SOURCE: Five Star Equities

Five Star Equities

August 30, 2012 08:20 ET

G-7 Nations Call Upon Oil Producing Countries to Boost Output

Five Star Equities Provides Stock Research on Triangle Petroleum and GMX Resources

NEW YORK, NY--(Marketwire - Aug 30, 2012) - The recent rise in oil prices has led the G-7 nations -- the U.S., Canada, Japan, U.K., Germany, France and Italy -- to call upon oil producing countries to boost output. "We remain vigilant of the risks to the global economy," the G-7 said. "In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Triangle Petroleum Corporation (NYSE: TPLM) and GMX Resources Inc. (NYSE: GMXR).

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A statement from G-7 finance ministers was released Tuesday and posted on the U.S. Treasury Department website. Finance ministers had been concerned about the effect high oil prices would have on already weak global economies and are prepared to take action. Benchmark U.S. oil and Brent Crude have risen 22 percent and 23 percent, respectively, since late June.

"We encourage oil-producing countries to increase their output to meet demand," the statement said. "We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied."

Five Star Equities releases regular market updates on the Oil & Gas Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous stock reports and industry newsletters.

Triangle Petroleum is a high-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 is scheduled to release their second quarter fiscal 2013 financial results on Thursday, September 6, 2012.

GMX Resources is an E&P company with development acreage in two oil resource Plays -the Williston Basin (North Dakota / Montana) and the DJ Basin (Wyoming), targeting the Bakken/Sanish-Three Forks and Niobrara Formations, respectively. In the second quarter of 2012, the company achieved an average oil production of 705 barrels/day.

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