SOURCE: Paragon Financial Limited

Paragon Financial Limited

June 29, 2012 08:20 ET

ATP Oil & Gas and Quicksilver Resources Jump as Oil Prices Rise

The Paragon Report Provides Stock Research on ATP Oil & Gas and Quicksilver Resources

NEW YORK, NY--(Marketwire - Jun 29, 2012) - Oil stocks received a boost earlier this week as oil prices rose on positive U.S. manufacturing and housing data. Oil futures on Wednesday rallied back above $80 a barrel, the highest level in the past week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) surged 4 percent on Wednesday. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on ATP Oil & Gas Corp. (NASDAQ: ATPG) and Quicksilver Resources Inc. (NYSE: KWK).

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Data from the Commerce Department showed that factories received more orders for durable goods in May than previously forecasted. The National Association of Realtors also reported that pending U.S. home sales in May were at their highest levels in over two years. "The durable goods number is giving the market the sense that things aren't too bad, at least in the U.S.," said Phil Flynn, senior market analyst at the Price Futures Group. "The economic data recently seems to be raising expectations for more oil demand."

On another note, the Energy Department's Energy Information Administration in their weekly report stated U.S. crude oil supplies fell by 100,000 barrels for the week ended June 22. According to Platts analysts had expected a decrease of 1 million barrels.

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ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. The company has recently sued the U.S. government for over $68 million in damages due to the suspension of offshore drilling following the spill in the Gulf of Mexico. "ATP has incurred significant financing costs to obtain working capital to replace revenue ATP lost from delayed production," according to ATP Oil & Gas's complaint.

Quicksilver Resources is an independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including gas from shale and coal beds in North America. Shares of the company surged over 16 percent Wednesday despite having its rating cut by Standard & Poor's Ratings Services.

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