NEW YORK, NY--(Marketwire -03/05/12)- Oil prices have risen roughly eleven percent this year as global demand is high and supplies have been disrupted in south Sudan, Syria and elsewhere. The strong upswing in oil prices is lifting oil industry stocks. While big oil stocks are only up marginally in 2012, shares of many small and mid-sized oil companies are beating the 9 percent return for the S&P 500. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Legend Oil & Gas Ltd. (OTC.BB: LOGL.OB - News) and Samson Oil & Gas Limited (AMEX: SSN - News) (ASX: SSN - News). Access to the full company reports can be found at:
Last week President Obama called on congress to end $4 billion in subsidies for oil and gas companies, calling it a "giveaway" that should be redirected to bolster alternative energy sources, including wind, solar and batter power. Obama also vowed to tackle the country's long-term energy issues while condemning "phony election-year promises about lower gas prices." While Republicans contest that President Obama is somehow responsible for higher gas prices, Obama argues that "anyone who tells you we can drill our way out of this problem doesn't know what they're talking about, or isn't telling you the truth."
Reuters reports that a number of leading Democrats in Congress have pushed the Obama administration to tap reserve oil supplies, known as the Strategic Petroleum Reserve (SPR), to help bring down gas prices, a move that Republican lawmakers oppose. House of Representatives Speaker John Boehner, the top Republican in Congress, told reporters it did not appear to him "that the president believes using SPR would have any meaningful effect on gas prices."
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Legend Oil and Gas, Ltd. engages in the acquisition, exploration, exploitation, development, and production of oil and gas properties. It holds producing oil leases containing 1,040 acres of oil producing land in Kansas. "While Kansas production rates are low by industry standards (1-3 BOPD per well), the wells are extremely shallow, cost less than $30,000 each to bring into production and are economically positive, especially at oil prices near $100 per barrel," said Legend's President, Marshall Diamond-Goldberg .
Samson Oil & Gas Limited, together with its subsidiaries, engages in the acquisition, exploration, development, and production of oil and gas properties in the United States.
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- President Obama