SOURCE: The Bedford Report

The Bedford Report

June 21, 2011 08:16 ET

Hercules Offshore and Hyperdynamics Benefit From Favorable US Policies

The Bedford Report Provides Equity Research on Hercules Offshore & Hyperdynamics Corp

NEW YORK, NY--(Marketwire - Jun 21, 2011) - The Organization of the Petroleum Exporting Countriess (OPEC) surprised oil investors this month when the cartel announced that it failed to agree on increasing oil production as a way of lowering prices. The announcement has caused a significant drop for oil drillers amid demand concerns. The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on Hercules Offshore, Inc. (NASDAQ: HERO) and Hyperdynamics Corporation (NYSE Amex: HDY). Access to the full company reports can be found at:

www.bedfordreport.com/HERO

www.bedfordreport.com/HDY

OPEC's announcement does not align with sentiments coming from the Obama Administration. Last month, faced with the economic and political consequences of high gas prices, President Obama offered his support to measures to support domestic oil production. He also called for speedier evaluation of oil and natural-gas projects in the resources in the mid- and south Atlantic region, and said his administration plans to lease new areas in the Gulf of Mexico.

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The drilling sector will need to work through new safety and environmental regulations that arose out of last year's Gulf of Mexico oil spill. While acquiring permits was initially difficult, the US government has recently released a new, more-efficient application process that should make the sector's battle a little easier.

While the moratorium did not technically extend to shallow-water operations, it did negatively impact this segment of the market because drilling permits were much harder to procure.

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