NEW YORK, NY--(Marketwire - Sep 18, 2012) - Oil and Gas exploration stocks have been on an impressive run as crude prices have rallied sharply on the increased likelihood of stimulus from central banks around the globe. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has surged more than 22 percent in the last three months, handily outperforming the Dow Jones Industrial Average over the same period. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Abraxas Petroleum Corp. (NASDAQ: AXAS) and Triangle Petroleum Corp. (NYSE: TPLM).
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The Organization of the Petroleum Exporting Countries (OPEC) in their monthly report forecasted oil demand to rise in 2012 and the next. In their monthly report OPEC forecasted global oil demand to increase by 900,000 barrels a day in 2012 and another 800,000 in 2013. During August OPEC produced an average of 254,000 barrels more a day than in July for a total of 31.41 million barrels.
"It's been an impressive performance. And when you put this month's number up against OPEC's own prediction that it is going to need to produce about 30.5 million b/d in the fourth quarter, which is always the heaviest demand period of the year, it should ease fears of tight crude supplies." said John Kingston, Platts global director of news.
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Abraxas Petroleum is an oil and gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. The company reported production (excluding their interest in Blue Eagle) during the second quarter of 2012 totaled 4,272 Boepd, a 10 percent increase over the the year ago quarter.
Triangle is a growth oriented energy company with a current strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. The company recently reported that current net production is estimated to be at 1,206 Boepd from 6 gross operated locations. Share of Triangle have rallied nearly 14 percent in the last month.
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Source: http://www.marketwire.com/press-release/opec-forecasts-global-oil-demand-to-increase-this-year-and-in-2013-nasdaq-axas-1702631.htm
