NEW YORK, NY--(Marketwire -05/31/12)- 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 that 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 Quicksilver Resources Inc. (KWK) and Oasis Petroleum Inc. (OAS).
Recent opinion polls indicated that two parties favoring austerity measures in Greece could form a coalition government. Politician earlier this month were unable to form a government, thus requiring new elections in June.
Despite the recent optimism some analysts 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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Quicksilver Resources is an independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including gas from shale and coal beds in North America. The company recently announced that its bank group has re-affirmed the global borrowing base on the company's Combined Credit Agreements at $1.1 billion, based upon oil and gas reserves as of December 31, 2011.
Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin. The company increased revenue to $138.6 million in the first quarter of 2012, up from $58.7 million in the first quarter of 2011 and $116.9 million in the fourth quarter of 2011, for an increase of 136 percent and 19 percent, respectively.
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