SOURCE: IO Circuit

July 26, 2011 07:00 ET

Domestic Oil Drilling Could Spike With New Government Initiatives

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO CIRCUIT

NEW YORK, NY--(Marketwire - Jul 26, 2011) - As oil continues to trend higher, the Federal Government is looking to open up more land for drilling in the United States. In a May 2011 speech, President Obama stated, "I believe we should expand oil production in America, even as we increase safety and environmental standards."

US oil production has continued to increase over the past 3 years. In 2008, domestic oil production rose from 4.95 million bpd to 5.36 million bpd in 2009. Estimates are calling for 5.54 million bpd for 2012.

With Oklahoma re-emerging as a hot-bed for drilling with the use of new and improved recovery techniques, companies like Chesapeake Energy (NYSE: CHK), Devon Energy Corp. (NYSE: DVN), American Petro-Hunter (OTCBB: AAPH) and Southwestern Energy (NYSE: SWN) will continue to add to the domestic oil totals.

American Petro-Hunter has estimated nearly $5 million from oil and gas sales if prices stay $90. Many analysts are calling for year-end prices to be near $120 a barrel.

For more information, please visit www.americanpetrohunterinc.com

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