Oil Stocks Slide as Oil Production in the U.S. Reaches 15 Year High
The Paragon Report Provides Stock Research on Lucas Energy and Triangle Petroleum
NEW YORK, NY--(Marketwire - Oct 4, 2012) - The recent economic slowdowns in Europe and China has seen global oil demand fall in 2012. Oil prices on Wednesday fell to a two-month low after government reports showed oil production in the U.S. has surged to a 15-year high and fuel demand decreased. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Lucas Energy, Inc. (NYSE: LEI) and Triangle Petroleum Corporation (NYSE: TPLM).
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The Energy Information Administration on Wednesday reported that oil production in the U.S. was at its highest level since December 1996 reaching 6.52 million barrels a day last week, sending oil futures down as much as 3.9 percent. For the week ending September 28 fuel demand had also dropped to 18.3 million barrels a day, a 5 month low.
"The inventory numbers were rather neutral but demand looks pretty awful," said Michael Lynch, president of Strategic Energy & Economic Research. "A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come."
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Lucas Energy acquires low producing, shut in, or abandoned oil wells with underlying potential. Currently, the company holds acreage in the fast growing Eagle Ford Trend in Central Texas near San Antonio. For the first quarter fiscal 2013 the company reported gross operated production of over 30,000 barrels of oil, a 70 percent increase from first quarter fiscal 2012.
Triangle Petroleum has acquired approximately 86,000 net acres in the Williston Basin. The company has recently announced a joint venture with First Reserve Corporation's Energy Infrastructure Fund. Caliber Midstream Partners, LP will focus on midstream and infrastructure opportunities in the Williston Basin of North Dakota and Montana.
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