Oil Price Dip Fails to Affect Brigham Exploration and Northern Oil & Gas
The Paragon Report Provides Equity Research on Brigham Exploration and Northern Oil and Gas
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/27/11 -- The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Brigham Exploration Co. (NASDAQ: BEXP) and Northern Oil and Gas, Inc. (NYSE Amex: NOG). Access to the full company reports can be found at:
Abdalla Salem El-Badri, Secretary-General of the Organization of the Petroleum-Exporting Countries (OPEC), argues that the recent fall in the price of oil has been partly caused by speculation in the oil market. Oil prices took a hit after OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing waning economic growth in key industrialized nations and a weak US driving season.
While oil demand may be on the downturn, US oil production is skyrocketing. Just last week the Energy Department announced that US crude oil production surged 13 percent to 5.75 million barrels a day last week, the highest level since 2003.
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Production volumes for Northern Oil and Gas' second quarter were a quarterly record of 400,928 barrels of oil equivalent, which represents a 132 percent increase compared to the second quarter of 2010 and a 12.5 percent increase compared to the first quarter of 2011.
Brigham Exploration utilizes advanced exploration, drilling and completion technologies to systematically explore for, develop and produce domestic onshore crude oil and natural gas reserves. Last week the company announced that the Irgens 27-34 #2H Three Forks well produced approximately 2,906 barrels of oil equivalent during its early 24-hour peak flow back period, which represents a company record early production rate for a Three Forks well.
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Datum: 27.09.2011 - 12:16 Uhr
Sprache: Deutsch
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