NEW YORK, NY--(Marketwire - Nov 15, 2012) - An increased focus on lowering the nation's dependence on foreign oil has seen production in the U.S. soar to 15 year highs. The International Energy Agency in its annual World Energy Outlook predicts that by 2020 the U.S. will be the world's top oil producer. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Halcon Resources Corp. (
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Hydraulic fracturing and horizontal drilling have contributed to the current shale-oil boom in the U.S. The IEA predicts oil production in the U.S. in 2020 will peak at 11.1 million barrels a day, compared to 8.1 million barrels a day in 2011. U.S. oil imports are forecasted to decline to four million barrels a day from the current rate of 10 million barrels a day within the next decade.
"By around 2020, the United States is projected to become the largest global oil producer" and will surpass Saudi Arabia for a period of time, the IEA said. "The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030."
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As of December 31, 2011, Halcon Resources estimated net proved reserves were 21.1 million barrels of oil equivalent, of which approximately 59% were crude oil, 32% were natural gas, and 9% were NGLs. For the fourth quarter of 2012 the company expects average daily production in the range of 17,000-20,000 Boe/d.
ZaZa Energy is an exploration and production company with primary assets in the Eagle Ford, Eaglebine and Paris Basin resource plays. Shares of the company soared over 30 percent after reporting strong third quarter 2012 results. The company reported revenues of $207.2 million in the third quarter of 2012, compared to just $4.4 million in the third quarter 2011.
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