stocks for less than $1.

oil penny stocks

Best Oil Penny Stocks Under $1 to Buy Now

Gran Tierra Energy Inc. (NYSEAMERICAN: GTE)

If you’re on the lookout for the best oil penny stocks, we recommend starting your search with Gran Tierra Energy Inc.

Gran Tierra Energy Inc is an oil penny stock that has been trading for over ten years now and offers a myriad of resources in crude oil in Latin America.

It has projects across Colombia, Peru, and Argentina, with reserves estimated to be over 600 million barrels.

As per its Q2 financial report, the company is expected to generate more than $100M–$120M in free cash flow in the current semester due to a production increase throughout its portfolio in Colombia.

Gran Tierra Energy’s credit facility was also positively affected and is expected to be paid down to a balance of $60M–$80M (from $175M) by the end of December 2021.

oil penny stocks

Petroteq Energy (OTCMKTS: PQEFF)

Petroteq Energy Inc is a small-cap company that has been trading off the OTCMKTS since 2013.

Its main office is in Canada, but it operates primarily as an oil and gas exploration company out of Utah, USA. 

The company is now developing its proprietary technology, CORT, a sustainable oil sands extraction process.

Petroteq’s shareholders might find comfort knowing that the company has ties with Petroamerica Corp, a subsidiary of Petroleos de Venezuela SA — one of the biggest government-owned oil companies in South America.

When oil prices are climbing above $84 for WTI, and above $85 for Brent, Petroteq is liberating locked oil in U.S. oil sands for as low as $22 per barrel.

 

oil penny stocks

 

United Energy Corp. (NASDAQ: UNRG)

United Energy Corp is a small-cap oil and gas company, which has been in the oil industry for over 20 years now.

Formerly known as Aztec Silver Mining Co., it currently owns approximately 300,000 acres of leasehold and 1,100 miles of natural gas pipelines across the U.S.

The company announced a major acquisition in October when it purchased 51% of properties within the Cherokee Basin (Oklahoma).

CEO Brian Guin stated, “This acquisition gave United Energy 100% control of its operations and was a key essential step in our developmental plans and growth in shareholder value.”

This may be an indication of future growth for this oil penny stock and potentially vast profits for its investors.

 

oil penny stocks

 

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Best Crude Oil Penny Stocks Under $1

Permex Petroleum Corp. (OTCMKTS: OILCF)

Permex Petroleum Corp. is a U.S.-based oil and gas company that’s been drilling oil wells for over 20 years now.

The company is currently exploring oil reserves in the Rocky Mountains, North Texas, South Texas, the Gulf Coast region, Nevada and New Mexico.

In October, 3,300,000 stock options were granted to several of its company directors and officers, and they’ll have the opportunity to exercise securities at $0.24 per share through October 6, 2031.

In addition, the company announced its acquisition of certain assets associated with oil production from Breedlove “B” Field in Martin County, Texas.

Permex enhances its financial and operational strength through this acquisition by acquiring a high-quality, low decline (5%) oil asset base that can generate robust free cash flow as it implements additional workover and drilling programs.

 

oil penny stocks

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PetroTal Corp. (OTCMKTS: PTALF)

PetroTal Corp is a small-cap company that focuses on the appraisal and development of crude oil in Peru, South America.

Despite recent turmoil with the indigenous groups in Peru, the company recently stated that it expects to end 2021 with an average production of between 10,000 and 11,000 barrels of crude per day.

PetroTal’s stocks have grown by over 28% from last year, surpassing the market average of 27%.

Combined with an increase in crude prices across the board and the company’s expected increase in production, we are looking at PetroTal’s potential to continue growing throughout the year and beyond.

 

oil penny stocks

 

Oil Exploration Penny Stocks Under $1

Viking Energy Group Inc. (OTCMKTS: VKIN)

Viking Energy Group Inc. is a privately held exploration and production company that focuses on finding, purchasing, and producing oil and gas resources.

The majority of its earnings comes from the selling of oil and gas.

Through collaborative agreements with other businesses and independently, the company acquires stakes in low-cost, long-life oil-producing properties that have future development potential and create positive cash flow.

In August 2021, the company announced its purchase of a majority stake (⁓60.5%) in Simson-Maxwell Ltd, a global provider of energy-related products and services.

Viking Energy Group also announced that it had signed an Exclusive Intellectual Property License Agreement with ESG Clean Energy, LLC covering ESG’s intellectual property relating to stationary electric power generation.

 

oil penny stocks

 

88 Energy Ltd (OTCMKTS: EEENF)

88 Energy Ltd is an Alaskan-focused oil exploration and appraisal firm.

It has estimated reserves of over 1.6M barrels and looks to expand its current portfolio through further exploration.

The company is most active in its operations in the North Slope area of Alaska.

88 Energy Ltd’s recent Merlin-1 appraisal successfully confirmed the presence of oil (NO12 and NO18) in the Cretaceous Nanushuk Formation.

oil penny stocks

Top Oil Penny Stocks to Watch Out For

Borr Drilling Limited (NYSE: BORR)

Borr Drilling Limited is a drilling contracting company that works across international markets, including oil and gas.

Based in Bermuda, the company uses its specialty and modern jack-up rigs to offer quality drilling services.

Borr Drilling has assets that enable it to drill in water depths that are up to 400 feet. 

The company plans to differentiate itself from other companies by offering low-cost bases while still giving exceptional drilling services that enable high-production oil wells.

In September, Borr Drilling received a Letter of Award (“LOA”) for the high-end drilling rig “Mist” from an undisclosed Southeast Asian company.

With the signing of this LOA, which is expected to become a contract shortly, the company will have 15 rigs in its contracted fleet.

oil penny stocks

PGS ASA (OTCMKTS: PGSVY)

This company specializes in the exploration of oil and gas both offshore and onshore.

PGS is Norway’s largest independent provider of petroleum consulting services, seismic data analysis, and related software/hardware technologies.

A promising financial report was released recently, showing an increase in segment revenues and all other income of $131M from $116M from last year.

The company recently partnered with ExxonMobil, which awarded it a 3D acquisition contract for offshore Suriname.

With all its continued expansion and consistent income growth, PGS can be a great penny stock investment.

 

oil penny stocks

Should You Buy Oil Penny Stocks?

What makes investing in oil stocks quite profitable is that oil is considered a commodity with an ever-rising demand.

As energy consumption increases across the world, so will the need for oil.

This means it has a potentially high growth rate, making it an attractive investment opportunity.

So if your portfolio can withstand the risks involved with trading oil penny stocks, you might want to consider investing in them.

More on Investing in Oil by Trading Penny Stocks

It is unlikely that the world will move on from being dependent on oil anytime soon. 

Oil is still a commodity that everyone will use, even if there are new sources of energy emerging today, like solar or hydrogen.

So oil company stocks trading for less than $1 could be a great way for your portfolio to tap into this market.

However, while investing in the oil industry has the potential for solid profits, you still need to perform extensive due diligence before picking up any shares.

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Where to Buy Oil Penny Stocks Under $1?

For stocks under a dollar, many of these picks will need to be bought on an over-the-counter market.

Although Robinhood does not permit OTC trading, it’s a great place for new investors on the stock market.

Some of our picks are dipping in and out of the $1 mark, like Gran Tierra Energy Inc., so they could be available for trade on Robinhood.

Webull is an excellent alternative to Robinhood for stock trading and comes with some great research tools.

To find more stock picks, you can also read our guide to the best penny stocks on Webull

Oil Penny Stock: Final Words

The oil and gas industry has shown reliable and sustained growth over the years.

This is unlikely to change anytime soon, especially with spiking oil demands in international markets.

That’s why it could be a great time to look into oil stocks before they take off.

If you want to get the most out of the oil industry’s growth and don’t mind volatility, then penny oil stocks could be a great way to get a foothold in the market.

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Noah is a Canadian copywriter with interest in technology, AI, VR, and clean-tech. When he's not working, you'll likely find him playing sports or reading.