NEW YORK, NY--(Marketwire -04/23/12)- Oil prices have risen sharply this year as global demand remains high and supplies have been disrupted in the Middle East. The strong increase in oil prices and U.S. focus on producing more Oil domestically has given stocks in the Oil & Gas Industry a boost. While big oil companies have seen marginal increases in 2012, many small and mid-sized oil companies have seen better results. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Rex Energy Corporation (NASDAQ: REXX - News) and Magnum Hunter Resources Corp. (NYSE: MHR - News).
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The U.S. government has been under intense pressure to reduce rising gas prices. As a result the Obama administration has recently announced new procedures to speed processes for onshore drilling permits for U.S. oil and gas companies. Permitting and leasing decisions, which were previously done on paper, will now be done electronically. Negotiations on average took 298 days to approve, with the new process in place it is expected to drop to 60 days or less.
"We have heard from the industry that they believe that BLM's administrative processes are too slow and result in unnecessary delay and added costs, and to some degree, their criticism is valid," said Bureau of Land Management Director Bob Abbey. "The president has made it clear to us that he wants us to continue to produce oil and natural gas here at home."
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Rex Energy is headquartered in State College, Pennsylvania and is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins within the United States. The company's strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.
Magnum Hunter Resources Corporation recently announced that its wholly-owned subsidiary, Bakken Hunter, LLC, has entered into a definitive purchase agreement to acquire certain Williston Basin oil and gas properties from an affiliate of Baytex Energy Corporation for $311 million in cash.
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