NEW YORK, NY--(Marketwire -03/26/12)- Reuters reported Iranian oil exports will drop by 300,000 barrels a day this month because of tighter sanctions. As a result Oil prices rallied across the board Friday. Oil futures hit recent highs of $108 a barrel on the New York Mercantile Exchange. The Paragon Report examines the outlook for companies in the oil and gas industry and provides equity research on SandRidge Energy Inc. (NYSE: SD - News) and Northern Oil & Gas, Inc. (NYSE: NOG - News)
"The Reuters item came out at the same time we spiked," said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. "It doesn't look like much but it's a reminder that the tensions will only probably only increase. If there is a cutoff of Iranian oil, the Saudis will have a hard time making up for the lost supply."
In response of the imposed sanctions Iran has threatened to shut the Strait of Hormuz, a transportation route for a fifth of the world's oil.
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SandRidge Energy Inc. announced earlier this month that its Board of Directors has declared a $3.50 per share semi-annual dividend on its shares of 7.0% Convertible Perpetual Preferred Stock that will be paid in cash on May 15, 2012 to holders of record on May 1, 2012. The Company has 3,000,000 shares of 7.0% Convertible Perpetual Preferred Stock outstanding.
Northern Oil & Gas, Inc. recently reported that their Chief Executive Officer, Michael Reger, is scheduled to present at the Howard Weil Energy Conference on Tuesday, March 27, 2012 at 11:35 AM (CT) and at the Independent Petroleum Association of America Oil and Gas Investment Symposium on Wednesday, April 18, 2012 at 2:00 PM (ET).
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