SOURCE: Five Star Equities

Five Star Equities

June 15, 2012 08:20 ET

GMX Resources and Penn West Shares Fall as Oil Prices Continue to Slide on Growing Concerns of a Euro Zone Crisis

Five Star Equities Provides Stock Research on GMX Resources and Penn West Petroleum

NEW YORK, NY--(Marketwire - Jun 15, 2012) - Oil stocks have struggled over the last month amongst concerns of a potential recession in Europe. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen over 11 percent in the past month. As Europe accounts for approximately 20 percent of the world's consumption of oil, a weak economy would weigh heavily on oil demand. Five Star Equities examines the outlook for companies in the Oil and Gas Industry and provides equity research on GMX Resources Inc. (NYSE: GMXR) and Penn West Petroleum Ltd. (NYSE: PWE) (TSX: PWT).

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Oil prices hit eight-month lows Monday after Spain's bailout plan failed to ease concerns of the euro region's debt crisis. Prices for crude oil for July delivery fell to $82.70, their lowest levels since Oct. 6. "There's skepticism about the plan" for the bailout, said John Kilduff, a partner at Again Capital LLC. "The euphoria was short-lived as attentions shifted to Italy and even France."

The Energy Department's Energy Information Administration in its weekly report showed that U.S. crude supplies dropped by 200,000 barrels. According to Platts analysts had predicted a drop of 2 million barrels for the week ended June 8.

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GMX Resources Inc. is a pure play independent oil and natural gas exploration and production company. The Company is focused on the development of Haynesville/Bossier Shale and Cotton Valley Sands in the Sabine Uplift of the Carthage, North Field of Harrison and Panola counties of East Texas (its core area). Shares of the company have fallen over 34 percent in the last month.

Penn West is one of the largest conventional oil and natural gas producers in Canada. Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada. Based in Calgary, Alberta, Penn West operates throughout western Canada on a land base encompassing over six million acres. Shares of the company have dropped nearly 10 percent in the last month. Average production in the first quarter of 2012 was 167,420 boe per day, compared to 168,801 boe per day for the fourth quarter of 2011.

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