SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Aug 31, 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 ATP Oil & Gas Corporation (PINKSHEETS: ATPAQ) and Hyperdynamics Corporation (NYSE: HDY).
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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."
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On August 20, 2012, ATP Oil & Gas received a letter from The NASDAQ Stock Market notifying them that the company's common stock will be delisted from NASDAQ. The company filed for bankruptcy on August 17, 2012. According to a recent Bloomberg article by February 2014 the company projects operations receipts of $1.3 billion.
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. The company holds one of the largest offshore exploration acreage positions (originally 31,000 square miles) in West Africa. The Company began its exploration by studying the historical seismic covering of its contract area offshore the Republic of Guinea in 2002.
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