NEW YORK, NY--(Marketwire -05/30/12)- Oil stocks will look to get a boost as recent optimism in Greece saw oil prices rise Monday. Oil prices jumped near $92 a barrel as recent polls in Greece suggest that pro-austerity parties might win elections, which are set for next month. The price of crude at the beginning of May dropped from $106 on fears of Greece leaving the euro would weaken demand in Europe. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Hyperdynamics Corporation (HDY) and GMX Resources Inc. (GMXR).
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Recent opinion polls indicated that two parties favoring austerity measures in Greece could form a coalition government. Politicians earlier this month were unable to form a government, thus requiring new elections in June.
Despite the recent optimism some analyst predict that oil will hover around these current levels until mid-June after the Greek vote, OPEC's quarterly meeting, and the next round of Iran nuclear discussions occur. "Both European debt and Iranian nuclear issues are on something of a hold for another month," Barclays said in a report. "We would not expect the oil market to gain much of a sustained sense of direction" until after these events.
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Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. It is the Operator and holds 77% of one of the largest exploration and production licenses in West Africa in the Republic of Guinea covering approximately 25,000 square kilometers.
GMXR is an E&P company with development acreage in two oil resource Plays -- the Williston Basin (North Dakota / Montana) and the DJ Basin (Wyoming), targeting the Bakken/Sanish-Three Forks and Niobrara Formations, respectively. In the first quarter of 2012, the Company achieved an average oil production of 341 barrels/day (Bbls/d). The Company estimates for the month of June 2012, oil production will be approximately 1,100 Bbls/d, representing a 224 percent increase over the 2012 first quarter average.
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