NEW YORK, NY--(Marketwire -07/04/12)- Oil & Gas stocks have been on the upswing recently as oil prices have begun to rebound. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has seen an 8 percent increase since Friday, while the United States Oil Fund LP ETF (USO) has surged nearly 12 percent. Oil prices closed at their highest levels since May on growing tensions with Iran. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Continental Resources, Inc. (CLR) and Oasis Petroleum Inc. (OAS).
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Crude futures rallied 4.7 percent to close at $87.66 a barrel on the New York Mercantile Exchange. Tensions between Iran grew on Monday as the nation staged missile drills and announced legislation that could possibly close the Strait of Hormuz. A shutdown of the crucial Strait of Hormuz would have a major effect on the world's oil supplies as more than a third of the world's oil is shipped through the Persian Gulf.
"The concern isn't that Iran might sink a ship," said Michael Lynch, president of Strategic Energy & Economic Research. "It's for a longer conflict that will keep insurers wanting to stay away from the Gulf, which would cause a disruption of shipping that could last a few weeks. That's a major disruption of the world's oil."
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Continental Resources is a Top 10 petroleum liquids producer in the United States and the largest leaseholder in the nation's premier oil play, the Bakken play of North Dakota and Montana. The company reported total revenues of $1.6 billion for 2011 and is on track to triple production and proved reserves from 2009 to 2014.
Oasis Petroleum has accumulated approximately 307,000 net leasehold acres in the Williston Basin. The company is currently focused on exploiting what they have identified as significant resource potential from the Bakken and Three Forks formations, which are present across a substantial majority of their acreage.
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